Intrinsic value of American Homes 4 Rent Cl A - AMH

Previous Close

$21.77

  Intrinsic Value

$3.75

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  Rating & Target

str. sell

-83%

Previous close

$21.77

 
Intrinsic value

$3.75

 
Up/down potential

-83%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as AMH.

We calculate the intrinsic value of AMH stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  39.30
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
Revenue, $m
  879
  942
  1,008
  1,076
  1,148
  1,221
  1,298
  1,378
  1,462
  1,549
  1,640
  1,734
  1,833
  1,936
  2,043
  2,156
  2,273
  2,396
  2,525
  2,660
  2,800
  2,948
  3,102
  3,264
  3,434
  3,612
  3,798
  3,993
  4,198
  4,413
  4,638
Variable operating expenses, $m
 
  801
  856
  913
  973
  1,035
  1,099
  1,166
  1,236
  1,309
  1,385
  1,452
  1,535
  1,621
  1,711
  1,805
  1,904
  2,007
  2,114
  2,227
  2,345
  2,468
  2,598
  2,733
  2,875
  3,024
  3,180
  3,344
  3,515
  3,695
  3,883
Fixed operating expenses, $m
 
  146
  149
  153
  157
  161
  165
  169
  173
  177
  182
  186
  191
  196
  201
  206
  211
  216
  221
  227
  233
  239
  244
  251
  257
  263
  270
  277
  284
  291
  298
Total operating expenses, $m
  887
  947
  1,005
  1,066
  1,130
  1,196
  1,264
  1,335
  1,409
  1,486
  1,567
  1,638
  1,726
  1,817
  1,912
  2,011
  2,115
  2,223
  2,335
  2,454
  2,578
  2,707
  2,842
  2,984
  3,132
  3,287
  3,450
  3,621
  3,799
  3,986
  4,181
Operating income, $m
  -9
  -4
  3
  10
  18
  26
  35
  43
  53
  63
  73
  96
  107
  119
  132
  145
  159
  174
  189
  206
  223
  241
  260
  280
  302
  324
  348
  373
  399
  427
  456
EBITDA, $m
  290
  322
  351
  382
  413
  446
  480
  516
  553
  592
  632
  675
  719
  765
  814
  865
  918
  974
  1,032
  1,094
  1,158
  1,225
  1,296
  1,370
  1,448
  1,530
  1,616
  1,706
  1,801
  1,900
  2,005
Interest expense (income), $m
  116
  126
  138
  150
  164
  177
  191
  206
  221
  237
  254
  271
  290
  308
  328
  349
  370
  393
  416
  441
  467
  494
  522
  552
  583
  615
  649
  685
  722
  761
  803
Earnings before tax, $m
  10
  -130
  -135
  -140
  -146
  -151
  -157
  -163
  -169
  -175
  -181
  -176
  -182
  -189
  -196
  -204
  -211
  -219
  -227
  -235
  -244
  -253
  -262
  -271
  -281
  -291
  -301
  -312
  -323
  -334
  -346
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  7
  -130
  -135
  -140
  -146
  -151
  -157
  -163
  -169
  -175
  -181
  -176
  -182
  -189
  -196
  -204
  -211
  -219
  -227
  -235
  -244
  -253
  -262
  -271
  -281
  -291
  -301
  -312
  -323
  -334
  -346

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  119
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  8,107
  8,566
  9,164
  9,786
  10,432
  11,104
  11,804
  12,532
  13,290
  14,081
  14,905
  15,764
  16,661
  17,598
  18,576
  19,598
  20,667
  21,785
  22,954
  24,177
  25,458
  26,799
  28,203
  29,675
  31,216
  32,832
  34,525
  36,301
  38,162
  40,114
  42,162
Adjusted assets (=assets-cash), $m
  7,988
  8,566
  9,164
  9,786
  10,432
  11,104
  11,804
  12,532
  13,290
  14,081
  14,905
  15,764
  16,661
  17,598
  18,576
  19,598
  20,667
  21,785
  22,954
  24,177
  25,458
  26,799
  28,203
  29,675
  31,216
  32,832
  34,525
  36,301
  38,162
  40,114
  42,162
Revenue / Adjusted assets
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
  0.110
Average production assets, $m
  6,927
  7,425
  7,944
  8,482
  9,042
  9,625
  10,231
  10,863
  11,520
  12,205
  12,919
  13,664
  14,442
  15,254
  16,102
  16,988
  17,914
  18,883
  19,896
  20,957
  22,067
  23,229
  24,447
  25,722
  27,058
  28,459
  29,927
  31,466
  33,079
  34,771
  36,546
Working capital, $m
  0
  -127
  -136
  -145
  -155
  -165
  -175
  -186
  -197
  -209
  -221
  -234
  -247
  -261
  -276
  -291
  -307
  -324
  -341
  -359
  -378
  -398
  -419
  -441
  -464
  -488
  -513
  -539
  -567
  -596
  -626
Total debt, $m
  2,923
  3,206
  3,499
  3,804
  4,121
  4,450
  4,793
  5,150
  5,521
  5,908
  6,312
  6,733
  7,173
  7,632
  8,111
  8,612
  9,136
  9,683
  10,256
  10,856
  11,483
  12,141
  12,829
  13,550
  14,305
  15,097
  15,926
  16,796
  17,708
  18,665
  19,668
Total liabilities, $m
  3,914
  4,197
  4,490
  4,795
  5,112
  5,441
  5,784
  6,141
  6,512
  6,899
  7,303
  7,724
  8,164
  8,623
  9,102
  9,603
  10,127
  10,674
  11,247
  11,847
  12,474
  13,132
  13,820
  14,541
  15,296
  16,088
  16,917
  17,787
  18,699
  19,656
  20,659
Total equity, $m
  4,193
  4,369
  4,674
  4,991
  5,320
  5,663
  6,020
  6,391
  6,778
  7,181
  7,601
  8,040
  8,497
  8,975
  9,474
  9,995
  10,540
  11,110
  11,706
  12,330
  12,984
  13,668
  14,384
  15,134
  15,920
  16,744
  17,608
  18,513
  19,463
  20,458
  21,502
Total liabilities and equity, $m
  8,107
  8,566
  9,164
  9,786
  10,432
  11,104
  11,804
  12,532
  13,290
  14,080
  14,904
  15,764
  16,661
  17,598
  18,576
  19,598
  20,667
  21,784
  22,953
  24,177
  25,458
  26,800
  28,204
  29,675
  31,216
  32,832
  34,525
  36,300
  38,162
  40,114
  42,161
Debt-to-equity ratio
  0.697
  0.730
  0.750
  0.760
  0.770
  0.790
  0.800
  0.810
  0.810
  0.820
  0.830
  0.840
  0.840
  0.850
  0.860
  0.860
  0.870
  0.870
  0.880
  0.880
  0.880
  0.890
  0.890
  0.900
  0.900
  0.900
  0.900
  0.910
  0.910
  0.910
  0.910
Adjusted equity ratio
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  7
  -130
  -135
  -140
  -146
  -151
  -157
  -163
  -169
  -175
  -181
  -176
  -182
  -189
  -196
  -204
  -211
  -219
  -227
  -235
  -244
  -253
  -262
  -271
  -281
  -291
  -301
  -312
  -323
  -334
  -346
Depreciation, amort., depletion, $m
  299
  327
  349
  371
  395
  420
  446
  472
  500
  529
  559
  579
  612
  646
  682
  720
  759
  800
  843
  888
  935
  984
  1,036
  1,090
  1,147
  1,206
  1,268
  1,333
  1,402
  1,473
  1,549
Funds from operations, $m
  233
  197
  213
  231
  249
  269
  289
  310
  331
  354
  378
  403
  430
  457
  486
  516
  548
  581
  616
  653
  691
  731
  774
  819
  866
  915
  967
  1,021
  1,079
  1,139
  1,202
Change in working capital, $m
  -46
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
Cash from operations, $m
  279
  205
  222
  240
  259
  279
  299
  320
  343
  366
  390
  416
  443
  471
  500
  531
  564
  598
  633
  671
  710
  751
  795
  840
  888
  939
  992
  1,048
  1,106
  1,168
  1,233
Maintenance CAPEX, $m
  0
  -293
  -315
  -337
  -359
  -383
  -408
  -434
  -460
  -488
  -517
  -547
  -579
  -612
  -646
  -682
  -720
  -759
  -800
  -843
  -888
  -935
  -984
  -1,036
  -1,090
  -1,147
  -1,206
  -1,268
  -1,333
  -1,402
  -1,473
New CAPEX, $m
  -68
  -499
  -518
  -539
  -560
  -583
  -606
  -631
  -657
  -685
  -714
  -745
  -778
  -812
  -848
  -886
  -926
  -969
  -1,013
  -1,061
  -1,110
  -1,162
  -1,217
  -1,275
  -1,336
  -1,400
  -1,468
  -1,539
  -1,614
  -1,692
  -1,775
Cash from investing activities, $m
  -522
  -792
  -833
  -876
  -919
  -966
  -1,014
  -1,065
  -1,117
  -1,173
  -1,231
  -1,292
  -1,357
  -1,424
  -1,494
  -1,568
  -1,646
  -1,728
  -1,813
  -1,904
  -1,998
  -2,097
  -2,201
  -2,311
  -2,426
  -2,547
  -2,674
  -2,807
  -2,947
  -3,094
  -3,248
Free cash flow, $m
  -243
  -587
  -611
  -635
  -660
  -687
  -715
  -744
  -775
  -807
  -841
  -876
  -914
  -953
  -994
  -1,037
  -1,083
  -1,130
  -1,180
  -1,233
  -1,288
  -1,346
  -1,407
  -1,471
  -1,538
  -1,608
  -1,682
  -1,759
  -1,840
  -1,926
  -2,015
Issuance/(repayment) of debt, $m
  -57
  283
  293
  305
  317
  329
  343
  357
  372
  387
  404
  421
  440
  459
  479
  501
  524
  548
  573
  600
  628
  657
  688
  721
  755
  792
  830
  870
  912
  957
  1,003
Issuance/(repurchase) of shares, $m
  509
  425
  440
  457
  475
  494
  514
  534
  555
  578
  601
  614
  640
  667
  695
  725
  756
  789
  823
  859
  897
  937
  978
  1,022
  1,067
  1,115
  1,165
  1,217
  1,272
  1,330
  1,390
Cash from financing (excl. dividends), $m  
  413
  708
  733
  762
  792
  823
  857
  891
  927
  965
  1,005
  1,035
  1,080
  1,126
  1,174
  1,226
  1,280
  1,337
  1,396
  1,459
  1,525
  1,594
  1,666
  1,743
  1,822
  1,907
  1,995
  2,087
  2,184
  2,287
  2,393
Total cash flow (excl. dividends), $m
  169
  121
  122
  127
  131
  136
  141
  147
  152
  158
  164
  159
  166
  173
  181
  189
  197
  207
  216
  226
  237
  248
  260
  272
  285
  299
  313
  328
  344
  361
  378
Retained Cash Flow (-), $m
  -934
  -425
  -440
  -457
  -475
  -494
  -514
  -534
  -555
  -578
  -601
  -614
  -640
  -667
  -695
  -725
  -756
  -789
  -823
  -859
  -897
  -937
  -978
  -1,022
  -1,067
  -1,115
  -1,165
  -1,217
  -1,272
  -1,330
  -1,390
Prev. year cash balance distribution, $m
 
  119
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -185
  -318
  -330
  -344
  -358
  -372
  -387
  -403
  -420
  -437
  -455
  -474
  -494
  -515
  -536
  -559
  -583
  -607
  -633
  -661
  -689
  -719
  -750
  -782
  -816
  -852
  -889
  -928
  -969
  -1,012
Discount rate, %
 
  7.80
  8.19
  8.60
  9.03
  9.48
  9.95
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.11
PV of cash for distribution, $m
 
  -171
  -271
  -258
  -243
  -227
  -211
  -193
  -175
  -157
  -139
  -122
  -106
  -90
  -75
  -62
  -50
  -40
  -31
  -24
  -18
  -13
  -10
  -7
  -5
  -3
  -2
  -1
  -1
  0
  0
Current shareholders' claim on cash, %
  100
  93.1
  86.9
  81.3
  76.1
  71.4
  67.1
  63.1
  59.5
  56.1
  52.9
  50.1
  47.4
  44.9
  42.5
  40.4
  38.3
  36.4
  34.6
  32.8
  31.2
  29.7
  28.3
  26.9
  25.6
  24.4
  23.3
  22.2
  21.2
  20.2
  19.3

American Homes 4 Rent is an internally managed real estate investment trust (REIT) focused on acquiring, renovating, leasing and operating single-family homes as rental properties. The Company's primary objective is to generate attractive risk-adjusted returns for its shareholders through dividends and capital appreciation by acquiring, renovating, leasing and operating single-family homes as rental properties. As of December 31, 2016, it owned 48,422 single-family properties in 22 states, including 1,119 properties held for sale, and had an additional 47 properties in escrow that it intended to acquire. Its integrated operating platform offers property management, acquisitions, construction, marketing, leasing, financial and administrative functions. The Company may seek to invest in condominium units, townhouses and real estate-related debt investments. The Company is externally managed and advised by American Homes 4 Rent Advisor, LLC (the Advisor).

FINANCIAL RATIOS  of  American Homes 4 Rent Cl A (AMH)

Valuation Ratios
P/E Ratio 756.9
Price to Sales 6
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 19
Price to Free Cash Flow 25.1
Growth Rates
Sales Growth Rate 39.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 151.9%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 69.7%
Total Debt to Equity 69.7%
Interest Coverage 1
Management Effectiveness
Return On Assets 1.7%
Ret/ On Assets - 3 Yr. Avg. 0.5%
Return On Total Capital 0.1%
Ret/ On T. Cap. - 3 Yr. Avg. -0.7%
Return On Equity 0.2%
Return On Equity - 3 Yr. Avg. -1.1%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 56%
Gross Margin - 3 Yr. Avg. 54%
EBITDA Margin 48.4%
EBITDA Margin - 3 Yr. Avg. 43.7%
Operating Margin -0.9%
Oper. Margin - 3 Yr. Avg. -4.5%
Pre-Tax Margin 1.1%
Pre-Tax Margin - 3 Yr. Avg. -4.9%
Net Profit Margin 0.8%
Net Profit Margin - 3 Yr. Avg. -7%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 1257.1%

AMH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AMH stock intrinsic value calculation we used $879 million for the last fiscal year's total revenue generated by American Homes 4 Rent Cl A. The default revenue input number comes from 2016 income statement of American Homes 4 Rent Cl A. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AMH stock valuation model: a) initial revenue growth rate of 7.2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.8%, whose default value for AMH is calculated based on our internal credit rating of American Homes 4 Rent Cl A, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of American Homes 4 Rent Cl A.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AMH stock the variable cost ratio is equal to 85.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $142 million in the base year in the intrinsic value calculation for AMH stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.3% for American Homes 4 Rent Cl A.

Corporate tax rate of 27% is the nominal tax rate for American Homes 4 Rent Cl A. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AMH stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AMH are equal to 788%.

Life of production assets of 23.6 years is the average useful life of capital assets used in American Homes 4 Rent Cl A operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AMH is equal to -13.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $4193 million for American Homes 4 Rent Cl A - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 271.548 million for American Homes 4 Rent Cl A is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of American Homes 4 Rent Cl A at the current share price and the inputted number of shares is $5.9 billion.

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COMPANY NEWS

▶ American Homes 4 Rent reports 3Q results   [Nov-06-17 05:37AM  Associated Press]
▶ American Homes 4 Rent Class A to Host Earnings Call   [Nov-03-17 09:00AM  ACCESSWIRE]
▶ American Homes 4 Rent Announces Distributions   [Nov-02-17 05:10PM  PR Newswire]
▶ American Homes 4 Rent Provides a Hurricane Harvey Update   [Aug-28-17 06:52PM  PR Newswire]
▶ American Homes 4 Rent reports 2Q results   [Aug-04-17 01:09AM  Associated Press]
▶ American Homes 4 Rent Announces Distributions   [Aug-03-17 05:10PM  PR Newswire]
▶ [$$] Meet Your New Landlord: Wall Street   [Jul-21-17 10:46AM  The Wall Street Journal]
▶ American Homes 4 Rent to Present at NAREIT REITWeek 2017   [May-30-17 04:16PM  PR Newswire]
▶ 3 Top Residential REIT Stocks to Buy in 2017   [May-19-17 10:03AM  Motley Fool]
▶ American Homes 4 Rent reports 1Q results   [May-05-17 05:02AM  Associated Press]
▶ American Homes 4 Rent Announces Distributions   [May-04-17 05:10PM  PR Newswire]
▶ 5 Top Dividend Stocks in Residential REITs   [Mar-14-17 08:27AM  Motley Fool]
▶ 2 Little-Known Dividend Stocks That Could Make You Rich   [Mar-11-17 08:37AM  Motley Fool]
Financial statements of AMH
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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