Intrinsic value of American Homes 4 Rent Cl A - AMH

Previous Close

$19.08

  Intrinsic Value

$3.54

stock screener

  Rating & Target

str. sell

-81%

Previous close

$19.08

 
Intrinsic value

$3.54

 
Up/down potential

-81%

 
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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
Revenue, $m
  879
  920
  964
  1,010
  1,058
  1,109
  1,162
  1,219
  1,278
  1,340
  1,405
  1,474
  1,546
  1,623
  1,702
  1,786
  1,875
  1,967
  2,065
  2,167
  2,274
  2,387
  2,506
  2,630
  2,761
  2,899
  3,043
  3,195
  3,354
  3,521
  3,696
Variable operating expenses, $m
 
  783
  819
  857
  898
  940
  985
  1,032
  1,082
  1,134
  1,189
  1,234
  1,295
  1,359
  1,425
  1,496
  1,570
  1,647
  1,729
  1,814
  1,904
  1,999
  2,098
  2,203
  2,312
  2,427
  2,548
  2,675
  2,808
  2,948
  3,095
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
  929
  968
  1,010
  1,055
  1,101
  1,150
  1,201
  1,255
  1,311
  1,371
  1,420
  1,486
  1,555
  1,626
  1,702
  1,781
  1,863
  1,950
  2,041
  2,137
  2,238
  2,342
  2,454
  2,569
  2,690
  2,818
  2,952
  3,092
  3,239
  3,393
Operating income, $m
  -9
  -8
  -4
  -1
  3
  8
  12
  17
  23
  29
  35
  53
  61
  68
  76
  85
  94
  104
  114
  125
  137
  150
  163
  177
  192
  208
  225
  243
  262
  282
  303
EBITDA, $m
  290
  311
  329
  348
  369
  390
  412
  436
  461
  488
  516
  546
  577
  610
  645
  681
  720
  761
  804
  849
  897
  947
  1,000
  1,056
  1,114
  1,176
  1,241
  1,310
  1,382
  1,458
  1,538
Interest expense (income), $m
  116
  126
  134
  142
  151
  160
  170
  180
  191
  202
  214
  227
  240
  254
  268
  283
  300
  316
  334
  353
  372
  393
  415
  437
  461
  486
  513
  540
  569
  600
  632
Earnings before tax, $m
  10
  -134
  -138
  -143
  -147
  -152
  -157
  -163
  -168
  -174
  -179
  -173
  -179
  -185
  -192
  -199
  -205
  -213
  -220
  -227
  -235
  -243
  -252
  -260
  -269
  -278
  -288
  -297
  -307
  -318
  -328
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
  -134
  -138
  -143
  -147
  -152
  -157
  -163
  -168
  -174
  -179
  -173
  -179
  -185
  -192
  -199
  -205
  -213
  -220
  -227
  -235
  -243
  -252
  -260
  -269
  -278
  -288
  -297
  -307
  -318
  -328

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
  8,366
  8,762
  9,179
  9,618
  10,080
  10,566
  11,077
  11,615
  12,181
  12,776
  13,402
  14,059
  14,750
  15,476
  16,240
  17,041
  17,884
  18,769
  19,699
  20,676
  21,703
  22,781
  23,913
  25,102
  26,351
  27,663
  29,041
  30,488
  32,008
  33,603
Adjusted assets (=assets-cash), $m
  7,988
  8,366
  8,762
  9,179
  9,618
  10,080
  10,566
  11,077
  11,615
  12,181
  12,776
  13,402
  14,059
  14,750
  15,476
  16,240
  17,041
  17,884
  18,769
  19,699
  20,676
  21,703
  22,781
  23,913
  25,102
  26,351
  27,663
  29,041
  30,488
  32,008
  33,603
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
  7,252
  7,595
  7,956
  8,337
  8,737
  9,159
  9,602
  10,068
  10,559
  11,074
  11,616
  12,186
  12,785
  13,415
  14,076
  14,772
  15,502
  16,269
  17,075
  17,922
  18,812
  19,746
  20,728
  21,759
  22,841
  23,978
  25,173
  26,427
  27,744
  29,127
Working capital, $m
  0
  -124
  -130
  -136
  -143
  -150
  -157
  -165
  -172
  -181
  -190
  -199
  -209
  -219
  -230
  -241
  -253
  -266
  -279
  -293
  -307
  -322
  -338
  -355
  -373
  -391
  -411
  -431
  -453
  -475
  -499
Total debt, $m
  2,923
  3,109
  3,302
  3,507
  3,722
  3,948
  4,186
  4,437
  4,701
  4,978
  5,269
  5,576
  5,898
  6,237
  6,592
  6,966
  7,359
  7,772
  8,206
  8,662
  9,140
  9,643
  10,171
  10,726
  11,309
  11,921
  12,564
  13,239
  13,948
  14,693
  15,475
Total liabilities, $m
  3,914
  4,100
  4,293
  4,498
  4,713
  4,939
  5,177
  5,428
  5,692
  5,969
  6,260
  6,567
  6,889
  7,228
  7,583
  7,957
  8,350
  8,763
  9,197
  9,653
  10,131
  10,634
  11,162
  11,717
  12,300
  12,912
  13,555
  14,230
  14,939
  15,684
  16,466
Total equity, $m
  4,193
  4,267
  4,469
  4,681
  4,905
  5,141
  5,389
  5,650
  5,924
  6,212
  6,516
  6,835
  7,170
  7,523
  7,893
  8,282
  8,691
  9,121
  9,572
  10,047
  10,545
  11,068
  11,618
  12,196
  12,802
  13,439
  14,108
  14,811
  15,549
  16,324
  17,138
Total liabilities and equity, $m
  8,107
  8,367
  8,762
  9,179
  9,618
  10,080
  10,566
  11,078
  11,616
  12,181
  12,776
  13,402
  14,059
  14,751
  15,476
  16,239
  17,041
  17,884
  18,769
  19,700
  20,676
  21,702
  22,780
  23,913
  25,102
  26,351
  27,663
  29,041
  30,488
  32,008
  33,604
Debt-to-equity ratio
  0.697
  0.730
  0.740
  0.750
  0.760
  0.770
  0.780
  0.790
  0.790
  0.800
  0.810
  0.820
  0.820
  0.830
  0.840
  0.840
  0.850
  0.850
  0.860
  0.860
  0.870
  0.870
  0.880
  0.880
  0.880
  0.890
  0.890
  0.890
  0.900
  0.900
  0.900
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
  -134
  -138
  -143
  -147
  -152
  -157
  -163
  -168
  -174
  -179
  -173
  -179
  -185
  -192
  -199
  -205
  -213
  -220
  -227
  -235
  -243
  -252
  -260
  -269
  -278
  -288
  -297
  -307
  -318
  -328
Depreciation, amort., depletion, $m
  299
  319
  334
  349
  365
  382
  400
  419
  439
  459
  481
  492
  516
  542
  568
  596
  626
  657
  689
  724
  759
  797
  837
  878
  922
  968
  1,016
  1,067
  1,120
  1,176
  1,234
Funds from operations, $m
  233
  186
  196
  206
  218
  230
  243
  256
  271
  286
  302
  319
  337
  356
  377
  398
  420
  444
  470
  496
  524
  554
  585
  618
  653
  690
  729
  769
  812
  858
  906
Change in working capital, $m
  -46
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -23
  -24
Cash from operations, $m
  279
  191
  202
  213
  224
  237
  250
  264
  279
  294
  311
  328
  347
  367
  387
  409
  432
  457
  483
  510
  539
  569
  601
  635
  671
  708
  748
  790
  834
  880
  929
Maintenance CAPEX, $m
  0
  -293
  -307
  -322
  -337
  -353
  -370
  -388
  -407
  -427
  -447
  -469
  -492
  -516
  -542
  -568
  -596
  -626
  -657
  -689
  -724
  -759
  -797
  -837
  -878
  -922
  -968
  -1,016
  -1,067
  -1,120
  -1,176
New CAPEX, $m
  -68
  -326
  -343
  -361
  -380
  -400
  -421
  -443
  -466
  -490
  -516
  -542
  -570
  -599
  -630
  -662
  -695
  -730
  -767
  -806
  -847
  -890
  -934
  -981
  -1,031
  -1,083
  -1,137
  -1,194
  -1,254
  -1,317
  -1,383
Cash from investing activities, $m
  -522
  -619
  -650
  -683
  -717
  -753
  -791
  -831
  -873
  -917
  -963
  -1,011
  -1,062
  -1,115
  -1,172
  -1,230
  -1,291
  -1,356
  -1,424
  -1,495
  -1,571
  -1,649
  -1,731
  -1,818
  -1,909
  -2,005
  -2,105
  -2,210
  -2,321
  -2,437
  -2,559
Free cash flow, $m
  -243
  -428
  -449
  -470
  -493
  -517
  -542
  -568
  -595
  -623
  -652
  -683
  -715
  -749
  -784
  -821
  -859
  -899
  -942
  -986
  -1,032
  -1,080
  -1,130
  -1,183
  -1,238
  -1,296
  -1,357
  -1,420
  -1,487
  -1,557
  -1,629
Issuance/(repayment) of debt, $m
  -57
  186
  194
  204
  215
  226
  238
  251
  264
  277
  292
  306
  322
  339
  356
  374
  393
  413
  434
  456
  479
  503
  528
  555
  583
  612
  643
  675
  709
  745
  782
Issuance/(repurchase) of shares, $m
  509
  326
  340
  355
  371
  388
  405
  423
  442
  462
  483
  492
  514
  538
  562
  588
  614
  642
  671
  702
  733
  767
  801
  838
  875
  915
  957
  1,000
  1,045
  1,093
  1,142
Cash from financing (excl. dividends), $m  
  413
  512
  534
  559
  586
  614
  643
  674
  706
  739
  775
  798
  836
  877
  918
  962
  1,007
  1,055
  1,105
  1,158
  1,212
  1,270
  1,329
  1,393
  1,458
  1,527
  1,600
  1,675
  1,754
  1,838
  1,924
Total cash flow (excl. dividends), $m
  169
  84
  85
  89
  93
  97
  102
  107
  111
  117
  122
  116
  121
  128
  134
  141
  148
  156
  164
  172
  181
  190
  199
  209
  220
  231
  242
  255
  267
  281
  295
Retained Cash Flow (-), $m
  -934
  -326
  -340
  -355
  -371
  -388
  -405
  -423
  -442
  -462
  -483
  -492
  -514
  -538
  -562
  -588
  -614
  -642
  -671
  -702
  -733
  -767
  -801
  -838
  -875
  -915
  -957
  -1,000
  -1,045
  -1,093
  -1,142
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
 
  -123
  -255
  -266
  -278
  -291
  -304
  -317
  -331
  -346
  -361
  -377
  -393
  -410
  -428
  -447
  -466
  -487
  -508
  -530
  -553
  -577
  -602
  -628
  -656
  -684
  -714
  -745
  -778
  -812
  -847
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
 
  -114
  -218
  -208
  -197
  -185
  -172
  -158
  -144
  -129
  -115
  -101
  -87
  -75
  -63
  -52
  -42
  -34
  -26
  -20
  -15
  -11
  -8
  -6
  -4
  -3
  -2
  -1
  -1
  0
  0
Current shareholders' claim on cash, %
  100
  94.2
  88.8
  83.7
  78.9
  74.4
  70.2
  66.2
  62.5
  59.0
  55.7
  52.6
  49.8
  47.1
  44.5
  42.1
  39.9
  37.7
  35.7
  33.8
  32.0
  30.4
  28.8
  27.3
  25.8
  24.5
  23.2
  22.1
  20.9
  19.9
  18.8

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 663.4
Price to Sales 5.3
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 16.6
Price to Free Cash Flow 22
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 4.7% 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 287.546 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 $5.5 billion.

RELATED COMPANIES Price Int.Val. Rating
BX Blackstone Gro 34.04 64.11  str.buy
CNS Cohen&Steers 40.35 36.30  sell

COMPANY NEWS

▶ Chris Davis Boosts Alibaba Position in 4th Quarter   [Feb-13-18 04:28PM  GuruFocus.com]
▶ 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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.