MACERICH CO/THE (MAC)       13.67  +0.4 (+3.01%)

13.67  +0.4 (+3.01%)

US5543821012 - REIT - After market: 13.6 -0.07 (-0.51%)


Fundamental Rating

2

Taking everything into account, MAC scores 2 out of 10 in our fundamental rating. MAC was compared to 218 industry peers in the Equity Real Estate Investment Trusts (REITs) industry. Both the profitability and financial health of MAC have multiple concerns. While showing a medium growth rate, MAC is valued expensive at the moment.

Note: MAC has only limited data available, so a full analysis was not possible, which makes the total rating unfair.




Profitability

Profitability Rating

1

MAC has a quite weak Piotroski-F score of 3.00. This indicates issues in the health and profitability of MAC.

VS Industry

Valuation

Valuation Rating

2

Compared to an average industry price book ratio of 1.26, MAC is valued rather cheaply
When comparing the current price to the book value of MAC, we can conclude it is valued correctly. It is trading at 1.01 times its book value.
When comparing the Enterprise Value to EBITDA ratio of MAC to the average industry ratio of 17.41, MAC is valued in line with its industry peers.

MAC reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
Besides the negative Price/Earnings Ratio, also the Forward Price/Earnings Ratio is negative for MAC. No positive earnings are expected for the next year.
VS Industry

Price/Book (1.01) VS Industry: 65% outperformed.

97.19
0.07

Enterprise Value/ EBITDA (16.38) VS Industry: 56% outperformed.

146.17
2.93

Growth

Growth Rating

4

MAC is expected to show a strong growth in Earnings Per Share. In the coming 5 years, the EPS will grow by 40.16% yearly.
When comparing the EPS growth rate of the last 5 years to the growth rate of the upcoming 5 years, we see that the growth is accelerating.
When comparing the Revenue growth rate of the last 5 years to the growth rate of the upcoming 5 years, we see that the growth is accelerating.
Measured over the past 5 years, MAC shows a decrease in Revenue. The Revenue has been decreasing by -4.04% on average per year.

The Revenue is expected to grow by 5.60% on average over the next 5 years.
The earnings per share for MAC have decreased strongly by -178.57% in the last year.
The earnings per share for MAC have been decreasing by -54.08% on average. This is quite bad
Looking at the last year, MAC shows a very negative growth in Revenue. The Revenue has decreased by -14.23% in the last year.

PastFuture
5Y3Y1Y1Y2Y3Y5Y
EPS-54.08% -44.47% -178.57% -506% -49.55% 2.95% 40.16%
Revenue-4.04% -4.09% -14.23% 2.77% 3.15% 2.57% 5.6%

Health

Health Rating

1

MAC has a Current Ratio comparable to the industry average, which is at 0.76.
The Quick Ratio is in line with the industry averages, which is at 0.76.
MAC has a Current Ratio of 0.71. This is a bad value and indicates that MAC is not financially healthy enough and could expect problems in meeting its short term obligations.
MAC has a Quick Ratio of 0.71. This is a bad value and indicates that MAC is not financially healthy enough and could expect problems in meeting its short term obligations.

Compared to an average industry Debt to Equity Ratio of 1.02, MAC is more dependent on financing than its industry peers.
Based on the Altman-Z score of 0.03, we must say that MAC is in the distress zone and has some risk of bankruptcy.
When comparing the Altman-Z score of MAC to the average industry Altman-Z score of 0.80, MAC is less financially healthy than its industry peers. 90% of its industry peers have a better Altman-Z score.
The Piotroski-F score of MAC is 3.00. This is a low score and indicates issues in the health and profitability of MAC.
VS Industry

Debt/Equity (1.55) VS Industry: 24% outperformed.

69.38
0.00

Quick Ratio (0.71) VS Industry: 47% outperformed.

0.00
22.38

Current Ratio (0.71) VS Industry: 47% outperformed.

0.00
22.38

Altman-Z (0.03) VS Industry: 10% outperformed.

-1.25
14.35

Dividend

Dividend Rating

5

MAC has a Yearly Dividend Yield of 5.46%, which is a nice return.
Compared to an average S&P500 Dividend Yield of 2.41, MAC pays a better dividend.
MAC has been paying a dividend for at least 10 years, so it has a reliable track record.
MAC's Dividend Yield is comparable with the industry average which is at 4.85.

The dividend of MAC decreases each year by -40.26%.
The Dividend Rate of MAC has been decling, while earnings will also be declining. This means the current dividend is most likely not sustainable.
The earnings of MAC are negative and hence is the payout ratio. MAC will probably not be able to sustain this dividend level.
VS Industry

Dividend Yield (5.46%) VS Industry: 60% outperformed.

0.27
22.70

MACERICH CO/THE13.67

NYSE:MAC (1/27/2023, 7:20:27 PM)+0.4 (+3.01%)

After market: 13.6 -0.07 (-0.51%)

Chartmill FA Rating
GICS Sector Real Estate
GICS IndustryGroup Real Estate
GICS Industry Equity Real Estate Investment Trusts (REITs)
Earnings (Last) 11-03 2022-11-03/bmo Earnings (Next) 02-08 2023-02-08
Inst Owners 82.42% Inst Owner Change -0.06%
Ins Owners 0.65% Ins Owner Change 11.94%
Market Cap 2.94B Analysts 51
Price Target 12.62 (-7.68%)

Dividend
Dividend Yield 5.46% Dividend Growth -40.26%
DP -208.66% Ex-Date N/A

Surprises & Revisions
EPS beat(2) N/A Avg EPS beat(2) -103.59%
Min EPS beat(2) -177.23% Max EPS beat(2) -29.96%
EPS beat(4) N/A Avg EPS beat(4) -185.18%
Min EPS beat(4) -435.53% Max EPS beat(4) -29.96%
Revenue beat(2) 1 Avg Revenue beat(2) -0.19%
Min Revenue beat(2) -2.62% Max Revenue beat(2) 2.24%
Revenue beat(4) 3 Avg Revenue beat(4) 2.93%
Min Revenue beat(4) -2.62% Max Revenue beat(4) 7.9%
PT rev (1m) -1.33% EPS NQ rev (1m) 0%
EPS NY rev (1m) 0% Revenue NQ rev (1m) 0%
Revenue NY rev (1m) 0%

Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 3.41
P/FCF 9.79
P/OCF 8.16
P/B 1.01
P/tB 1.05
EV/EBITDA 16.38
EPS(TTM) -0.39 EY N/A
EPS(NY) -0.09 Fwd EY N/A
FCF(TTM) 1.4 FCFY 10.21%
OCF(TTM) 1.67 OCFY 12.25%
SpS 4.01 BVpS 13.5
TBVpS 12.99 PEG (NY) N/A
PEG (5Y) N/A

Profitability
Industry RankSector Rank
ROA N/A
ROE N/A
ROIC 1.26%
ROICexc 1.28%
ROICexgc 1.31%
OM 16.03%
PM N/A
GM 53.86%
ROICexgc(3y) 1.23% ROICexcg growth 3Y -13.54%
ROICexcg growth 5Y -10.71% ROICexc(3y) 1.19%
ROICexc growth 3Y -13.17% ROICexc growth 5Y -10.39%
OM growth 3Y -11.99% OM growth 5Y -9.85%
PM growth 3Y -36.34% PM growth 5Y -49.79%
GM growth 3Y -1.9% GM growth 5Y -2.03%
F-Score 3 Asset Turnover 0.11

Health
Industry RankSector Rank
Debt/Equity 1.55
Debt/FCF 15
Debt/EBITDA 10.06
Cap/Depr 19.37%
Profit Quality N/A
Current Ratio 0.71
Quick Ratio 0.71
Altman-Z 0.03
F-Score 3 WACC 6.45%
ROIC/WACC 0.2 Cap/Depr(3y) 7.58%
Cap/Depr(5y) 10.35% Profit Quality(3y) N/A
Profit Quality(5y) N/A

Growth
EPS 1Y -178.57% EPS 3Y -44.47%
EPS 5Y -54.08% EPS growth Q2Q -114%
EPS Next Y -506% EPS Next 2Y -49.55%
EPS Next 3Y 2.95% EPS Next 5Y 40.16%
Revenue growth 1Y -14.23% Revenue growth 3Y -4.09%
Revenue growth 5Y -4.04% Revenue growth Q2Q -0.68%
Revenue Next Year 2.77% Revenue Next 2Y 3.15%
Revenue Next 3Y 2.57% Revenue Next 5Y 5.6%
EBIT growth 1Y 21.72% EBIT growth 3Y -15.58%
EBIT growth 5Y -13.49% EBIT Next Year 114.96%
EBIT Next 3Y 36.5% EBIT Next 5Y 17.15%
FCF growth 1Y 130.12% FCF growth 3Y -3.89%
FCF growth 5Y -7.68% OCF growth 1Y 142.56%
OCF growth 3Y -5.96% OCF growth 5Y -7.79%

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