Company Valuation: Apartment Investment and Management Company

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 786 1,175 1,079 1,141 1,284 832.5
Change - 49.52% -8.2% 5.78% 12.52% -35.17%
Enterprise Value (EV) 1 1,566 2,545 1,986 2,291 2,344 1,308
Change - 62.54% -21.97% 15.39% 2.29% -44.18%
P/E -156x -193x 14.5x -6.75x -12.1x 1.53x
PBR 1.57x 2.31x 1.9x 3.15x 10.1x 2.3x
PEG - -10.8x -0x 0x 0.3x -0x
Capitalization / Revenue 5.16x 6.88x 5.65x 6.07x 6.15x 6.01x
EV / Revenue 10.3x 14.9x 10.4x 12.2x 11.2x 9.45x
EV / EBITDA 19.5x 36.3x 25x 28.2x 27.6x 99.1x
EV / EBIT 678x -174x 321x 184x -1,562x -29x
EV / FCF 1,672x -18.2x -9.79x -9.95x -13.5x -36.1x
FCF Yield 0.06% -5.48% -10.2% -10.1% -7.42% -2.77%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -0.0339 -0.04 0.49 -1.16 -0.7508 3.87
Distribution rate - - - - - -
Net sales 1 152.3 170.8 190.9 187.9 208.7 138.5
EBITDA 1 80.28 70.04 79.46 81.29 84.86 13.21
EBIT 1 2.311 -14.67 6.191 12.46 -1.501 -45.07
Net income 1 -5.041 -5.91 75.73 -166.2 -102.5 554
Net Debt 1 779.7 1,370 906.8 1,150 1,060 475.7
Reference price 2 5.280 7.720 7.120 7.830 9.090 5.940
Nbr of stocks (in thousands) 148,866 152,238 151,532 145,760 141,269 140,159
Announcement Date 12/03/21 01/03/22 27/02/23 26/02/24 24/02/25 02/03/26
1USD in Million2USD
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 427M
33.85x11.64x19.07x3.75% 26.98B
50.11x10.73x17.99x4.1% 25.72B
48.69x13.26x19.92x3.54% 18.97B
39.61x9.22x17.11x3.97% 18.03B
41.28x9.87x17.64x4.39% 16.29B
54.2x8.01x18.35x3.69% 14.88B
47.36x11.08x17.82x4.28% 13.2B
32.2x10.08x20.76x3.31% 12.61B
44.81x9.15x17.22x3.89% 12.16B
Average 43.57x 10.34x 18.43x 3.88% 15.93B
Weighted average by Cap. 43.41x 10.53x 18.45x 3.89%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  4. Valuation Apartment Investment and Management Company