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 12,442 - -
Change - -26.95% 22.22% 6.2% -13.85% 4.45% - -
Enterprise Value (EV) 1 18,415 15,100 17,422 18,638 16,900 17,521 17,835 17,975
Change - -18% 15.38% 6.98% -9.33% 3.67% 1.79% 0.79%
P/E 106x 42.5x 35.6x 34.6x 27.2x 39.2x 45.1x 50.4x
PBR 2.43x 1.64x 1.88x 1.93x 1.67x 2.05x 1.97x 1.99x
PEG - 0.6x 0.8x 4.99x 2.94x -1.6x -3.5x -4.8x
Capitalization / Revenue 11.2x 7.15x 8.02x 8x 6.44x 6.54x 6.33x 6.06x
EV / Revenue 14.1x 10.1x 10.7x 10.8x 9.13x 9.21x 9.08x 8.75x
EV / EBITDA 27.9x 20.6x 21.5x 20.4x 17.4x 17.4x 17x 16.4x
EV / EBIT 64x 45.6x 49.4x 46.5x 36.4x 35.4x 33.6x 30.9x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.4 0.72 0.88 1.04 1.2 1.318 1.383 1.445
Rate of return 0.92% 2.39% 2.45% 2.78% 3.74% 3.81% 4% 4.18%
EPS 2 0.41 0.71 1.01 1.08 1.18 0.8825 0.7673 0.6866
Distribution rate 97.6% 101% 87.1% 96.3% 102% 149% 180% 211%
Net sales 1 1,304 1,491 1,624 1,729 1,850 1,902 1,964 2,054
EBITDA 1 660.4 734.2 809.3 912.1 968.5 1,009 1,049 1,098
EBIT 1 287.5 331.2 352.7 400.7 464.1 494.3 530.3 581.9
Net income 1 135.3 250.8 366.2 398.5 439 348.7 287 282.5
Net Debt 1 3,832 4,447 4,402 4,811 4,987 5,078 5,392 5,533
Reference price 2 43.61 30.14 35.96 37.42 32.10 34.58 34.58 34.58
Nbr of stocks (in thousands) 3,34,396 3,53,445 3,62,056 3,69,507 3,71,106 3,59,815 - -
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.($)
35x11.61x19.09x3.76% 2.7TCr
51.43x10.66x17.92x4.14% 2.54TCr
48.92x13.05x19.64x3.6% 1.85TCr
35.26x8.97x17.01x3.94% 1.8TCr
36.47x9.7x17.27x4.56% 1.56TCr
55.46x8.54x19.37x3.67% 1.47TCr
31.67x10.09x20.64x3.34% 1.26TCr
39.18x9.21x17.37x3.81% 1.24TCr
41.13x10.69x18.01x4.51% 1.24TCr
Average 41.61x 10.28x 18.48x 3.93% 1.74TCr
Weighted average by Cap. 41.95x 10.46x 18.47x 3.92%

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