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 17,211 17,342 17,378
Change - -18% 15.38% 6.98% -9.33% 1.84% 0.76% 0.21%
P/E 106x 42.5x 35.6x 34.6x 27.2x 47.9x 43x 48.7x
PBR 2.43x 1.64x 1.88x 1.93x 1.67x 1.88x 1.9x 1.92x
PEG - 0.6x 0.8x 4.99x 2.94x -1.2x 3.8x -4.2x
Capitalization / Revenue 11.2x 7.15x 8.02x 8x 6.44x 6.34x 6.12x 5.86x
EV / Revenue 14.1x 10.1x 10.7x 10.8x 9.13x 9.08x 8.82x 8.46x
EV / EBITDA 27.9x 20.6x 21.5x 20.4x 17.4x 17.3x 16.5x 15.9x
EV / EBIT 64x 45.6x 49.4x 46.5x 36.4x 35.2x 32.7x 29.9x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.4 0.72 0.88 1.04 1.2 1.312 1.383 1.444
Rate of return 0.92% 2.39% 2.45% 2.78% 3.74% 3.93% 4.14% 4.32%
EPS 2 0.41 0.71 1.01 1.08 1.18 0.6975 0.7763 0.6866
Distribution rate 97.6% 101% 87.1% 96.3% 102% 188% 178% 210%
Net sales 1 1,304 1,491 1,624 1,729 1,850 1,896 1,965 2,054
EBITDA 1 660.4 734.2 809.3 912.1 968.5 993.9 1,048 1,090
EBIT 1 287.5 331.2 352.7 400.7 464.1 489.2 530.2 581
Net income 1 135.3 250.8 366.2 398.5 439 311.8 272 282.7
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 33.42 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 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.($)
47.91x9.08x17.32x3.93% 12.03B
34.26x11.44x18.8x3.84% 26.47B
50.45x10.48x17.66x4.23% 24.92B
48.26x12.91x19.5x3.64% 18.26B
36.82x8.83x16.89x4.04% 17.55B
35.86x9.48x16.88x4.64% 15.35B
56.59x8.6x19.29x3.59% 15.04B
31.65x10.06x20.72x3.32% 12.63B
41.84x10.63x17.69x4.55% 12.26B
98.23x9.74x18.17x3.83% 11.36B
Average 48.19x 10.13x 18.29x 3.96% 16.59B
Weighted average by Cap. 46.41x 10.29x 18.28x 3.97%

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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