NATIONAL STORAGE AFFILIATES (NSA) Stock Fundamental Analysis
NYSE:NSA - New York Stock Exchange, Inc. - US6378701063 - REIT - Currency: USD
Taking everything into account, NSA scores 3 out of 10 in our fundamental rating. NSA was compared to 30 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 does not seem to be growing, but still is valued expensively. NSA also has an excellent dividend rating.
1. Profitability
1.1 Basic Checks
NSA had positive earnings in the past year.
In the past year NSA had a positive cash flow from operations.
In the past 5 years NSA has always been profitable.
Each year in the past 5 years NSA had a positive operating cash flow.
1.2 Ratios
NSA's Return On Assets of 1.70% is in line compared to the rest of the industry. NSA outperforms 43.33% of its industry peers.
The Return On Equity of NSA (8.46%) is better than 70.00% of its industry peers.
The Return On Invested Capital of NSA (4.49%) is comparable to the rest of the industry.
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 5.32%.
The last Return On Invested Capital (4.49%) for NSA is above the 3 year average (4.30%), which is a sign of increasing profitability.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 1.7% | ||
| ROE | 8.46% | ||
| ROIC | 4.49% |
ROA(3y)1.84%
ROA(5y)1.63%
ROE(3y)7.87%
ROE(5y)6.49%
ROIC(3y)4.3%
ROIC(5y)3.88%
1.3 Margins
NSA has a Profit Margin (11.82%) which is in line with its industry peers.
In the last couple of years the Profit Margin of NSA has declined.
NSA has a Operating Margin (38.57%) which is in line with its industry peers.
In the last couple of years the Operating Margin of NSA has grown nicely.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 38.57% | ||
| PM (TTM) | 11.82% | ||
| 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.
NSA has less shares outstanding than it did 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
Based on the Altman-Z score of 0.57, we must say that NSA is in the distress zone and has some risk of bankruptcy.
NSA has a worse Altman-Z score (0.57) than 73.33% of its industry peers.
The Debt to FCF ratio of NSA is 14.07, which is on the high side as it means it would take NSA, 14.07 years of fcf income to pay off all of its debts.
With a Debt to FCF ratio value of 14.07, NSA perfoms like the industry average, outperforming 53.33% of the companies in the same industry.
A Debt/Equity ratio of 3.21 is on the high side and indicates that NSA has dependencies on debt financing.
Looking at the Debt to Equity ratio, with a value of 3.21, NSA is doing worse than 73.33% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 3.21 | ||
| Debt/FCF | 14.07 | ||
| Altman-Z | 0.57 |
ROIC/WACC0.64
WACC7.05%
2.3 Liquidity
A Current Ratio of 0.66 indicates that NSA may have some problems paying its short term obligations.
NSA has a Current ratio of 0.66. This is comparable to the rest of the industry: NSA outperforms 53.33% of its industry peers.
NSA has a Quick Ratio of 0.66. 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 Quick ratio (0.66) which is comparable to the rest of the industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.66 | ||
| Quick Ratio | 0.66 |
3. Growth
3.1 Past
NSA shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -46.07%.
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 very negative growth in Revenue. The Revenue has decreased by -10.22% 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)-46.07%
EPS 3Y6.27%
EPS 5YN/A
EPS Q2Q%-16.92%
Revenue 1Y (TTM)-10.22%
Revenue growth 3Y9.57%
Revenue growth 5Y14.71%
Sales Q2Q%-3.98%
3.2 Future
NSA is expected to show a very negative growth in Earnings Per Share. In the coming years, the EPS will decrease by -10.65% yearly.
NSA is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 5.01% yearly.
EPS Next Y-37.54%
EPS Next 2Y-18.58%
EPS Next 3Y-10.65%
EPS Next 5YN/A
Revenue Next Year-0.44%
Revenue Next 2Y1.67%
Revenue Next 3Y3.27%
Revenue Next 5Y5.01%
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
NSA is valuated quite expensively with a Price/Earnings ratio of 35.57.
NSA's Price/Earnings is on the same level as the industry average.
Compared to an average S&P500 Price/Earnings ratio of 24.21, NSA is valued a bit more expensive.
With a Price/Forward Earnings ratio of 48.48, NSA can be considered very expensive at the moment.
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 (20.44), we can say NSA is valued expensively.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 35.57 | ||
| Fwd PE | 48.48 |
4.2 Price Multiples
NSA's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. NSA is cheaper than 90.00% of the companies in the same industry.
NSA's Price/Free Cash Flow ratio is rather cheap when compared to the industry. NSA is cheaper than 100.00% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 11.43 | ||
| EV/EBITDA | 12.68 |
4.3 Compensation for Growth
A cheap valuation may be justified as NSA's earnings are expected to decrease with -10.65% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-18.58%
EPS Next 3Y-10.65%
5. Dividend
5.1 Amount
NSA has a Yearly Dividend Yield of 6.27%, which is a nice return.
Compared to an average industry Dividend Yield of 5.77, NSA pays a better dividend. On top of this NSA pays more dividend than 86.67% of the companies listed in the same industry.
Compared to an average S&P500 Dividend Yield of 2.42, NSA pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 6.27% |
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
NSA pays out 211.21% of its income as dividend. 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.
DP211.21%
EPS Next 2Y-18.58%
EPS Next 3Y-10.65%
36.64
+0.3 (+0.83%)
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 Change-1.2%
Ins Owners8.78%
Ins Owner Change-3.7%
Market Cap2.80B
Analysts51.82
Price Target39.74 (8.46%)
Short Float %4.37%
Short Ratio4.03
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 6.27% |
Yearly Dividend2.42
Dividend Growth(5Y)10.15%
DP211.21%
Div Incr Years9
Div Non Decr Years9
Ex-Date
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-1.7%
Min EPS beat(2)-14.79%
Max EPS beat(2)11.39%
EPS beat(4)2
Avg EPS beat(4)-1.04%
Min EPS beat(4)-45.37%
Max EPS beat(4)44.62%
EPS beat(8)4
Avg EPS beat(8)30.11%
EPS beat(12)4
Avg EPS beat(12)11.12%
EPS beat(16)4
Avg EPS beat(16)3.05%
Revenue beat(2)2
Avg Revenue beat(2)1.94%
Min Revenue beat(2)1.39%
Max Revenue beat(2)2.49%
Revenue beat(4)4
Avg Revenue beat(4)1.53%
Min Revenue beat(4)0.77%
Max Revenue beat(4)2.49%
Revenue beat(8)8
Avg Revenue beat(8)1.72%
Revenue beat(12)12
Avg Revenue beat(12)2.65%
Revenue beat(16)16
Avg Revenue beat(16)3.46%
PT rev (1m)-3.43%
PT rev (3m)-5.24%
EPS NQ rev (1m)3.96%
EPS NQ rev (3m)-15.87%
EPS NY rev (1m)0%
EPS NY rev (3m)-16.9%
Revenue NQ rev (1m)-0.08%
Revenue NQ rev (3m)-1.77%
Revenue NY rev (1m)0.34%
Revenue NY rev (3m)-1.44%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 35.57 | ||
| Fwd PE | 48.48 | ||
| P/S | 3.64 | ||
| P/FCF | 11.43 | ||
| P/OCF | 7.72 | ||
| P/B | 2.6 | ||
| P/tB | 3.04 | ||
| EV/EBITDA | 12.68 |
EPS(TTM)1.03
EY2.81%
EPS(NY)0.76
Fwd EY2.06%
FCF(TTM)3.21
FCFY8.75%
OCF(TTM)4.75
OCFY12.96%
SpS10.08
BVpS14.07
TBVpS12.05
PEG (NY)N/A
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 1.7% | ||
| ROE | 8.46% | ||
| ROCE | 5.68% | ||
| ROIC | 4.49% | ||
| ROICexc | 4.53% | ||
| ROICexgc | 4.69% | ||
| OM | 38.57% | ||
| PM (TTM) | 11.82% | ||
| GM | N/A | ||
| FCFM | 31.83% |
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 Turnover0.14
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 3.21 | ||
| Debt/FCF | 14.07 | ||
| Debt/EBITDA | 7.08 | ||
| Cap/Depr | 62.1% | ||
| Cap/Sales | 15.3% | ||
| Interest Coverage | 2.04 | ||
| Cash Conversion | 74.55% | ||
| Profit Quality | 269.33% | ||
| Current Ratio | 0.66 | ||
| Quick Ratio | 0.66 | ||
| Altman-Z | 0.57 |
F-Score4
WACC7.05%
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)-46.07%
EPS 3Y6.27%
EPS 5YN/A
EPS Q2Q%-16.92%
EPS Next Y-37.54%
EPS Next 2Y-18.58%
EPS Next 3Y-10.65%
EPS Next 5YN/A
Revenue 1Y (TTM)-10.22%
Revenue growth 3Y9.57%
Revenue growth 5Y14.71%
Sales Q2Q%-3.98%
Revenue Next Year-0.44%
Revenue Next 2Y1.67%
Revenue Next 3Y3.27%
Revenue Next 5Y5.01%
EBIT growth 1Y-11.61%
EBIT growth 3Y10.84%
EBIT growth 5Y18.56%
EBIT Next Year48.33%
EBIT Next 3Y17.5%
EBIT Next 5Y14.06%
FCF growth 1Y-27.97%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-17.78%
OCF growth 3Y3.09%
OCF growth 5Y13.05%