$38.90
+5.6%UDR, Inc. (NYSE: UDR), an S&P 500 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate communities in targeted U.S. markets. As of September 30, 2020, UDR owned or had an ownership position in 51,649 apartment homes including 1,031 homes under development. For over 48 years, UDR has delivered long-term value to shareholders, the best standard of service to Residents and the highest quality experience for Associates.
Warren Buffett's Owner Earnings DCF analysis for intrinsic value calculation
Base year metrics used for projections
Forecast period and terminal assumptions
Calculation flow from present value to intrinsic value per share
Operating Cash Flow - Maintenance CapEx = Owner Earnings
| Metric | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $916.0M | $929.3M | $942.8M | $956.5M | $970.4M | $984.4M | $998.7M | $1.0B | $1.0B | $1.0B |
| Maintenance CapEx | -$58.6M | -$59.5M | -$60.3M | -$61.2M | -$62.1M | -$63.0M | -$63.9M | -$64.9M | -$65.8M | -$66.7M |
| Owner Earnings | $857.4M | $869.8M | $882.4M | $895.3M | $908.2M | $921.4M | $934.8M | $948.4M | $962.1M | $976.1M |
| Discount Factor | 0.926 | 0.857 | 0.794 | 0.735 | 0.681 | 0.630 | 0.583 | 0.540 | 0.500 | 0.463 |
| Present Value | $793.9M | $745.7M | $700.5M | $658.0M | $618.1M | $580.7M | $545.5M | $512.4M | $481.3M | $452.1M |
Snapshot
Start with context, operating signals, and key market metrics.
Value Model
Stress test fair value across bear, base, and bull assumptions.
Statements
Validate revenue quality, margins, and balance sheet durability.
Earnings Call
Read management commentary and compare it with reported outcomes.
Dividends
Check payout sustainability and long-term distribution behavior.
Analyst Expectations
Review consensus spread and where estimate risk is concentrated.