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 12,007 - -
Change - -26.95% 22.22% 6.2% -13.85% 0.79% - -
Enterprise Value (EV) 1 18,415 15,100 17,422 18,638 16,900 17,193 17,324 17,360
Change - -18% 15.38% 6.98% -9.33% 1.74% 0.76% 0.21%
P/E 106x 42.5x 35.6x 34.6x 27.2x 44.2x 43x 48.6x
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 14.99x -4.2x
Capitalization / Revenue 11.2x 7.15x 8.02x 8x 6.44x 6.33x 6.11x 5.82x
EV / Revenue 14.1x 10.1x 10.7x 10.8x 9.13x 9.07x 8.81x 8.42x
EV / EBITDA 27.9x 20.6x 21.5x 20.4x 17.4x 17.1x 16.5x 15.9x
EV / EBIT 64x 45.6x 49.4x 46.5x 36.4x 35.1x 32.7x 29.9x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.4 0.72 0.88 1.04 1.2 1.305 1.368 1.444
Rate of return 0.92% 2.39% 2.45% 2.78% 3.74% 3.91% 4.1% 4.33%
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 1,090
EBIT 1 287.5 331.2 352.7 400.7 464.1 489.2 530.2 581
Net income 1 135.3 250.8 366.2 398.5 439 294 267 277.5
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 33.37 33.37 33.37
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
32.88x11.61x19.11x3.75% 26.9B
50.43x10.66x17.92x4.15% 25.44B
48.5x13.23x19.88x3.53% 18.86B
38.49x8.84x16.99x4.03% 17.69B
39.5x9.56x17.09x4.58% 15.58B
55.12x8.34x18.8x3.66% 15.01B
42.12x10.98x17.59x4.39% 12.86B
32.38x10.14x21.05x3.27% 12.81B
108.12x9.89x18.02x3.73% 11.66B
Average 49.73x 10.36x 18.49x 3.9% 17.42B
Weighted average by Cap. 47.34x 10.52x 18.49x 3.91%

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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