NATIONAL STORAGE AFFILIATES (NSA)
US6378701063 - REIT
Taking everything into account, NSA scores 4 out of 10 in our fundamental rating. NSA was compared to 28 industry peers in the Specialized REITs industry. NSA has a medium profitability rating, but doesn't score so well on its financial health evaluation. NSA is not valued too expensively and it also shows a decent growth rate.
1. Profitability
1.1 Basic Checks
In the past year NSA was profitable.
NSA had a positive operating cash flow in the past year.
Of the past 5 years NSA 4 years were profitable.
NSA had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
The Return On Assets of NSA (2.32%) is comparable to the rest of the industry.
With a decent Return On Equity value of 9.67%, NSA is doing good in the industry, outperforming 71.43% of the companies in the same industry.
The Return On Invested Capital of NSA (4.57%) is comparable to the rest of the industry.
The Average Return On Invested Capital over the past 3 years for NSA is in line with the industry average of 5.04%.
The 3 year average ROIC (3.85%) for NSA is below the current ROIC(4.57%), indicating increased profibility in the last year.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 2.32% | ||
| ROE | 9.67% | ||
| ROIC | 4.57% |
ROA(3y)1.82%
ROA(5y)1.24%
ROE(3y)6.78%
ROE(5y)4.62%
ROIC(3y)3.85%
ROIC(5y)3.65%
1.3 Margins
With a Profit Margin value of 16.04%, NSA perfoms like the industry average, outperforming 50.00% of the companies in the same industry.
NSA's Profit Margin has improved in the last couple of years.
Looking at the Operating Margin, with a value of 39.18%, NSA is in the better half of the industry, outperforming 60.71% of the companies in the same industry.
NSA's Operating Margin has improved in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 39.18% | ||
| PM (TTM) | 16.04% | ||
| GM | N/A |
OM growth 3Y4.8%
OM growth 5Y4.98%
PM growth 3Y25.02%
PM growth 5Y70.05%
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.
NSA has less shares outstanding than it did 1 year ago.
NSA has more shares outstanding than it did 5 years ago.
Compared to 1 year ago, NSA has a worse debt to assets ratio.
2.2 Solvency
Based on the Altman-Z score of 0.58, we must say that NSA is in the distress zone and has some risk of bankruptcy.
NSA has a worse Altman-Z score (0.58) than 75.00% of its industry peers.
NSA has a debt to FCF ratio of 10.75. This is a negative value and a sign of low solvency as NSA would need 10.75 years to pay back of all of its debts.
NSA's Debt to FCF ratio of 10.75 is fine compared to the rest of the industry. NSA outperforms 71.43% of its industry peers.
NSA has a Debt/Equity ratio of 2.57. This is a high value indicating a heavy dependency on external financing.
Looking at the Debt to Equity ratio, with a value of 2.57, NSA is doing worse than 75.00% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 2.57 | ||
| Debt/FCF | 10.75 | ||
| Altman-Z | 0.58 |
ROIC/WACC0.59
WACC7.7%
2.3 Liquidity
A Current Ratio of 0.83 indicates that NSA may have some problems paying its short term obligations.
NSA has a better Current ratio (0.83) than 60.71% of its industry peers.
NSA has a Quick Ratio of 0.83. This is a bad value and indicates that NSA is not financially healthy enough and could expect problems in meeting its short term obligations.
With a decent Quick ratio value of 0.83, NSA is doing good in the industry, outperforming 60.71% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.83 | ||
| Quick Ratio | 0.83 |
3. Growth
3.1 Past
The Earnings Per Share has grown by an impressive 50.00% over the past year.
The Earnings Per Share has been growing by 118.67% on average over the past years. This is a very strong growth
NSA shows a small growth in Revenue. In the last year, the Revenue has grown by 7.05%.
NSA shows a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 20.99% yearly.
EPS 1Y (TTM)50%
EPS 3Y45.2%
EPS 5Y118.67%
EPS growth Q2Q132.26%
Revenue 1Y (TTM)7.05%
Revenue growth 3Y25.68%
Revenue growth 5Y20.99%
Revenue growth Q2Q3.21%
3.2 Future
The Earnings Per Share is expected to decrease by -6.86% on average over the next years.
Based on estimates for the next years, NSA will show a small growth in Revenue. The Revenue will grow by 4.98% on average per year.
EPS Next Y-28.49%
EPS Next 2Y-15.12%
EPS Next 3Y-6.86%
EPS Next 5YN/A
Revenue Next Year-5.15%
Revenue Next 2Y-1.05%
Revenue Next 3Y0.42%
Revenue Next 5Y4.98%
3.3 Evolution
The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
4. Valuation
4.1 Price/Earnings Ratio
The Price/Earnings ratio is 23.28, which indicates a rather expensive current valuation of NSA.
NSA's Price/Earnings ratio is a bit cheaper when compared to the industry. NSA is cheaper than 64.29% of the companies in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 24.84, NSA is valued at the same level.
The Price/Forward Earnings ratio is 32.56, which means the current valuation is very expensive for NSA.
NSA's Price/Forward Earnings is on the same level as the industry average.
NSA is valuated expensively when we compare the Price/Forward Earnings ratio to 21.35, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 23.28 | ||
| Fwd PE | 32.56 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, NSA is valued cheaper than 92.86% of the companies in the same industry.
Based on the Price/Free Cash Flow ratio, NSA is valued cheaply inside the industry as 100.00% of the companies are valued more expensively.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 8.02 | ||
| EV/EBITDA | 11.33 |
4.3 Compensation for Growth
NSA has a very decent profitability rating, which may justify a higher PE ratio.
NSA's earnings are expected to decrease with -6.86% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)0.2
EPS Next 2Y-15.12%
EPS Next 3Y-6.86%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 6.37%, NSA is a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 4.96, NSA pays a bit more dividend than its industry peers.
NSA's Dividend Yield is rather good when compared to the S&P500 average which is at 2.41.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 6.37% |
5.2 History
On average, the dividend of NSA grows each year by 12.46%, which is quite nice.
NSA has been paying a dividend for at least 10 years, so it has a reliable track record.
As NSA did not decrease their dividend in the past 5 years, we can say the dividend looks stable.
Dividend Growth(5Y)12.46%
Div Incr Years8
Div Non Decr Years8
5.3 Sustainability
152.57% 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.
DP152.57%
EPS Next 2Y-15.12%
EPS Next 3Y-6.86%
NATIONAL STORAGE AFFILIATES
NYSE:NSA (4/26/2024, 7:06:55 PM)
After market: 34.92 0 (0%)34.92
-0.25 (-0.71%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustrySpecialized REITs
Earnings (Last)
Earnings (Next)
Inst Owners
Inst Owner Change
Ins Owners
Ins Owner Change
Market Cap2.73B
Analysts
Price Target
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 6.37% |
Dividend Growth(5Y)
DP
Div Incr Years
Div Non Decr Years
Ex-Date
Surprises & Revisions
EPS beat(2)
Avg EPS beat(2)
Min EPS beat(2)
Max EPS beat(2)
EPS beat(4)
Avg EPS beat(4)
Min EPS beat(4)
Max EPS beat(4)
EPS beat(8)
Avg EPS beat(8)
EPS beat(12)
Avg EPS beat(12)
EPS beat(16)
Avg EPS beat(16)
Revenue beat(2)
Avg Revenue beat(2)
Min Revenue beat(2)
Max Revenue beat(2)
Revenue beat(4)
Avg Revenue beat(4)
Min Revenue beat(4)
Max Revenue beat(4)
Revenue beat(8)
Avg Revenue beat(8)
Revenue beat(12)
Avg Revenue beat(12)
Revenue beat(16)
Avg Revenue beat(16)
PT rev (1m)
PT rev (3m)
EPS NQ rev (1m)
EPS NQ rev (3m)
EPS NY rev (1m)
EPS NY rev (3m)
Revenue NQ rev (1m)
Revenue NQ rev (3m)
Revenue NY rev (1m)
Revenue NY rev (3m)
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 23.28 | ||
| Fwd PE | 32.56 | ||
| P/S | |||
| P/FCF | |||
| P/OCF | |||
| P/B | |||
| P/tB | |||
| EV/EBITDA |
EPS(TTM)
EY
EPS(NY)
Fwd EY
FCF(TTM)
FCFY
OCF(TTM)
OCFY
SpS
BVpS
TBVpS
PEG (NY)N/A
PEG (5Y)0.2
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 2.32% | ||
| ROE | 9.67% | ||
| ROCE | |||
| ROIC | |||
| ROICexc | |||
| ROICexgc | |||
| OM | 39.18% | ||
| PM (TTM) | 16.04% | ||
| GM | N/A | ||
| FCFM |
ROA(3y)
ROA(5y)
ROE(3y)
ROE(5y)
ROIC(3y)
ROIC(5y)
ROICexc(3y)
ROICexc(5y)
ROICexgc(3y)
ROICexgc(5y)
ROCE(3y)
ROCE(5y)
ROICexcg growth 3Y
ROICexcg growth 5Y
ROICexc growth 3Y
ROICexc growth 5Y
OM growth 3Y
OM growth 5Y
PM growth 3Y
PM growth 5Y
GM growth 3Y
GM growth 5Y
F-Score
Asset Turnover0.14
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 2.57 | ||
| Debt/FCF | |||
| Debt/EBITDA | |||
| Cap/Depr | |||
| Cap/Sales | |||
| Interest Coverage | |||
| Cash Conversion | |||
| Profit Quality | |||
| Current Ratio | 0.83 | ||
| Quick Ratio | 0.83 | ||
| Altman-Z |
F-Score
WACC
ROIC/WACC
Cap/Depr(3y)
Cap/Depr(5y)
Cap/Sales(3y)
Cap/Sales(5y)
Profit Quality(3y)
Profit Quality(5y)
Growth
EPS 1Y (TTM)50%
EPS 3Y45.2%
EPS 5Y
EPS growth Q2Q
EPS Next Y-28.49%
EPS Next 2Y
EPS Next 3Y
EPS Next 5Y
Revenue 1Y (TTM)7.05%
Revenue growth 3Y25.68%
Revenue growth 5Y
Revenue growth Q2Q
Revenue Next Year
Revenue Next 2Y
Revenue Next 3Y
Revenue Next 5Y
EBIT growth 1Y
EBIT growth 3Y
EBIT growth 5Y
EBIT Next Year
EBIT Next 3Y
EBIT Next 5Y
FCF growth 1Y
FCF growth 3Y
FCF growth 5Y
OCF growth 1Y
OCF growth 3Y
OCF growth 5Y