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 11,255 - -
Change - -26.95% 22.22% 6.2% -13.85% -5.52% - -
Enterprise Value (EV) 1 18,415 15,100 17,422 18,638 16,900 16,372 16,546 16,647
Change - -18% 15.38% 6.98% -9.33% -3.13% 1.06% 0.61%
P/E 106x 42.5x 35.6x 34.6x 27.2x 32.1x 39.9x 44.2x
PBR 2.43x 1.64x 1.88x 1.93x 1.67x 1.76x 1.78x 1.8x
PEG - 0.6x 0.8x 4.99x 2.94x -1.8x -2x -4.46x
Capitalization / Revenue 11.2x 7.15x 8.02x 8x 6.44x 5.91x 5.71x 5.44x
EV / Revenue 14.1x 10.1x 10.7x 10.8x 9.13x 8.59x 8.39x 8.04x
EV / EBITDA 27.9x 20.6x 21.5x 20.4x 17.4x 16.1x 15.6x 15x
EV / EBIT 64x 45.6x 49.4x 46.5x 36.4x 33x 31.2x 28.6x
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% 4.21% 4.44% 4.66%
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 1 135.3 250.8 366.2 398.5 439 379.9 294.9 275.5
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 31.28 31.28 31.28
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.($)
42.02x13.02x23.21x - 48.25B
48.93x12.37x18.99x3.77% 17.66B
27.54x8.25x15.8x4.43% 16.03B
-22.79x8.64x18.65x3.93% 13.86B
31.89x8.78x15.58x5.15% 13.82B
28.97x9.51x19.44x3.58% 11.69B
32.08x8.59x16.1x4.21% 11.26B
32.66x9.88x16.06x5.1% 10.96B
72.32x8.92x16.02x4.27% 10.18B
Average 32.62x 9.77x 17.76x 4.31% 17.08B
Weighted average by Cap. 34.17x 10.59x 19.06x 4.28%

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
-40%: Exceptional extension
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