Discounted Cash Flow

Invitation Homes Inc. REIT

INVH · 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 $922.6m $-78.2m $246.3m -8.5%
2017 $1.1b (14.3%) $-105.3m (-34.6%) $255.7m (3.8%) -10.0% (-17.8%) $-0.26
2018 $1.7b (63.4%) $-4.9m (95.3%) $349.5m (36.7%) -0.3% (97.1%) $-0.01 (96.2%)
2019 $444.3m (-74.2%) $145.5m (3052.4%) $662.1m (89.4%) 32.7% (11549.6%) $0.27 (2800.0%)
2020 $1.8b (310.3%) $196.2m (34.9%) $696.7m (5.2%) 10.8% (-67.1%) $0.35 (29.6%)
2021 $2.0b (9.5%) $261.4m (33.2%) $907.7m (30.3%) 13.1% (21.6%) $0.45 (28.6%)
2022 $2.2b (12.1%) $383.3m (46.6%) $815.5m (-10.2%) 17.1% (30.8%) $0.63 (40.0%)
2023 $2.4b (8.7%) $519.5m (35.5%) $886.0m (8.6%) 21.4% (24.7%) $0.85 (34.9%)
2024 $2.6b (7.7%) $453.9m (-12.6%) $862.4m (-2.7%) 17.3% (-18.8%) $0.74 (-12.9%)
2025 $2.7b (4.2%) $587.9m (29.5%) $963.5m (11.7%) 21.5% (24.3%) $0.96 (29.7%)

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