Stock AVB AVALONBAY COMMUNITIES, INC.
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Financials AvalonBay Communities, Inc.

Equities

AVB

US0534841012

Residential REITs

Market Closed - Nyse
Other stock markets
 04:00:02 2024-05-23 pm EDT 		5-day change 1st Jan Change
194 USD -1.84% Intraday chart for AvalonBay Communities, Inc. -2.07% +3.60%
May. 22 Janney Adjusts Price Target on AvalonBay Communities to $209 From $201 MT
May. 16 AvalonBay Communities Keeps Quarterly Dividend at $1.70 a Share, Payable July 15 to Holders of Record June 28 MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 29,222 22,352 35,239 22,566 26,555 28,058 - -
Enterprise Value (EV) 1 36,390 29,603 42,798 30,148 34,043 36,068 36,254 36,424
P/E ratio 37.2 x 27.2 x 35.1 x 19.9 x 28.5 x 38.7 x 36.2 x 32.6 x
Yield 2.9% 3.96% 2.52% 3.94% 3.53% 3.44% 3.59% 3.75%
Capitalization / Revenue 12.6 x 9.73 x 15.4 x 8.72 x 9.62 x 9.75 x 9.33 x 8.84 x
EV / Revenue 15.7 x 12.9 x 18.7 x 11.7 x 12.3 x 12.5 x 12.1 x 11.5 x
EV / EBITDA 24 x 20.5 x 30.9 x 18.7 x 19.3 x 20.1 x 19.2 x 18.1 x
EV / FCF 282 x 124 x 108 x 23 x 23.7 x 119 x 30.7 x 47.3 x
FCF Yield 0.35% 0.81% 0.92% 4.34% 4.22% 0.84% 3.26% 2.12%
Price to Book 2.68 x 2.08 x 3.23 x 2.01 x 2.26 x 2.43 x 2.55 x 2.57 x
Nbr of stocks (in thousands) 139,349 139,324 139,510 139,711 141,840 141,993 - -
Reference price 2 209.7 160.4 252.6 161.5 187.2 197.6 197.6 197.6
Announcement Date 2/5/20 2/3/21 2/2/22 2/8/23 1/31/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,320 2,297 2,292 2,587 2,760 2,877 3,007 3,174
EBITDA 1 1,516 1,443 1,387 1,615 1,761 1,799 1,889 2,008
EBIT 1 854.2 735.3 628.6 800.1 943.8 952.6 1,022 1,120
Operating Margin 36.82% 32% 27.43% 30.93% 34.19% 33.12% 33.99% 35.29%
Earnings before Tax (EBT) 1 799.1 824.5 1,010 - 938.6 703.3 759.2 843
Net income 1 786 827.6 1,004 1,137 928.8 726.8 766.6 875.4
Net margin 33.88% 36.02% 43.82% 43.94% 33.65% 25.27% 25.5% 27.58%
EPS 2 5.630 5.890 7.190 8.120 6.560 5.110 5.452 6.067
Free Cash Flow 1 128.9 238.7 395.1 1,310 1,435 302.4 1,182 770.5
FCF margin 5.56% 10.39% 17.24% 50.63% 52% 10.51% 39.32% 24.28%
FCF Conversion (EBITDA) 8.5% 16.54% 28.48% 81.1% 81.52% 16.82% 62.57% 38.36%
FCF Conversion (Net income) 16.4% 28.84% 39.34% 115.22% 154.53% 41.61% 154.2% 88.02%
Dividend per Share 2 6.080 6.360 6.360 6.360 6.600 6.796 7.091 7.401
Announcement Date 2/5/20 2/3/21 2/2/22 2/8/23 1/31/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 600.5 613.2 643.7 663.9 666.4 673.6 688.1 695.7 702.7 711.1 721.8 730.6 735.7 744.2 754.4
EBITDA 1 376.5 377.3 400.1 411.5 426.1 425.6 441.9 440.5 452.7 448.1 444.5 449.6 462.9 462.9 465.8
EBIT 1 179.5 175.6 200.8 204.8 218.9 220.8 241.4 239.5 242 235.8 234.4 236.8 248.2 242.3 247.8
Operating Margin 29.89% 28.63% 31.19% 30.86% 32.85% 32.78% 35.08% 34.43% 34.44% 33.16% 32.47% 32.41% 33.73% 32.56% 32.84%
Earnings before Tax (EBT) 1 339.6 - - - - - - 176.2 244.5 150.3 174.9 173 186.2 181.9 186.2
Net income 1 335.2 262 138.7 494.7 241.3 146.9 367.9 172 242 173.4 174 177.8 185.9 180.7 181.5
Net margin 55.82% 42.74% 21.55% 74.52% 36.21% 21.81% 53.47% 24.73% 34.43% 24.39% 24.11% 24.33% 25.27% 24.28% 24.06%
EPS 2 2.400 1.870 0.9900 3.530 1.720 1.050 2.590 1.210 1.700 1.220 1.230 1.233 1.289 1.316 1.385
Dividend per Share 2 1.590 1.590 1.590 1.590 1.590 1.650 1.650 1.650 1.650 1.700 1.709 1.705 1.705 1.769 1.777
Announcement Date 2/2/22 4/27/22 7/27/22 11/3/22 2/8/23 4/26/23 7/31/23 10/25/23 1/31/24 4/25/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 7,169 7,251 7,560 7,582 7,488 8,010 8,196 8,366
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 4.729 x 5.026 x 5.45 x 4.694 x 4.253 x 4.453 x 4.338 x 4.165 x
Free Cash Flow 1 129 239 395 1,310 1,435 302 1,182 771
ROE (net income / shareholders' equity) 7.27% 7.61% 9.26% 10.2% 8.06% 6.05% 6.72% 8.14%
ROA (Net income/ Total Assets) 4.19% 4.32% 5.14% 5.63% 4.52% 3.42% 4.17% 4.52%
Assets 1 18,751 19,160 19,551 20,180 20,568 21,242 18,396 19,374
Book Value Per Share 2 78.10 77.10 78.20 80.40 83.00 81.20 77.60 76.90
Cash Flow per Share 2 9.470 8.680 8.610 10.20 11.00 11.30 11.50 12.30
Capex 1 1,193 981 808 1,096 1,099 1,222 884 894
Capex / Sales 51.43% 42.7% 35.26% 42.36% 39.82% 42.47% 29.39% 28.18%
Announcement Date 2/5/20 2/3/21 2/2/22 2/8/23 1/31/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for AvalonBay Communities, Inc.

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
23
Last Close Price
197.6 USD
Average target price
203.9 USD
Spread / Average Target
+3.19%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Residential REITs

1st Jan change Capi.
AVALONBAY COMMUNITIES, INC. Stock AvalonBay Communities, Inc.
+5.08% 28.06B
EQUITY RESIDENTIAL Stock Equity Residential
+7.93% 25.11B
INVITATION HOMES INC. Stock Invitation Homes Inc.
+2.46% 21.43B
ESSEX PROPERTY TRUST, INC. Stock Essex Property Trust, Inc.
+5.69% 16.88B
MID-AMERICA APARTMENT COMMUNITY, INC. Stock Mid-America Apartment Community, Inc.
+0.50% 15.89B
SUN COMMUNITIES, INC. Stock Sun Communities, Inc.
-10.22% 15.26B
AMERICAN HOMES 4 RENT Stock American Homes 4 Rent
+1.10% 13.32B
UDR INC. Stock UDR Inc.
+2.95% 13.04B
EQUITY LIFESTYLE PROPERTIES, INC. Stock Equity LifeStyle Properties, Inc.
-10.77% 11.95B
CAMDEN PROPERTY TRUST Stock Camden Property Trust
+5.53% 11.22B
Residential REITs
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  4. Financials AvalonBay Communities, Inc.