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 |
5.0
|
24.4
|
1.0
|
| Farmland Partners Inc. |
4.2
|
8.7
|
1.1
|
| Mediana / Farmland Partners Inc. |
1.2
|
2.8
|
0.9
|
Pozostałe spółki z branży REIT - Specialty
| Nazwa firmy |
Symbol |
Kapitalizacja (mln $) |
EV/EBITDA |
P/E |
P/B |
Giełda |
| Automotive Properties Real Estate Investment Trust |
APR-UN.TO |
416 |
0.9 |
7.9 |
0.9 |
Toronto Stock Exchange |
| American Tower Corporation |
AMT |
103,810 |
8.3 |
56.8 |
29.3 |
New York Stock Exchange |
| AFC Gamma, Inc. |
AFCG |
106 |
0.9 |
5.0 |
0.5 |
NASDAQ Global Market |
| BA Airport Leasehold Real Estate Investment Trust |
BAREIT.BK |
295 |
5.4 |
11.1 |
0.9 |
Thailand |
| Arena REIT |
ARF.AX |
978 |
0.0 |
19.6 |
1.2 |
Australian Securities Exchange |
| Charter Hall Social Infrastructure REIT |
CQE.AX |
708 |
-18.3 |
48.7 |
0.8 |
Australian Securities Exchange |
| Crown Castle Inc. |
CCI |
44,817 |
-10.3 |
-9.6 |
-35.7 |
New York Stock Exchange |
| CoreCivic, Inc. |
CXW |
2,367 |
4.8 |
28.1 |
1.6 |
New York Stock Exchange |
| Equinix, Inc. |
EQIX |
76,984 |
17.5 |
82.8 |
5.5 |
NASDAQ Global Select |
| EPR Properties |
EPR-PE |
2,420 |
3.5 |
30.2 |
1.9 |
New York Stock Exchange |
| EPR Properties |
EPR |
4,526 |
3.5 |
30.2 |
1.9 |
New York Stock Exchange |
| EPR Properties |
EPR-PC |
1,981 |
3.5 |
30.2 |
1.9 |
New York Stock Exchange |
| Digital Core REIT |
DCRU.SI |
675 |
1.1 |
-7.1 |
0.6 |
Stock Exchange of Singapore |
| EPR Properties |
EPR-PG |
1,612 |
3.5 |
30.2 |
1.9 |
New York Stock Exchange |
| Gaming and Leisure Properties, Inc. |
GLPI |
13,250 |
4.4 |
17.0 |
3.1 |
NASDAQ Global Select |
| Farmland Partners Inc. |
FPI |
533 |
4.2 |
8.7 |
1.1 |
New York Stock Exchange |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. |
HASI |
3,297 |
-153.6 |
24.4 |
1.4 |
New York Stock Exchange |
| Iron Mountain Incorporated |
IRM |
29,705 |
5.3 |
242.9 |
-42.4 |
New York Stock Exchange |
| Impact Growth Real Estate Investment Trust |
IMPACT.BK |
433 |
11.5 |
14.3 |
0.8 |
Thailand |
| Inet Leasehold Real Estate Investment Trust - Inetreit |
INETREIT.BK |
97 |
1.9 |
6.1 |
0.8 |
Thailand |
| Lamar Advertising Company |
LAMR |
12,720 |
10.6 |
30.1 |
10.3 |
NASDAQ Global Select |
| Gladstone Land Corporation |
LANDP |
699 |
-1.0 |
26.1 |
0.6 |
NASDAQ Global Market |
| PotlatchDeltic Corporation |
PCH |
3,137 |
12.6 |
65.7 |
1.6 |
NASDAQ Global Select |
| Outfront Media Inc. |
OUT |
2,865 |
3.4 |
10.8 |
5.0 |
New York Stock Exchange |
| Rural Funds Group |
RFF.AX |
468 |
-0.4 |
14.6 |
0.7 |
Australian Securities Exchange |
| SBA Communications Corporation |
SBAC |
25,136 |
6.6 |
32.0 |
-5.1 |
NASDAQ Global Select |
| Schroder European Real Estate Investment Trust Plc |
SERE.L |
124 |
0.0 |
186.5 |
0.7 |
London Stock Exchange |
| Rayonier Inc. |
RYN |
3,598 |
5.4 |
10.0 |
1.9 |
New York Stock Exchange |
| Weyerhaeuser Company |
WY |
19,169 |
11.0 |
52.6 |
2.0 |
New York Stock Exchange |
| Waypoint REIT |
WPR.AX |
1,072 |
9.1 |
12.7 |
0.9 |
Australian Securities Exchange |
| Uniti Group Inc. |
UNIT |
1,068 |
-5.6 |
16.2 |
-0.4 |
NASDAQ Global Select |