Discounted Cash Flow

American Homes 4 Rent REIT

AMH · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $-33.5m $278.9m $0.20
2017 $954.8m $-22.1m (34.0%) $-22.1m (-107.9%) -2.3% $0.20 (0.0%)
2018 $1.1b (12.4%) $23.5m (206.0%) $23.5m (206.0%) 2.2% (194.4%) $0.08 (-60.0%)
2019 $1.1b (6.6%) $85.9m (266.0%) $457.9m (1850.8%) 7.5% (243.4%) $0.29 (262.5%)
2020 $1.2b (3.5%) $85.2m (-0.8%) $474.1m (3.5%) 7.2% (-4.1%) $0.28 (-3.4%)
2021 $1.3b (10.2%) $135.3m (58.7%) $595.2m (25.5%) 10.4% (44.0%) $0.42 (50.0%)
2022 $1.5b (14.3%) $250.8m (85.4%) $526.7m (-11.5%) 16.8% (62.2%) $0.72 (71.4%)
2023 $1.6b (8.9%) $366.2m (46.0%) $604.5m (14.8%) 22.6% (34.1%) $1.01 (40.3%)
2024 $1.7b (6.5%) $398.5m (8.8%) $689.8m (14.1%) 23.1% (2.2%) $1.08 (6.9%)
2025 $1.9b (7.0%) $439.0m (10.2%) $746.1m (8.2%) 23.7% (2.9%) $1.18 (9.3%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model