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 11,705 - -
Change - -26.95% 22.22% 6.2% -13.85% -1.74% - -
Enterprise Value (EV) 1 18,415 15,100 17,422 18,638 16,900 16,895 17,024 17,057
Change - -18% 15.38% 6.98% -9.33% -0.03% 0.77% 0.19%
P/E 106x 42.5x 35.6x 34.6x 27.2x 44.3x 41.1x 45.9x
PBR 2.43x 1.64x 1.88x 1.93x 1.67x 1.83x 1.84x 1.87x
PEG - 0.6x 0.8x 4.99x 2.94x -1.2x 5.2x -4.3x
Capitalization / Revenue 11.2x 7.15x 8.02x 8x 6.44x 6.17x 5.95x 5.67x
EV / Revenue 14.1x 10.1x 10.7x 10.8x 9.13x 8.91x 8.65x 8.27x
EV / EBITDA 27.9x 20.6x 21.5x 20.4x 17.4x 16.8x 16.2x 15.6x
EV / EBIT 64x 45.6x 49.4x 46.5x 36.4x 34.5x 32.1x 29.3x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.4 0.72 0.88 1.04 1.2 1.312 1.38 1.445
Rate of return 0.92% 2.39% 2.45% 2.78% 3.74% 4.04% 4.25% 4.45%
EPS 2 0.41 0.71 1.01 1.08 1.18 0.7325 0.7904 0.7066
Distribution rate 97.6% 101% 87.1% 96.3% 102% 179% 175% 204%
Net sales 1 1,304 1,491 1,624 1,729 1,850 1,896 1,968 2,063
EBITDA 1 660.4 734.2 809.3 912.1 968.5 1,007 1,050 1,093
EBIT 1 287.5 331.2 352.7 400.7 464.1 489.1 530.6 582.3
Net income 1 135.3 250.8 366.2 398.5 439 294.2 272.1 277.5
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 32.46 32.46 32.46
Nbr of stocks (in thousands) 334,396 353,445 362,056 369,507 371,106 360,596 - -
Announcement Date 24/02/22 23/02/23 22/02/24 20/02/25 19/02/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
32.4x11.26x18.45x3.91% 25.82B
47.97x10.38x17.41x4.29% 24.62B
46.07x12.73x19.13x3.74% 17.95B
37.91x9x16.62x4.14% 17.26B
39.5x9.55x17.07x4.59% 15.58B
52.29x7.82x18.18x3.73% 14.73B
44.64x10.64x17.11x4.54% 12.44B
30.93x9.8x20.15x3.46% 12.14B
97.94x9.65x17.59x3.86% 11.33B
Average 47.74x 10.09x 17.97x 4.03% 16.87B
Weighted average by Cap. 45.60x 10.24x 17.95x 4.04%

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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  5. Valuation American Homes 4 Rent
-40%: Exceptional extension
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