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.($)
- - - - 380M
32.88x11.61x19.11x3.75% 26.9B
50.43x10.66x17.92x4.15% 25.44B
48.5x13.23x19.88x3.53% 18.86B
38.49x8.84x16.99x4.03% 17.69B
39.5x9.56x17.09x4.58% 15.58B
55.12x8.34x18.8x3.66% 15.01B
42.12x10.98x17.59x4.39% 12.86B
32.38x10.14x21.05x3.27% 12.81B
44.22x9.07x17.08x3.91% 12.01B
Average 42.62x 10.27x 18.39x 3.92% 15.75B
Weighted average by Cap. 42.59x 10.46x 18.42x 3.92%

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