Professional
Added to YB: 2024-04-02
Pitch date: 2024-03-28
SUI [bullish]
Sun Communities, Inc.
+9.95%
current return
Author Info
No bio for this author
Company Info
Sun Communities, Inc. is a REIT that, as of September 30, 2025, owned, operated, or had an interest in a portfolio of 501 developed properties.
Market Cap
$16.1B
Pitch Price
$117.58
Price Target
172.00 (+33%)
Dividend
3.20%
EV/EBITDA
15.57
P/E
-46.94
EV/Sales
6.20
Sector
Residential REITs
Category
value
The Aging Baby Boomer Generation Continues to Drive Solid Growth for Sun Communities
SUI: Residential REIT in manufactured housing, RVs, marinas. $172 FV, 4.8% cap rate, 24x FFO, 2.2% div yield. Aims for 2nd home/vacation markets. 5.1% historical SS NOI growth > multifamily avg. No moat on capped rent upside & vacation home competition. NAV $153. Risks: housing downturn, 60-80 demo growth slowing. Standard capital allocation: 5.7x debt/EBITDA, fair investments, 61% dividend payout. Experienced mgmt.
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