Using the industry peer median P/E multiple (trailing + forward), Healthpeak Properties, Inc. (DOC) has a fair value of $9.69 based on 10 comparable companies in the REIT - Healthcare Facilities industry.
USD in millions except Fair Price. Subject company highlighted.
| Mkt Cap ($M) | Trailing P/E | Forward P/E | |
|---|---|---|---|
| Healthpeak Properties, Inc.DOC | 11,718 | 168.3x | 42.5x |
| Welltower Inc.WELL | 136,086 | 140.3x | 106.8x |
| Prologis, Inc.PLD | 120,410 | 36.6x | 38.7x |
| Equinix, Inc.EQIX | 95,224 | 70.4x | 59.8x |
| American Tower CorporationAMT | 78,686 | 31.2x | 26.0x |
| Digital Realty Trust, Inc.DLR | 60,404 | 49.1x | 91.0x |
| Simon Property Group, Inc.SPG | 59,029 | 12.8x | 27.0x |
| Realty Income CorporationO | 56,333 | 51.6x | 37.0x |
| Public StoragePSA | 47,269 | 29.9x | 27.1x |
| CBRE Group, Inc.CBRE | 40,074 | 35.0x | 17.9x |
| Ventas, Inc.VTR | 39,047 | 152.2x | 169.5x |
| Industry Median | 42.8x | 37.9x | |
| (*) Profit after tax | 71 | 276 | |
| Equity Value | 3,057 | 10,432 | |
| (/) Outstanding shares | 696 | 696 | |
| Fair Price | $4 | $15 | |
This P/E relative valuation uses the industry peer median Price-to-Earnings ratio to estimate fair value. Both trailing (last 12 months) and forward (next fiscal year analyst estimates) P/E multiples are computed independently.
The industry median trailing P/E is applied to the company's TTM net income, and the forward P/E to analyst-estimated net income. Each produces an equity value divided by shares outstanding to yield a fair price per share. The selected fair value is the average of the trailing and forward legs.