Projected Income Statement: American Homes 4 Rent

Forecast Balance Sheet: American Homes 4 Rent

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 3,832 4,447 4,402 4,811 4,987 5,190 5,319 5,352
Change - 16.05% -1.01% 9.29% 3.66% 4.07% 2.49% 0.62%
Announcement Date 2/24/22 2/23/23 2/22/24 2/20/25 2/19/26 - - -
1USD in Million
Estimates

Cash Flow Forecast: American Homes 4 Rent

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 - - 1,154 1,498 993 825.8 811.1 752.9
Change - - - 29.75% -33.7% -16.84% -1.77% -7.18%
Free Cash Flow (FCF) 1 543.1 599.9 604.5 689.8 - - - -
Change - 10.46% 0.77% 14.11% - - - -
Announcement Date 2/24/22 2/23/23 2/22/24 2/20/25 2/19/26 - - -
1USD in Million
Estimates

Forecast Financial Ratios: American Homes 4 Rent

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 50.65% 49.26% 49.84% 52.76% 52.34% 53.16% 53.37% 52.97%
EBIT Margin (%) 22.05% 22.22% 21.72% 23.18% 25.08% 25.81% 26.98% 28.23%
EBT Margin (%) 16.15% 20.8% 26.62% 27.08% 27.75% 20.65% 19.05% 20.47%
Net margin (%) 10.38% 16.82% 22.56% 23.05% 23.73% 15.53% 13.83% 13.45%
FCF margin (%) 41.65% 40.25% 37.23% 39.9% - - - -
FCF / Net Income (%) 401.41% 239.21% 165.07% 173.1% - - - -

Profitability

        
ROA 1.32% 2.36% 2.95% 3.06% 3.3% 2.02% 1.57% 1.8%
ROE 2.28% 4.35% 5.44% 5.64% 6.19% 3.41% 3.5% 4.09%

Financial Health

        
Leverage (Debt/EBITDA) 5.8x 6.06x 5.44x 5.27x 5.15x 5.15x 5.07x 4.9x
Debt / Free cash flow 7.06x 7.41x 7.28x 6.98x - - - -

Capital Intensity

        
CAPEX / Current Assets (%) - - 71.09% 86.63% 53.67% 43.58% 41.24% 36.5%
CAPEX / EBITDA (%) - - 142.62% 164.18% 102.53% 81.99% 77.26% 68.91%
CAPEX / FCF (%) - - 190.92% 217.11% - - - -

Items per share

        
Cash flow per share 1 1.828 1.66 1.785 2.205 2.33 2.236 2.282 2.355
Change - -9.21% 7.52% 23.55% 5.67% -4.03% 2.03% 3.22%
Dividend per Share 1 0.4 0.72 0.88 1.04 1.2 1.312 1.38 1.445
Change - 80% 22.22% 18.18% 15.38% 9.36% 5.12% 4.73%
Book Value Per Share 1 17.93 18.38 19.09 19.37 19.18 17.78 17.6 17.39
Change - 2.52% 3.88% 1.46% -0.97% -7.33% -1.02% -1.18%
EPS 1 0.41 0.71 1.01 1.08 1.18 0.7325 0.7904 0.7066
Change - 73.17% 42.25% 6.93% 9.26% -37.92% 7.91% -10.6%
Nbr of stocks (in thousands) 334,396 353,445 362,056 369,507 371,106 360,596 360,596 360,596
Announcement Date 2/24/22 2/23/23 2/22/24 2/20/25 2/19/26 - - -
1USD
Estimates
2026 *2027 *
P/E Ratio 44.5x 41.3x
PBR 1.83x 1.85x
EV / Sales 8.95x 8.68x
Yield 4.02% 4.23%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
BBB
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
24
Last Close Price
32.62USD
Average target price
35.45USD
Spread / Average Target
+8.69%

Quarterly revenue - Rate of surprise

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