Metoda mnożnikowa – opiera się na porównaniu mnożników firm z branży, w której działa wyceniana spółka (np.
EV/EBITDA, P/E, P/BV). Metoda ta bardzo dobrze odzwierciedla bieżący stan rynku, wymaga mniejszej liczby założeń
oraz jest prostsza w zastosowaniu.
Do jej wad można zaliczyć dużą podatność wyceny na zmienność cen porównywanych spółek, subiektywny dobór
porównywalnych firm oraz uproszczenie obrazu spółki prowadzące do pominięcia bardzo istotnych parametrów (np.
przewaga konkurencyjna, tempo wzrostu, poziom rentowności, strukturę zadłużenia).
|
EV/EBITDA TTM |
P/E TTM |
P/B TTM |
| Mediana dla branży |
5.6
|
22.3
|
1.0
|
| EPR Properties |
2.2
|
22.3
|
1.7
|
| Mediana / EPR Properties |
2.6
|
1.0
|
0.6
|
Pozostałe spółki z branży REIT - Specialty
| Nazwa firmy |
Symbol |
Kapitalizacja (mln $) |
EV/EBITDA |
P/E |
P/B |
Giełda |
| Gaming and Leisure Properties, Inc. |
GLPI |
13,047 |
4.7 |
17.8 |
2.8 |
NASDAQ Global Select |
| Automotive Properties Real Estate Investment Trust |
APR-UN.TO |
403 |
0.7 |
9.6 |
0.9 |
Toronto Stock Exchange |
| Farmland Partners Inc. |
FPI |
473 |
6.5 |
7.0 |
1.0 |
New York Stock Exchange |
| EPR Properties |
EPR |
3,994 |
2.2 |
22.3 |
1.7 |
New York Stock Exchange |
| Gladstone Land Corporation |
LANDP |
697 |
-2.3 |
41.3 |
0.5 |
NASDAQ Global Market |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. |
HASI |
3,343 |
466.4 |
16.4 |
0.0 |
New York Stock Exchange |
| Equinix, Inc. |
EQIX |
76,773 |
16.3 |
76.9 |
5.4 |
NASDAQ Global Select |
| Schroder European Real Estate Investment Trust Plc |
SERE.L |
122 |
0.0 |
185.9 |
0.7 |
London Stock Exchange |
| SBA Communications Corporation |
SBAC |
23,630 |
5.4 |
26.9 |
-4.8 |
NASDAQ Global Select |
| Charter Hall Social Infrastructure REIT |
CQE.AX |
795 |
-24.7 |
55.4 |
0.9 |
Australian Securities Exchange |
| Iron Mountain Incorporated |
IRM |
27,104 |
4.0 |
653.6 |
-35.2 |
New York Stock Exchange |
| Rayonier Inc. |
RYN |
4,054 |
7.5 |
5.4 |
1.8 |
New York Stock Exchange |
| Uniti Group Inc. |
UNIT |
1,495 |
-5.1 |
43.3 |
-0.6 |
NASDAQ Global Select |
| Weyerhaeuser Company |
WY |
18,763 |
12.9 |
67.0 |
2.0 |
New York Stock Exchange |
| American Tower Corporation |
AMT |
96,535 |
8.0 |
74.6 |
26.0 |
New York Stock Exchange |
| PotlatchDeltic Corporation |
PCH |
3,329 |
16.4 |
80.7 |
1.7 |
NASDAQ Global Select |
| CoreCivic, Inc. |
CXW |
2,235 |
4.1 |
21.7 |
1.5 |
New York Stock Exchange |
| EPR Properties |
EPR-PE |
2,382 |
2.2 |
22.3 |
1.7 |
New York Stock Exchange |
| Lamar Advertising Company |
LAMR |
12,491 |
10.1 |
28.4 |
13.8 |
NASDAQ Global Select |
| EPR Properties |
EPR-PC |
1,789 |
2.2 |
22.3 |
1.7 |
New York Stock Exchange |
| Outfront Media Inc. |
OUT |
3,092 |
-1.6 |
29.1 |
4.8 |
New York Stock Exchange |
| EPR Properties |
EPR-PG |
1,590 |
2.2 |
22.3 |
1.7 |
New York Stock Exchange |
| Waypoint REIT |
WPR.AX |
1,109 |
10.1 |
13.3 |
0.9 |
Australian Securities Exchange |
| Crown Castle Inc. |
CCI |
44,355 |
-11.8 |
-9.5 |
-32.0 |
New York Stock Exchange |
| AFC Gamma, Inc. |
AFCG |
94 |
-0.9 |
4.3 |
0.4 |
NASDAQ Global Market |
| Rural Funds Group |
RFF.AX |
485 |
0.3 |
15.4 |
0.7 |
Australian Securities Exchange |
| Impact Growth Real Estate Investment Trust |
IMPACT.BK |
462 |
9.4 |
13.7 |
0.9 |
Thailand |
| BA Airport Leasehold Real Estate Investment Trust |
BAREIT.BK |
312 |
5.9 |
11.6 |
1.0 |
Thailand |
| Inet Leasehold Real Estate Investment Trust - Inetreit |
INETREIT.BK |
102 |
1.9 |
5.8 |
0.9 |
Thailand |
| Arena REIT |
ARF.AX |
1,017 |
0.0 |
20.4 |
1.3 |
Australian Securities Exchange |
| Digital Core REIT |
DCRU.SI |
649 |
1.2 |
29.1 |
0.6 |
Stock Exchange of Singapore |