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 11,913 - -
Change - -26.95% 22.22% 6.2% -13.85% 0.01% - -
Enterprise Value (EV) 1 18,415 15,100 17,422 18,638 16,900 17,100 17,230 17,266
Change - -18% 15.38% 6.98% -9.33% 1.18% 0.76% 0.21%
P/E 106x 42.5x 35.6x 34.6x 27.2x 44.2x 43x 48.6x
PBR 2.43x 1.64x 1.88x 1.93x 1.67x 1.88x 1.9x 1.92x
PEG - 0.6x 0.8x 4.99x 2.94x -1.2x 14.99x -4.2x
Capitalization / Revenue 11.2x 7.15x 8.02x 8x 6.44x 6.28x 6.06x 5.78x
EV / Revenue 14.1x 10.1x 10.7x 10.8x 9.13x 9.02x 8.77x 8.37x
EV / EBITDA 27.9x 20.6x 21.5x 20.4x 17.4x 17x 16.5x 15.8x
EV / EBIT 64x 45.6x 49.4x 46.5x 36.4x 35x 32.5x 29.7x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.4 0.72 0.88 1.04 1.2 1.305 1.368 1.444
Rate of return 0.92% 2.39% 2.45% 2.78% 3.74% 3.91% 4.1% 4.33%
EPS 2 0.41 0.71 1.01 1.08 1.18 0.7547 0.7763 0.6866
Distribution rate 97.6% 101% 87.1% 96.3% 102% 173% 176% 210%
Net sales 1 1,304 1,491 1,624 1,729 1,850 1,896 1,966 2,063
EBITDA 1 660.4 734.2 809.3 912.1 968.5 1,006 1,047 1,090
EBIT 1 287.5 331.2 352.7 400.7 464.1 489.2 530.2 581
Net income 1 135.3 250.8 366.2 398.5 439 294 267 277.5
Net Debt 1 3,832 4,447 4,402 4,811 4,987 5,186 5,317 5,353
Reference price 2 43.61 30.14 35.96 37.42 32.10 33.37 33.37 33.37
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.($)
33.09x11.66x19.2x3.73% 2.71TCr
50.56x10.72x18.04x4.13% 2.56TCr
48.46x13.22x19.87x3.54% 1.88TCr
38.05x8.77x16.86x4.08% 1.75TCr
39.16x9.5x16.98x4.62% 1.55TCr
54.29x8.24x18.57x3.71% 1.48TCr
42x10.96x17.56x4.4% 1.28TCr
32.37x10.14x21.02x3.29% 1.28TCr
107.27x9.84x17.92x3.76% 1.16TCr
Average 49.47x 10.34x 18.45x 3.92% 1.74TCr
Weighted average by Cap. 47.11x 10.52x 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