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 12,259 - -
Change - -26.95% 22.22% 6.2% -13.85% 2.91% - -
Enterprise Value (EV) 1 18,415 15,100 17,422 18,638 16,900 17,449 17,578 17,611
Change - -18% 15.38% 6.98% -9.33% 3.25% 0.74% 0.18%
P/E 106x 42.5x 35.6x 34.6x 27.2x 45.1x 43.9x 49.6x
PBR 2.43x 1.64x 1.88x 1.93x 1.67x 1.92x 1.94x 1.96x
PEG - 0.6x 0.8x 4.99x 2.94x -1.3x 15.3x -4.3x
Capitalization / Revenue 11.2x 7.15x 8.02x 8x 6.44x 6.47x 6.24x 5.94x
EV / Revenue 14.1x 10.1x 10.7x 10.8x 9.13x 9.2x 8.94x 8.54x
EV / EBITDA 27.9x 20.6x 21.5x 20.4x 17.4x 17.3x 16.8x 16.1x
EV / EBIT 64x 45.6x 49.4x 46.5x 36.4x 35.7x 33.1x 30.2x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.4 0.72 0.88 1.04 1.2 1.305 1.368 1.445
Rate of return 0.92% 2.39% 2.45% 2.78% 3.74% 3.83% 4.02% 4.24%
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 1,091
EBIT 1 287.5 331.2 352.7 400.7 464.1 489.1 530.6 582.3
Net income 1 135.3 250.8 366.2 398.5 439 293.8 267.1 277.5
Net Debt 1 3,832 4,447 4,402 4,811 4,987 5,190 5,319 5,352
Reference price 2 43.61 30.14 35.96 37.42 32.10 34.07 34.07 34.07
Nbr of stocks (in thousands) 334,396 353,445 362,056 369,507 371,106 359,815 - -
Announcement Date 2/24/22 2/23/23 2/22/24 2/20/25 2/19/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
45.14x9.2x17.34x3.83% 12.26B
33.36x11.69x19.26x3.7% 27.32B
50.38x10.77x18.07x4.08% 25.86B
48.06x13.18x19.84x3.56% 18.82B
38.88x8.87x17.09x3.99% 17.89B
39.19x9.53x17.03x4.62% 15.47B
54.95x8.32x18.75x3.67% 14.97B
44.32x10.98x17.64x4.37% 12.92B
32.53x10.18x20.94x3.28% 12.75B
109.08x9.81x17.87x3.76% 11.58B
Average 49.59x 10.25x 18.38x 3.89% 16.98B
Weighted average by Cap. 47.38x 10.45x 18.44x 3.89%

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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