Professional
Added to YB: 2024-09-26
Pitch date: 2024-09-25
SUI [bearish]
Sun Communities, Inc.
-0.25%
current return
Author Info
No bio for this author
Company Info
Sun Communities, Inc. became a publicly owned corporation in December 1993. The Company is a fully integrated REIT listed on the New York Stock Exchange.
Market Cap
$15.3B
Pitch Price
$125.97
Price Target
N/A
Dividend
3.60%
EV/EBITDA
18.70
P/E
-253.26
EV/Sales
8.22
Sector
Residential REITs
Category
special_situation
Is Sun Communities Overvalued? Uncovering Financial Manipulations and Governance Problems
SUI short: CEO's undisclosed $4M loan from director, $700K from another. CEO involved in $63M life insurance scandal. Inflates AFFO by 60% (FY22) & 48% (FY23) via underreporting capex. Organic growth overstated by 200bps (FY22) & 169bps (FY23). SEC action in 2000s. 6x Net Debt/Recurring EBITDA. Governance issues, slow growth, overvalued.
Read full article (4 min)