NATIONAL STORAGE AFFILIATES (NSA) Stock Fundamental Analysis
USA - NYSE:NSA - US6378701063 - REIT
32.25 USD
-0.07 (-0.22%)
32.25 USD
0 (0%)
We assign a fundamental rating of 3 out of 10 to NSA. NSA was compared to 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 has a expensive valuation and it also scores bad on growth. 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.
NSA had positive earnings in each of the past 5 years.
In the past 5 years NSA always reported a positive cash flow from operatings.
1.2 Ratios
The Return On Assets of NSA (0.91%) is worse than 63.33% of its industry peers.
Looking at the Return On Equity, with a value of 4.73%, NSA is in line with its industry, outperforming 50.00% of the companies in the same industry.
NSA has a Return On Invested Capital (4.46%) which 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 4.79%.
The last Return On Invested Capital (4.46%) for NSA is above the 3 year average (4.30%), which is a sign of increasing profitability.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 0.91% | ||
| ROE | 4.73% | ||
| ROIC | 4.46% |
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 (6.23%) is comparable to the rest of the industry.
NSA's Profit Margin has declined in the last couple of years.
With a Operating Margin value of 37.59%, NSA perfoms like the industry average, outperforming 60.00% of the companies in the same industry.
NSA's Operating Margin has improved in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 37.59% | ||
| PM (TTM) | 6.23% | ||
| 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.
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.
NSA has a worse debt/assets ratio than last year.
2.2 Solvency
Based on the Altman-Z score of 0.51, we must say that NSA is in the distress zone and has some risk of bankruptcy.
With a Altman-Z score value of 0.51, NSA is not doing good in the industry: 73.33% of the companies in the same industry are doing better.
The Debt to FCF ratio of NSA is 14.66, which is on the high side as it means it would take NSA, 14.66 years of fcf income to pay off all of its debts.
NSA has a Debt to FCF ratio of 14.66. This is comparable to the rest of the industry: NSA outperforms 56.67% of its industry peers.
NSA has a Debt/Equity ratio of 3.40. This is a high value indicating a heavy dependency on external financing.
With a Debt to Equity ratio value of 3.40, 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 | 3.4 | ||
| Debt/FCF | 14.66 | ||
| Altman-Z | 0.51 |
ROIC/WACC0.65
WACC6.9%
2.3 Liquidity
NSA has a Current Ratio of 0.47. 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 worse Current ratio (0.47) than 66.67% of its industry peers.
A Quick Ratio of 0.47 indicates that NSA may have some problems paying its short term obligations.
Looking at the Quick ratio, with a value of 0.47, NSA is doing worse than 66.67% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.47 | ||
| Quick Ratio | 0.47 |
3. Growth
3.1 Past
NSA shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -65.36%.
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 -7.33% in the past year.
The Revenue has been growing by 14.71% on average over the past years. This is quite good.
EPS 1Y (TTM)-65.36%
EPS 3Y6.27%
EPS 5YN/A
EPS Q2Q%18.75%
Revenue 1Y (TTM)-7.33%
Revenue growth 3Y9.57%
Revenue growth 5Y14.71%
Sales Q2Q%-0.84%
3.2 Future
NSA is expected to show a decrease in Earnings Per Share. In the coming years, the EPS will decrease by -9.83% yearly.
The Revenue is expected to grow by 3.10% on average over the next years.
EPS Next Y-34.97%
EPS Next 2Y-18.59%
EPS Next 3Y-9.83%
EPS Next 5YN/A
Revenue Next Year-3.26%
Revenue Next 2Y-0.36%
Revenue Next 3Y1.51%
Revenue Next 5Y3.1%
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 52.02, NSA can be considered very expensive at the moment.
NSA's Price/Earnings is on the same level as the industry average.
When comparing the Price/Earnings ratio of NSA to the average of the S&P500 Index (27.42), we can say NSA is valued expensively.
Based on the Price/Forward Earnings ratio of 42.69, the valuation of NSA can be described as expensive.
The rest of the industry has a similar Price/Forward Earnings ratio as NSA.
NSA's Price/Forward Earnings ratio indicates a rather expensive valuation when compared to the S&P500 average which is at 22.94.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 52.02 | ||
| Fwd PE | 42.69 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, NSA is valued cheaply inside the industry as 96.67% of the companies are valued more expensively.
100.00% of the companies in the same industry are more expensive than NSA, based on the Price/Free Cash Flow ratio.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 10.67 | ||
| EV/EBITDA | 12.25 |
4.3 Compensation for Growth
NSA's earnings are expected to decrease with -9.83% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-18.59%
EPS Next 3Y-9.83%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 7.05%, NSA is a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 5.76, NSA pays a better dividend. On top of this NSA pays more dividend than 96.67% 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 2.36.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 7.05% |
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.
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 408.83% 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.
DP408.83%
EPS Next 2Y-18.59%
EPS Next 3Y-9.83%
32.25
-0.07 (-0.22%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustrySpecialized REITs
Earnings (Last)
Earnings (Next)
Inst Owners95.18%
Inst Owner Change0.01%
Ins Owners8.02%
Ins Owner Change0%
Market Cap2.48B
Analysts51.82
Price Target35.05 (8.68%)
Short Float %7.82%
Short Ratio5.13
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 7.05% |
Yearly Dividend2.42
Dividend Growth(5Y)10.15%
DP408.83%
Div Incr Years9
Div Non Decr Years9
Ex-Date
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-26.2%
Min EPS beat(2)-43.42%
Max EPS beat(2)-8.98%
EPS beat(4)1
Avg EPS beat(4)-13.95%
Min EPS beat(4)-43.42%
Max EPS beat(4)11.39%
EPS beat(8)4
Avg EPS beat(8)28.58%
EPS beat(12)4
Avg EPS beat(12)14.56%
EPS beat(16)4
Avg EPS beat(16)2.75%
Revenue beat(2)1
Avg Revenue beat(2)-2.4%
Min Revenue beat(2)-8.32%
Max Revenue beat(2)3.53%
Revenue beat(4)3
Avg Revenue beat(4)-0.23%
Min Revenue beat(4)-8.32%
Max Revenue beat(4)3.53%
Revenue beat(8)7
Avg Revenue beat(8)0.92%
Revenue beat(12)11
Avg Revenue beat(12)1.61%
Revenue beat(16)15
Avg Revenue beat(16)2.08%
PT rev (1m)-1.34%
PT rev (3m)-8.92%
EPS NQ rev (1m)-4.04%
EPS NQ rev (3m)-16.18%
EPS NY rev (1m)-29.31%
EPS NY rev (3m)-6.7%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-1.46%
Revenue NY rev (1m)-0.09%
Revenue NY rev (3m)-0.78%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 52.02 | ||
| Fwd PE | 42.69 | ||
| P/S | 3.25 | ||
| P/FCF | 10.67 | ||
| P/OCF | 7.05 | ||
| P/B | 2.47 | ||
| P/tB | 2.91 | ||
| EV/EBITDA | 12.25 |
EPS(TTM)0.62
EY1.92%
EPS(NY)0.76
Fwd EY2.34%
FCF(TTM)3.02
FCFY9.37%
OCF(TTM)4.58
OCFY14.19%
SpS9.91
BVpS13.05
TBVpS11.09
PEG (NY)N/A
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 0.91% | ||
| ROE | 4.73% | ||
| ROCE | 5.65% | ||
| ROIC | 4.46% | ||
| ROICexc | 4.48% | ||
| ROICexgc | 4.63% | ||
| OM | 37.59% | ||
| PM (TTM) | 6.23% | ||
| GM | N/A | ||
| FCFM | 30.49% |
ROA(3y)1.84%
ROA(5y)1.63%
ROE(3y)7.87%
ROE(5y)6.49%
ROIC(3y)4.3%
ROIC(5y)3.88%
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-Score3
Asset Turnover0.15
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 3.4 | ||
| Debt/FCF | 14.66 | ||
| Debt/EBITDA | 7.12 | ||
| Cap/Depr | 62.29% | ||
| Cap/Sales | 15.68% | ||
| Interest Coverage | 1.92 | ||
| Cash Conversion | 73.57% | ||
| Profit Quality | 489.63% | ||
| Current Ratio | 0.47 | ||
| Quick Ratio | 0.47 | ||
| Altman-Z | 0.51 |
F-Score3
WACC6.9%
ROIC/WACC0.65
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)-65.36%
EPS 3Y6.27%
EPS 5YN/A
EPS Q2Q%18.75%
EPS Next Y-34.97%
EPS Next 2Y-18.59%
EPS Next 3Y-9.83%
EPS Next 5YN/A
Revenue 1Y (TTM)-7.33%
Revenue growth 3Y9.57%
Revenue growth 5Y14.71%
Sales Q2Q%-0.84%
Revenue Next Year-3.26%
Revenue Next 2Y-0.36%
Revenue Next 3Y1.51%
Revenue Next 5Y3.1%
EBIT growth 1Y-10.47%
EBIT growth 3Y10.84%
EBIT growth 5Y18.56%
EBIT Next Year45.21%
EBIT Next 3Y15.75%
EBIT Next 5Y11.93%
FCF growth 1Y329.4%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-19.23%
OCF growth 3Y3.09%
OCF growth 5Y13.05%