Equity Lifestyle Properties Inc (ELS) is overvalued and Mid-America Apartment Communities Inc (MAA) is overvalued.
Both trade above our estimate of their intrinsic value. ELS is the closer of the two: -79%, against -152% for MAA.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.0% (average of 3 methods) values the shares at $33.71; the price of $60.26 is 79% above that value, and 80% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
Discounting its cash flows at 7.9% (average of 3 methods) values the shares at $47.24; the price of $119.15 is 152% above that value, and 80% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
| Metric | ELS | MAA |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $60.26 | $119.15 |
| Intrinsic value | $33.71 | $47.24 |
| Margin of safety | -79% | -152% |
| Leak Score | 0/100 (2/12) | 0/100 (2/12) |
| Market cap | $12.1B | $14.2B |
| Revenue growth, 5 years | 7.1% | 5.7% |
| Operating margin | 34.3% | 27.8% |
| Net margin | 25.7% | 18.0% |
| Return on equity | 23.0% | 7.1% |
| Debt to equity | 1.88 | 1.05 |
| P/E | 29.3x | 34.8x |
| Forward P/E | 27.4x | 38.0x |
| P/B | 6.7x | 2.5x |
| Dividend yield | 3.6% | 5.1% |