Financials Invitation Homes Inc.

Equities

INVH

US46187W1071

Residential REITs

Market Closed - Nyse Other stock markets 04:00:02 2024-12-04 pm EST			5-day change	1st Jan Change
33.94 ^USD	+1.04%		-1.94%	-0.50%

Nov. 18	Invitation Homes to Invest $50 Million in New Joint Venture	MT
Nov. 11	Evercore ISI Raises Price Target on Invitation Homes to $37 From $35, Maintains Outperform Rating	MT

Projected Income Statement: Invitation Homes Inc.

income-statement-evolution-chart INVITATION-HOMES-INC

Fiscal Period: Dezember	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,765	1,823	1,997	2,238	2,432	2,614	2,753	2,894
Change	-	3.29%	9.53%	12.1%	8.68%	7.48%	5.31%	5.13%
EBITDA ¹	989.8	1,038	1,171	1,318	1,413	1,469	1,565	1,655
Change	-	4.88%	12.82%	12.55%	7.23%	3.95%	6.49%	5.77%
EBIT ¹	406.3	467.1	542.2	623	690.9	710.5	817.5	897.8
Change	-	14.96%	16.07%	14.9%	10.9%	2.84%	15.05%	9.83%
Interest Paid ¹	-367.2	-353.9	-322.7	-304.1	-333.5	-361.9	-367.8	-371.3
Earnings before Tax (EBT) ¹	50.78	142.9	202.8	294.1	337.5	391.5	473.9	527.1
Change	-	181.35%	41.94%	45.04%	14.75%	16%	21.04%	11.23%
Net income ¹	145.1	195.8	261.1	382.7	518.8	411.1	453.6	487.1
Change	-	34.95%	33.37%	46.56%	35.57%	-20.76%	10.33%	7.4%
Announcement Date	2/18/20	2/16/21	2/15/22	2/15/23	2/13/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3
Net sales ¹	444.3	449.8	449.8	459.2	464.1	475.2	491.6	509.5	520.2	532.3	557.3	568.7	579.8	589.9	600.4	617.7	624.3	646	653.5	660.3	662.2	671.7	684	694.1	695.2	671.5	691.7	699.9
Change	-	1.24%	-0.01%	2.1%	1.07%	2.4%	3.45%	3.64%	2.1%	2.32%	4.69%	2.04%	1.96%	1.73%	1.78%	2.89%	1.07%	3.48%	1.15%	1.05%	0.29%	1.42%	1.84%	1.46%	0.16%	-3.4%	3%	1.19%
EBITDA ¹	251.3	258.4	256.2	254.6	268.9	280.2	288.4	294.7	307.9	316.9	332.7	330.4	338.2	349.6	353	353.7	357.2	371.6	376.3	369.9	376.1	377.3	384.5	382.2	395.2	390.7	400.6	400.3
Change	-	2.81%	-0.86%	-0.6%	5.62%	4.19%	2.94%	2.16%	4.49%	2.92%	5%	-0.71%	2.36%	3.37%	0.97%	0.21%	0.99%	4.03%	1.27%	-1.72%	1.7%	0.32%	1.91%	-0.6%	3.4%	-1.15%	2.55%	-0.08%
EBIT ¹	106.1	116.1	116.7	108.5	125.8	129.2	132.4	132.8	147.8	154.1	165.5	141.9	161.4	174.5	175.6	168.9	171.9	181.5	178.2	160.6	184.9	194.6	200.6	197.4	215.3	226.5	236.5	239.1
Change	-	9.48%	0.51%	-7.02%	15.91%	2.71%	2.5%	0.29%	11.29%	4.28%	7.41%	-14.25%	13.7%	8.14%	0.6%	-3.8%	1.79%	5.58%	-1.84%	-9.84%	15.1%	5.28%	3.07%	-1.6%	9.05%	5.2%	4.43%	1.1%
Charge d'intérêts ¹	-88.42	-84.76	-86.07	-87.71	-95.38	-83.41	-80.76	-79.37	-79.12	-74.39	-74.84	-76.45	-78.41	-78.05	-78.62	-86.74	-90.05	-89.84	-90.01	-91.06	-91.59	-91.21	-91.68	-92.21	-92.71	-89.4	-89.39	-89.38
Earnings before Tax (EBT)	20.77	35.08	32.01	17.76	58.01	43.24	42.77	56.45	60.31	74.98	84	55.48	79.65	90.91	91.49	74.23	80.85	91.66	88.15	95.58	-	-	-	-	-	-	-	-
Change	-	68.85%	-8.74%	-44.52%	226.65%	-25.46%	-1.08%	31.98%	6.85%	24.31%	12.03%	-33.95%	43.57%	14.14%	0.64%	-18.87%	8.91%	13.37%	-3.83%	8.42%	-100%	-	-	-	-	-	-	-
Net income ¹	51.9	49.85	42.78	32.54	70.59	57.27	60.24	69.11	74.48	92.4	110.8	79.03	100.4	120.1	137.7	131.6	129.4	142.2	72.98	95.08	103.1	113.7	121.3	119.8	125.1	120.6	129.1	127.9
Change	-	-3.95%	-14.18%	-23.94%	116.92%	-18.86%	5.19%	14.72%	7.77%	24.06%	19.94%	-28.68%	27.07%	19.56%	14.68%	-4.4%	-1.72%	9.89%	-48.66%	30.29%	8.42%	10.3%	6.65%	-1.26%	4.49%	-3.64%	7.07%	-0.9%
Announcement Date	2/18/20	5/6/20	8/3/20	10/28/20	2/16/21	4/28/21	7/28/21	10/27/21	2/15/22	4/27/22	7/27/22	10/26/22	2/15/23	5/1/23	7/26/23	10/25/23	2/13/24	4/30/24	7/24/24	10/30/24	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Invitation Homes Inc.

balance-sheet-analysis-chart INVITATION-HOMES-INC

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	8,375	7,818	7,388	7,506	7,845	7,971	8,161	8,330
Change	-	-6.65%	-5.5%	1.6%	4.52%	1.6%	2.38%	2.07%
Announcement Date	2/18/20	2/16/21	2/15/22	2/15/23	2/13/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Invitation Homes Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	643.5	271.1	1,264	722.5	221.1	362.2	407.5	413.8
Change	-	-57.88%	366.47%	-42.85%	-69.4%	63.83%	12.48%	1.56%
Free Cash Flow (FCF) ¹	-	-	784.3	867.4	886	-	-	-
Change	-	-	-	10.61%	2.14%	-100%	-	-
Announcement Date	2/18/20	2/16/21	2/15/22	2/15/23	2/13/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Invitation Homes Inc.

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	56.09%	56.95%	58.66%	58.89%	58.11%	56.2%	56.83%	57.18%
EBIT Margin (%)	23.03%	25.63%	27.16%	27.84%	28.41%	27.18%	29.69%	31.02%
EBT Margin (%)	2.88%	7.84%	10.16%	13.14%	13.88%	14.98%	17.21%	18.21%
Net margin (%)	8.22%	10.74%	13.08%	17.1%	21.33%	15.72%	16.47%	16.83%
FCF margin (%)	-	-	39.28%	38.76%	36.43%	-	-	-
FCF / Net Income (%)	-	-	300.37%	226.68%	170.78%	-	-	-
Profitability
ROA	0.82%	1.12%	1.45%	2.06%	2.75%	2.13%	2.31%	2.6%
ROE	1.77%	2.34%	2.85%	3.81%	5.07%	3.54%	4.7%	5.32%
Financial Health
Leverage (Debt/EBITDA)	8.46x	7.53x	6.31x	5.69x	5.55x	5.42x	5.22x	5.03x
Debt / Free cash flow	-	-	9.42x	8.65x	8.86x	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	36.47%	14.87%	63.33%	32.28%	9.09%	13.86%	14.8%	14.3%
CAPEX / EBITDA (%)	65.02%	26.11%	107.96%	54.82%	15.64%	24.65%	26.04%	25%
CAPEX / FCF (%)	-	-	161.22%	83.3%	24.96%	-	-	-
Items per share
Cash flow per share ¹	-	1.254	1.567	1.675	1.805	1.893	1.995	2.146
Change	-	-	24.94%	6.89%	7.77%	4.84%	5.4%	7.59%
Dividend per Share ¹	0.54	0.6	0.68	0.88	1.32	1.12	1.189	1.273
Change	-	11.11%	13.33%	29.41%	50%	-15.15%	6.17%	7.05%
Book Value Per Share ¹	15.07	14.91	16.3	16.83	16.6	16.29	16.29	16.39
Change	-	-1.09%	9.36%	3.26%	-1.4%	-1.81%	-0.01%	0.6%
EPS ¹	0.27	0.35	0.45	0.63	0.85	0.6833	0.7697	0.8462
Change	-	29.63%	28.57%	40%	34.92%	-19.61%	12.65%	9.93%
Nbr of stocks (in thousands)	538,357	560,534	596,769	611,410	611,958	612,605	612,605	612,605
Announcement Date	2/18/20	2/16/21	2/15/22	2/15/23	2/13/24	-	-	-