Apartment Investment and Management Company (A1IV34) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Apartment Investment and Management Company BRL 6.65, price BRL 10.13, upside -34.4%, quality 48 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range R$10.10 – R$25.93 · fair‑value band R$5.24 – R$8.27 · the R$10.13 price screens above the R$6.65 fair value. Dashed = 300-day average. As of Sep 24, 2026.
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Apartment Investment and Management Company is a diversified real estate company primarily focused on value add and opportunistic investments, targeting the U.S. multifamily sector.
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Apartment Investment and Management Company is a diversified real estate company primarily focused on value add and opportunistic investments, targeting the U.S. multifamily sector. Aimco's mission is to make real estate investments where outcomes are enhanced through our human capital so that substantial value is created for investors, teammates, and the communities in which we operate. Aimco is traded on the New York Stock Exchange as AIV. Apartment Investment and Management Company was incorporated in 1975 in Maryland, USA.
Stock analysis
Apartment Investment and Management Company (A1IV34) currently trades at R$10.13, while our model-based Fair Value estimate is R$6.65, 34.4% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of R$23.98 per share, and 4 of the 11 models we run sit above the R$10.13 price.
Bear case: the Asset-Based group reads lowest at R$1.67, and 7 of the 11 models stay below the price. Evidence for this calculation is medium.
Scenario range: R$5.24 (bear) to R$8.27 (bull), the price of R$10.13 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 48/100 (below-average quality), in the Real Estate sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Apartment Investment and Management Company reported revenue of R$138M in FY2025 versus R$741M in FY2021, a compound −34.2%/yr. Reported net income was R$554M in FY2025, compounding +5.5%/yr from FY2021.
Key figures
Market cap R$4.2B (≈ $812M) · P/E ratio 1.0 · P/S ratio 3.90 · EPS (TTM) R$14.35 · Dividend yield 9.8% · Net margin 400% · Return on equity 9.7% · Return on assets (EBIT) −2.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 55% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 11% fair-value upside, at −34%, A1IV34 screens richer than that median.
Fair Value models
Bear R$5.24Fair Value R$6.65Bull R$8.27
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (R$10.85 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+0.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−10.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−28.1%
Start year 2020 (pandemic)
Revenue growth 7 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−24.3%
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What shareholders gained per year (last 5 years), in BRL ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in BRL: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+12.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.1%
Dividend (yield on the price)9.8%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.4% → −123%
⚠ Revenue per share shrinking 33.2%/yr over ~5Y (margins eroding too) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+6.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Brazil: IMF forecast 3.3% a year to 2030, 5.4% from 2016 to 2025) that is about +2.8% a year for the price.
Compare Apartment Investment and Management Company with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Residential · 47 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score47 · Below median
Fair Value upside+141.7% · Top 25%
Profitability
Return on equity (TTM)9.7% · Top 25%
Return on assets−1.6% · Bottom 25%
Operating margin (TTM)−84.6% · Bottom 25%
Growth and dividend
Revenue growth−3.9% · Bottom 25%
Dividend yield (TTM)9.8% · Top 25%
Balance sheet
Debt / equity2.04× · Highest 25%
Valuation Multiplesvs REIT - Residential median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Apartment Investment and Management Company Fair Value". https://www.fairvalue-calculator.com/stock/A1IV34
Frequently asked questions
Is Apartment Investment and Management Company (A1IV34) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of R$6.65 versus a price of R$10.13, about −34% upside (overvalued).
What is the fair value of A1IV34?
Our model-based fair value for Apartment Investment and Management Company is R$6.65 (as of Sep 24, 2026), built from audited fundamentals. The current price: R$10.13.
What is the quality score of A1IV34?
Apartment Investment and Management Company has a Quality Score of 48/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Apartment Investment and Management Company (A1IV34)?
Our model-based price target is the fair value of R$6.65 (as of Sep 24, 2026) from 11 valuation models. Cautious scenario R$5.24, optimistic scenario R$8.27. It is a calculation from audited fundamentals, not an analyst target.
What is the Apartment Investment and Management Company stock forecast for 2026?
Our models put fair value at R$6.65, about −34% upside versus a price of R$10.13 (overvalued). Cautious scenario R$5.24, optimistic scenario R$8.27. The calculation is refreshed regularly with new filings.
What is the revenue of Apartment Investment and Management Company (A1IV34)?
Apartment Investment and Management Company reported trailing-twelve-month revenue of about R$138M (latest available figure, as of Sep 24, 2026).
Does Apartment Investment and Management Company pay a dividend?
Apartment Investment and Management Company currently shows a dividend yield of about 9.80% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Apartment Investment and Management Company (A1IV34)?
For today's price to be fair in a discounted-cash-flow model, Apartment Investment and Management Company would have to grow free cash flow by +6.1 % per year for five years (discount rate 15.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -28.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of A1IV34 use?
Our models discount Apartment Investment and Management Company at 15.1 %: a base by market capitalisation (small), damped by beta 1.23, country premium for Brazil. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Apartment Investment and Management Company that is +6.1 % per year a year over ten years, using the same discount rate (15.1 %) and the same formula as our fair value.
How much growth has Apartment Investment and Management Company (A1IV34) delivered so far?
Over the past 5 years revenue at Apartment Investment and Management Company grew -28.1 % a year. The price currently implies +6.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Apartment Investment and Management Company (A1IV34) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Apartment Investment and Management Company (+6.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Apartment Investment and Management Company (A1IV34)?
The free-cash-flow yield on the price is 13.86 %: that much free cash flow Apartment Investment and Management Company produces per unit of market value. When it exceeds the discount rate of our models (15.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Apartment Investment and Management Company (A1IV34)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Apartment Investment and Management Company it is R$6.65 per share (as of Sep 24, 2026), against a price of R$10.13. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is Apartment Investment and Management Company stock overvalued or undervalued in 2026?
As of Sep 24, 2026, A1IV34 trades above its calculated fair value: price R$10.13, fair value R$6.65, a gap of about −34% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of A1IV34?
No. The price is what the market pays today (R$10.13); the fair value is what the company's own numbers justify (R$6.65). For Apartment Investment and Management Company the two are R$3.48 per share apart. That gap is exactly why we show both numbers side by side.
How much is Apartment Investment and Management Company worth?
The market values Apartment Investment and Management Company at about R$4.2B (market capitalisation, as of Sep 24, 2026). Per share that is R$10.13; our models calculate a fair value of R$6.65 per share.
What do the bullish and bearish scenarios say about A1IV34?
Our models span a range for Apartment Investment and Management Company: cautious scenario R$5.24, base R$6.65, optimistic R$8.27 per share (as of Sep 24, 2026, price R$10.13). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of A1IV34?
Apartment Investment and Management Company trades at a price-to-earnings ratio of 1.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R$6.65 is built from several models across several years. Other multiples: P/B 2.2, P/S 5.9.
How solid is the balance sheet of Apartment Investment and Management Company (A1IV34)?
Balance-sheet figures for Apartment Investment and Management Company (as of Sep 24, 2026): return on equity 9.7%, debt of 2.04 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is A1IV34 from its 52-week high?
Apartment Investment and Management Company trades at R$10.13, about 55% below its 52-week high of R$22.53 and at the low of R$10.10 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of R$6.65 is for.
Which stocks are comparable to Apartment Investment and Management Company?
From the same area (Real Estate) we also value Comcast Holdings, Essex Property Trust, Inc, Sun Communities, Inc, Mid-America Apartment Communities, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Apartment Investment and Management Company stock attractive at the current price?
The data as of Sep 24, 2026: price R$10.13, calculated fair value R$6.65 (−34%), Quality Score 48/100, from 11 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of A1IV34 calculated?
We run Apartment Investment and Management Company through 11 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of R$6.65, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Apartment Investment and Management Company itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Apartment Investment and Management Company (A1IV34)?
The closing price on Oct 2, 2026 was R$10.13. Our model-based fair value is R$6.65, about −34% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Apartment Investment and Management Company right now?
The price sits above even our optimistic bull case (R$8.27). The favourable scenario is already priced in. Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Apartment Investment and Management Company
How large is the market capitalisation of Apartment Investment and Management Company (A1IV34)?
The market capitalisation of Apartment Investment and Management Company is R$4.2B (≈ $812M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Apartment Investment and Management Company (A1IV34)?
The price-to-sales ratio of Apartment Investment and Management Company is 3.90 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Apartment Investment and Management Company (A1IV34)?
Earnings per share at Apartment Investment and Management Company are R$14.35 (price ÷ EPS = P/E 1.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Apartment Investment and Management Company (A1IV34)?
The dividend yield of Apartment Investment and Management Company is 9.8% (payout 6.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Apartment Investment and Management Company (A1IV34)?
The net margin of Apartment Investment and Management Company is 400% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Apartment Investment and Management Company (A1IV34)?
The return on equity (ROE) of Apartment Investment and Management Company is 9.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Apartment Investment and Management Company (A1IV34)?
On an EBIT basis the return on assets of Apartment Investment and Management Company is −2.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Apartment Investment and Management Company (A1IV34)?
The operating margin of Apartment Investment and Management Company is −84.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Apartment Investment and Management Company (A1IV34)?
Revenue at Apartment Investment and Management Company is growing −3.9% versus a year earlier (3y avg −10.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Apartment Investment and Management Company (A1IV34)?
Earnings per share at Apartment Investment and Management Company are growing −63.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Apartment Investment and Management Company (A1IV34) carry?
The net debt of Apartment Investment and Management Company is R$3.1B (fiscal year 2023, ≈ 15.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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