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 11,683 - -
Change - -26.95% 22.22% 6.2% -13.85% -1.92% - -
Enterprise Value (EV) 1 18,415 15,100 17,422 18,638 16,900 16,800 16,974 17,075
Change - -18% 15.38% 6.98% -9.33% -0.59% 1.04% 0.6%
P/E 106x 42.5x 35.6x 34.6x 27.2x 33.3x 41.4x 45.9x
PBR 2.43x 1.64x 1.88x 1.93x 1.67x 1.83x 1.85x 1.87x
PEG - 0.6x 0.8x 4.99x 2.94x -1.9x -2.1x -4.63x
Capitalization / Revenue 11.2x 7.15x 8.02x 8x 6.44x 6.13x 5.93x 5.65x
EV / Revenue 14.1x 10.1x 10.7x 10.8x 9.13x 8.82x 8.61x 8.25x
EV / EBITDA 27.9x 20.6x 21.5x 20.4x 17.4x 16.5x 16x 15.4x
EV / EBIT 64x 45.6x 49.4x 46.5x 36.4x 33.9x 32x 29.3x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.4 0.72 0.88 1.04 1.2 1.317 1.388 1.456
Rate of return 0.92% 2.39% 2.45% 2.78% 3.74% 4.06% 4.27% 4.48%
EPS 2 0.41 0.71 1.01 1.08 1.18 0.9752 0.7847 0.707
Distribution rate 97.6% 101% 87.1% 96.3% 102% 135% 177% 206%
Net sales 1 1,304 1,491 1,624 1,729 1,850 1,905 1,971 2,070
EBITDA 1 660.4 734.2 809.3 912.1 968.5 1,017 1,059 1,109
EBIT 1 287.5 331.2 352.7 400.7 464.1 495.5 530.1 582.9
Net income 1 135.3 250.8 366.2 398.5 439 380 294.9 275.5
Net Debt 1 3,832 4,447 4,402 4,811 4,987 5,117 5,291 5,392
Reference price 2 43.61 30.14 35.96 37.42 32.10 32.47 32.47 32.47
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.($)
44.04x14.35x24.3x - 50.57B
49.61x12.5x19.16x3.72% 17.91B
28.81x8.5x16.28x4.23% 16.77B
34.39x9.26x16.42x4.78% 14.89B
-45.67x8.81x19.43x3.75% 14.55B
30.36x9.76x19.99x3.45% 12.11B
35.38x10.3x16.76x4.78% 11.69B
33.3x8.82x16.53x4.05% 11.68B
91.16x9.32x16.63x4.01% 10.84B
Average 33.49x 10.18x 18.39x 4.1% 17.89B
Weighted average by Cap. 34.81x 11.18x 19.77x 4.09%

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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