Financials Equity Residential

Equities

EQR

US29476L1070

Residential REITs

Market Closed - Nyse Other stock markets 04:00:02 2024-05-09 pm EDT			5-day change	1st Jan Change
67.04 ^USD	+1.42%		+2.26%	+9.61%

May. 02	Morgan Stanley Adjusts Price Target on Equity Residential to $68 From $64	MT
Apr. 30	Equity Residential Insider Sold Shares Worth $261,795, According to a Recent SEC Filing	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	30,050	22,067	33,939	22,297	23,224	25,050	-	-
Enterprise Value (EV) ¹	39,032	30,069	42,157	29,669	30,564	32,463	32,601	32,868
P/E ratio	31.1 x	24.2 x	25.6 x	28.8 x	27.8 x	34.4 x	40.7 x	38.4 x
Yield	2.81%	4.07%	2.66%	4.24%	4.33%	4.05%	4.21%	4.32%
Capitalization / Revenue	11.1 x	8.58 x	13.8 x	8.15 x	8.08 x	8.47 x	8.18 x	7.91 x
EV / Revenue	14.5 x	11.7 x	17.1 x	10.8 x	10.6 x	11 x	10.7 x	10.4 x
EV / EBITDA	22.6 x	18.7 x	28.8 x	17.7 x	17.2 x	18 x	17.3 x	16.8 x
EV / FCF	26.9 x	24.1 x	33.5 x	20.5 x	20 x	30.5 x	25.1 x	31 x
FCF Yield	3.72%	4.14%	2.99%	4.89%	5.01%	3.28%	3.99%	3.23%
Price to Book	2.92 x	2.17 x	3.09 x	1.99 x	2.09 x	2.35 x	2.45 x	2.56 x
Nbr of stocks (in thousands)	371,354	372,253	375,016	377,919	379,725	378,972	-	-
Reference price ²	80.92	59.28	90.50	59.00	61.16	66.10	66.10	66.10
Announcement Date	1/28/20	2/10/21	2/1/22	2/9/23	1/30/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,701	2,572	2,464	2,735	2,874	2,958	3,061	3,167
EBITDA ¹	1,725	1,611	1,461	1,679	1,774	1,803	1,887	1,961
EBIT ¹	908.9	786.2	620.4	811.7	878	922.2	941.7	1,001
Operating Margin	33.65%	30.57%	25.18%	29.68%	30.55%	31.17%	30.77%	31.61%
Earnings before Tax (EBT) ¹	939.4	932.4	1,401	812.9	875	636.9	623.6	659.7
Net income ¹	967.3	910.5	1,330	773.8	832.3	744.1	621	668.7
Net margin	35.82%	35.41%	53.97%	28.29%	28.96%	25.15%	20.29%	21.11%
EPS ²	2.600	2.450	3.540	2.050	2.200	1.920	1.623	1.720
Free Cash Flow ¹	1,452	1,245	1,258	1,451	1,531	1,064	1,300	1,061
FCF margin	53.77%	48.43%	51.08%	53.04%	53.27%	35.96%	42.48%	33.51%
FCF Conversion (EBITDA)	84.19%	77.29%	86.11%	86.41%	86.28%	59%	68.91%	54.12%
FCF Conversion (Net income)	150.11%	136.78%	94.64%	187.47%	183.93%	142.99%	209.4%	158.71%
Dividend per Share ²	2.270	2.410	2.410	2.500	2.650	2.680	2.781	2.852
Announcement Date	1/28/20	2/10/21	2/1/22	2/9/23	1/30/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	645.1	653.3	687	695.1	699.7	705.1	717.3	724.1	727.5	730.8	736.1	743.7	748.4	752.3	760.7
EBITDA ¹	396.9	380.4	426.4	432.5	439.6	414.6	442.3	451.8	465.7	438.9	445.3	458.2	474.1	446.4	467.9
EBIT ¹	174.1	149.8	202	217.5	242.4	197.4	218.5	225.1	237	210.4	218.9	226.3	240.1	224.3	238
Operating Margin	26.99%	22.93%	29.41%	31.28%	34.64%	27.99%	30.47%	31.09%	32.58%	28.79%	29.74%	30.44%	32.08%	29.82%	31.29%
Earnings before Tax (EBT) ¹	561.6	75.34	234.1	336.3	167.1	221.8	146.4	182.8	324.1	307	151	153.3	163	144.4	154.3
Net income ¹	526.2	69.99	223.3	322.3	158.2	211.3	138.4	171.7	310.9	293.8	141.8	148.4	159.7	138.2	155.2
Net margin	81.57%	10.71%	32.51%	46.36%	22.62%	29.96%	19.3%	23.72%	42.74%	40.2%	19.27%	19.96%	21.34%	18.37%	20.4%
EPS ²	1.400	0.1900	0.5900	0.8600	0.4200	0.5600	0.3700	0.4500	0.8200	0.7700	0.3677	0.3833	0.4126	0.3612	0.4036
Dividend per Share ²	0.6025	0.6250	0.6250	0.6250	0.6250	0.6625	0.6625	0.6625	0.6625	0.6750	0.6794	0.6794	0.6794	0.6965	0.6999
Announcement Date	2/1/22	4/26/22	7/26/22	10/25/22	2/9/23	4/25/23	7/27/23	10/31/23	1/30/24	4/23/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	8,982	8,002	8,218	7,372	7,340	7,413	7,551	7,818
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.208 x	4.966 x	5.623 x	4.391 x	4.136 x	4.111 x	4.001 x	3.987 x
Free Cash Flow ¹	1,452	1,245	1,258	1,451	1,531	1,064	1,300	1,061
ROE (net income / shareholders' equity)	9.44%	8.74%	2.56%	6.99%	4.94%	5.7%	7.01%	7.95%
ROA (Net income/ Total Assets)	4.65%	4.39%	1.33%	3.74%	2.73%	4.55%	4.88%	5.26%
Assets ¹	20,784	20,730	100,218	20,694	30,449	16,353	12,723	12,714
Book Value Per Share ²	27.80	27.30	29.30	29.70	29.20	28.10	27.00	25.80
Cash Flow per Share ²	3.770	3.280	3.230	3.740	3.920	4.030	4.150	4.340
Capex ¹	1,900	425	2,086	451	734	520	430	518
Capex / Sales	70.35%	16.54%	84.64%	16.47%	25.55%	17.56%	14.04%	16.35%
Announcement Date	1/28/20	2/10/21	2/1/22	2/9/23	1/30/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Equity Residential

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

66.1 USD

Average target price

67.86 USD

Spread / Average Target

+2.66%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Residential REITs

	1st Jan change	Capi.
EQUITY RESIDENTIAL	+9.61%	25.05B
AVALONBAY COMMUNITIES, INC.	+5.30%	27.67B
INVITATION HOMES INC.	+2.55%	21.25B
ESSEX PROPERTY TRUST, INC.	+4.69%	16.34B
MID-AMERICA APARTMENT COMMUNITY, INC.	+1.40%	15.54B
SUN COMMUNITIES, INC.	-11.96%	14.55B
AMERICAN HOMES 4 RENT	+1.22%	13.25B
UDR INC.	+1.96%	12.6B
EQUITY LIFESTYLE PROPERTIES, INC.	-10.63%	11.7B
CAMDEN PROPERTY TRUST	+7.59%	11.1B

Residential REITs