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 10,888 - -
Change - -26.95% 22.22% 6.2% -13.85% -8.6% - -
Enterprise Value (EV) 1 18,415 15,100 17,422 18,638 16,900 16,005 16,179 16,280
Change - -18% 15.38% 6.98% -9.33% -5.3% 1.09% 0.63%
P/E 106x 42.5x 35.6x 34.6x 27.2x 31x 38.6x 42.8x
PBR 2.43x 1.64x 1.88x 1.93x 1.67x 1.71x 1.72x 1.74x
PEG - 0.6x 0.8x 4.99x 2.94x -1.8x -2x -4.37x
Capitalization / Revenue 11.2x 7.15x 8.02x 8x 6.44x 5.72x 5.52x 5.26x
EV / Revenue 14.1x 10.1x 10.7x 10.8x 9.13x 8.4x 8.21x 7.87x
EV / EBITDA 27.9x 20.6x 21.5x 20.4x 17.4x 15.7x 15.3x 14.7x
EV / EBIT 64x 45.6x 49.4x 46.5x 36.4x 32.3x 30.5x 27.9x
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% 4.35% 4.59% 4.81%
EPS 2 0.41 0.71 1.01 1.08 1.18 0.9752 0.7837 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 1 135.3 250.8 366.2 398.5 439 379.9 294.9 275.5
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 30.26 30.26 30.26
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.($)
31.03x8.4x15.74x4.35% 10.89B
38.12x12.57x22.4x - 46.26B
47.84x12.17x18.69x3.86% 17.27B
26.28x7.95x15.38x4.62% 15.38B
-18.02x8.46x18.26x4.04% 13.49B
30.86x8.58x15.22x5.32% 13.37B
28x9.27x18.94x3.7% 11.3B
31.89x9.73x15.81x5.23% 10.69B
69.88x8.7x15.62x4.42% 9.84B
72.55x8.52x15.34x4.89% 3.41B
Average 35.84x 9.43x 17.14x 4.49% 15.19B
Weighted average by Cap. 33.53x 10.25x 18.47x 4.43%

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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