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 12,025 - -
Change - -26.95% 22.22% 6.2% -13.85% 0.94% - -
Enterprise Value (EV) 1 18,415 15,100 17,422 18,638 16,900 17,098 17,346 17,475
Change - -18% 15.38% 6.98% -9.33% 1.17% 1.46% 0.74%
P/E 106x 42.5x 35.6x 34.6x 27.2x 35x 43x 48.5x
PBR 2.43x 1.64x 1.88x 1.93x 1.67x 1.97x 1.89x 1.92x
PEG - 0.6x 0.8x 4.99x 2.94x -1.8x -2.3x -4.3x
Capitalization / Revenue 11.2x 7.15x 8.02x 8x 6.44x 6.31x 6.1x 5.81x
EV / Revenue 14.1x 10.1x 10.7x 10.8x 9.13x 8.97x 8.8x 8.44x
EV / EBITDA 27.9x 20.6x 21.5x 20.4x 17.4x 16.8x 16.4x 15.8x
EV / EBIT 64x 45.6x 49.4x 46.5x 36.4x 34.6x 32.8x 30.1x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.4 0.72 0.88 1.04 1.2 1.317 1.389 1.46
Rate of return 0.92% 2.39% 2.45% 2.78% 3.74% 3.94% 4.15% 4.37%
EPS 2 0.41 0.71 1.01 1.08 1.18 0.954 0.7766 0.6889
Distribution rate 97.6% 101% 87.1% 96.3% 102% 138% 179% 212%
Net sales 1 1,304 1,491 1,624 1,729 1,850 1,905 1,971 2,070
EBITDA 1 660.4 734.2 809.3 912.1 968.5 1,016 1,058 1,108
EBIT 1 287.5 331.2 352.7 400.7 464.1 494 528.2 580.9
Net income 1 135.3 250.8 366.2 398.5 439 380 294.9 275.5
Net Debt 1 3,832 4,447 4,402 4,811 4,987 5,073 5,321 5,450
Reference price 2 43.61 30.14 35.96 37.42 32.10 33.42 33.42 33.42
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.($)
34.9x8.95x16.79x3.95% 11.98B
50.17x13.51x23.72x - 50.48B
49.53x12.64x19.33x3.66% 18.19B
29.47x8.65x16.55x4.13% 17.21B
34.93x9.29x16.47x4.76% 14.95B
-46.42x8.92x19.69x3.68% 14.79B
30.86x9.89x20.25x3.4% 12.31B
36.77x10.41x16.93x4.7% 11.87B
91.26x9.32x16.66x4.01% 10.85B
66.04x9.13x16.61x4.3% 3.81B
Average 37.75x 10.07x 18.30x 4.07% 16.64B
Weighted average by Cap. 37.56x 10.94x 19.63x 4.04%

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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