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 12,183 - -
Change - -26.95% 22.22% 6.2% -13.85% 2.27% - -
Enterprise Value (EV) 1 18,415 15,100 17,422 18,638 16,900 17,373 17,503 17,535
Change - -18% 15.38% 6.98% -9.33% 2.8% 0.75% 0.19%
P/E 106x 42.5x 35.6x 34.6x 27.2x 44.9x 43.6x 49.3x
PBR 2.43x 1.64x 1.88x 1.93x 1.67x 1.9x 1.92x 1.95x
PEG - 0.6x 0.8x 4.99x 2.94x -1.2x 15.2x -4.3x
Capitalization / Revenue 11.2x 7.15x 8.02x 8x 6.44x 6.43x 6.2x 5.91x
EV / Revenue 14.1x 10.1x 10.7x 10.8x 9.13x 9.16x 8.9x 8.5x
EV / EBITDA 27.9x 20.6x 21.5x 20.4x 17.4x 17.3x 16.7x 16.1x
EV / EBIT 64x 45.6x 49.4x 46.5x 36.4x 35.5x 33x 30.1x
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% 3.86% 4.04% 4.27%
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 33.86 33.86 33.86
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.($)
33.33x11.65x19.16x3.72% 27.17B
50.18x10.74x17.99x4.1% 25.75B
48.91x13.35x20.1x3.5% 19.16B
39.32x8.89x17.07x3.97% 17.96B
39.29x9.54x17.06x4.59% 15.56B
53.52x8.03x18.43x3.72% 14.76B
45.13x11.03x17.72x4.35% 12.99B
31.74x9.97x20.53x3.36% 12.43B
77.27x9.81x17.87x3.77% 11.59B
Average 46.52x 10.33x 18.44x 3.9% 17.48B
Weighted average by Cap. 45.24x 10.53x 18.46x 3.9%

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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