2 models fit Sun Communities Inc. Common Stock and they disagree: 0 of 2 land within 15% of the average.
Two or more of our models back this value.
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Valued as a REIT (property company): Price to FFO and EV/EBITDA comparison.
ACCE opinionSun Communities Inc. Common Stock (SUI)
Fair value (2 models)
$97.42
ACCE price target
$121
Rating
Overvalued
Horizon
12 months
Fair value published on 18 Oct 2026, 16:04 CEST; previously $99.80 since 14 Oct 2026, 00:00 CEST.
ACCE price target published on 26 Sept 2026, 00:00 CEST.
Rating published on 18 Oct 2026, 16:04 CEST.
Price used: $120 at the close on 23 Oct 2026, 22:00 CEST.
Models: EV/EBITDA comparison and Price to FFO.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
23.4% above
-19.0% to fair value
ACCE score
38
out of 100
Analysts
74% buy
19 covering
P/E
88.1x
forward 33.8x
1-year return
-2.5%
Dividend yield
3.71%
Sun Communities Inc. Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
Sun Communities owns and operates manufactured housing communities, RV resorts and marinas across the US and Canada, earning rent from lot leases and, increasingly, from the home sites and seasonal memberships built on top of them. The structural case rests on land scarcity: manufactured housing communities are hard to permit and expensive to replicate, which gives incumbent owners pricing power and a durable, low-turnover tenant base. The near-term question is whether recent organic revenue stagnation (0.2% growth) is a cyclical pause in home sales and rent increases or a sign that the model's growth has flattened. At a trailing P/E of 85.6 and forward P/E of 35.2, the market is pricing a substantial earnings recovery, and an ROE of 1.7% shows the balance sheet and leverage are not yet converting into shareholder returns. The stock is not in any major index and scores 36/100 on our screen, so it warrants a deeper look only if the reader believes earnings can grow into that forward multiple.
⚠ Investor warnings · 4 flagsAI-assisted·How I use AI
high
Earnings collapse
Net income down 97.1% YoY; net margin -37.4%. ROE collapsed to +1.7%. Profitability deteriorated sharply despite stable revenue.
high
Valuation disconnect
P/E 86.4 and trailing EV/EBITDA 23.7 are stretched for a REIT with negative net margins and near-zero earnings growth. Forward P/E 33.8 assumes recovery.
moderate
Score deterioration
ACCE score fell 8 points in 90 days (44 to 36). Quality subscore 59 masks weakness in Growth (19) and Momentum (31).
moderate
Insider selling pressure
Last 10 disclosures show $5.96M in sales, zero buys. Insiders reducing exposure while stock trades near fair value estimate.
AI research notes
AI-assisted·How I use AIWritten Oct 11, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Long-term revenue growth of 10.8% per year over five years shows SUI has built a durable business despite near-term headwinds.
Strong free cash flow of 864M dollars and a 6.0% yield provide substantial capital for dividends and debt reduction.
Analyst consensus rates 74% of shares as Buy or Strong Buy with a mean price target implying 20.9% upside.
Why it could disappoint
Revenue grew only 0.2% year over year, signaling that occupancy and rent growth in core communities have stalled.
Trailing P/E of 86.4x is extreme relative to a forward P/E of 33.8x, suggesting the market doubts near-term earnings recovery.
Negative net margin of -37.4% and ROE of 1.7% show the business is currently unprofitable and destroying shareholder value.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Oct 26, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where SUI's valuation models land
Price
$120.24
Model fair value
$97.42
Model range
$66.46 to $128
Fair value $97.42
Price $120
The price sits inside the model range.
Model
Fair value
Upside
EV/EBITDA comparison
Price to FFO
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Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
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