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. NSA has a medium profitability rating, but doesn't score so well on its financial health evaluation. 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.
Each year in the past 5 years NSA has been profitable.
NSA had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
NSA's Return On Assets of 0.86% is on the low side compared to the rest of the industry. NSA is outperformed by 66.67% of its industry peers.
NSA has a Return On Equity of 4.35%. This is comparable to the rest of the industry: NSA outperforms 50.00% of its industry peers.
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
The Profit Margin of NSA (5.90%) is comparable to the rest of the industry.
In the last couple of years the Profit Margin of NSA has declined.
NSA has a Operating Margin (37.99%) 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 | 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.
Compared to 1 year ago, NSA has less shares outstanding
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
NSA has an Altman-Z score of 0.51. 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 0.51 is on the low side compared to the rest of the industry. NSA is outperformed by 76.67% of its industry peers.
The Debt to FCF ratio of NSA is 15.29, which is on the high side as it means it would take NSA, 15.29 years of fcf income to pay off all of its debts.
Looking at the Debt to FCF ratio, with a value of 15.29, NSA is in line with its industry, 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.
With a Debt to Equity ratio value of 3.31, NSA is not doing good in the industry: 70.00% of the companies in the same industry are doing better.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 3.31 | ||
| Debt/FCF | 15.29 | ||
| Altman-Z | 0.51 |
ROIC/WACC0.64
WACC6.94%
2.3 Liquidity
A Current Ratio of 0.37 indicates that NSA may have some problems paying its short term obligations.
The Current ratio of NSA (0.37) is worse than 73.33% of its industry peers.
NSA has a Quick Ratio of 0.37. 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 of 0.37. This is in the lower half of the industry: NSA underperforms 73.33% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.37 | ||
| Quick Ratio | 0.37 |
3. Growth
3.1 Past
The earnings per share for NSA have decreased strongly by -69.11% in the last year.
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.
The Revenue has decreased by -9.89% in the past 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
Based on estimates for the next years, NSA will show a decrease in Earnings Per Share. The EPS will decrease by -6.05% on average per year.
The Revenue is expected to grow by 4.55% on average over the next years.
EPS Next Y-30.45%
EPS Next 2Y-14.08%
EPS Next 3Y-6.05%
EPS Next 5YN/A
Revenue Next Year-1.35%
Revenue Next 2Y1.1%
Revenue Next 3Y2.95%
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
Based on the Price/Earnings ratio of 53.93, the valuation of NSA can be described as expensive.
Compared to the rest of the industry, the Price/Earnings ratio of NSA is on the same level as its industry peers.
The average S&P500 Price/Earnings ratio is at 26.98. NSA is valued rather expensively when compared to this.
With a Price/Forward Earnings ratio of 37.81, NSA can be considered very expensive at the moment.
The rest of the industry has a similar Price/Forward Earnings ratio as NSA.
The average S&P500 Price/Forward Earnings ratio is at 21.49. NSA is valued rather expensively when compared to this.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 53.93 | ||
| Fwd PE | 37.81 |
4.2 Price Multiples
Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of NSA indicates a rather cheap valuation: NSA is cheaper than 90.00% of the companies listed 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 | 10.86 | ||
| EV/EBITDA | 12.16 |
4.3 Compensation for Growth
A cheap valuation may be justified as NSA's earnings are expected to decrease with -6.05% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-14.08%
EPS Next 3Y-6.05%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 7.10%, NSA is a good candidate for dividend investing.
NSA's Dividend Yield is rather good when compared to the industry average which is at 5.88. NSA pays more dividend than 90.00% of the companies in the same industry.
NSA's Dividend Yield is rather good when compared to the S&P500 average which is at 2.42.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 7.1% |
5.2 History
On average, the dividend of NSA grows each year by 10.15%, which is quite nice.
NSA has paid a dividend for at least 10 years, which is 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.
The Dividend Rate of NSA has been growing, while earnings will be declining. This means the dividend growth is most likely not sustainable.
DP426.96%
EPS Next 2Y-14.08%
EPS Next 3Y-6.05%
31.82
-0.29 (-0.9%)
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 Change1.31%
Ins Owners8.05%
Ins Owner Change-1.69%
Market Cap2.43B
Analysts52.38
Price Target38.76 (21.81%)
Short Float %4.66%
Short Ratio3.62
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 7.1% |
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)-2.47%
PT rev (3m)-5.99%
EPS NQ rev (1m)1.65%
EPS NQ rev (3m)9.82%
EPS NY rev (1m)4.67%
EPS NY rev (3m)11.35%
Revenue NQ rev (1m)-0.82%
Revenue NQ rev (3m)-1.44%
Revenue NY rev (1m)-0.52%
Revenue NY rev (3m)-2.32%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 53.93 | ||
| Fwd PE | 37.81 | ||
| P/S | 3.19 | ||
| P/FCF | 10.86 | ||
| P/OCF | 6.86 | ||
| P/B | 2.35 | ||
| P/tB | 2.76 | ||
| EV/EBITDA | 12.16 |
EPS(TTM)0.59
EY1.85%
EPS(NY)0.84
Fwd EY2.65%
FCF(TTM)2.93
FCFY9.21%
OCF(TTM)4.64
OCFY14.57%
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 | 0.51 |
F-Score4
WACC6.94%
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)-69.11%
EPS 3Y6.27%
EPS 5YN/A
EPS Q2Q%-84.62%
EPS Next Y-30.45%
EPS Next 2Y-14.08%
EPS Next 3Y-6.05%
EPS Next 5YN/A
Revenue 1Y (TTM)-9.89%
Revenue growth 3Y9.57%
Revenue growth 5Y14.71%
Sales Q2Q%-13.6%
Revenue Next Year-1.35%
Revenue Next 2Y1.1%
Revenue Next 3Y2.95%
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%