DB:MHV

Stock Analysis Report

Equity LifeStyle Properties

Executive Summary

We are a self-administered, self-managed real estate investment trust (“REIT”) with headquarters in Chicago.

Rewards

Earnings have grown 18.1% per year over the past 5 years

Risk Analysis

Earnings are forecast to decline by an average of -1.7% per year for the next 3 years

Unstable dividend track record

Large one-off items impacting financial results



Snowflake Analysis

Average dividend payer with acceptable track record.


Similar Companies

Share Price & News

How has Equity LifeStyle Properties's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: MHV has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

3.8%

MHV

4.1%

DE REITs

1.7%

DE Market


1 Year Return

44.6%

MHV

44.7%

DE REITs

15.0%

DE Market

Return vs Industry: MHV matched the German REITs industry which returned 44.7% over the past year.

Return vs Market: MHV exceeded the German Market which returned 15% over the past year.


Shareholder returns

MHVIndustryMarket
7 Day3.8%4.1%1.7%
30 Day8.7%8.4%0.8%
90 Day8.7%14.9%3.7%
1 Year47.5%44.6%49.3%44.7%18.5%15.0%
3 Year105.3%92.0%42.3%22.0%17.1%6.9%
5 Year222.5%187.3%47.3%15.6%24.3%7.3%

Price Volatility Vs. Market

How volatile is Equity LifeStyle Properties's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Equity LifeStyle Properties undervalued compared to its fair value and its price relative to the market?

48.74x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: MHV (€69) is trading above our estimate of fair value (€47.02)

Significantly Below Fair Value: MHV is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: MHV is poor value based on its PE Ratio (48.7x) compared to the REITs industry average (9.7x).

PE vs Market: MHV is poor value based on its PE Ratio (48.7x) compared to the German market (21.1x).


Price to Earnings Growth Ratio

PEG Ratio: MHV's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: MHV is overvalued based on its PB Ratio (11x) compared to the DE REITs industry average (1.7x).


Next Steps

Future Growth

How is Equity LifeStyle Properties forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

-1.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MHV's earnings are forecast to decline over the next 3 years (-1.7% per year).

Earnings vs Market: MHV's earnings are forecast to decline over the next 3 years (-1.7% per year).

High Growth Earnings: MHV's earnings are forecast to decline over the next 3 years.

Revenue vs Market: MHV's revenue (2.3% per year) is forecast to grow slower than the German market (5% per year).

High Growth Revenue: MHV's revenue (2.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if MHV's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Equity LifeStyle Properties performed over the past 5 years?

18.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MHV has a large one-off gain of $51.0M impacting its December 31 2019 financial results.

Growing Profit Margin: MHV's current net profit margins (26.7%) are higher than last year (21.4%).


Past Earnings Growth Analysis

Earnings Trend: MHV's earnings have grown by 18.1% per year over the past 5 years.

Accelerating Growth: MHV's earnings growth over the past year (31.3%) exceeds its 5-year average (18.1% per year).

Earnings vs Industry: MHV earnings growth over the past year (31.3%) underperformed the REITs industry 91.2%.


Return on Equity

High ROE: Whilst MHV's Return on Equity (22.39%) is high, this metric is skewed due to their high level of debt.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Equity LifeStyle Properties's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: MHV has a high level of physical assets or inventory.

Debt Coverage by Assets: MHV's debt is not covered by short term assets (assets are 0x debt).


Financial Institutions Analysis

Asset Level: MHV's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if MHV has a sufficient allowance for bad loans.

Low Risk Liabilities: MHV reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if MHV has an acceptable proportion of non-loan assets held.

Low Risk Deposits: MHV has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if MHV has an appropriate level of bad loans.


Next Steps

Dividend

What is Equity LifeStyle Properties's current dividend yield, its reliability and sustainability?

1.82%

Current Dividend Yield


Upcoming Dividend Payment

Purchase Equity LifeStyle Properties before the 'Buy Limit' to receive their next dividend payment.


Dividend Yield vs Market

company1.8%marketbottom25%1.3%markettop25%3.6%industryaverage2.7%forecastin3Years1.9%

Current dividend yield vs market & industry

Notable Dividend: MHV's dividend (1.82%) is higher than the bottom 25% of dividend payers in the German market (1.31%).

High Dividend: MHV's dividend (1.82%) is low compared to the top 25% of dividend payers in the German market (3.59%).


Stability and Growth of Payments

Stable Dividend: MHV's dividend payments have been volatile in the past 10 years.

Growing Dividend: MHV's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (51.7%), MHV's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: MHV's dividends in 3 years are forecast to be thoroughly covered by earnings (0.3% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

7.0yrs

Average management tenure


CEO

Marguerite Nader (50yo)

7yrs

Tenure

US$4,157,015

Compensation

Mrs. Marguerite M. Nader has been the President of Equity LifeStyle Properties, Inc. since May 10, 2012 and has been its Chief Executive Officer since February 1, 2013. Previously, Mrs. Nader served as the ...


CEO Compensation Analysis

Compensation vs Market: Marguerite's total compensation ($USD4.16M) is about average for companies of similar size in the German market ($USD4.37M).

Compensation vs Earnings: Marguerite's compensation has increased by more than 20% in the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Marguerite Nader
President7yrsUS$4.16m0.13% $17.3m
Paul Seavey
Executive VP7.3yrsUS$3.34m0.082% $11.0m
Patrick Waite
Executive VP & COO7yrsUS$3.34m0.11% $14.3m
Roger Maynard
Executive Vice President of Investments3.9yrsUS$2.31m0.15% $19.6m
Valerie Henry
VP & Chief Accounting Officer3.2yrsno datano data
Carmelina M. Stoklosa
Vice President of Treasury0yrsno datano data
David Eldersveld
Executive VP0yrsno data0.030% $4.0m
Jim Phillips
Senior Vice President of Sales7.6yrsno datano data
Larisa Drake
Executive VP & Chief Marketing Officer4.1yrsno data0.017% $2.3m
Peter Underhill
Senior Vice President of Revenue Management7.6yrsno datano data

7.0yrs

Average Tenure

50yo

Average Age

Experienced Management: MHV's management team is seasoned and experienced (7 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Marguerite Nader
President7yrsUS$4.16m0.13% $17.3m
Tao Huang
Independent Director4.3yrsUS$146.22k0.016% $2.1m
Sheli Rosenberg
Lead Director18.1yrsUS$232.47k0.63% $84.0m
Thomas Heneghan
Vice Chairman of the Board7yrsUS$197.67k0.22% $28.8m
Philip Calian
Independent Director14.3yrsUS$208.04k0.11% $14.8m
David Contis
Independent Director11yrsUS$184.95k0.020% $2.6m
Samuel Zell
Chairman of the Board24.9yrsUS$4.02m0.66% $88.9m
Scott Peppet
Independent Director1.6yrsUS$71.85k0.0033% $445.4k
Constance Freedman
Independent Director2.3yrsUS$168.05k0.0026% $341.0k
Andrew Berkenfield
Independent Director0yrsno datano data

7.0yrs

Average Tenure

56yo

Average Age

Experienced Board: MHV's board of directors are considered experienced (7 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: MHV insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Equity LifeStyle Properties, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Equity LifeStyle Properties, Inc.
  • Ticker: MHV
  • Exchange: DB
  • Founded: 1992
  • Industry: Residential REITs
  • Sector: Real Estate
  • Implied Market Cap: US$14.490b
  • Market Cap: US$12.645b
  • Listing Market Cap: US$13.374b
  • Shares outstanding: 192.58m
  • Website: https://www.equitylifestyleproperties.com

Number of Employees


Location

  • Equity LifeStyle Properties, Inc.
  • Two North Riverside Plaza
  • Suite 800
  • Chicago
  • Illinois
  • 60606
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ELSNYSE (New York Stock Exchange)YesCommon SharesUSUSDFeb 1993
MHVDB (Deutsche Boerse AG)YesCommon SharesDEEURFeb 1993

Biography

We are a self-administered, self-managed real estate investment trust (“REIT”) with headquarters in Chicago. As of January 27, 2020, we own or have an interest in 413 quality properties in 33 states and British Columbia consisting of 156,513 sites. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/17 20:44
End of Day Share Price2020/02/14 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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 here.