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. While NSA is still in line with the averages on profitability rating, there are concerns on its financial health. NSA is valued expensive and it does not seem to be growing. 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.
Each year in the past 5 years NSA has been profitable.
Each year in the past 5 years NSA had a positive operating cash flow.
1.2 Ratios
NSA has a Return On Assets of 0.86%. This is in the lower half of the industry: NSA underperforms 66.67% of its industry peers.
With a Return On Equity value of 4.35%, NSA perfoms like the industry average, outperforming 50.00% of the companies in the same industry.
NSA has a Return On Invested Capital (4.45%) which is comparable to the rest of the industry.
Measured over the past 3 years, the Average Return On Invested Capital for NSA is in line with the industry average of 5.28%.
The 3 year average ROIC (4.30%) for NSA is below the current ROIC(4.45%), indicating increased profibility in the last year.
| 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.
Looking at the Operating Margin, with a value of 37.99%, NSA is in line with its industry, outperforming 56.67% of the companies in the same 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.
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.
With a Altman-Z score value of 0.50, NSA is not doing good in the industry: 73.33% 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.
With a Debt to FCF ratio value of 15.29, NSA perfoms like the industry average, outperforming 53.33% of the companies in the same 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 | 0.5 |
ROIC/WACC0.63
WACC7.02%
2.3 Liquidity
A Current Ratio of 0.37 indicates that NSA may have some problems paying its short term obligations.
Looking at the Current ratio, with a value of 0.37, NSA is doing worse than 73.33% of the companies in the same industry.
A Quick Ratio of 0.37 indicates that NSA may have some problems paying its short term obligations.
The Quick ratio of NSA (0.37) is worse than 73.33% of its industry peers.
| 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.
NSA shows a decrease in Revenue. In the last year, the revenue decreased by -9.89%.
The Revenue has been growing by 14.71% on average over the past years. This is quite good.
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
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.
The Revenue is expected to grow by 4.55% on average over the next years.
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
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.
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
The Price/Earnings ratio is 53.22, which means the current valuation is very expensive for NSA.
NSA's Price/Earnings is on the same level as the industry average.
NSA's Price/Earnings ratio indicates a rather expensive valuation when compared to the S&P500 average which is at 28.04.
With a Price/Forward Earnings ratio of 37.08, NSA can be considered very expensive at the moment.
NSA's Price/Forward Earnings is on the same level as the industry average.
When comparing the Price/Forward Earnings ratio of NSA to the average of the S&P500 Index (37.64), we can say NSA is valued inline with the index average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 53.22 | ||
| Fwd PE | 37.08 |
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 | 10.72 | ||
| EV/EBITDA | 12.09 |
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 7.25%, which is a nice return.
NSA's Dividend Yield is rather good when compared to the industry average which is at 5.63. NSA pays more dividend than 96.67% of the companies in the same industry.
Compared to an average S&P500 Dividend Yield of 2.31, NSA pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 7.25% |
5.2 History
On average, the dividend of NSA grows each year by 10.15%, which is quite nice.
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
NSA pays out 426.96% 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.
DP426.96%
EPS Next 2Y-13.82%
EPS Next 3Y-5.85%
31.4
-0.06 (-0.19%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustrySpecialized REITs
Earnings (Last)
Earnings (Next)
Inst Owners96.52%
Inst Owner Change-0.01%
Ins Owners8.05%
Ins Owner Change-1.69%
Market Cap2.40B
Analysts51.82
Price Target38.49 (22.58%)
Short Float %6.14%
Short Ratio3.76
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 7.25% |
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)-0.7%
PT rev (3m)-3.34%
EPS NQ rev (1m)1.62%
EPS NQ rev (3m)11.6%
EPS NY rev (1m)0.21%
EPS NY rev (3m)11.58%
Revenue NQ rev (1m)-1.18%
Revenue NQ rev (3m)-2.56%
Revenue NY rev (1m)-1.16%
Revenue NY rev (3m)-2.06%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 53.22 | ||
| Fwd PE | 37.08 | ||
| P/S | 3.15 | ||
| P/FCF | 10.72 | ||
| P/OCF | 6.77 | ||
| P/B | 2.32 | ||
| P/tB | 2.73 | ||
| EV/EBITDA | 12.09 |
EPS(TTM)0.59
EY1.88%
EPS(NY)0.85
Fwd EY2.7%
FCF(TTM)2.93
FCFY9.33%
OCF(TTM)4.64
OCFY14.77%
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 | 0.5 |
F-Score4
WACC7.02%
ROIC/WACC0.63
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-30.3%
EPS Next 2Y-13.82%
EPS Next 3Y-5.85%
EPS Next 5YN/A
Revenue 1Y (TTM)-9.89%
Revenue growth 3Y9.57%
Revenue growth 5Y14.71%
Sales Q2Q%-13.6%
Revenue Next Year-2.49%
Revenue Next 2Y0.5%
Revenue Next 3Y2.35%
Revenue Next 5Y4.55%
EBIT growth 1Y-12.49%
EBIT growth 3Y10.84%
EBIT growth 5Y18.56%
EBIT Next Year47.74%
EBIT Next 3Y17.27%
EBIT Next 5Y13.98%
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%