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NATIONAL STORAGE AFFILIATES (NSA) Stock Fundamental Analysis

NYSE:NSA - New York Stock Exchange, Inc. - US6378701063 - REIT - Currency: USD

37.15  -0.3 (-0.8%)

After market: 37.15 0 (0%)

Fundamental Rating

4

We assign a fundamental rating of 4 out of 10 to NSA. NSA was compared to 28 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 is not valued too expensively and it also shows a decent growth rate. Finally NSA also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

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5

1. Profitability

1.1 Basic Checks

NSA had positive earnings in the past year.
NSA had a positive operating cash flow in the past year.
NSA had positive earnings in 4 of the past 5 years.
Each year in the past 5 years NSA had a positive operating cash flow.
NSA Yearly Net Income VS EBIT VS OCF VS FCFNSA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 -500M -1B -1.5B

1.2 Ratios

With a Return On Assets value of 2.66%, NSA perfoms like the industry average, outperforming 42.86% of the companies in the same industry.
Looking at the Return On Equity, with a value of 14.52%, NSA is in the better half of the industry, outperforming 78.57% of the companies in the same industry.
NSA has a Return On Invested Capital (4.67%) 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 5.22%.
The last Return On Invested Capital (4.67%) for NSA is above the 3 year average (3.85%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 2.66%
ROE 14.52%
ROIC 4.67%
ROA(3y)1.82%
ROA(5y)1.24%
ROE(3y)6.78%
ROE(5y)4.62%
ROIC(3y)3.85%
ROIC(5y)3.65%
NSA Yearly ROA, ROE, ROICNSA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 2 4 6 8

1.3 Margins

NSA has a Profit Margin (18.01%) which is in line with its industry peers.
NSA's Profit Margin has improved in the last couple of years.
Looking at the Operating Margin, with a value of 39.02%, NSA is in line with its industry, outperforming 57.14% of the companies in the same industry.
In the last couple of years the Operating Margin of NSA has grown nicely.
Industry RankSector Rank
OM 39.02%
PM (TTM) 18.01%
GM N/A
OM growth 3Y4.8%
OM growth 5Y4.98%
PM growth 3Y25.02%
PM growth 5Y70.05%
GM growth 3YN/A
GM growth 5YN/A
NSA Yearly Profit, Operating, Gross MarginsNSA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 10 20 30

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2

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
Compared to 5 years ago, NSA has more shares outstanding
NSA has a worse debt/assets ratio than last year.
NSA Yearly Shares OutstandingNSA Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 20M 40M 60M 80M
NSA Yearly Total Debt VS Total AssetsNSA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2B 4B 6B

2.2 Solvency

NSA has an Altman-Z score of 0.59. This is a bad value and indicates that NSA is not financially healthy and even has some risk of bankruptcy.
NSA has a Altman-Z score of 0.59. This is in the lower half of the industry: NSA underperforms 75.00% of its industry peers.
NSA has a debt to FCF ratio of 13.09. This is a negative value and a sign of low solvency as NSA would need 13.09 years to pay back of all of its debts.
The Debt to FCF ratio of NSA (13.09) is better than 60.71% of its industry peers.
NSA has a Debt/Equity ratio of 3.47. This is a high value indicating a heavy dependency on external financing.
NSA has a Debt to Equity ratio of 3.47. This is in the lower half of the industry: NSA underperforms 78.57% of its industry peers.
Industry RankSector Rank
Debt/Equity 3.47
Debt/FCF 13.09
Altman-Z 0.59
ROIC/WACC0.77
WACC6.02%
NSA Yearly LT Debt VS Equity VS FCFNSA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 1B -1B 2B 3B

2.3 Liquidity

A Current Ratio of 0.77 indicates that NSA may have some problems paying its short term obligations.
NSA's Current ratio of 0.77 is fine compared to the rest of the industry. NSA outperforms 64.29% of its industry peers.
NSA has a Quick Ratio of 0.77. This is a bad value and indicates that NSA is not financially healthy enough and could expect problems in meeting its short term obligations.
The Quick ratio of NSA (0.77) is better than 64.29% of its industry peers.
Industry RankSector Rank
Current Ratio 0.77
Quick Ratio 0.77
NSA Yearly Current Assets VS Current LiabilitesNSA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 20M 40M 60M 80M 100M

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5

3. Growth

3.1 Past

NSA shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 56.88%, which is quite impressive.
NSA shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 118.67% yearly.
NSA shows a decrease in Revenue. In the last year, the revenue decreased by -6.55%.
The Revenue has been growing by 20.99% on average over the past years. This is a very strong growth!
EPS 1Y (TTM)56.88%
EPS 3Y45.2%
EPS 5Y118.67%
EPS Q2Q%-30.77%
Revenue 1Y (TTM)-6.55%
Revenue growth 3Y25.68%
Revenue growth 5Y20.99%
Sales Q2Q%-11.65%

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 -15.32% yearly.
NSA is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 1.92% yearly.
EPS Next Y-20.38%
EPS Next 2Y-26.07%
EPS Next 3Y-15.32%
EPS Next 5YN/A
Revenue Next Year-10.54%
Revenue Next 2Y-4.93%
Revenue Next 3Y-2.19%
Revenue Next 5Y1.92%

3.3 Evolution

The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
NSA Yearly Revenue VS EstimatesNSA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 200M 400M 600M 800M
NSA Yearly EPS VS EstimatesNSA Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 0 0.5 1

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5

4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 21.73, NSA is valued on the expensive side.
Compared to the rest of the industry, the Price/Earnings ratio of NSA indicates a somewhat cheap valuation: NSA is cheaper than 78.57% of the companies listed in the same industry.
The average S&P500 Price/Earnings ratio is at 28.46. NSA is valued slightly cheaper when compared to this.
Based on the Price/Forward Earnings ratio of 45.32, the valuation of NSA can be described as expensive.
NSA's Price/Forward Earnings is on the same level as the industry average.
Compared to an average S&P500 Price/Forward Earnings ratio of 92.56, NSA is valued rather cheaply.
Industry RankSector Rank
PE 21.73
Fwd PE 45.32
NSA Price Earnings VS Forward Price EarningsNSA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60 80

4.2 Price Multiples

92.86% of the companies in the same industry are more expensive than NSA, based on the Enterprise Value to EBITDA ratio.
100.00% of the companies in the same industry are more expensive than NSA, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 10.81
EV/EBITDA 12.28
NSA Per share dataNSA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 2 4 6 8 10

4.3 Compensation for Growth

A cheap valuation may be justified as NSA's earnings are expected to decrease with -15.32% in the coming years.
PEG (NY)N/A
PEG (5Y)0.18
EPS Next 2Y-26.07%
EPS Next 3Y-15.32%

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7

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 4.83, NSA pays a better dividend. On top of this NSA pays more dividend than 82.14% 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 2.27.
Industry RankSector Rank
Dividend Yield 6.27%

5.2 History

The dividend of NSA is nicely growing with an annual growth rate of 12.46%!
NSA has paid a dividend for at least 10 years, which is 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)12.46%
Div Incr Years9
Div Non Decr Years9
NSA Yearly Dividends per shareNSA Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0.5 1 1.5 2

5.3 Sustainability

135.35% of the earnings are spent on dividend by NSA. 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.
DP135.35%
EPS Next 2Y-26.07%
EPS Next 3Y-15.32%
NSA Yearly Income VS Free CF VS DividendNSA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 -500M -1B -1.5B
NSA Dividend Payout.NSA Dividend Payout, showing the Payout Ratio.NSA Dividend Payout.PayoutRetained Earnings

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NATIONAL STORAGE AFFILIATES

NYSE:NSA (1/31/2025, 8:04:00 PM)

After market: 37.15 0 (0%)

37.15

-0.3 (-0.8%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustrySpecialized REITs
Earnings (Last)10-30 2024-10-30/amc
Earnings (Next)N/A N/A
Inst Owners91.44%
Inst Owner Change-0.36%
Ins Owners8.97%
Ins Owner Change-2.01%
Market Cap2.83B
Analysts50.48
Price Target43.97 (18.36%)
Short Float %4.79%
Short Ratio5.65
Dividend
Industry RankSector Rank
Dividend Yield 6.27%
Yearly Dividend2.44
Dividend Growth(5Y)12.46%
DP135.35%
Div Incr Years9
Div Non Decr Years9
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-29.22%
Min EPS beat(2)-45.37%
Max EPS beat(2)-13.06%
EPS beat(4)2
Avg EPS beat(4)59.92%
Min EPS beat(4)-45.37%
Max EPS beat(4)253.48%
EPS beat(8)3
Avg EPS beat(8)28.86%
EPS beat(12)3
Avg EPS beat(12)7.87%
EPS beat(16)4
Avg EPS beat(16)4.76%
Revenue beat(2)2
Avg Revenue beat(2)1.63%
Min Revenue beat(2)0.77%
Max Revenue beat(2)2.49%
Revenue beat(4)4
Avg Revenue beat(4)1.88%
Min Revenue beat(4)0.77%
Max Revenue beat(4)2.77%
Revenue beat(8)8
Avg Revenue beat(8)2.19%
Revenue beat(12)12
Avg Revenue beat(12)3.01%
Revenue beat(16)16
Avg Revenue beat(16)3.69%
PT rev (1m)-0.49%
PT rev (3m)0.67%
EPS NQ rev (1m)0%
EPS NQ rev (3m)50%
EPS NY rev (1m)0%
EPS NY rev (3m)-14.31%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-2.12%
Revenue NY rev (1m)0.02%
Revenue NY rev (3m)-0.03%
Valuation
Industry RankSector Rank
PE 21.73
Fwd PE 45.32
P/S 3.56
P/FCF 10.81
P/OCF 7.51
P/B 2.87
P/tB 3.41
EV/EBITDA 12.28
EPS(TTM)1.71
EY4.6%
EPS(NY)0.82
Fwd EY2.21%
FCF(TTM)3.44
FCFY9.25%
OCF(TTM)4.94
OCFY13.31%
SpS10.44
BVpS12.94
TBVpS10.9
PEG (NY)N/A
PEG (5Y)0.18
Profitability
Industry RankSector Rank
ROA 2.66%
ROE 14.52%
ROCE 5.91%
ROIC 4.67%
ROICexc 4.73%
ROICexgc 4.89%
OM 39.02%
PM (TTM) 18.01%
GM N/A
FCFM 32.93%
ROA(3y)1.82%
ROA(5y)1.24%
ROE(3y)6.78%
ROE(5y)4.62%
ROIC(3y)3.85%
ROIC(5y)3.65%
ROICexc(3y)3.88%
ROICexc(5y)3.68%
ROICexgc(3y)3.94%
ROICexgc(5y)3.74%
ROCE(3y)4.87%
ROCE(5y)4.62%
ROICexcg growth 3Y10.9%
ROICexcg growth 5Y8.94%
ROICexc growth 3Y10.8%
ROICexc growth 5Y9.06%
OM growth 3Y4.8%
OM growth 5Y4.98%
PM growth 3Y25.02%
PM growth 5Y70.05%
GM growth 3YN/A
GM growth 5YN/A
F-Score8
Asset Turnover0.15
Health
Industry RankSector Rank
Debt/Equity 3.47
Debt/FCF 13.09
Debt/EBITDA 6.77
Cap/Depr 58.73%
Cap/Sales 14.44%
Interest Coverage 2.08
Cash Conversion 74.46%
Profit Quality 182.79%
Current Ratio 0.77
Quick Ratio 0.77
Altman-Z 0.59
F-Score8
WACC6.02%
ROIC/WACC0.77
Cap/Depr(3y)512.94%
Cap/Depr(5y)471.31%
Cap/Sales(3y)140.06%
Cap/Sales(5y)128.37%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)56.88%
EPS 3Y45.2%
EPS 5Y118.67%
EPS Q2Q%-30.77%
EPS Next Y-20.38%
EPS Next 2Y-26.07%
EPS Next 3Y-15.32%
EPS Next 5YN/A
Revenue 1Y (TTM)-6.55%
Revenue growth 3Y25.68%
Revenue growth 5Y20.99%
Sales Q2Q%-11.65%
Revenue Next Year-10.54%
Revenue Next 2Y-4.93%
Revenue Next 3Y-2.19%
Revenue Next 5Y1.92%
EBIT growth 1Y-6.02%
EBIT growth 3Y31.72%
EBIT growth 5Y27.02%
EBIT Next Year54.21%
EBIT Next 3Y16.53%
EBIT Next 5Y13.59%
FCF growth 1Y123.56%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-14.85%
OCF growth 3Y26.02%
OCF growth 5Y22.24%