NATIONAL STORAGE AFFILIATES (NSA) Stock Fundamental Analysis
NYSE:NSA - US6378701063 - REIT
32.16 USD
+1.09 (+3.51%)
32.16 USD
0 (0%)
Overall NSA gets a fundamental rating of 3 out of 10. We evaluated NSA against 30 industry peers in the Specialized REITs industry. While NSA is still in line with the averages on profitability rating, there are concerns on its financial health. NSA has a expensive valuation and it also scores bad on growth. Finally NSA also has an excellent dividend rating.
1. Profitability
1.1 Basic Checks
In the past year NSA was profitable.
NSA had a positive operating cash flow in the past year.
NSA had positive earnings in each of the past 5 years.
Each year in the past 5 years NSA had a positive operating cash flow.
1.2 Ratios
Looking at the Return On Assets, with a value of 0.91%, NSA is doing worse than 63.33% of the companies in the same industry.
The Return On Equity of NSA (4.73%) is comparable to the rest of the industry.
NSA's Return On Invested Capital of 4.46% is in line compared to the rest of the industry. NSA outperforms 50.00% of its industry peers.
NSA had an Average Return On Invested Capital over the past 3 years of 4.30%. This is in line with the industry average of 5.15%.
The 3 year average ROIC (4.30%) for NSA is below the current ROIC(4.46%), indicating increased profibility in the last year.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 0.91% | ||
| ROE | 4.73% | ||
| ROIC | 4.46% |
ROA(3y)1.84%
ROA(5y)1.63%
ROE(3y)7.87%
ROE(5y)6.49%
ROIC(3y)4.3%
ROIC(5y)3.88%
1.3 Margins
NSA has a Profit Margin of 6.23%. This is comparable to the rest of the industry: NSA outperforms 43.33% of its industry peers.
NSA's Profit Margin has declined in the last couple of years.
NSA has a Operating Margin (37.59%) which is in line with its industry peers.
NSA's Operating Margin has improved in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 37.59% | ||
| PM (TTM) | 6.23% | ||
| GM | N/A |
OM growth 3Y1.16%
OM growth 5Y3.36%
PM growth 3Y-9.08%
PM growth 5YN/A
GM growth 3YN/A
GM growth 5YN/A
2. Health
2.1 Basic Checks
The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so NSA is destroying value.
The number of shares outstanding for NSA has been reduced compared to 1 year ago.
Compared to 5 years ago, NSA has more shares outstanding
Compared to 1 year ago, NSA has a worse debt to assets ratio.
2.2 Solvency
NSA has an Altman-Z score of 0.50. This is a bad value and indicates that NSA is not financially healthy and even has some risk of bankruptcy.
NSA's Altman-Z score of 0.50 is on the low side compared to the rest of the industry. NSA is outperformed by 73.33% of its industry peers.
The Debt to FCF ratio of NSA is 14.66, which is on the high side as it means it would take NSA, 14.66 years of fcf income to pay off all of its debts.
NSA's Debt to FCF ratio of 14.66 is in line compared to the rest of the industry. NSA outperforms 56.67% of its industry peers.
A Debt/Equity ratio of 3.40 is on the high side and indicates that NSA has dependencies on debt financing.
With a Debt to Equity ratio value of 3.40, NSA is not doing good in the industry: 73.33% of the companies in the same industry are doing better.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 3.4 | ||
| Debt/FCF | 14.66 | ||
| Altman-Z | 0.5 |
ROIC/WACC0.64
WACC6.97%
2.3 Liquidity
NSA has a Current Ratio of 0.47. This is a bad value and indicates that NSA is not financially healthy enough and could expect problems in meeting its short term obligations.
NSA has a Current ratio of 0.47. This is in the lower half of the industry: NSA underperforms 66.67% of its industry peers.
A Quick Ratio of 0.47 indicates that NSA may have some problems paying its short term obligations.
The Quick ratio of NSA (0.47) is worse than 66.67% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.47 | ||
| Quick Ratio | 0.47 |
3. Growth
3.1 Past
NSA shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -65.36%.
Measured over the past 5 years, NSA shows a small growth in Earnings Per Share. The EPS has been growing by 6.27% on average per year.
Looking at the last year, NSA shows a decrease in Revenue. The Revenue has decreased by -7.33% in the last year.
The Revenue has been growing by 14.71% on average over the past years. This is quite good.
EPS 1Y (TTM)-65.36%
EPS 3Y6.27%
EPS 5YN/A
EPS Q2Q%18.75%
Revenue 1Y (TTM)-7.33%
Revenue growth 3Y9.57%
Revenue growth 5Y14.71%
Sales Q2Q%-0.84%
3.2 Future
Based on estimates for the next years, NSA will show a decrease in Earnings Per Share. The EPS will decrease by -5.85% on average per year.
NSA is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 4.55% yearly.
EPS Next Y-30.3%
EPS Next 2Y-13.82%
EPS Next 3Y-5.85%
EPS Next 5YN/A
Revenue Next Year-2.49%
Revenue Next 2Y0.5%
Revenue Next 3Y2.35%
Revenue Next 5Y4.55%
3.3 Evolution
The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
Based on the Price/Earnings ratio of 51.87, the valuation of NSA can be described as expensive.
The rest of the industry has a similar Price/Earnings ratio as NSA.
Compared to an average S&P500 Price/Earnings ratio of 27.24, NSA is valued quite expensively.
The Price/Forward Earnings ratio is 37.98, which means the current valuation is very expensive for NSA.
NSA's Price/Forward Earnings ratio is in line with the industry average.
When comparing the Price/Forward Earnings ratio of NSA to the average of the S&P500 Index (35.82), we can say NSA is valued inline with the index average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 51.87 | ||
| Fwd PE | 37.98 |
4.2 Price Multiples
93.33% of the companies in the same industry are more expensive than NSA, based on the Enterprise Value to EBITDA ratio.
Based on the Price/Free Cash Flow ratio, NSA is valued cheaper than 100.00% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 10.6 | ||
| EV/EBITDA | 12.05 |
4.3 Compensation for Growth
A cheap valuation may be justified as NSA's earnings are expected to decrease with -5.85% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-13.82%
EPS Next 3Y-5.85%
5. Dividend
5.1 Amount
NSA has a Yearly Dividend Yield of 7.34%, which is a nice return.
Compared to an average industry Dividend Yield of 6.03, NSA pays a better dividend. On top of this NSA pays more dividend than 90.00% of the companies listed in the same industry.
Compared to an average S&P500 Dividend Yield of 2.36, NSA pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 7.34% |
5.2 History
The dividend of NSA is nicely growing with an annual growth rate of 10.15%!
NSA has been paying a dividend for at least 10 years, so it has a reliable track record.
NSA has not decreased its dividend in the past 5 years, so it has a somewhat stable track record.
Dividend Growth(5Y)10.15%
Div Incr Years9
Div Non Decr Years9
5.3 Sustainability
408.83% of the earnings are spent on dividend by NSA. This is not a sustainable payout ratio.
NSA's earnings are declining while the Dividend Rate has been growing. This means the dividend growth is most likely not sustainable.
DP408.83%
EPS Next 2Y-13.82%
EPS Next 3Y-5.85%
32.16
+1.09 (+3.51%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustrySpecialized REITs
Earnings (Last)
Earnings (Next)
Inst Owners94.88%
Inst Owner Change-1.44%
Ins Owners8.05%
Ins Owner Change-1.69%
Market Cap2.47B
Analysts51.82
Price Target35.94 (11.75%)
Short Float %5.67%
Short Ratio3.25
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 7.34% |
Yearly Dividend2.42
Dividend Growth(5Y)10.15%
DP408.83%
Div Incr Years9
Div Non Decr Years9
Ex-Date
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-26.2%
Min EPS beat(2)-43.42%
Max EPS beat(2)-8.98%
EPS beat(4)1
Avg EPS beat(4)-13.95%
Min EPS beat(4)-43.42%
Max EPS beat(4)11.39%
EPS beat(8)4
Avg EPS beat(8)25.75%
EPS beat(12)4
Avg EPS beat(12)12.68%
EPS beat(16)4
Avg EPS beat(16)1.33%
Revenue beat(2)1
Avg Revenue beat(2)-2.4%
Min Revenue beat(2)-8.32%
Max Revenue beat(2)3.53%
Revenue beat(4)3
Avg Revenue beat(4)-0.23%
Min Revenue beat(4)-8.32%
Max Revenue beat(4)3.53%
Revenue beat(8)7
Avg Revenue beat(8)0.92%
Revenue beat(12)11
Avg Revenue beat(12)1.61%
Revenue beat(16)15
Avg Revenue beat(16)2.08%
PT rev (1m)-2.37%
PT rev (3m)-4.78%
EPS NQ rev (1m)-0.74%
EPS NQ rev (3m)-8.54%
EPS NY rev (1m)0%
EPS NY rev (3m)4.89%
Revenue NQ rev (1m)-1.15%
Revenue NQ rev (3m)-5.52%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-1.67%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 51.87 | ||
| Fwd PE | 37.98 | ||
| P/S | 3.23 | ||
| P/FCF | 10.6 | ||
| P/OCF | 7 | ||
| P/B | 2.45 | ||
| P/tB | 2.89 | ||
| EV/EBITDA | 12.05 |
EPS(TTM)0.62
EY1.93%
EPS(NY)0.85
Fwd EY2.63%
FCF(TTM)3.03
FCFY9.43%
OCF(TTM)4.59
OCFY14.28%
SpS9.95
BVpS13.1
TBVpS11.13
PEG (NY)N/A
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 0.91% | ||
| ROE | 4.73% | ||
| ROCE | 5.65% | ||
| ROIC | 4.46% | ||
| ROICexc | 4.48% | ||
| ROICexgc | 4.63% | ||
| OM | 37.59% | ||
| PM (TTM) | 6.23% | ||
| GM | N/A | ||
| FCFM | 30.49% |
ROA(3y)1.84%
ROA(5y)1.63%
ROE(3y)7.87%
ROE(5y)6.49%
ROIC(3y)4.3%
ROIC(5y)3.88%
ROICexc(3y)4.34%
ROICexc(5y)3.91%
ROICexgc(3y)4.44%
ROICexgc(5y)3.99%
ROCE(3y)5.44%
ROCE(5y)4.91%
ROICexcg growth 3Y13.51%
ROICexcg growth 5Y6.59%
ROICexc growth 3Y12.74%
ROICexc growth 5Y6.15%
OM growth 3Y1.16%
OM growth 5Y3.36%
PM growth 3Y-9.08%
PM growth 5YN/A
GM growth 3YN/A
GM growth 5YN/A
F-Score3
Asset Turnover0.15
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 3.4 | ||
| Debt/FCF | 14.66 | ||
| Debt/EBITDA | 7.12 | ||
| Cap/Depr | 62.29% | ||
| Cap/Sales | 15.68% | ||
| Interest Coverage | 1.92 | ||
| Cash Conversion | 73.57% | ||
| Profit Quality | 489.63% | ||
| Current Ratio | 0.47 | ||
| Quick Ratio | 0.47 | ||
| Altman-Z | 0.5 |
F-Score3
WACC6.97%
ROIC/WACC0.64
Cap/Depr(3y)113.11%
Cap/Depr(5y)407.79%
Cap/Sales(3y)31.49%
Cap/Sales(5y)110.85%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-65.36%
EPS 3Y6.27%
EPS 5YN/A
EPS Q2Q%18.75%
EPS Next Y-30.3%
EPS Next 2Y-13.82%
EPS Next 3Y-5.85%
EPS Next 5YN/A
Revenue 1Y (TTM)-7.33%
Revenue growth 3Y9.57%
Revenue growth 5Y14.71%
Sales Q2Q%-0.84%
Revenue Next Year-2.49%
Revenue Next 2Y0.5%
Revenue Next 3Y2.35%
Revenue Next 5Y4.55%
EBIT growth 1Y-10.47%
EBIT growth 3Y10.84%
EBIT growth 5Y18.56%
EBIT Next Year47.51%
EBIT Next 3Y17.12%
EBIT Next 5Y12.2%
FCF growth 1Y329.4%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-19.23%
OCF growth 3Y3.09%
OCF growth 5Y13.05%