Invitation Homes Inc.

INVH

Real Estate Operators (No Developers) & Lessors

Mkt Cap

$20.86B

PE

38.57

Debt

$8.607B

Cash

$947.4M

EV

$28.52B

FCF

$839.3M

Market Cap

$20.86B

P/E Ratio

38.57

Debt

$8.607B

Cash

$947.4M

EV

$28.52B

FCF

$839.3M

Charts data: {"Earnings":[{"time":"2015-12-30","value":-160208000},{"time":"2016-12-30","value":-78239000},{"time":"2017-12-30","value":-105826000},{"time":"2018-12-30","value":-5744000},{"time":"2019-12-30","value":145068000},{"time":"2020-12-30","value":195764000},{"time":"2021-12-30","value":261098000},{"time":"2022-12-30","value":382668000},{"time":"2023-12-30","value":518774000}],"Sales":[{"time":"2015-12-30","value":59535000},{"time":"2016-12-30","value":922587000},{"time":"2017-12-30","value":1054456000},{"time":"2018-12-30","value":1722962000},{"time":"2019-12-30","value":1764685000},{"time":"2020-12-30","value":1822828000},{"time":"2021-12-30","value":1996615000},{"time":"2022-12-30","value":2238121000},{"time":"2023-12-30","value":2432278000}],"Net Margins":[{"time":"2015-12-30","value":-2.6909884941630975},{"time":"2016-12-30","value":-0.08480392635057724},{"time":"2017-12-30","value":-0.10036075473988483},{"time":"2018-12-30","value":-0.0033337937807101955},{"time":"2019-12-30","value":0.08220617277304448},{"time":"2020-12-30","value":0.10739576087266599},{"time":"2021-12-30","value":0.13077032878146264},{"time":"2022-12-30","value":0.17097735109049064},{"time":"2023-12-30","value":0.21328729692905168}],"Assets":[{"time":"2016-12-30","value":9732351000},{"time":"2017-12-30","value":18683638000},{"time":"2018-12-30","value":18063428000},{"time":"2019-12-30","value":17392910000},{"time":"2020-12-30","value":17506222000},{"time":"2021-12-30","value":18537846000},{"time":"2022-12-30","value":18536708000},{"time":"2023-12-30","value":19220967000}],"Stockholders Equity":[{"time":"2015-12-30","value":1887031000},{"time":"2016-12-30","value":1957423000},{"time":"2017-12-30","value":8649875000},{"time":"2018-12-30","value":8369186000},{"time":"2019-12-30","value":8266078000},{"time":"2020-12-30","value":8556073000},{"time":"2021-12-30","value":9838804000},{"time":"2022-12-30","value":10323631000},{"time":"2023-12-30","value":10190435000}],"ROE":[{"time":"2015-12-30","value":-0.08489950615543677},{"time":"2016-12-30","value":-0.039970410074879066},{"time":"2017-12-30","value":-0.012234396450815763},{"time":"2018-12-30","value":-0.0006863272007576365},{"time":"2019-12-30","value":0.017549798102558432},{"time":"2020-12-30","value":0.022880122691800314},{"time":"2021-12-30","value":0.026537575095509577},{"time":"2022-12-30","value":0.037067190797501384},{"time":"2023-12-30","value":0.050907934744689506}],"ROA":[{"time":"2016-12-30","value":0.019602355073301405},{"time":"2017-12-30","value":0.006326765697344383}]}

Invitation Homes is the nation's premier single-family home leasing company, meeting changing lifestyle demands by providing access to high-quality, updated homes with valued features such as close proximity to jobs and access to good schools. The company's mission, "Together with you, we make a house a home," reflects its commitment to providing homes where individuals and families can thrive and high-touch service that continuously enhances residents' living experiences.

Sector

10-Q
9/30/23
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12/31/22
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3/31/22
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12/31/18
10-Q
9/30/18
10-Q
6/30/18
10-Q
3/31/18
10-K
12/31/17

DCF

Discounted Cash Flow Valuation of Invitation Homes Inc.

Calculate

Growth Years

Growth

Start

End

Discount

Start

End

Multiple

g\r	+10%	+11%	+12%	+13%	+14%
0%	10	9	8	8	7
+1%	11	10	9	8	8
+2%	13	11	10	9	8
+3%	14	13	11	10	9
+4%	17	14	12	11	10

Years	0	1	2	3	4	5	6	7	8	9	10	TV
FCF	$839.3M	$1.048B	$1.286B	$1.549B	$1.831B	$2.125B	$2.419B	$2.7B	$2.955B	$3.168B	$3.326B	$33.26B
DCF		$911.4M	$972.1M	$1.018B	$1.047B	$1.057B	$1.046B	$1.015B	$965.9M	$900.4M	$822.1M	$8.221B
Value	$17.98B

Chart P/E ratio

In the chart Earnings are multiplied by this value.

Earnings Growth 50%

Earnings Stability 34%

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

The Net Margin is high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Data are missing

Years	12-2015	12-2016	12-2017	12-2018	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Net Margin	-270%	-8.5%	-10%	-0.33%	8.2%	11%	13%	17%	21%	22%
ROA	-	2%	0.63%	-	-	-	-	-	-	-
ROE	-8.5%	-4%	-1.2%	-0.069%	1.8%	2.3%	2.7%	3.7%	5.1%	5.3%

What is the average Net Margin?

The average Net Margin over the past 5 years is +11.69%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is +3.92%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is -.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is -.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +2.57%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is +0.91%.

Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

The company has high debt with respect to the cashflow it generates.

The Graham’s stability indicate reliability of earnings, and consideration about the future are more dependable.

Years	12-2015	12-2016	12-2017	12-2018	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Debt FCF	-	-	48.27	22.26	17.10	15.41	10.82	9.61	9.72	10.26
Debt Equity	-	-	1.12	1.12	1.03	0.94	0.82	0.76	0.85	0.85
MIN
Graham Stability	-	-	-	-	-	100%	100%	100%	100%	100%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is 10.26.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is -2.56.

What is the Graham’s Stability?

Graham’s Stability measure stands at 1.00.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Earnings growth has been increasing in past years.

Years	12-2016	12-2018	12-2020	12-2022	Trend
Revenue	15%	7.1%	10%	8.7%	-120%
Net Income	-	-	38%	36%	1.5%
Stockholders Equity	27%	4%	6%	-1.3%	-20%
FCF	23%	16%	19%	8.6%	-4.3%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is +7.14%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is -122.13%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is -.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is +1.51%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is +4.02%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is -19.77%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is +16.13%.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is -4.35%.