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 11,039 - -
Change - -26.95% 22.22% 6.2% -13.85% -7.33% - -
Enterprise Value (EV) 1 18,415 15,100 17,422 18,638 16,900 16,156 16,330 16,431
Change - -18% 15.38% 6.98% -9.33% -4.4% 1.08% 0.62%
P/E 106x 42.5x 35.6x 34.6x 27.2x 31.5x 39.1x 43.4x
PBR 2.43x 1.64x 1.88x 1.93x 1.67x 1.73x 1.75x 1.77x
PEG - 0.6x 0.8x 4.99x 2.94x -1.8x -2x -4.43x
Capitalization / Revenue 11.2x 7.15x 8.02x 8x 6.44x 5.79x 5.6x 5.33x
EV / Revenue 14.1x 10.1x 10.7x 10.8x 9.13x 8.48x 8.28x 7.94x
EV / EBITDA 27.9x 20.6x 21.5x 20.4x 17.4x 15.9x 15.4x 14.8x
EV / EBIT 64x 45.6x 49.4x 46.5x 36.4x 32.6x 30.8x 28.2x
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% 4.29% 4.52% 4.75%
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 30.68 30.68 30.68
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
39.11x12.84x22.9x - 47.47B
48.78x12.34x18.95x3.78% 17.61B
26.98x8.14x15.58x4.52% 15.69B
31.7x8.75x15.52x5.18% 13.74B
-18.21x8.52x18.4x4% 13.63B
28.23x9.32x19.05x3.67% 11.39B
31.46x8.48x15.89x4.29% 11.04B
32.54x9.86x16.01x5.12% 10.91B
71.7x8.87x15.92x4.3% 10.1B
Average 32.48x 9.68x 17.58x 4.36% 16.84B
Weighted average by Cap. 33.48x 10.48x 18.85x 4.34%

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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