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Quote this valuation with its source: Fair value, Potential value and the price at analysis.
FAQ
INVH — frequently asked questions
Is Invitation Homes Inc. overvalued?
In our latest published analysis dated 2026-10-11, INVH trades close to fair value. The price recorded at analysis is 26,8 USD versus our fair value of 27,5 USD; the high endpoint is presented separately as potential value of 37,5 USD. That implies roughly 2.6% upside to fair value at that date.
Our latest published report, analyzed 2026-10-11, gives INVH a fair value of 27,5 USD and a potential value of 37,5 USD. The conclusion is triangulated across multiple valuation models and weighted by reliability for Invitation Homes Inc.'s archetype; it is a dated research output, not a live price.
Should I buy INVH now?
Our latest published rating for INVH, analyzed 2026-10-11, is Hold. Invitation Homes Inc. trades close to fair value at the analysis-date price of 26,8 USD versus fair value of 27,5 USD; potential value is 37,5 USD. This is research for educational purposes, not personalized investment advice.
What are the biggest risks for INVH?
The dedicated bear-case section in our report analyzed 2026-10-11 documents Invitation Homes Inc.'s material risks, evidence, thresholds, and thesis-invalidation conditions. Scenario-specific explanations remain in that section so the report does not repeat or decontextualize them elsewhere.
What is INVH's rating?
Our latest published rating for INVH, analyzed 2026-10-11, is Hold, with a published moat assessment of 6.5/10 (Narrow). It reflects our fair value of 27,5 USD, the potential value of 37,5 USD, and the price recorded at analysis (26,8 USD).
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§1 SintesiEN
Risposta in 30 secondiHold
Prezzo rispetto al valore
Prezzo
$26.79
Fair value
$27.49
Valore potenziale
$37.48
Al
2026-10-09
Perché può funzionare
Accelerated residential renewal rent growth driven by an acute shortage of affordable single-family homes for purchase in core Sunbelt metros, combined with declining build-to-rent deliveries and expanding third-party property management fees, propelling cash flow toward Potential value of $37.48.
We maintain a Hold rating on Invitation Homes with a Fair value of $27.49 against the share price of $26.79 as of October 9, 2026, offering modest 2.61% upside that warrants patience.
We rate Invitation Homes a Hold. For an ordinary investor, this means existing positions should be maintained rather than expanded, as current market trading prices closely reflect the underlying value of the company's real estate assets and provide limited upside cushion against potential macroeconomic and sector volatility.
The report was prepared at a share price of $26.79 as of October 9, 2026. Against our valuation conclusions, the shares trade at a modest 2.55% discount to our Fair value midpoint of $27.49, while our Potential value of $37.48 captures longer-term upside if rent growth and controllable cost efficiencies accelerate.
The primary downside risk to our outlook centers on accelerating municipal property tax reassessments and insurance inflation across Sunbelt counties, combined with refinancing pressure on $8,585,699,840 of total debt. If fixed expense inflation outpaces rent increases, operating margins will compress and lower adjusted cash flow conversion.2,4
The core reason the business remains resilient is favorable residential supply constraints across Sunbelt markets, where declining build-to-rent deliveries and retreating non-institutional listings enable Invitation Homes to enforce 3.5% to 4.5% renewal rent growth and sustain high occupancy. These pricing tailwinds convert into steady operating cash flows that reliably fund the $1.20 annual dividend.4
Favorable Sunbelt Supply Tailwinds
Declining build-to-rent deliveries and easing mom-and-pop listings across key Sunbelt markets reduce competing rental stock and protect occupancy.4
Predictable Renewal Rent Growth
Sticky residential tenure and strong demographic demand sustain lease renewal growth between 3.5% and 4.5%, driving recurring cash flows and dividend support.4
Operating Scale and Cost Efficiency
Clustered market density enables in-house property management to reduce controllable turn costs and maintain operating margins above 27%.3,4
Raccomandazione interna
We rate Invitation Homes a Hold because the shares trade within 2.61% of our $27.49 Fair value, balancing steady renewal rent growth against persistent property tax reassessments and debt refinancing headwinds.
Panoramica dell’azienda
Invitation Homes Inc. is an equity real estate investment trust that owns, acquires, and manages single-family rental homes across high-growth submarkets in the United States, predominantly throughout the Sunbelt region and Southern California. The company serves residential households seeking single-family living spaces with yards and suburban community access by providing an end-to-end leasing experience supported by in-market leasing specialists, internal state-licensed brokerages, and smart-home technology.
In addition to operating its wholly owned single-family rental portfolio, Invitation Homes provides contractual property management, leasing, marketing, renovation, and maintenance services to institutional co-investors in joint ventures investing in residential rental properties. Marketing activities initiate 30 to 45 days prior to property vacancy across proprietary web portals, MLS listings, and national digital listing services to preserve portfolio occupancy and stabilize rental revenue streams.
§2 Scenario ribassistaEN
In a severe stress test combining rapid municipal tax reassessments, insurance inflation, and elevated interest rates, operating margins fall from the FY2025 level of 26.56% toward 23.56%, while the cost of capital on $8,585,699,840 in total debt expands as low-coupon debt rolls over toward the pre-tax borrowing cost of 8.03%. Simultaneously, net dispositions ($850M dispositions versus $350M acquisitions) reduce the income-earning asset base. Under this combined shock, AFFO per share contracts significantly below guided $1.65, challenging dividend coverage of the $1.20 annual payout and compressing equity value toward the downside valuation bound of $13.65.
Aggressive municipal property tax reassessments and insurance inflation outpace rent growth.4
Elevated market borrowing rates raise debt service obligations on debt maturities.2
Suburban apartment concession competition and net property dispositions slow top-line cash generation.4
Under the bear case, a downside trajectory unfolds if aggressive municipal property tax reassessments and persistent insurance inflation significantly outpace rental revenue growth. Furthermore, as low-coupon debt matures, elevated refinancing costs increase debt service burdens. Top-line expansion is further constrained by net home dispositions and moderating lease rates, compressing funds from operations and limiting dividend coverage.
Come questa tesi può fallire
Sunbelt Property Tax and Insurance Surge Compresses Operating Margin
Fixed expenses including property taxes and insurance rose 3.5% YoY, and management flagged property taxes as the primary unknown for the second half. Aggressive municipal tax reassessments across Sunbelt counties compressing operating margins by 300 bps below FY2025 level of 26.56% severely cuts net operating income.3,4
FV impact
0%
Operating margin 3 points lower throughout
Segnali di allerta precoce da monitorare
I cinque sviluppi che indebolirebbero la nostra tesi d'investimento.
01
Fixed Property Expense Growth (Taxes & Insurance)
Aggressive municipal tax reassessments and insurance inflation outpace rent growth, directly eroding property net operating income.
Attuale:3.5% YoY in Q2 2026
Avviso seAbove 6.0% YoY for two consecutive quarters
Invitation Homes possesses a narrow economic moat underpinned by localized scale advantages and proprietary operational infrastructure in high-growth Sunbelt residential markets. Owning and managing tens of thousands of homes across concentrated geographic submarkets creates route density for internal maintenance specialists, lowering dispatch costs and securing volume procurement pricing that fragmented mom-and-pop landlords cannot achieve.
The company's end-to-end leasing platform integrates proprietary pre-marketing workflows, smart-home self-guided showings, and localized brokerages to maintain high occupancy and minimize frictional turnover losses. This differentiated platform also attracts third-party institutional joint venture capital, generating stable contractual property management fee income without committing direct balance sheet capital.
While these structural advantages protect operating margins above 27%, moat width is constrained by the commoditized nature of residential rental shelter, municipal tax reassessments, and refinancing requirements across $8.59B of debt, keeping return on invested capital aligned with the cost of capital.
Profitto economico
As an equity residential REIT, Invitation Homes generates solid property-level cash flows with FY2025 operating income of $740.95M on $2.73B in revenue. However, its capital-intensive asset base and total debt of $8,585,699,840 keep economic profit closely tethered to its estimated WACC of 8.25% and pre-tax cost of debt of 8.03%.2,3,6
6.5/ 10
Narrow
Sources of advantage
01Localized Scale and Maintenance Cost Advantage — INVH operates dense geographic clusters in key Sunbelt markets, enabling internal maintenance dispatch, bulk procurement discounts, and favorable total turn costs that reduce controllable expenses.Moderate
02Proprietary Property Management and Leasing Platform — In-house leasing infrastructure, proprietary smart-home self-showings, internal brokerages, and contractual third-party JV property management generate fee income and sustain high occupancy.Moderate
The highlighted cell is Fair value when every assumption sits at its base level ($27.49). Each row and column shows what Fair value becomes when one assumption moves.
Free cash flow to the firm stays positive in the first projected year at $640.8M after modeled reinvestment of $160.2M, with terminal value at 74.9% of enterprise value. A sudden drop in free cash flow is not projected unless capital spending relative to revenue, reinvestment, or gross margin resets materially.
Asset dispositions fund selective builder acquisitions and share repurchases.4
Under the base case, Invitation Homes achieves a target of $27.49, delivering an implied return of 2.6% with an estimated probability of 55.0% against the share price of $26.79 as of $26.79 (as of 2026-10-09). This modal trajectory reflects steady renewal rent growth driven by supply constraints in core Sunbelt submarkets, balanced by disciplined controllable cost management that sustains property operating margins despite moderate property tax and insurance headwinds.
Accelerating lease renewal rate growth supported by severe single-family housing purchase shortages.4
In-house platform efficiencies drive controllable expenses down and expand net operating income margins.
§7 Albero decisionale degli utiliEN
Superato
Upgrade the rating; Evaluate whether renewal rate acceleration and controllable cost savings persist into subsequent quarters, confirming fundamental multiple expansion before expanding position exposure.
An operational beat driven by wider renewal rate spreads and accelerating value-add service income indicates enhanced pricing power and durable margin expansion, supporting an upgrade toward higher rating bands.
In linea
Maintain Hold; Maintain existing position sizing, monitoring upcoming county tax assessments and leasing renewal spreads against planned portfolio distributions.
Trigger: Lease renewal rate gains tracking within guided midpoints, property operating expenses growing in line with seasonal patterns, and adjusted funds from operations matching consensus expectations.
Financial results matching consensus projections validate current asset values and dividend sustainability while confirming that shares remain fairly valued near the house Fair value.
Mancato
Downgrade the rating; Re-assess portfolio exposure, checking whether property tax spikes or tenant turnover have permanently impaired net operating income conversion, and prepare to trim allocation if fundamentals worsen.
Trigger: Lease renewal rate growth decelerating below inflation, fixed property expenses surging from tax reassessments, or quarterly adjusted funds from operations falling short of targets.
An operational miss caused by surging municipal property taxes, higher tenant turnover, or renewal deceleration would erode net operating income conversion and impair dividend coverage, warranting a rating downgrade.
Qualità degli utili
Invitation Homes demonstrates clean earnings quality driven by recurring rental cash flows and dependable resident collections. Operating cash flow consistently exceeds reported net income due to substantial real estate depreciation add-backs. Management maintains disciplined accounting treatment for capital expenditures, clearly distinguishing recurring maintenance and turnover costs from portfolio growth investments.
Andamento delle stime
Consensus earnings and revenue estimates have remained flat following recent quarterly disclosures, as steady renewal rent performance and disciplined controllable cost execution are balanced against elevated property tax unknowns and moderating new lease rates.
Metriche da monitorare prima della pubblicazione
01
Metrica:
Lease Renewal Rate Growth
AttualeTracking steadily within expectations with renewal pricing outpacing new lease growth.
Perché è importante
Sustained renewal rate gains represent the primary top-line revenue driver; deceleration would signal weakening household affordability or rising competitive supply.
02
Metrica:
Controllable Property Operating Expenses
AttualeDeclining on an annual basis due to internal maintenance dispatch and scaled procurement.
Invitation Homes generates substantial and predictable operating cash flow, reporting $1,206,230,000 in FY2025 operating cash flow against GAAP net income of $587,924,000. The substantial difference reflects $746,933,000 in non-cash depreciation and amortization on residential real estate. Free cash flow reached $963,478,000 in FY2025 after deducting $242,752,000 of capital expenditures. Approximately 75% of capital expenditures ($182.06M) represents recurring maintenance and turn costs, leaving ample cash conversion to fund guided AFFO of $1.65 per share and provide robust dividend coverage.3,4,5,6
Allocazione del capitale
Capital allocation remains disciplined and accretive. In Q2 2026, management raised full-year wholly owned disposition by $300M to $850M while maintaining acquisition guidance at $350M ($250M builder partnerships and $100M via JVs). Capital released from non-core dispositions is being redeployed into share repurchases ($100M executed in Q2 2026) and debt management. Invitation Homes maintains an active dividend program distributing $1.20 annually, supported by conservative against guided AFFO of $1.65, though refinancing $8,585,699,840 in total debt in an 8.03% pre-tax debt cost environment requires ongoing balance-sheet prudence.
Invitation Homes delivers consistent property yields anchored by single-family rental cash flows, but substantial historical asset acquisition costs and non-cash depreciation maintain economic return on capital near its cost of capital.
Return on invested capital sits marginally below the estimated cost of capital (WACC of 8.25%), typical for physical real estate asset aggregators where cash yields (AFFO yield ~5.5-6.0%) rather than accounting ROIC drive shareholder returns.
FY2025 operating cash flow of $1.21B exceeded GAAP net income of $587.92M, driven by $746.93M in non-cash depreciation.
Free cash flow of $963.48M provides dependable coverage for the $1.20 annual dividend and recurring .
Ricavi più recenti2,7 Mld USDCAGR dei ricavi +12,8%
Margine operativo27,1%10 periodi fiscali
Flusso di cassa libero più recente963,5 Mln USDFY2025
Debito netto8,3 Mld USDFY2025
Dettaglio del conto economicoCome la scala aziendale si traduce in utile dichiarato.
StockMarketAgent.AI
Ricavi2,6 Mld USDCosto del venduto−1,1 Mld USDUtile lordo1,5 Mld USDCosti operativi−804,9 Mln USDReddito operativo741,2 Mln USDVoci non operative e imposte−287,3 Mln USDUtile netto453,9 Mln USD
Dati della storia finanziaria
Ricavi
2.618.942.000 USD
Costo del venduto
1.072.763.000 USD
Utile lordo
1.546.179.000 USD
Costi operativi
804.938.000 USD
Reddito operativo
741.241.000 USD
Voci non operative e imposte
-287.324.000 USD
Utile netto
453.917.000 USD
Panoramica dello stato patrimonialeCome sono detenute e finanziate le attività dichiarate nel periodo selezionato.
StockMarketAgent.AI
Composizione delle attivitàFinanziato da
Attività totali18,7 Mld USDDisponibilità liquide130 Mln USDAttività correnti569,1 Mln USDPassività totali9,1 Mld USDPassività correnti375,4 Mln USDPatrimonio netto9,6 Mld USD
Dati di dettaglio dello stato patrimoniale
Attività totali
18.680.290.000 USD
Disponibilità liquide
129.971.000 USD
Attività correnti
569.072.000 USD
Passività totali
9.112.398.000 USD
Passività correnti
375.350.000 USD
Patrimonio netto
9.567.892.000 USD
Ponte dei flussi di cassaCome il flusso di cassa operativo è diventato flusso di cassa libero nel FY2025.
StockMarketAgent.AI
Riconciliazione del flusso operativo
Utile netto587,9 Mln USDAmmortamenti e svalutazioni+746,9 Mln USDCompensi basati su azioni+27,8 Mln USDAltre rettifiche operative−156,5 Mln USDFlusso di cassa operativo1,2 Mld USD
Riconciliazione della liquidità iniziale e finale
Liquidità iniziale419,7 Mln USDFlusso di cassa operativo+1,2 Mld USDFlusso da investimenti−652,6 Mln USDFlusso da finanziamenti−618,5 Mln USDLiquidità finale354,9 Mln USD
1,2 Mld USD − 242,8 Mln USDFlusso di cassa libero 963,5 Mln USD
Dati del ponte dei flussi di cassa
Utile netto
587.924.000 USD
Afflusso operativo
1.362.687.000 USD
Ammortamenti e svalutazioni
746.933.000 USD
Compensi basati su azioni
27.830.000 USD
Flusso di cassa operativo
1.206.230.000 USD
Deflusso operativo
156.457.000 USD
Liquidità disponibile
1.625.923.000 USD
Liquidità iniziale
419.693.000 USD
Deflusso da investimenti
652.567.000 USD
Capex
242.752.000 USD
Altre attività di investimento
409.815.000 USD
Deflusso da finanziamenti
618.491.000 USD
Emissione netta di debito
168.064.000 USD
Riacquisti di azioni
53.207.000 USD
Dividendi pagati
178.016.000 USD
Altre attività di finanziamento
555.332.000 USD
Liquidità finale
354.865.000 USD
Flusso da investimenti
-652.567.000 USD
Flusso da finanziamenti
-618.491.000 USD
Ricavi e utiliCome la scala aziendale si traduce in utile dichiarato.
Liquidità e debitoLiquidità disponibile rispetto all’indebitamento totale.
Generazione di cassaFlusso di cassa operativo rispetto al flusso di cassa libero.
RedditivitàEvoluzione dei margini lordo, operativo e netto.
Dati finanziari puntuali utilizzati nell’analisi del 2026-10-11.
Invitation Homes Inc. (INVH) trades at 30.4x forward earnings against a peer median of 42.1x. Its EV/EBITDA of 16.1x compares with a peer median of 18.2x. The comparison uses 4 peers: Essex Property Trust Inc., UDR Inc., Equity Residential and AvalonBay Communities Inc., as of 2026-10-11.
§10 Settore e cicloEN
Fase del ciclo
Contraction
Build-to-rent deliveries across key Sunbelt markets have continued to decline following earlier construction pauses, while industry capex-to-depreciation is 0.17 and industry capex-to-revenue is 12.7%.4
Ciclo rialzista
A prolonged residential supply deficit, persistent mortgage rate hurdles limiting entry-level homeownership, and ongoing Sunbelt population inflows accelerate single-family rental demand, driving blended rent growth above 5% and expanding operating margins.
Ciclo ribassista
Suburban multifamily apartment oversupply and aggressive developer concession packages spill over into single-family rental markets, while municipal property tax and insurance inflation erode net operating income.
Trend secolari
Trend
Impatto
Nota
Single-Family Rental Demographic Transition
positive
Millennial and mature households increasingly demand larger living spaces, private yards, and suburban school access without the high upfront capital commitments of home purchases at elevated mortgage rates.
Sunbelt Regional Economic and Population Growth
positive
Approximately 65% to 70% of INVH markets are projected to experience favorable net migration, supporting long-term housing demand across southern growth corridors.
Escalating Municipal Property Taxes and Regulatory Oversight
negative
Posizionamento
Invitation Homes is positioned as the largest institutional pure-play single-family rental REIT, commanding superior clustering density across core Sunbelt markets that allows it to maintain operating margins of 26.56%, above the broader real estate industry average of 22.2%.3
§11 Gestione della posizioneEN
Dimensionamento
2-3%
Under our Hold rating, an existing market-weight allocation of 2-3% within an income or real estate sleeve is appropriate. Shares trade within 2.61% of our $27.49 Fair value, offering reliable dividend yield but limited valuation cushion to justify an overweight position.
Rischio
Manage interest rate exposure closely given Invitation Homes carries $8,585,699,840 in total debt with a pre-tax cost of debt of 8.03%. The company mitigates refinancing risk through staggered maturity schedules, secured credit facilities, and funding development through net dispositions ($850M planned in 2026). Portfolio risk is further balanced by geographically diversifying across 16 core metropolitan areas in the Sunbelt and Western regions.
Tranche di ingresso
Livello
Azione
Perché
Below $24.75 (approx. 10% discount to Fair value)
Initiate starter position or selective accumulation
The current $1.20 annual dividend is supported by operating cash flow and high tenant retention, providing dependable income, though capital appreciation potential is modest at current prices.
Value and Total Return Investors
Hold
With shares trading at $26.79 against Fair value of $27.49 (2.61% upside), the margin of safety is insufficient to justify new capital allocation until pullbacks occur below $24.75.
Risk-Averse or Momentum Investors
Avoid
Persistent headwinds from property tax reassessments, $8.59B in debt subject to higher refinancing yields, and flat consensus estimate revisions limit near-term outperformance.
§14 Raccomandazione finaleEN
Azione
Mantenere
We recommend a Hold on Invitation Homes at $26.79 as of October 9, 2026, relative to our Fair value of $27.49. The company's premier single-family rental portfolio in high-growth Sunbelt markets generates stable cash flow and reliable dividend income, but limited valuation discount (2.61% upside) warrants waiting for better entry prices or clearer resolution on property taxes.
While favorable supply dynamics support 3.5% to 4.5% lease renewal rent gains, aggressive municipal property tax reassessments and higher refinancing yields on $8.59B in total debt cap near-term margin expansion, making current risk-reward balanced.
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Sources
The records this analysis drew on, as they stood when it was run.
Analyst consensusData as of 2026-10-11 · Published 2026-10-11 · Provider-adjusted · cited for 3 figuresCited in Scenario ribassista, Storia finanziaria
Not every cited input appears here: internal calculations and intermediate model outputs have no external record, and some citations could not be matched to one.
Refinancing Cliff at Elevated Debt Rates Expands Cost of Capital
INVH carries $8,585,699,840 in total debt with a pre-tax cost of debt of 8.03%. As low-coupon debt matures and is refinanced at elevated yields, credit spreads widen and push the required cost of equity 200 bps above moderate baseline of 8.3631%.2
FV impact
-4.8%
Cost of capital 2 points higher
Trigger
Within 18 months
Single-Family Rental Valuation De-Rating and Cap Rate Expansion
INVH forward P/E is 30.4x, and the valuation models normalize to 24.0x. Given residential peers trade at lower multiples (UDR trailing P/E 21.6x, AVB trailing P/E 25.2x), regulatory scrutiny on corporate landlords and rising cap rates compress exit multiples by 20% to below 19.2x.3,4
FV impact
-2.4%
Terminal multiple 20% lower
Trigger
Within 24 months
Sunbelt Rental Demand Stall and Net Dispositions Induce Top-Line Contraction
Consensus FY2026 revenue growth of 8.7% is vulnerable to net asset shrinkage as management raised dispositions to $850M while acquisitions remain at $350M. In addition, 85% of moves are intra-state moves rather than out-of-state influx, causing top-line growth to decelerate by 500 bps below expectations.1,4
FV impact
-0.7%
Revenue and EPS growth 5 points lower for five years
Trigger
Within 12 months
Lease Renewal Rate Spread
Erosion of tenant pricing power and increased listing competition force concessions and weaken same-store revenue growth.
Convert the revenue and margin path into after-tax free cash flow, discount the annual per-share amounts and terminal value at , then adjust for signed per current share.
Under the bull case, Invitation Homes reaches Potential value of $37.48 with a target of $37.48, representing an implied return of 39.9% and an estimated probability of 20.0%. This upside path materializes if severe residential homeownership affordability constraints and robust in-state household formation accelerate renewal rent growth, while scaled procurement and third-party management partnerships expand operating margins and drive higher cash flow conversion.
Controllable turn and maintenance costs directly determine operating margin durability against non-controllable property tax and insurance pressures.
03
Metrica:
Fixed Expense Reassessments (Taxes & Insurance)
AttualeManagement identified property taxes as the primary operational variable for the remainder of the fiscal year.
Perché è importante
Surging municipal property assessments across Sunbelt counties increase fixed costs and directly cut net operating income.
04
Metrica:
Resident Turnover and Retention
AttualeHigh retention supported by intra-state relocation demand and household life-stage transitions.
Perché è importante
High retention reduces unit turn capital expenditures and vacancy losses, maintaining pricing stability against apartment competition.
05
Metrica:
Effective Borrowing and Refinancing Rates
AttualeMonitoring maturity schedules and credit facility utilization against market borrowing yields.
Perché è importante
Higher debt refinancing rates on maturing low-coupon debt elevate annual cash interest charges and lower cash available for distributions.
Rising debt service and moderating new lease rates temper GAAP earnings growth, reinforcing our disciplined valuation midpoint.
Margine
INVH
Invitation Homes Inc.
$15.8B
30.4x
5.6x
16.1x
7.1%
—
ESS
Essex Property Trust Inc.
$18.7B
43.1x
9.5x
19.6x
7.7%
34.0%
UDR
UDR Inc.
$12.6B
60.9x
7.2x
17.0x
13.7%
20.2%
EQR
Equity Residential
$24.6B
41.1x
7.9x
17.3x
8.0%
27.9%
AVB
AvalonBay Communities Inc.
$26.3B
36.8x
8.5x
19.1x
8.5%
30.6%
Local government budget pressures lead to aggressive property tax reassessments in high-growth Sunbelt counties, while federal and state lawmakers increase scrutiny on institutional landlords.
Discounted forecast-period cash flows (4,33 USD) plus discounted terminal value (12,92 USD) minus signed net debt per current share (13,97 USD) equals the 3,29 USD lens value shown above. Negative net debt is net cash, so subtracting it raises value.
