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 12,004 - -
Change - -26.95% 22.22% 6.2% -13.85% 0.77% - -
Enterprise Value (EV) 1 18,415 15,100 17,422 18,638 16,900 17,194 17,324 17,356
Change - -18% 15.38% 6.98% -9.33% 1.74% 0.75% 0.19%
P/E 106x 42.5x 35.6x 34.6x 27.2x 44.2x 42.1x 47.1x
PBR 2.43x 1.64x 1.88x 1.93x 1.67x 1.87x 1.89x 1.91x
PEG - 0.6x 0.8x 4.99x 2.94x -1.2x 8.37x -4.4x
Capitalization / Revenue 11.2x 7.15x 8.02x 8x 6.44x 6.33x 6.11x 5.82x
EV / Revenue 14.1x 10.1x 10.7x 10.8x 9.13x 9.07x 8.81x 8.41x
EV / EBITDA 27.9x 20.6x 21.5x 20.4x 17.4x 17.1x 16.5x 15.9x
EV / EBIT 64x 45.6x 49.4x 46.5x 36.4x 35.2x 32.6x 29.8x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.4 0.72 0.88 1.04 1.2 1.312 1.38 1.445
Rate of return 0.92% 2.39% 2.45% 2.78% 3.74% 3.94% 4.14% 4.34%
EPS 2 0.41 0.71 1.01 1.08 1.18 0.7525 0.7904 0.7066
Distribution rate 97.6% 101% 87.1% 96.3% 102% 174% 175% 204%
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 1,008 1,050 1,093
EBIT 1 287.5 331.2 352.7 400.7 464.1 489.1 530.6 582.3
Net income 1 135.3 250.8 366.2 398.5 439 295.9 272.1 277.5
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 33.29 33.29 33.29
Nbr of stocks (in thousands) 334,396 353,445 362,056 369,507 371,106 360,596 - -
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.($)
44.24x9.07x17.06x3.94% 12B
33.62x11.58x18.97x3.77% 26.79B
49.88x10.69x17.92x4.12% 25.6B
48.1x13.14x19.74x3.58% 18.74B
38.71x9.07x16.83x4.06% 17.6B
40.67x9.76x17.45x4.46% 16.04B
53.24x8x18.35x3.74% 14.68B
46.44x10.99x17.65x4.37% 12.94B
31.61x9.93x20.46x3.37% 12.38B
102.08x9.87x18x3.74% 11.69B
Average 48.86x 10.21x 18.24x 3.92% 16.85B
Weighted average by Cap. 46.96x 10.41x 18.28x 3.92%

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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