Company Valuation: American Homes 4 Rent

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 14,583 10,653 13,020 13,827 11,912 12,129 - -
Change - -26.95% 22.22% 6.2% -13.85% 1.82% - -
Enterprise Value (EV) 1 18,415 15,100 17,422 18,638 16,900 17,316 17,446 17,482
Change - -18% 15.38% 6.98% -9.33% 2.46% 0.75% 0.21%
P/E 106x 42.5x 35.6x 34.6x 27.2x 44.7x 43.4x 49.1x
PBR 2.43x 1.64x 1.88x 1.93x 1.67x 1.9x 1.92x 1.94x
PEG - 0.6x 0.8x 4.99x 2.94x -1.2x 15.13x -4.3x
Capitalization / Revenue 11.2x 7.15x 8.02x 8x 6.44x 6.4x 6.17x 5.88x
EV / Revenue 14.1x 10.1x 10.7x 10.8x 9.13x 9.13x 8.88x 8.48x
EV / EBITDA 27.9x 20.6x 21.5x 20.4x 17.4x 17.2x 16.7x 16x
EV / EBIT 64x 45.6x 49.4x 46.5x 36.4x 35.4x 32.9x 30.1x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.4 0.72 0.88 1.04 1.2 1.305 1.368 1.444
Rate of return 0.92% 2.39% 2.45% 2.78% 3.74% 3.87% 4.06% 4.28%
EPS 2 0.41 0.71 1.01 1.08 1.18 0.7547 0.7763 0.6866
Distribution rate 97.6% 101% 87.1% 96.3% 102% 173% 176% 210%
Net sales 1 1,304 1,491 1,624 1,729 1,850 1,896 1,966 2,063
EBITDA 1 660.4 734.2 809.3 912.1 968.5 1,006 1,047 1,090
EBIT 1 287.5 331.2 352.7 400.7 464.1 489.2 530.2 581
Net income 1 135.3 250.8 366.2 398.5 439 294 267 277.5
Net Debt 1 3,832 4,447 4,402 4,811 4,987 5,186 5,317 5,353
Reference price 2 43.61 30.14 35.96 37.42 32.10 33.71 33.71 33.71
Nbr of stocks (in thousands) 334,396 353,445 362,056 369,507 371,106 359,815 - -
Announcement Date 2/24/22 A 2/23/23 A 2/22/24 A 2/20/25 A 2/19/26 A - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
35.52x11.71x19.24x3.7% 27.3B
52.27x10.77x18.14x4.08% 25.81B
49.05x13.34x21.5x3.49% 19.07B
38.91x8.9x17.12x3.99% 17.89B
40.53x9.74x17.41x4.47% 15.99B
58.64x8.98x20.19x3.47% 15.58B
32.91x10.37x21.36x3.2% 13.12B
43.55x10.93x18.16x4.37% 12.76B
110.63x10.07x18.34x3.65% 11.93B
Average 51.33x 10.53x 19.05x 3.82% 17.72B
Weighted average by Cap. 49.04x 10.68x 19.02x 3.83%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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