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 11,327 - -
Change - -26.95% 22.22% 6.2% -13.85% -4.92% - -
Enterprise Value (EV) 1 18,415 15,100 17,422 18,638 16,900 16,443 16,618 16,719
Change - -18% 15.38% 6.98% -9.33% -2.7% 1.06% 0.61%
P/E 106x 42.5x 35.6x 34.6x 27.2x 32.3x 40.1x 44.5x
PBR 2.43x 1.64x 1.88x 1.93x 1.67x 1.77x 1.79x 1.81x
PEG - 0.6x 0.8x 4.99x 2.94x -1.9x -2.1x -4.49x
Capitalization / Revenue 11.2x 7.15x 8.02x 8x 6.44x 5.95x 5.75x 5.47x
EV / Revenue 14.1x 10.1x 10.7x 10.8x 9.13x 8.63x 8.43x 8.08x
EV / EBITDA 27.9x 20.6x 21.5x 20.4x 17.4x 16.2x 15.7x 15.1x
EV / EBIT 64x 45.6x 49.4x 46.5x 36.4x 33.2x 31.3x 28.7x
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% 4.18% 4.41% 4.63%
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 31.48 31.48 31.48
Nbr of stocks (in thousands) 334,396 353,445 362,056 369,507 371,106 359,815 - -
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.($)
44.17x13.57x24.36x - 50.71B
48.6x12.31x18.86x3.8% 17.54B
27.94x8.33x15.95x4.36% 16.27B
33.44x9.08x16.1x4.92% 14.48B
-30.75x8.56x18.74x3.91% 13.94B
29.22x9.48x19.4x3.59% 11.66B
32.28x8.63x16.17x4.18% 11.33B
33.82x10.06x16.38x4.95% 11.28B
89.24x9.12x16.41x4.12% 10.56B
Average 34.22x 9.90x 18.04x 4.23% 17.53B
Weighted average by Cap. 35.70x 10.83x 19.57x 4.22%

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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