The Macerich Company

DB:M6G Stock Report

Market Cap: €3.5b

Macerich Valuation

Is M6G undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of M6G when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
€27.15
Fair Value
51.6% undervalued intrinsic discount
14
Number of Analysts

Below Fair Value: M6G (€13.14) is trading below our estimate of fair value (€27.15)

Significantly Below Fair Value: M6G is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for M6G?

Key metric: As M6G is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for M6G. This is calculated by dividing M6G's market cap by their current revenue.
What is M6G's PS Ratio?
PS Ratio3.7x
SalesUS$1.01b
Market CapUS$4.02b

Price to Sales Ratio vs Peers

How does M6G's PS Ratio compare to its peers?

The above table shows the PS ratio for M6G vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average4.5x
HABA Hamborner REIT
4.9x-1.31%€517.3m
DKG Deutsche Konsum REIT-AG
0.7x-41.22%€124.4m
AOX alstria office REIT-AG
4.3x-4.55%€1.0b
8953 Japan Metropolitan Fund Investment
8x2.98%JP¥696.3b
M6G Macerich
3.7x-1.04%€4.0b

Price-To-Sales vs Peers: M6G is good value based on its Price-To-Sales Ratio (3.7x) compared to the peer average (4.5x).

Price to Sales Ratio vs Industry

How does M6G's PS Ratio compare vs other companies in the European Retail REITs Industry?

1 CompanyPrice / SalesEstimated GrowthMarket Cap
M6G 3.7xIndustry Avg. 5.7xNo. of Companies8PS03.26.49.612.816+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: M6G is good value based on its Price-To-Sales Ratio (3.7x) compared to the European Retail REITs industry average (5.7x).

Price to Sales Ratio vs Fair Ratio

What is M6G's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

M6G PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio3.7x
Fair PS Ratio5.2x

Price-To-Sales vs Fair Ratio: M6G is good value based on its Price-To-Sales Ratio (3.7x) compared to the estimated Fair Price-To-Sales Ratio (5.2x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst M6G forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€13.14
€16.52
+25.76%
16.32%€22.01€12.06n/a14
May ’26n/a
€16.61
0%
16.37%€21.88€11.99n/a14
Apr ’26€15.61
€18.43
+18.12%
13.65%€23.17€13.35n/a14
Mar ’26€17.41
€20.57
+18.20%
11.75%€24.11€15.43n/a14
Feb ’26€19.77
€20.47
+3.57%
10.72%€23.83€15.92n/a14
Jan ’26€19.03
€20.29
+6.65%
14.65%€24.14€13.03n/a14
Dec ’25€19.85
€16.92
-14.78%
20.58%€23.69€12.79n/a13
Nov ’25€17.06
€15.37
-9.89%
18.63%€22.09€11.51n/a13
Oct ’25€16.15
€14.34
-11.17%
18.11%€21.50€11.20n/a13
Sep ’25€13.85
€14.13
+2.05%
20.64%€21.67€9.93n/a13
Aug ’25€14.66
€14.16
-3.40%
20.36%€22.20€10.17n/a13
Jul ’25€14.17
€14.33
+1.11%
20.12%€22.35€10.24n/a13
Jun ’25€13.41
€14.45
+7.79%
19.71%€22.16€10.16n/a13
May ’25€14.03
€15.22
+8.50%
19.76%€22.45€10.29n/a13
Apr ’25€15.84
€15.94
+0.61%
16.19%€22.25€11.59€15.6113
Mar ’25€14.88
€15.16
+1.85%
23.94%€23.07€7.38€17.4113
Feb ’25€14.36
€14.10
-1.82%
25.77%€23.08€7.39€19.7713
Jan ’25€14.14
€12.71
-10.12%
29.72%€22.63€7.24€19.0313
Dec ’24€10.34
€11.62
+12.36%
33.77%€22.82€7.30€19.8513
Nov ’24€9.01
€12.08
+34.11%
33.85%€23.66€7.57€17.0613
Oct ’24€10.56
€12.37
+17.14%
32.54%€23.65€7.57€16.1513
Sep ’24€10.60
€11.79
+11.22%
37.02%€24.39€7.36€13.8513
Aug ’24€11.42
€11.19
-2.05%
38.16%€23.57€7.12€14.6613
Jul ’24€10.26
€11.38
+10.94%
39.02%€24.28€7.33€14.1713
Jun ’24€8.87
€11.90
+34.13%
37.55%€24.73€7.46€13.4114
May ’24€8.65
€12.40
+43.36%
35.01%€24.60€7.43€14.0314
AnalystConsensusTarget
Consensus Narrative from 14 Analysts
€16.55
Fair Value
20.6% undervalued intrinsic discount
14
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/05/23 19:36
End of Day Share Price 2025/05/23 00:00
Earnings2025/03/31
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

The Macerich Company is covered by 40 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullArgus Research Company
Ross SmotrichBarclays
Paul AdornatoBMO Capital Markets Equity Research