Equity LifeStyle Properties, Inc.

ELS

Real EstateREIT - ResidentialNYSE

$63.39

Market Cap: $12.29B

Equity LifeStyle Properties, Inc. (ELS) Valuation Summary

Updated Apr 28, 2026 22:23

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$22.48 – $172.90	$46.33	-26.0%
Growth Exit 10Y	$26.10 – $178.59	$50.56	-19.2%
EBITDA Exit 5Y	$31.66 – $70.87	$49.65	-20.7%
EBITDA Exit 10Y	$33.09 – $79.38	$52.91	-15.5%
▸ Trading Multiples
P/E	$47.21 – $61.89	$61.57	-1.6%
EV/EBITDA	$24.84 – $37.99	$32.46	-48.1%
EV/Revenue	$50.77 – $84.35	$56.71	-9.4%
▸ PEG
PEG Fair Value	$21.99 – $21.99	$21.99	-64.9%
▸ Earnings Power Value
Earnings Power Value	$8.20 – $22.06	$13.62	-78.2%
▸ Dividend Discount
Dividend Discount	$32.50 – $84.85	$48.70	-22.2%

Valuation History

DCF Analysis

Fair Value

$46.33

Market Price

$63.39

Upside / Downside

-26.9%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Equity LifeStyle Properties, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 2.8% to 4.1% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 14, DPO 76, DIO 60). At a 6.9% WACC with mid-year discounting, the terminal value (81% of enterprise value) is derived from the Gordon Growth Model on Year 6 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $46.33 per share, suggesting ELS is overvalued by 26.9% at the current price of $63.39.

FCFF Present Value Calculation

WACC

6.89%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	402	420	440	470	489	501
(−) Net Interest	140	146	153	164	170	175
(+) D&A	250	265	273	271	287	295
EBITDA	792	831	866	904	947	971

(−) Tax	0	0	0	0	0	0
(−) CapEx	279	291	305	325	339	347
(−) ΔWC	-74	1	1	1	1	1
Free Cash Flow (FCFF)	588	539	560	577	607	622

Terminal Value						14,190
WACC / Discount Rate	6.9%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	568	488	474	457	450	10,172

Enterprise Value	12,609
Projection Period	2,438	19.3%
Terminal Value	10,172	80.7%

(−) Current Net Debt	3,339

Equity Value	9,270
(/) Outstanding Shares	200

Fair Price	$46.33

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.9%	$68	$81	$99	$126	$173
5.9%	$49	$56	$65	$77	$94
6.9%	$37	$41	$46	$53	$61
7.9%	$29	$31	$35	$39	$44
8.9%	$22	$24	$27	$29	$33

Current price: $63.39. Green = undervalued, Red = overvalued.

Fair Value

$50.56

Market Price

$63.39

Upside / Downside

-20.2%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Equity LifeStyle Properties, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 2.8% to 3.1% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 14, DPO 76, DIO 60). At a 6.9% WACC with mid-year discounting, the terminal value (66% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $50.56 per share, suggesting ELS is overvalued by 20.2% at the current price of $63.39.

FCFF Present Value Calculation

WACC

6.89%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	402	420	440	470	489	507	526	544	561	579	594
(−) Net Interest	140	146	153	164	170	177	183	189	196	202	207
(+) D&A	250	265	273	271	287	308	322	337	351	364	373
EBITDA	792	831	866	904	947	992	1,031	1,070	1,108	1,145	1,174

(−) Tax	0	0	0	0	0	0	0	0	0	0	0
(−) CapEx	279	291	305	325	339	352	364	377	389	401	411
(−) ΔWC	-74	1	1	1	1	1	1	1	1	1	1
Free Cash Flow (FCFF)	588	539	560	577	607	639	666	692	718	743	761

Terminal Value											17,361
WACC / Discount Rate	6.9%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	568	488	474	457	450	443	432	420	408	395	8,921

Enterprise Value	13,456
Projection Period	4,536	33.7%
Terminal Value	8,921	66.3%

(−) Current Net Debt	3,339

Equity Value	10,117
(/) Outstanding Shares	200

Fair Price	$50.56

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.9%	$78	$90	$107	$133	$179
5.9%	$56	$62	$70	$81	$97
6.9%	$42	$46	$51	$56	$64
7.9%	$33	$35	$38	$41	$46
8.9%	$26	$28	$30	$32	$34

Current price: $63.39. Green = undervalued, Red = overvalued.

Fair Value

$49.67

Market Price

$63.39

Upside / Downside

-21.6%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Equity LifeStyle Properties, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 2.8% to 4.1% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 14, DPO 76, DIO 60). At a 6.9% WACC with mid-year discounting, the terminal value (82% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 15.6x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $49.65 per share, suggesting ELS is overvalued by 21.7% at the current price of $63.39.

FCFF Present Value Calculation

WACC

6.89%

3% – 20%

EV/EBITDA Exit Multiple

15.58x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	402	420	440	470	489	501
(−) Net Interest	140	146	153	164	170	175
(+) D&A	250	265	273	271	287	295
EBITDA	792	831	866	904	947	971

(−) Tax	0	0	0	0	0	—
(−) CapEx	279	291	305	325	339	—
(−) ΔWC	-74	1	1	1	1	—
Free Cash Flow (FCF)	588	539	560	577	607	—

Peers' EBITDA Multiple						15.6x
Terminal Value						15,122
WACC / Discount Rate	6.89%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	568	488	474	457	450	10,840

Enterprise Value	13,278
Projection Period	2,438	18.4%
Terminal Value	10,840	81.6%

(−) Current Net Debt	3,339
Equity Value	9,939
(÷) Outstanding Shares	200M
Fair Price	$50	-21.6%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	11.6x	13.6x	15.6x	17.6x	19.6x
4.9%	$40	$48	$56	$63	$71
5.9%	$38	$45	$53	$60	$67
6.9%	$36	$43	$50	$57	$64
7.9%	$34	$40	$47	$54	$60
8.9%	$32	$38	$44	$51	$57

Current price: $63.39. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$52.93

Market Price

$63.39

Upside / Downside

-16.5%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Equity LifeStyle Properties, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 2.8% to 3.1% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 14, DPO 76, DIO 60). At a 6.9% WACC with mid-year discounting, the terminal value (67% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 15.6x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $52.91 per share, suggesting ELS is overvalued by 16.5% at the current price of $63.39.

FCFF Present Value Calculation

WACC

6.89%

3% – 20%

EV/EBITDA Exit Multiple

15.58x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	402	420	440	470	489	507	526	544	561	579	594
(−) Net Interest	140	146	153	164	170	177	183	189	196	202	207
(+) D&A	250	265	273	271	287	308	322	337	351	364	373
EBITDA	792	831	866	904	947	992	1,031	1,070	1,108	1,145	1,174

(−) Tax	0	0	0	0	0	0	0	0	0	0	—
(−) CapEx	279	291	305	325	339	352	364	377	389	401	—
(−) ΔWC	-74	1	1	1	1	1	1	1	1	1	—
Free Cash Flow (FCF)	588	539	560	577	607	639	666	692	718	743	—

Peers' EBITDA Multiple											15.6x
Terminal Value											18,283
WACC / Discount Rate	6.89%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	568	488	474	457	450	443	432	420	408	395	9,394

Enterprise Value	13,930
Projection Period	4,536	32.6%
Terminal Value	9,394	67.4%

(−) Current Net Debt	3,339
Equity Value	10,591
(÷) Outstanding Shares	200M
Fair Price	$53	-16.5%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	11.6x	13.6x	15.6x	17.6x	19.6x
4.9%	$50	$58	$65	$72	$79
5.9%	$45	$52	$59	$65	$72
6.9%	$41	$47	$53	$59	$65
7.9%	$37	$42	$48	$53	$59
8.9%	$33	$38	$43	$48	$53

Current price: $63.39. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$61.41

Market Price

$63.39

Upside / Downside

-3.1%

Verdict

Overvalued

Using the industry peer median P/E Multiples multiple (trailing + forward), Equity LifeStyle Properties, Inc. (ELS) has a fair value of $61.41 based on 8 comparable companies in the REIT - Residential industry.

P/E Valuation — REIT - Residential

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Equity LifeStyle Properties, Inc.ELS	12,685	32.8x	31.3x
Mid-America Apartment Communities, Inc.MAA	15,169	34.5x	39.0x
Regency Centers CorporationREG	14,703	28.5x	33.4x
Host Hotels & Resorts, Inc.HST	14,393	19.0x	21.7x
Omega Healthcare Investors, Inc.OHI	14,016	24.4x	24.1x
Lamar Advertising CompanyLAMR	13,698	23.4x	27.1x
UDR, Inc.UDR	11,898	32.0x	74.2x
American Homes 4 RentAMH	11,432	26.7x	35.3x
Camden Property TrustCPT	11,094	29.9x	69.5x
Industry Median		27.6x	34.3x
(*) Profit after tax		387	405
Equity Value		10,659	13,917
(/) Outstanding shares		200	200
Fair Price		$53	$70

Selected Fair Value (avg of trailing + forward)

$61.41

-3.1%

Fair Value

$32.45

Market Price

$63.39

Upside / Downside

-48.8%

Verdict

Overvalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), Equity LifeStyle Properties, Inc. (ELS) has a fair value of $32.45 based on 8 comparable companies in the REIT - Residential industry.

EV/EBITDA Valuation — REIT - Residential

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Equity LifeStyle Properties, Inc.ELS	12,685	26.4x	25.6x
Mid-America Apartment Communities, Inc.MAA	15,169	15.6x	15.3x
Regency Centers CorporationREG	14,703	20.9x	19.6x
Host Hotels & Resorts, Inc.HST	14,393	10.4x	11.3x
Omega Healthcare Investors, Inc.OHI	14,016	15.6x	17.3x
Lamar Advertising CompanyLAMR	13,698	18.0x	18.5x
UDR, Inc.UDR	11,898	18.0x	17.9x
American Homes 4 RentAMH	11,432	13.7x	14.7x
Camden Property TrustCPT	11,094	13.0x	13.1x
Industry Median		15.6x	16.3x
(*) EBITDA		608	625
= Enterprise Value		9,465	10,202
(-) Net Debt		3,339	3,339
Equity Value		6,126	6,863
(/) Outstanding shares		200	200
Fair Price		$31	$34

Selected Fair Value (avg of trailing + forward)

$32.45

-48.8%

Fair Value

$56.71

Market Price

$63.39

Upside / Downside

-10.5%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Equity LifeStyle Properties, Inc. (ELS) has a fair value of $56.71 based on 8 comparable companies in the REIT - Residential industry.

EV/Revenue Valuation — REIT - Residential

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Equity LifeStyle Properties, Inc.ELS	12,685	10.5x	10.2x
Mid-America Apartment Communities, Inc.MAA	15,169	9.3x	9.1x
Regency Centers CorporationREG	14,703	13.2x	12.4x
Host Hotels & Resorts, Inc.HST	14,393	3.2x	3.4x
Omega Healthcare Investors, Inc.OHI	14,016	15.2x	16.9x
Lamar Advertising CompanyLAMR	13,698	8.7x	9.0x
UDR, Inc.UDR	11,898	10.5x	10.5x
American Homes 4 RentAMH	11,432	8.8x	9.5x
Camden Property TrustCPT	11,094	9.5x	9.6x
Industry Median		9.4x	9.5x
(*) Revenue		1,531	1,574
= Enterprise Value		14,395	14,982
(-) Net Debt		3,339	3,339
Equity Value		11,056	11,643
(/) Outstanding shares		200	200
Fair Price		$55	$58

Selected Fair Value (avg of trailing + forward)

$56.71

-10.5%

PEG Fair Value

Fair Value

$21.99

Market Price

$63.39

Upside / Downside

-65.3%

Verdict

Overvalued

Using the PEG framework with analyst consensus forward EPS growth of 10.8% plus 3.3% dividend yield, the company has a fair value of $21.99 based on NTM EPS (FY2026) of $2.03. The current PEG ratio is 2.85.

PEG Ratio

2.85Expensive

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 30.8 ÷ (7.5% + 3.3%) = 2.85

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: Slow GrowerPEG less reliable

PEG tends to undervalue slow growers — consider dividend yield and asset value instead.

Fair Value Calculation

EPS Growth RateForward	7.5%
Dividend Yield	+3.3%
Adjusted Growth (clamped 8–25%)	10.8%
Fair P/E	10.8x
NTM EPS (FY2026)	$2.03
Fair Value	$21.99

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2025 (actual)	$1.93	—	—
FY2026E	$2.03	+5.4%	6
FY2027E	$2.21	+8.6%	6
FY2028E	$2.40	+8.5%	3

3Y Forward EPS CAGR: 7.5%

Historical Growth

Year	Net Income	EPS	YoY
FY2021	$262.5M	$1.43	—
FY2022	$284.6M	$1.53	+7.0%
FY2023	$314.2M	$1.69	+10.5%
FY2024	$367.0M	$1.96	+16.0%
FY2025	$386.5M	$1.93	-1.5%

4Y Historical EPS CAGR: 7.8%

Earnings Power Value

Fair Value

$13.62

Market Price

$63.39

Upside / Downside

-78.5%

Verdict

Overvalued

Using the Earnings Power Value framework with a WACC of 6.9% and normalized earnings of $417.6M, the company has a fair value of $13.62 per share. The EPV range is $8.20 – $22.06 based on WACC sensitivity (5.4% – 8.4%).

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	418	418	418
(/) WACC	8.4%	6.9%	5.4%
Enterprise Value	4,980	6,065	7,754
(-) Net debt	3,339	3,339	3,339
Equity Value	1,641	2,726	4,415
(/) Outstanding shares	200	200	200
Fair Price	$8.20	$13.62	$22.06

Dividend Discount Model

Fair Value

$48.70

Market Price

$63.39

Upside / Downside

-23.2%

Verdict

Overvalued

Using the Two-Stage Dividend Discount Model with a Cost of Equity of 7.9% and projected dividend growth of 8.1%, the fair value is $48.70 per share. The DDM range is $32.50 – $84.85 based on sensitivity analysis across Cost of Equity and growth rate assumptions.

Dividend Profile

Current DPS

$2.02

Dividend Yield

3.34%

Payout Ratio

104.8%

Dividend Coverage

0.95x

FCF Payout Ratio121.2%

DPS CAGR (4Y)7.6%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$2.02	104.8%	+8.2%
2024	$1.87	100.2%	+6.7%
2023	$1.75	109.0%	+10.1%
2022	$1.59	109.2%	+5.7%
2021	$1.51	105.0%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$2.19	8.1%	0.9266	$2.03
2027	$2.36	8.1%	0.8586	$2.03
2028	$2.56	8.1%	0.7955	$2.03
2029	$2.76	8.1%	0.7371	$2.04
2030	$2.98	8.1%	0.6830	$2.04
Terminal Value	$3.06 DPS	2.5%		$38.53

PV of Projected Dividends$10.16

PV of Terminal Value$38.53

Fair Value per Share$48.70

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	6.1%	7.1%	8.1%	9.1%	10.1%
5.9%	$71	$74	$78	$81	$85
6.9%	$55	$57	$60	$63	$65
7.9%	$45	$47	$49	$51	$53
8.9%	$38	$39	$41	$43	$45
9.9%	$33	$34	$35	$37	$38

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Equity LifeStyle Properties, Inc. (ELS) Valuation Summary

Updated Apr 28, 2026 22:23

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$22.48 – $172.90	$46.33	-26.0%
Growth Exit 10Y	$26.10 – $178.59	$50.56	-19.2%
EBITDA Exit 5Y	$31.66 – $70.87	$49.65	-20.7%
EBITDA Exit 10Y	$33.09 – $79.38	$52.91	-15.5%
▸ Trading Multiples
P/E	$47.21 – $61.89	$61.57	-1.6%
EV/EBITDA	$24.84 – $37.99	$32.46	-48.1%
EV/Revenue	$50.77 – $84.35	$56.71	-9.4%
▸ PEG
PEG Fair Value	$21.99 – $21.99	$21.99	-64.9%
▸ Earnings Power Value
Earnings Power Value	$8.20 – $22.06	$13.62	-78.2%
▸ Dividend Discount
Dividend Discount	$32.50 – $84.85	$48.70	-22.2%

Valuation History

DCF Analysis

Fair Value

$46.33

Market Price

$63.39

Upside / Downside

-26.9%

Verdict

Overvalued

FCFF Present Value Calculation

WACC

6.89%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	402	420	440	470	489	501
(−) Net Interest	140	146	153	164	170	175
(+) D&A	250	265	273	271	287	295
EBITDA	792	831	866	904	947	971

(−) Tax	0	0	0	0	0	0
(−) CapEx	279	291	305	325	339	347
(−) ΔWC	-74	1	1	1	1	1
Free Cash Flow (FCFF)	588	539	560	577	607	622

Terminal Value						14,190
WACC / Discount Rate	6.9%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	568	488	474	457	450	10,172

Enterprise Value	12,609
Projection Period	2,438	19.3%
Terminal Value	10,172	80.7%

(−) Current Net Debt	3,339

Equity Value	9,270
(/) Outstanding Shares	200

Fair Price	$46.33

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.9%	$68	$81	$99	$126	$173
5.9%	$49	$56	$65	$77	$94
6.9%	$37	$41	$46	$53	$61
7.9%	$29	$31	$35	$39	$44
8.9%	$22	$24	$27	$29	$33

Current price: $63.39. Green = undervalued, Red = overvalued.

Fair Value

$50.56

Market Price

$63.39

Upside / Downside

-20.2%

Verdict

Overvalued

FCFF Present Value Calculation

WACC

6.89%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	402	420	440	470	489	507	526	544	561	579	594
(−) Net Interest	140	146	153	164	170	177	183	189	196	202	207
(+) D&A	250	265	273	271	287	308	322	337	351	364	373
EBITDA	792	831	866	904	947	992	1,031	1,070	1,108	1,145	1,174

(−) Tax	0	0	0	0	0	0	0	0	0	0	0
(−) CapEx	279	291	305	325	339	352	364	377	389	401	411
(−) ΔWC	-74	1	1	1	1	1	1	1	1	1	1
Free Cash Flow (FCFF)	588	539	560	577	607	639	666	692	718	743	761

Terminal Value											17,361
WACC / Discount Rate	6.9%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	568	488	474	457	450	443	432	420	408	395	8,921

Enterprise Value	13,456
Projection Period	4,536	33.7%
Terminal Value	8,921	66.3%

(−) Current Net Debt	3,339

Equity Value	10,117
(/) Outstanding Shares	200

Fair Price	$50.56

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.9%	$78	$90	$107	$133	$179
5.9%	$56	$62	$70	$81	$97
6.9%	$42	$46	$51	$56	$64
7.9%	$33	$35	$38	$41	$46
8.9%	$26	$28	$30	$32	$34

Current price: $63.39. Green = undervalued, Red = overvalued.

Fair Value

$49.67

Market Price

$63.39

Upside / Downside

-21.6%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Equity LifeStyle Properties, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 2.8% to 4.1% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 14, DPO 76, DIO 60). At a 6.9% WACC with mid-year discounting, the terminal value (82% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 15.6x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $49.65 per share, suggesting ELS is overvalued by 21.7% at the current price of $63.39.

FCFF Present Value Calculation

WACC

6.89%

3% – 20%

EV/EBITDA Exit Multiple

15.58x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	402	420	440	470	489	501
(−) Net Interest	140	146	153	164	170	175
(+) D&A	250	265	273	271	287	295
EBITDA	792	831	866	904	947	971

(−) Tax	0	0	0	0	0	—
(−) CapEx	279	291	305	325	339	—
(−) ΔWC	-74	1	1	1	1	—
Free Cash Flow (FCF)	588	539	560	577	607	—

Peers' EBITDA Multiple						15.6x
Terminal Value						15,122
WACC / Discount Rate	6.89%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	568	488	474	457	450	10,840

Enterprise Value	13,278
Projection Period	2,438	18.4%
Terminal Value	10,840	81.6%

(−) Current Net Debt	3,339
Equity Value	9,939
(÷) Outstanding Shares	200M
Fair Price	$50	-21.6%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	11.6x	13.6x	15.6x	17.6x	19.6x
4.9%	$40	$48	$56	$63	$71
5.9%	$38	$45	$53	$60	$67
6.9%	$36	$43	$50	$57	$64
7.9%	$34	$40	$47	$54	$60
8.9%	$32	$38	$44	$51	$57

Current price: $63.39. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$52.93

Market Price

$63.39

Upside / Downside

-16.5%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Equity LifeStyle Properties, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 2.8% to 3.1% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 14, DPO 76, DIO 60). At a 6.9% WACC with mid-year discounting, the terminal value (67% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 15.6x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $52.91 per share, suggesting ELS is overvalued by 16.5% at the current price of $63.39.

FCFF Present Value Calculation

WACC

6.89%

3% – 20%

EV/EBITDA Exit Multiple

15.58x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	402	420	440	470	489	507	526	544	561	579	594
(−) Net Interest	140	146	153	164	170	177	183	189	196	202	207
(+) D&A	250	265	273	271	287	308	322	337	351	364	373
EBITDA	792	831	866	904	947	992	1,031	1,070	1,108	1,145	1,174

(−) Tax	0	0	0	0	0	0	0	0	0	0	—
(−) CapEx	279	291	305	325	339	352	364	377	389	401	—
(−) ΔWC	-74	1	1	1	1	1	1	1	1	1	—
Free Cash Flow (FCF)	588	539	560	577	607	639	666	692	718	743	—

Peers' EBITDA Multiple											15.6x
Terminal Value											18,283
WACC / Discount Rate	6.89%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	568	488	474	457	450	443	432	420	408	395	9,394

Enterprise Value	13,930
Projection Period	4,536	32.6%
Terminal Value	9,394	67.4%

(−) Current Net Debt	3,339
Equity Value	10,591
(÷) Outstanding Shares	200M
Fair Price	$53	-16.5%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	11.6x	13.6x	15.6x	17.6x	19.6x
4.9%	$50	$58	$65	$72	$79
5.9%	$45	$52	$59	$65	$72
6.9%	$41	$47	$53	$59	$65
7.9%	$37	$42	$48	$53	$59
8.9%	$33	$38	$43	$48	$53

Current price: $63.39. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$61.41

Market Price

$63.39

Upside / Downside

-3.1%

Verdict

Overvalued

P/E Valuation — REIT - Residential

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Equity LifeStyle Properties, Inc.ELS	12,685	32.8x	31.3x
Mid-America Apartment Communities, Inc.MAA	15,169	34.5x	39.0x
Regency Centers CorporationREG	14,703	28.5x	33.4x
Host Hotels & Resorts, Inc.HST	14,393	19.0x	21.7x
Omega Healthcare Investors, Inc.OHI	14,016	24.4x	24.1x
Lamar Advertising CompanyLAMR	13,698	23.4x	27.1x
UDR, Inc.UDR	11,898	32.0x	74.2x
American Homes 4 RentAMH	11,432	26.7x	35.3x
Camden Property TrustCPT	11,094	29.9x	69.5x
Industry Median		27.6x	34.3x
(*) Profit after tax		387	405
Equity Value		10,659	13,917
(/) Outstanding shares		200	200
Fair Price		$53	$70

Selected Fair Value (avg of trailing + forward)

$61.41

-3.1%

Fair Value

$32.45

Market Price

$63.39

Upside / Downside

-48.8%

Verdict

Overvalued

EV/EBITDA Valuation — REIT - Residential

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Equity LifeStyle Properties, Inc.ELS	12,685	26.4x	25.6x
Mid-America Apartment Communities, Inc.MAA	15,169	15.6x	15.3x
Regency Centers CorporationREG	14,703	20.9x	19.6x
Host Hotels & Resorts, Inc.HST	14,393	10.4x	11.3x
Omega Healthcare Investors, Inc.OHI	14,016	15.6x	17.3x
Lamar Advertising CompanyLAMR	13,698	18.0x	18.5x
UDR, Inc.UDR	11,898	18.0x	17.9x
American Homes 4 RentAMH	11,432	13.7x	14.7x
Camden Property TrustCPT	11,094	13.0x	13.1x
Industry Median		15.6x	16.3x
(*) EBITDA		608	625
= Enterprise Value		9,465	10,202
(-) Net Debt		3,339	3,339
Equity Value		6,126	6,863
(/) Outstanding shares		200	200
Fair Price		$31	$34

Selected Fair Value (avg of trailing + forward)

$32.45

-48.8%

Fair Value

$56.71

Market Price

$63.39

Upside / Downside

-10.5%

Verdict

Overvalued

EV/Revenue Valuation — REIT - Residential

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Equity LifeStyle Properties, Inc.ELS	12,685	10.5x	10.2x
Mid-America Apartment Communities, Inc.MAA	15,169	9.3x	9.1x
Regency Centers CorporationREG	14,703	13.2x	12.4x
Host Hotels & Resorts, Inc.HST	14,393	3.2x	3.4x
Omega Healthcare Investors, Inc.OHI	14,016	15.2x	16.9x
Lamar Advertising CompanyLAMR	13,698	8.7x	9.0x
UDR, Inc.UDR	11,898	10.5x	10.5x
American Homes 4 RentAMH	11,432	8.8x	9.5x
Camden Property TrustCPT	11,094	9.5x	9.6x
Industry Median		9.4x	9.5x
(*) Revenue		1,531	1,574
= Enterprise Value		14,395	14,982
(-) Net Debt		3,339	3,339
Equity Value		11,056	11,643
(/) Outstanding shares		200	200
Fair Price		$55	$58

Selected Fair Value (avg of trailing + forward)

$56.71

-10.5%

PEG Fair Value

Fair Value

$21.99

Market Price

$63.39

Upside / Downside

-65.3%

Verdict

Overvalued

PEG Ratio

2.85Expensive

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 30.8 ÷ (7.5% + 3.3%) = 2.85

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: Slow GrowerPEG less reliable

PEG tends to undervalue slow growers — consider dividend yield and asset value instead.

Fair Value Calculation

EPS Growth RateForward	7.5%
Dividend Yield	+3.3%
Adjusted Growth (clamped 8–25%)	10.8%
Fair P/E	10.8x
NTM EPS (FY2026)	$2.03
Fair Value	$21.99

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2025 (actual)	$1.93	—	—
FY2026E	$2.03	+5.4%	6
FY2027E	$2.21	+8.6%	6
FY2028E	$2.40	+8.5%	3

3Y Forward EPS CAGR: 7.5%

Historical Growth

Year	Net Income	EPS	YoY
FY2021	$262.5M	$1.43	—
FY2022	$284.6M	$1.53	+7.0%
FY2023	$314.2M	$1.69	+10.5%
FY2024	$367.0M	$1.96	+16.0%
FY2025	$386.5M	$1.93	-1.5%

4Y Historical EPS CAGR: 7.8%

Earnings Power Value

Fair Value

$13.62

Market Price

$63.39

Upside / Downside

-78.5%

Verdict

Overvalued

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	418	418	418
(/) WACC	8.4%	6.9%	5.4%
Enterprise Value	4,980	6,065	7,754
(-) Net debt	3,339	3,339	3,339
Equity Value	1,641	2,726	4,415
(/) Outstanding shares	200	200	200
Fair Price	$8.20	$13.62	$22.06

Dividend Discount Model

Fair Value

$48.70

Market Price

$63.39

Upside / Downside

-23.2%

Verdict

Overvalued

Dividend Profile

Current DPS

$2.02

Dividend Yield

3.34%

Payout Ratio

104.8%

Dividend Coverage

0.95x

FCF Payout Ratio121.2%

DPS CAGR (4Y)7.6%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$2.02	104.8%	+8.2%
2024	$1.87	100.2%	+6.7%
2023	$1.75	109.0%	+10.1%
2022	$1.59	109.2%	+5.7%
2021	$1.51	105.0%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$2.19	8.1%	0.9266	$2.03
2027	$2.36	8.1%	0.8586	$2.03
2028	$2.56	8.1%	0.7955	$2.03
2029	$2.76	8.1%	0.7371	$2.04
2030	$2.98	8.1%	0.6830	$2.04
Terminal Value	$3.06 DPS	2.5%		$38.53

PV of Projected Dividends$10.16

PV of Terminal Value$38.53

Fair Value per Share$48.70

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	6.1%	7.1%	8.1%	9.1%	10.1%
5.9%	$71	$74	$78	$81	$85
6.9%	$55	$57	$60	$63	$65
7.9%	$45	$47	$49	$51	$53
8.9%	$38	$39	$41	$43	$45
9.9%	$33	$34	$35	$37	$38