NATIONAL STORAGE AFFILIATES (NSA) Stock Fundamental Analysis
NYSE:NSA - New York Stock Exchange, Inc. - US6378701063 - REIT - Currency: USD
Overall NSA gets a fundamental rating of 3 out of 10. We evaluated NSA against 30 industry peers in the Specialized REITs industry. There are concerns on the financial health of NSA while its profitability can be described as average. NSA does not seem to be growing, but still is valued expensively. NSA also has an excellent dividend rating.
1. Profitability
1.1 Basic Checks
In the past year NSA was profitable.
In the past year NSA had a positive cash flow from operations.
Each year in the past 5 years NSA has been profitable.
In the past 5 years NSA always reported a positive cash flow from operatings.
1.2 Ratios
NSA has a worse Return On Assets (0.86%) than 66.67% of its industry peers.
The Return On Equity of NSA (4.35%) is comparable to the rest of the industry.
NSA has a Return On Invested Capital (4.45%) which is in line with its industry peers.
The Average Return On Invested Capital over the past 3 years for NSA is in line with the industry average of 5.28%.
The last Return On Invested Capital (4.45%) for NSA is above the 3 year average (4.30%), which is a sign of increasing profitability.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 0.86% | ||
| ROE | 4.35% | ||
| ROIC | 4.45% |
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 (5.90%) which is comparable to the rest of the industry.
In the last couple of years the Profit Margin of NSA has declined.
The Operating Margin of NSA (37.99%) is comparable to the rest of the industry.
NSA's Operating Margin has improved in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 37.99% | ||
| PM (TTM) | 5.9% | ||
| 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
NSA has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
The number of shares outstanding for NSA has been reduced compared to 1 year ago.
The number of shares outstanding for NSA has been increased compared to 5 years ago.
The debt/assets ratio for NSA is higher compared to a year ago.
2.2 Solvency
NSA has an Altman-Z score of 0.52. This is a bad value and indicates that NSA is not financially healthy and even has some risk of bankruptcy.
With a Altman-Z score value of 0.52, NSA is not doing good in the industry: 76.67% of the companies in the same industry are doing better.
NSA has a debt to FCF ratio of 15.29. This is a negative value and a sign of low solvency as NSA would need 15.29 years to pay back of all of its debts.
The Debt to FCF ratio of NSA (15.29) is comparable to the rest of the industry.
A Debt/Equity ratio of 3.31 is on the high side and indicates that NSA has dependencies on debt financing.
NSA has a worse Debt to Equity ratio (3.31) than 70.00% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 3.31 | ||
| Debt/FCF | 15.29 | ||
| Altman-Z | 0.52 |
ROIC/WACC0.7
WACC6.38%
2.3 Liquidity
A Current Ratio of 0.37 indicates that NSA may have some problems paying its short term obligations.
NSA has a Current ratio of 0.37. This is in the lower half of the industry: NSA underperforms 73.33% of its industry peers.
A Quick Ratio of 0.37 indicates that NSA may have some problems paying its short term obligations.
Looking at the Quick ratio, with a value of 0.37, NSA is doing worse than 73.33% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.37 | ||
| Quick Ratio | 0.37 |
3. Growth
3.1 Past
NSA shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -69.11%.
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 -9.89% in the last year.
NSA shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 14.71% yearly.
EPS 1Y (TTM)-69.11%
EPS 3Y6.27%
EPS 5YN/A
EPS Q2Q%-84.62%
Revenue 1Y (TTM)-9.89%
Revenue growth 3Y9.57%
Revenue growth 5Y14.71%
Sales Q2Q%-13.6%
3.2 Future
NSA is expected to show a decrease in Earnings Per Share. In the coming years, the EPS will decrease by -8.52% yearly.
The Revenue is expected to grow by 5.01% on average over the next years.
EPS Next Y-33.55%
EPS Next 2Y-16.43%
EPS Next 3Y-8.52%
EPS Next 5YN/A
Revenue Next Year-0.84%
Revenue Next 2Y1.43%
Revenue Next 3Y2.96%
Revenue Next 5Y5.01%
3.3 Evolution
When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
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
With a Price/Earnings ratio of 56.73, NSA can be considered very expensive at the moment.
NSA's Price/Earnings is on the same level as the industry average.
The average S&P500 Price/Earnings ratio is at 26.31. NSA is valued rather expensively when compared to this.
NSA is valuated quite expensively with a Price/Forward Earnings ratio of 42.04.
Compared to the rest of the industry, the Price/Forward Earnings ratio of NSA is on the same level as its industry peers.
NSA is valuated expensively when we compare the Price/Forward Earnings ratio to 22.06, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 56.73 | ||
| Fwd PE | 42.04 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, NSA is valued cheaply inside the industry as 90.00% of the companies are valued more expensively.
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 | 11.42 | ||
| EV/EBITDA | 12.44 |
4.3 Compensation for Growth
NSA's earnings are expected to decrease with -8.52% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-16.43%
EPS Next 3Y-8.52%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 6.66%, NSA is a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 5.59, NSA pays a better dividend. On top of this NSA pays more dividend than 90.00% of the companies listed in the same industry.
NSA's Dividend Yield is rather good when compared to the S&P500 average which is at 2.38.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 6.66% |
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.
As NSA did not decrease their dividend in the past 5 years, we can say the dividend looks stable.
Dividend Growth(5Y)10.15%
Div Incr Years9
Div Non Decr Years9
5.3 Sustainability
426.96% 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.
DP426.96%
EPS Next 2Y-16.43%
EPS Next 3Y-8.52%
33.47
-0.1 (-0.3%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustrySpecialized REITs
Earnings (Last)
Earnings (Next)
Inst Owners94.3%
Inst Owner Change1.31%
Ins Owners8.78%
Ins Owner Change-3.7%
Market Cap2.56B
Analysts51.82
Price Target39.74 (18.73%)
Short Float %4.73%
Short Ratio3.77
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 6.66% |
Yearly Dividend2.42
Dividend Growth(5Y)10.15%
DP426.96%
Div Incr Years9
Div Non Decr Years9
Ex-Date
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-29.11%
Min EPS beat(2)-43.42%
Max EPS beat(2)-14.79%
EPS beat(4)1
Avg EPS beat(4)-23.05%
Min EPS beat(4)-45.37%
Max EPS beat(4)11.39%
EPS beat(8)4
Avg EPS beat(8)26.58%
EPS beat(12)4
Avg EPS beat(12)10.44%
EPS beat(16)4
Avg EPS beat(16)0.8%
Revenue beat(2)1
Avg Revenue beat(2)-3.47%
Min Revenue beat(2)-8.32%
Max Revenue beat(2)1.39%
Revenue beat(4)3
Avg Revenue beat(4)-0.92%
Min Revenue beat(4)-8.32%
Max Revenue beat(4)2.49%
Revenue beat(8)7
Avg Revenue beat(8)0.53%
Revenue beat(12)11
Avg Revenue beat(12)1.87%
Revenue beat(16)15
Avg Revenue beat(16)2.58%
PT rev (1m)-0.18%
PT rev (3m)-5.59%
EPS NQ rev (1m)8.04%
EPS NQ rev (3m)-13.82%
EPS NY rev (1m)6.38%
EPS NY rev (3m)-10.54%
Revenue NQ rev (1m)-0.58%
Revenue NQ rev (3m)-2.6%
Revenue NY rev (1m)-0.4%
Revenue NY rev (3m)-1.83%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 56.73 | ||
| Fwd PE | 42.04 | ||
| P/S | 3.36 | ||
| P/FCF | 11.42 | ||
| P/OCF | 7.22 | ||
| P/B | 2.48 | ||
| P/tB | 2.9 | ||
| EV/EBITDA | 12.44 |
EPS(TTM)0.59
EY1.76%
EPS(NY)0.8
Fwd EY2.38%
FCF(TTM)2.93
FCFY8.76%
OCF(TTM)4.64
OCFY13.85%
SpS9.97
BVpS13.52
TBVpS11.52
PEG (NY)N/A
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 0.86% | ||
| ROE | 4.35% | ||
| ROCE | 5.64% | ||
| ROIC | 4.45% | ||
| ROICexc | 4.47% | ||
| ROICexgc | 4.62% | ||
| OM | 37.99% | ||
| PM (TTM) | 5.9% | ||
| GM | N/A | ||
| FCFM | 29.39% |
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-Score4
Asset Turnover0.15
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 3.31 | ||
| Debt/FCF | 15.29 | ||
| Debt/EBITDA | 7.13 | ||
| Cap/Depr | 68.48% | ||
| Cap/Sales | 17.12% | ||
| Interest Coverage | 1.94 | ||
| Cash Conversion | 73.84% | ||
| Profit Quality | 498.22% | ||
| Current Ratio | 0.37 | ||
| Quick Ratio | 0.37 | ||
| Altman-Z | 0.52 |
F-Score4
WACC6.38%
ROIC/WACC0.7
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)-69.11%
EPS 3Y6.27%
EPS 5YN/A
EPS Q2Q%-84.62%
EPS Next Y-33.55%
EPS Next 2Y-16.43%
EPS Next 3Y-8.52%
EPS Next 5YN/A
Revenue 1Y (TTM)-9.89%
Revenue growth 3Y9.57%
Revenue growth 5Y14.71%
Sales Q2Q%-13.6%
Revenue Next Year-0.84%
Revenue Next 2Y1.43%
Revenue Next 3Y2.96%
Revenue Next 5Y5.01%
EBIT growth 1Y-12.49%
EBIT growth 3Y10.84%
EBIT growth 5Y18.56%
EBIT Next Year47.74%
EBIT Next 3Y17.27%
EBIT Next 5Y14.06%
FCF growth 1Y802.28%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-20.03%
OCF growth 3Y3.09%
OCF growth 5Y13.05%