Equity LifeStyle Properties

NYSE:ELS Stock Report

Mkt Cap: US$12.5b

We’ve recently updated our valuation analysis.

Equity LifeStyle Properties Valuation

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

Valuation Score

1/6

Valuation Score 1/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

ELS key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue10.9x
Enterprise Value/EBITDA24.4x
PEG Ratio4.3x

Price to Earnings Ratio vs Peers

How does ELS's PE Ratio compare to its peers?

The above table shows the PE ratio for ELS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average47.4x
CPT Camden Property Trust
15x-46.9%US$12.5b
AMH American Homes 4 Rent
53.1x3.1%US$12.8b
UDR UDR
83.6x27.5%US$13.9b
ESS Essex Property Trust
37.9x15.0%US$14.1b
ELS Equity LifeStyle Properties
42.8x9.9%US$12.5b

Price-To-Earnings vs Peers: ELS is good value based on its Price-To-Earnings Ratio (42.8x) compared to the peer average (47.4x).


Price to Earnings Ratio vs Industry

How does ELS's PE Ratio compare vs other companies in the US REITs Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a4.7%
n/an/an/a

Price-To-Earnings vs Industry: ELS is expensive based on its Price-To-Earnings Ratio (42.8x) compared to the US REITs industry average (25.9x)


Price to Earnings Ratio vs Fair Ratio

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

ELS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio42.8x
Fair PE Ratio32x

Price-To-Earnings vs Fair Ratio: ELS is expensive based on its Price-To-Earnings Ratio (42.8x) compared to the estimated Fair Price-To-Earnings Ratio (32x).


Share Price vs Fair Value

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

Below Fair Value: ELS ($63.8) is trading above our estimate of fair value ($60.02)

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


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 ELS forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$63.80
US$67.56
+5.9%
5.0%US$75.00US$62.00n/a9
Nov ’23US$64.05
US$67.56
+5.5%
5.0%US$75.00US$62.00n/a9
Oct ’23US$62.84
US$80.20
+27.6%
9.1%US$92.00US$70.00n/a10
Sep ’23US$70.00
US$80.90
+15.6%
8.0%US$92.00US$73.00n/a10
Aug ’23US$73.04
US$81.36
+11.4%
8.3%US$92.00US$71.00n/a11
Jul ’23US$71.86
US$85.82
+19.4%
8.8%US$95.00US$71.00n/a11
Jun ’23US$75.30
US$87.00
+15.5%
6.7%US$95.00US$77.00n/a11
May ’23US$77.28
US$90.30
+16.8%
5.3%US$98.00US$82.00n/a10
Apr ’23US$79.07
US$89.90
+13.7%
5.5%US$97.00US$82.00n/a10
Mar ’23US$74.64
US$89.90
+20.4%
5.5%US$97.00US$82.00n/a10
Feb ’23US$78.23
US$89.90
+14.9%
5.5%US$97.00US$82.00n/a10
Jan ’23US$87.66
US$91.80
+4.7%
4.0%US$97.00US$85.00n/a10
Dec ’22US$80.43
US$91.90
+14.3%
3.8%US$97.00US$85.00n/a10
Nov ’22US$84.82
US$91.50
+7.9%
4.4%US$97.00US$85.00US$64.0510
Oct ’22US$78.48
US$87.09
+11.0%
6.8%US$93.00US$72.00US$62.8411
Sep ’22US$86.80
US$87.18
+0.4%
6.7%US$93.00US$72.00US$70.0011
Aug ’22US$83.80
US$86.30
+3.0%
6.6%US$93.00US$72.00US$73.0410
Jul ’22US$74.50
US$78.00
+4.7%
4.3%US$83.00US$72.00US$71.8610
Jun ’22US$71.15
US$74.11
+4.2%
6.4%US$80.00US$67.00US$75.309
May ’22US$69.40
US$71.38
+2.8%
6.6%US$80.00US$65.00US$77.288
Apr ’22US$65.04
US$69.50
+6.9%
5.1%US$75.00US$65.00US$79.078
Mar ’22US$61.39
US$69.86
+13.8%
4.2%US$74.00US$65.00US$74.647
Feb ’22US$63.03
US$70.00
+11.1%
4.9%US$74.00US$65.00US$78.237
Jan ’22US$63.36
US$70.33
+11.0%
5.2%US$74.00US$65.00US$87.666
Dec ’21US$59.12
US$70.67
+19.5%
5.8%US$76.00US$65.00US$80.436
Nov ’21US$59.19
US$72.00
+21.6%
5.2%US$77.00US$65.00US$84.826

Analyst Forecast: Target price is less than 20% higher than the current share price.


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