MAC Valuation

Macerich Co

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17.230

+0.02(0.116%)1D

Overview
Forecast
Valuation
Earnings

MAC Relative Valuation

MAC's fair value is calculated using relative valuation, based on historical P/E and P/S ranges and their premiums/discounts relative to a competitor average, adjusted by weights. If the market price exceeds this fair value range, MAC is overvalued; if below, it's undervalued.

Historical Valuation

Macerich Co (MAC) is now in the Fair zone, suggesting that its current forward PS ratio of 4.42 is considered Fairly compared with the five-year average of -202.96. The fair price of Macerich Co (MAC) is between 12.13 to 19.09 according to relative valuation methord.

Relative Value

Fair Zone

12.13-19.09

Current Price：17.21

Fair

-59.00

Trailing

Forward

14.83

EV/EBITDA

Macerich Co. (MAC) has a current EV/EBITDA of 14.83. The 5-year average EV/EBITDA is 14.59. The thresholds are as follows: Strongly Undervalued below 8.43, Undervalued between 8.43 and 11.51, Fairly Valued between 17.67 and 11.51, Overvalued between 17.67 and 20.75, and Strongly Overvalued above 20.75. The current Forward EV/EBITDA of 14.83 falls within the Historic Trend Line -Fairly Valued range.

47.71

EV/EBIT

Macerich Co. (MAC) has a current EV/EBIT of 47.71. The 5-year average EV/EBIT is 45.18. The thresholds are as follows: Strongly Undervalued below 14.86, Undervalued between 14.86 and 30.02, Fairly Valued between 60.33 and 30.02, Overvalued between 60.33 and 75.49, and Strongly Overvalued above 75.49. The current Forward EV/EBIT of 47.71 falls within the Historic Trend Line -Fairly Valued range.

4.42

Macerich Co. (MAC) has a current PS of 4.42. The 5-year average PS is 3.57. The thresholds are as follows: Strongly Undervalued below 1.34, Undervalued between 1.34 and 2.45, Fairly Valued between 4.69 and 2.45, Overvalued between 4.69 and 5.80, and Strongly Overvalued above 5.80. The current Forward PS of 4.42 falls within the Historic Trend Line -Fairly Valued range.

13.13

P/OCF

Macerich Co. (MAC) has a current P/OCF of 13.13. The 5-year average P/OCF is 14.27. The thresholds are as follows: Strongly Undervalued below -0.16, Undervalued between -0.16 and 7.05, Fairly Valued between 21.49 and 7.05, Overvalued between 21.49 and 28.70, and Strongly Overvalued above 28.70. The current Forward P/OCF of 13.13 falls within the Historic Trend Line -Fairly Valued range.

92.89

P/FCF

Macerich Co. (MAC) has a current P/FCF of 92.89. The 5-year average P/FCF is 29.65. The thresholds are as follows: Strongly Undervalued below -15.11, Undervalued between -15.11 and 7.27, Fairly Valued between 52.03 and 7.27, Overvalued between 52.03 and 74.40, and Strongly Overvalued above 74.40. The current Forward P/FCF of 92.89 falls within the Strongly Overvalued range.

Macerich Co (MAC) has a current Price-to-Book (P/B) ratio of 1.69. Compared to its 3-year average P/B ratio of 1.23 , the current P/B ratio is approximately 36.87% higher. Relative to its 5-year average P/B ratio of 1.12, the current P/B ratio is about 50.98% higher. Macerich Co (MAC) has a Forward Free Cash Flow (FCF) yield of approximately 7.14%. Compared to its 3-year average FCF yield of 10.60%, the current FCF yield is approximately -32.65% lower. Relative to its 5-year average FCF yield of 9.89% , the current FCF yield is about -27.75% lower.

1.69

P/B

Median3y

1.23

Median5y

1.12

7.14

FCF Yield

Median3y

10.60

Median5y

9.89

Competitors Valuation Multiple

The average P/S ratio for MAC's competitors is 5.00, providing a benchmark for relative valuation. Macerich Co Corp (MAC) exhibits a P/S ratio of 4.42, which is -11.63% above the industry average. Given its robust revenue growth of 15.90%, this premium appears unsustainable.

P/S

P/E

EV/EBITDA

EV/EBIT

P/S

Revenue Growth

Market Cap

Cousins Properties Inc

Sabra Health Care REIT Inc

Phillips Edison & Co Inc

Performance Decomposition

Market capitalization of MAC increased by 9.70% over the past 1 year. The primary factor behind the change was an decrease in P/E Change from -4.85 to -10.05.

The secondary factor is the Revenue Growth, contributed 15.90%to the performance.

Overall, the performance of MAC in the past 1 year is driven by P/E Change. Which is more unsustainable.

15.90%

215.52M → 249.79M

Revenue Growth

-113.50%

123.19 → -16.63

Margin Expansion

107.30%

-4.85 → -10.05

P/E Change

9.70%