Macerich
Market Cap
US$2.8b
Last Updated
2021/05/07 23:50 UTC
Data Sources
Company Financials +
Executive Summary
Macerich is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. More Details
Rewards
Risk Analysis
Snowflake Analysis
Average dividend payer and fair value.
Similar Companies
Share Price & News
How has Macerich's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: MAC is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 6% a week.
Volatility Over Time: MAC's weekly volatility has decreased from 12% to 6% over the past year.
Market Performance
7 Day Return
-0.4%
MAC
-0.8%
US REITs
-0.3%
US Market
1 Year Return
100.9%
MAC
31.2%
US REITs
50.2%
US Market
Return vs Industry: MAC exceeded the US REITs industry which returned 32.1% over the past year.
Return vs Market: MAC exceeded the US Market which returned 51.8% over the past year.
Shareholder returns
| MAC | Industry | Market | |
|---|---|---|---|
| 7 Day | -0.4% | -0.8% | -0.3% |
| 30 Day | 11.0% | 4.1% | 2.2% |
| 90 Day | 5.9% | 11.5% | 3.8% |
| 1 Year | 114.0%100.9% | 36.6%31.2% | 52.7%50.2% |
| 3 Year | -67.7%-75.9% | 42.0%24.9% | 63.4%53.1% |
| 5 Year | -73.1%-81.7% | 51.8%21.4% | 129.6%104.0% |
Long-Term Price Volatility Vs. Market
How volatile is Macerich's share price compared to the market and industry in the last 5 years?
Simply Wall St News
3 weeks ago | Simply Wall St
Macerich (NYSE:MAC) Has Gifted Shareholders With A Fantastic 119% Total Return On Their Investment2 months ago | Simply Wall St
Some Analysts Just Cut Their The Macerich Company (NYSE:MAC) Estimates2 months ago | Simply Wall St
Did The Macerich Company (NYSE:MAC) Insiders Sell Shares?Valuation
Is Macerich undervalued compared to its fair value and its price relative to the market?
>50%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: MAC ($13.74) is trading below our estimate of fair value ($38.45)
Significantly Below Fair Value: MAC is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: MAC is unprofitable, so we can't compare its PE Ratio to the US REITs industry average.
PE vs Market: MAC is unprofitable, so we can't compare its PE Ratio to the US market.
Price to Earnings Growth Ratio
PEG Ratio: Insufficient data to calculate MAC's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: MAC is good value based on its PB Ratio (0.9x) compared to the US REITs industry average (1.8x).
Future Growth
How is Macerich forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?
67.2%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: MAC is forecast to remain unprofitable over the next 3 years.
Earnings vs Market: MAC is forecast to remain unprofitable over the next 3 years.
High Growth Earnings: MAC is forecast to remain unprofitable over the next 3 years.
Revenue vs Market: MAC's revenue (4.2% per year) is forecast to grow slower than the US market (9.2% per year).
High Growth Revenue: MAC's revenue (4.2% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: MAC is forecast to be unprofitable in 3 years.
Past Performance
How has Macerich performed over the past 5 years?
-64.2%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: MAC is currently unprofitable.
Growing Profit Margin: MAC is currently unprofitable.
Past Earnings Growth Analysis
Earnings Trend: MAC is unprofitable, and losses have increased over the past 5 years at a rate of 64.2% per year.
Accelerating Growth: Unable to compare MAC's earnings growth over the past year to its 5-year average as it is currently unprofitable
Earnings vs Industry: MAC is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (-8.5%).
Return on Equity
High ROE: MAC has a negative Return on Equity (-10.04%), as it is currently unprofitable.
Financial Health
How is Macerich's financial position?
Financial Position Analysis
Short Term Liabilities: MAC's short term assets ($723.5M) do not cover its short term liabilities ($2.5B).
Long Term Liabilities: MAC's short term assets ($723.5M) do not cover its long term liabilities ($4.2B).
Debt to Equity History and Analysis
Debt Level: MAC's debt to equity ratio (252.8%) is considered high.
Reducing Debt: MAC's debt to equity ratio has increased from 103.5% to 252.8% over the past 5 years.
Debt Coverage: MAC's debt is not well covered by operating cash flow (2%).
Interest Coverage: MAC is unprofitable, therefore interest payments are not well covered by earnings.
Balance Sheet
Dividend
What is Macerich current dividend yield, its reliability and sustainability?
4.37%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: MAC's dividend (4.37%) is higher than the bottom 25% of dividend payers in the US market (1.24%).
High Dividend: MAC's dividend (4.37%) is in the top 25% of dividend payers in the US market (3.42%)
Stability and Growth of Payments
Stable Dividend: MAC's dividend payments have been volatile in the past 10 years.
Growing Dividend: MAC's dividend payments have fallen over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonably low payout ratio (48.7%), MAC's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: MAC's dividends in 3 years are forecast to be well covered by earnings (46.3% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
2.3yrs
Average management tenure
CEO
Tom O'Hern (64 yo)
2.33yrs
Tenure
US$6,938,049
Compensation
Mr. Thomas E. O'Hern, also known as Tom, CPA, has been Director at Macerich Company since June 22, 2018 and its Chief Executive Officer since January 1, 2019. He served as the Chief Financial Officer and T...
CEO Compensation Analysis
Compensation vs Market: Tom's total compensation ($USD6.94M) is about average for companies of similar size in the US market ($USD5.41M).
Compensation vs Earnings: Tom's compensation has been consistent with company performance over the past year.
Leadership Team
Experienced Management: MAC's management team is considered experienced (2.3 years average tenure).
Board Members
Experienced Board: MAC's board of directors are considered experienced (4.6 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: MAC insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Ownership Breakdown
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 36.5%.
Top Shareholders
Company Information
The Macerich Company's company bio, employee growth, exchange listings and data sources
Key Information
- Name: The Macerich Company
- Ticker: MAC
- Exchange: NYSE
- Founded: 1965
- Industry: Retail REITs
- Sector: Real Estate
- Implied Market Cap: US$2.796b
- Market Cap: US$2.652b
- Shares outstanding: 207.55m
- Website: https://www.macerich.com
Number of Employees
Location
- The Macerich Company
- 401 Wilshire Boulevard
- Suite 700
- Santa Monica
- California
- 90401
- United States
Listings
Biography
Macerich is a fully integrated, self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throu...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2021/05/07 23:50 |
| End of Day Share Price | 2021/05/07 00:00 |
| Earnings | 2020/12/31 |
| Annual Earnings | 2020/12/31 |
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.