MACERICH CO/THE (MAC) Stock Fundamental Analysis
USA - New York Stock Exchange - NYSE:MAC - US5543821012 - REIT
18.63 USD
+0.15 (+0.81%)
18.63 USD
0 (0%)
We assign a fundamental rating of 1 out of 10 to MAC. MAC was compared to 128 industry peers in the Diversified REITs industry. Both the profitability and financial health of MAC have multiple concerns. MAC does not seem to be growing, but still is valued expensively.
1. Profitability
1.1 Basic Checks
In the past year MAC has reported negative net income.
In the past year MAC had a positive cash flow from operations.
MAC had negative earnings in 4 of the past 5 years.
MAC had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
MAC has a worse Return On Assets (-4.63%) than 81.25% of its industry peers.
MAC has a worse Return On Equity (-15.55%) than 78.91% of its industry peers.
MAC has a worse Return On Invested Capital (1.79%) than 70.31% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for MAC is in line with the industry average of 3.05%.
The 3 year average ROIC (1.71%) for MAC is below the current ROIC(1.79%), indicating increased profibility in the last year.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -4.63% | ||
| ROE | -15.55% | ||
| ROIC | 1.79% |
ROA(3y)-2.25%
ROA(5y)-1.82%
ROE(3y)-6.88%
ROE(5y)-6.09%
ROIC(3y)1.71%
ROIC(5y)1.43%
1.3 Margins
MAC's Operating Margin of 17.50% is in line compared to the rest of the industry. MAC outperforms 40.63% of its industry peers.
MAC's Operating Margin has declined in the last couple of years.
MAC has a Gross Margin of 54.86%. This is in the lower half of the industry: MAC underperforms 71.88% of its industry peers.
MAC's Gross Margin has declined in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 17.5% | ||
| PM (TTM) | N/A | ||
| GM | 54.86% |
OM growth 3Y6.69%
OM growth 5Y-4.17%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-1.18%
GM growth 5Y-2.5%
2. Health
2.1 Basic Checks
The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so MAC is destroying value.
The number of shares outstanding for MAC has been increased compared to 1 year ago.
Compared to 5 years ago, MAC has more shares outstanding
The debt/assets ratio for MAC is higher compared to a year ago.
2.2 Solvency
Based on the Altman-Z score of 0.05, we must say that MAC is in the distress zone and has some risk of bankruptcy.
Looking at the Altman-Z score, with a value of 0.05, MAC is doing worse than 73.44% of the companies in the same industry.
MAC has a Debt/Equity ratio of 2.02. This is a high value indicating a heavy dependency on external financing.
MAC has a Debt to Equity ratio of 2.02. This is in the lower half of the industry: MAC underperforms 69.53% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 2.02 | ||
| Debt/FCF | N/A | ||
| Altman-Z | 0.05 |
ROIC/WACC0.29
WACC6.27%
2.3 Liquidity
A Current Ratio of 0.85 indicates that MAC may have some problems paying its short term obligations.
MAC has a Current ratio (0.85) which is in line with its industry peers.
A Quick Ratio of 0.85 indicates that MAC may have some problems paying its short term obligations.
With a Quick ratio value of 0.85, MAC perfoms like the industry average, outperforming 46.09% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.85 | ||
| Quick Ratio | 0.85 |
3. Growth
3.1 Past
The earnings per share for MAC have decreased strongly by -596.88% in the last year.
MAC shows a decrease in Revenue. In the last year, the revenue decreased by -6.05%.
The Revenue has been decreasing by -0.20% on average over the past years.
EPS 1Y (TTM)-596.87%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%32%
Revenue 1Y (TTM)-6.05%
Revenue growth 3Y2.71%
Revenue growth 5Y-0.2%
Sales Q2Q%15%
3.2 Future
Based on estimates for the next years, MAC will show a quite strong growth in Earnings Per Share. The EPS will grow by 18.46% on average per year.
The Revenue is expected to grow by 5.60% on average over the next years.
EPS Next Y42.64%
EPS Next 2Y35.02%
EPS Next 3Y24.95%
EPS Next 5Y18.46%
Revenue Next Year21.54%
Revenue Next 2Y10.85%
Revenue Next 3Y7.52%
Revenue Next 5Y5.6%
3.3 Evolution
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
MAC reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
Also next year MAC is expected to report negative earnings again, which makes the also the Forward Price/Earnings Ratio negative.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | N/A | ||
| Fwd PE | N/A |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, MAC is valued a bit more expensive than the industry average as 72.66% of the companies are valued more cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | N/A | ||
| EV/EBITDA | 17.57 |
4.3 Compensation for Growth
A more expensive valuation may be justified as MAC's earnings are expected to grow with 24.95% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y35.02%
EPS Next 3Y24.95%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 3.68%, MAC has a reasonable but not impressive dividend return.
Compared to an average industry Dividend Yield of 6.33, MAC is paying slightly less dividend.
Compared to an average S&P500 Dividend Yield of 1.87, MAC pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.68% |
5.2 History
The dividend of MAC decreases each year by -25.88%.
MAC has paid a dividend for at least 10 years, which is a reliable track record.
MAC has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)-25.88%
Div Incr Years0
Div Non Decr Years3
5.3 Sustainability
The earnings of MAC are negative and hence is the payout ratio. MAC will probably not be able to sustain this dividend level.
DP-43.75%
EPS Next 2Y35.02%
EPS Next 3Y24.95%
18.63
+0.15 (+0.81%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners103.31%
Inst Owner Change2.1%
Ins Owners0.31%
Ins Owner Change-0.06%
Market Cap4.77B
Revenue(TTM)1.03B
Net Income(TTM)-390.44M
Analysts70
Price Target19.96 (7.14%)
Short Float %5.63%
Short Ratio8.01
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 3.68% |
Yearly Dividend0.64
Dividend Growth(5Y)-25.88%
DP-43.75%
Div Incr Years0
Div Non Decr Years3
Ex-Date
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-207.67%
Min EPS beat(2)-320.79%
Max EPS beat(2)-94.54%
EPS beat(4)0
Avg EPS beat(4)-629.5%
Min EPS beat(4)-1955.13%
Max EPS beat(4)-94.54%
EPS beat(8)2
Avg EPS beat(8)-194.09%
EPS beat(12)3
Avg EPS beat(12)-347.67%
EPS beat(16)3
Avg EPS beat(16)-307.05%
Revenue beat(2)2
Avg Revenue beat(2)1.68%
Min Revenue beat(2)0.51%
Max Revenue beat(2)2.85%
Revenue beat(4)4
Avg Revenue beat(4)9.55%
Min Revenue beat(4)0.51%
Max Revenue beat(4)22.66%
Revenue beat(8)7
Avg Revenue beat(8)6.43%
Revenue beat(12)10
Avg Revenue beat(12)4.74%
Revenue beat(16)13
Avg Revenue beat(16)4.29%
PT rev (1m)-0.22%
PT rev (3m)2.59%
EPS NQ rev (1m)-21.06%
EPS NQ rev (3m)-10.71%
EPS NY rev (1m)-21.64%
EPS NY rev (3m)-69.35%
Revenue NQ rev (1m)-0.04%
Revenue NQ rev (3m)-0.31%
Revenue NY rev (1m)0.1%
Revenue NY rev (3m)0.1%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | N/A | ||
| Fwd PE | N/A | ||
| P/S | 4.65 | ||
| P/FCF | N/A | ||
| P/OCF | 14.62 | ||
| P/B | 1.9 | ||
| P/tB | 2.06 | ||
| EV/EBITDA | 17.57 |
EPS(TTM)-1.59
EYN/A
EPS(NY)-0.15
Fwd EYN/A
FCF(TTM)-0.47
FCFYN/A
OCF(TTM)1.27
OCFY6.84%
SpS4.01
BVpS9.8
TBVpS9.03
PEG (NY)N/A
PEG (5Y)N/A
Graham NumberN/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | -4.63% | ||
| ROE | -15.55% | ||
| ROCE | 2.27% | ||
| ROIC | 1.79% | ||
| ROICexc | 1.86% | ||
| ROICexgc | 1.94% | ||
| OM | 17.5% | ||
| PM (TTM) | N/A | ||
| GM | 54.86% | ||
| FCFM | N/A |
ROA(3y)-2.25%
ROA(5y)-1.82%
ROE(3y)-6.88%
ROE(5y)-6.09%
ROIC(3y)1.71%
ROIC(5y)1.43%
ROICexc(3y)1.73%
ROICexc(5y)1.46%
ROICexgc(3y)1.79%
ROICexgc(5y)1.51%
ROCE(3y)2.16%
ROCE(5y)1.81%
ROICexgc growth 3Y9.63%
ROICexgc growth 5Y-3.26%
ROICexc growth 3Y9.11%
ROICexc growth 5Y-3.53%
OM growth 3Y6.69%
OM growth 5Y-4.17%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-1.18%
GM growth 5Y-2.5%
F-Score4
Asset Turnover0.12
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 2.02 | ||
| Debt/FCF | N/A | ||
| Debt/EBITDA | 9.33 | ||
| Cap/Depr | 122.66% | ||
| Cap/Sales | 43.58% | ||
| Interest Coverage | 0.87 | ||
| Cash Conversion | 59.96% | ||
| Profit Quality | N/A | ||
| Current Ratio | 0.85 | ||
| Quick Ratio | 0.85 | ||
| Altman-Z | 0.05 |
F-Score4
WACC6.27%
ROIC/WACC0.29
Cap/Depr(3y)47.12%
Cap/Depr(5y)31.57%
Cap/Sales(3y)15.89%
Cap/Sales(5y)10.84%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-596.87%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%32%
EPS Next Y42.64%
EPS Next 2Y35.02%
EPS Next 3Y24.95%
EPS Next 5Y18.46%
Revenue 1Y (TTM)-6.05%
Revenue growth 3Y2.71%
Revenue growth 5Y-0.2%
Sales Q2Q%15%
Revenue Next Year21.54%
Revenue Next 2Y10.85%
Revenue Next 3Y7.52%
Revenue Next 5Y5.6%
EBIT growth 1Y-8%
EBIT growth 3Y9.58%
EBIT growth 5Y-4.36%
EBIT Next Year209.54%
EBIT Next 3Y49.32%
EBIT Next 5Y27.61%
FCF growth 1Y-165.99%
FCF growth 3Y-40.36%
FCF growth 5Y-30.47%
OCF growth 1Y9.27%
OCF growth 3Y-0.35%
OCF growth 5Y-4.41%
MACERICH CO/THE / MAC FAQ
What is the fundamental rating for MAC stock?
ChartMill assigns a fundamental rating of 1 / 10 to MAC.
What is the valuation status of MACERICH CO/THE (MAC) stock?
ChartMill assigns a valuation rating of 1 / 10 to MACERICH CO/THE (MAC). This can be considered as Overvalued.
How profitable is MACERICH CO/THE (MAC) stock?
MACERICH CO/THE (MAC) has a profitability rating of 2 / 10.
What is the earnings growth outlook for MACERICH CO/THE?
The Earnings per Share (EPS) of MACERICH CO/THE (MAC) is expected to grow by 42.64% in the next year.