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 12,424 - -
Change - -26.95% 22.22% 6.2% -13.85% 4.3% - -
Enterprise Value (EV) 1 18,415 15,100 17,422 18,638 16,900 17,526 17,722 17,777
Change - -18% 15.38% 6.98% -9.33% 3.71% 1.12% 0.31%
P/E 106x 42.5x 35.6x 34.6x 27.2x 40.7x 44.8x 50.3x
PBR 2.43x 1.64x 1.88x 1.93x 1.67x 1.96x 1.96x 1.99x
PEG - 0.6x 0.8x 4.99x 2.94x -1.4x -4.9x -4.6x
Capitalization / Revenue 11.2x 7.15x 8.02x 8x 6.44x 6.54x 6.32x 6.05x
EV / Revenue 14.1x 10.1x 10.7x 10.8x 9.13x 9.22x 9.01x 8.66x
EV / EBITDA 27.9x 20.6x 21.5x 20.4x 17.4x 17.4x 16.9x 16.3x
EV / EBIT 64x 45.6x 49.4x 46.5x 36.4x 34.5x 33.5x 30.6x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.4 0.72 0.88 1.04 1.2 1.32 1.382 1.444
Rate of return 0.92% 2.39% 2.45% 2.78% 3.74% 3.82% 4% 4.18%
EPS 2 0.41 0.71 1.01 1.08 1.18 0.8479 0.7703 0.6866
Distribution rate 97.6% 101% 87.1% 96.3% 102% 156% 179% 210%
Net sales 1 1,304 1,491 1,624 1,729 1,850 1,900 1,966 2,054
EBITDA 1 660.4 734.2 809.3 912.1 968.5 1,010 1,048 1,093
EBIT 1 287.5 331.2 352.7 400.7 464.1 508.7 529 581
Net income 1 135.3 250.8 366.2 398.5 439 335.7 288.5 284.1
Net Debt 1 3,832 4,447 4,402 4,811 4,987 5,102 5,298 5,353
Reference price 2 43.61 30.14 35.96 37.42 32.10 34.53 34.53 34.53
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
34.84x11.58x19.04x3.77% 26.99B
51.3x10.62x17.88x4.16% 25.38B
48.55x12.98x19.55x3.62% 18.46B
36.94x8.97x17.01x3.94% 18B
36.17x9.64x17.17x4.6% 15.46B
56.2x8.63x19.56x3.62% 14.82B
32x10.13x20.85x3.29% 12.6B
40.54x10.73x18.14x4.49% 12.38B
98.15x9.68x17.58x3.83% 11.39B
Average 48.30x 10.33x 18.53x 3.92% 17.27B
Weighted average by Cap. 46.43x 10.49x 18.51x 3.93%

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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