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 10,996 - -
Change - -26.95% 22.22% 6.2% -13.85% -7.69% - -
Enterprise Value (EV) 1 18,415 15,100 17,422 18,638 16,900 16,112 16,286 16,388
Change - -18% 15.38% 6.98% -9.33% -4.66% 1.08% 0.62%
P/E 106x 42.5x 35.6x 34.6x 27.2x 31.3x 39x 43.2x
PBR 2.43x 1.64x 1.88x 1.93x 1.67x 1.72x 1.74x 1.76x
PEG - 0.6x 0.8x 4.99x 2.94x -1.8x -2x -4.41x
Capitalization / Revenue 11.2x 7.15x 8.02x 8x 6.44x 5.77x 5.58x 5.31x
EV / Revenue 14.1x 10.1x 10.7x 10.8x 9.13x 8.46x 8.26x 7.92x
EV / EBITDA 27.9x 20.6x 21.5x 20.4x 17.4x 15.8x 15.4x 14.8x
EV / EBIT 64x 45.6x 49.4x 46.5x 36.4x 32.5x 30.7x 28.1x
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% 4.31% 4.54% 4.77%
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 30.56 30.56 30.56
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.($)
39.13x12.85x22.9x - 4.75TCr
48.62x12.31x18.9x3.8% 1.75TCr
26.95x8.13x15.57x4.53% 1.57TCr
31.68x8.74x15.51x5.18% 1.37TCr
-18.27x8.55x18.45x3.98% 1.37TCr
28.4x9.37x19.15x3.65% 1.15TCr
31.34x8.46x15.85x4.31% 1.1TCr
32.43x9.83x15.98x5.14% 1.09TCr
71.65x8.86x15.91x4.31% 1.01TCr
Average 32.44x 9.68x 17.58x 4.36% 1.68TCr
Weighted average by Cap. 33.42x 10.47x 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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  5. Valuation American Homes 4 Rent