Discounted Cash Flow (DCF) Analysis Levered
American Homes 4 Rent (AMH)
$35.14
-0.16 (-0.45%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 1,072.86 | 1,143.38 | 1,182.84 | 1,303.88 | 1,391.93 | 1,485.92 | 1,586.26 | 1,693.37 | 1,807.72 | 1,929.79 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 410.88 | 457.89 | 474.10 | 595.20 | 665.52 | 629.70 | 672.22 | 717.61 | 766.07 | 817.80 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -435.85 | 79.56 | -104.82 | -52.13 | -138.78 | -167.90 | -179.24 | -191.34 | -204.26 | -218.05 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -24.97 | 537.45 | 369.28 | 543.07 | 526.74 | 461.80 | 492.98 | 526.27 | 561.81 | 599.74 |
Weighted Average Cost Of Capital
| Share price | $ 35.14 |
|---|---|
| Beta | 0.679 |
| Diluted Shares Outstanding | 349.79 |
| Cost of Debt | |
| Tax Rate | 0.00 |
| After-tax Cost of Debt | 5.14% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 6.949 |
| Total Debt | 2,625.16 |
| Total Equity | 12,291.52 |
| Total Capital | 14,916.67 |
| Debt Weighting | 17.60 |
| Equity Weighting | 82.40 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 1,072.86 | 1,143.38 | 1,182.84 | 1,303.88 | 1,391.93 | 1,485.92 | 1,586.26 | 1,693.37 | 1,807.72 | 1,929.79 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 410.88 | 457.89 | 474.10 | 595.20 | 665.52 | 629.70 | 672.22 | 717.61 | 766.07 | 817.80 |
| Capital Expenditure | -435.85 | 79.56 | -104.82 | -52.13 | -138.78 | -167.90 | -179.24 | -191.34 | -204.26 | -218.05 |
| Free Cash Flow | -24.97 | 537.45 | 369.28 | 543.07 | 526.74 | 461.80 | 492.98 | 526.27 | 561.81 | 599.74 |
| WACC | ||||||||||
| PV LFCF | 526.74 | 433.08 | 433.58 | 434.08 | 434.58 | 435.08 | ||||
| SUM PV LFCF | 2,170.40 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 6.63 |
| Free cash flow (t + 1) | 611.74 |
| Terminal Value | 13,212.46 |
| Present Value of Terminal Value | 9,584.88 |
Intrinsic Value
| Enterprise Value | 11,755.28 |
|---|---|
| Net Debt | 2,556 |
| Equity Value | 9,199.28 |
| Shares Outstanding | 349.79 |
| Equity Value Per Share | 26.30 |