Agree Realty Corporation

AI-generated fair value estimate for this company.

Method: AFFO-multiple approach cross-checked with a dividend discount model: estimated AFFO per share of approximately $4.29 (from TTM operating cash flow of $533.96M on 124.54M shares) valued at a 17x multiple typical for high-quality net-lease REITs, cross-checked against a DDM using the $3.081 per-share dividend, 4% long-term AFFO growth, and an 8.5% cost of equity.

Reasoning: Agree Realty is a net-lease retail REIT whose cash-generating ability is best measured by AFFO rather than GAAP net income, since depreciation materially understates cash earnings for a real estate portfolio; the AFFO multiple and DDM outputs converge closely, supporting the estimate.