NATIONAL STORAGE AFFILIATES (NSA) Stock Fundamental Analysis
NYSE:NSA - New York Stock Exchange, Inc. - US6378701063 - REIT - Currency: USD
We assign a fundamental rating of 3 out of 10 to NSA. NSA was compared to 29 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 valued expensive and it does not seem to be growing. Finally NSA also has an excellent dividend rating.
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.
Of the past 5 years NSA 4 years were profitable.
NSA had a positive operating cash flow in 4 of the past 5 years.
1.2 Ratios
NSA has a Return On Assets of 2.66%. This is comparable to the rest of the industry: NSA outperforms 50.00% of its industry peers.
Looking at the Return On Equity, with a value of 14.52%, NSA is in the better half of the industry, outperforming 75.00% of the companies in the same industry.
The Return On Invested Capital of NSA (4.67%) is comparable to the rest of the industry.
The Average Return On Invested Capital over the past 3 years for NSA is in line with the industry average of 5.33%.
The 3 year average ROIC (3.85%) for NSA is below the current ROIC(4.67%), indicating increased profibility in the last year.
| Industry Rank | Sector 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%
1.3 Margins
NSA's Profit Margin of 18.01% is in line compared to the rest of the industry. NSA outperforms 53.57% of its industry peers.
In the last couple of years the Profit Margin of NSA has grown nicely.
NSA has a Operating Margin of 39.02%. This is comparable to the rest of the industry: NSA outperforms 57.14% of its industry peers.
In the last couple of years the Operating Margin of NSA has grown nicely.
| Industry Rank | Sector 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
2. Health
2.1 Basic Checks
With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), NSA is destroying value.
NSA has no outstanding debt. Therefor its Debt/Equity and Debt/FCF ratios are 0 and belong to the best of the industry.
2.2 Solvency
Based on the Altman-Z score of 0.60, we must say that NSA is in the distress zone and has some risk of bankruptcy.
NSA's Altman-Z score of 0.60 is on the low side compared to the rest of the industry. NSA is outperformed by 78.57% 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.
NSA has a Debt to FCF ratio (13.09) which is comparable to the rest of the industry.
A Debt/Equity ratio of 3.47 is on the high side and indicates that NSA has dependencies on debt financing.
With a Debt to Equity ratio value of 3.47, NSA is not doing good in the industry: 78.57% of the companies in the same industry are doing better.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 3.47 | ||
| Debt/FCF | 13.09 | ||
| Altman-Z | 0.6 |
ROIC/WACC0.65
WACC7.15%
2.3 Liquidity
NSA has a Current 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.
NSA has a Current ratio of 0.77. This is comparable to the rest of the industry: NSA outperforms 50.00% 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.
NSA has a Quick ratio (0.77) which is comparable to the rest of the industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.77 | ||
| Quick Ratio | 0.77 |
3. Growth
3.1 Past
NSA shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -24.00%.
The Earnings Per Share has been growing slightly by 6.27% on average over the past years.
EPS 1Y (TTM)-24%
EPS 3Y6.27%
EPS 5YN/A
EPS Q2Q%-79.17%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%-11.74%
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 -11.20% yearly.
The Revenue is expected to grow by 5.45% on average over the next years.
EPS Next Y-25.73%
EPS Next 2Y-11.2%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year1.02%
Revenue Next 2Y2.28%
Revenue Next 3Y4.15%
Revenue Next 5Y5.45%
3.3 Evolution
The EPS 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 33.83, the valuation of NSA can be described as expensive.
The rest of the industry has a similar Price/Earnings ratio as NSA.
Compared to an average S&P500 Price/Earnings ratio of 29.75, NSA is valued at the same level.
With a Price/Forward Earnings ratio of 45.55, NSA can be considered very expensive at the moment.
NSA's Price/Forward Earnings is on the same level as the industry average.
The average S&P500 Price/Forward Earnings ratio is at 22.44. NSA is valued rather expensively when compared to this.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 33.83 | ||
| Fwd PE | 45.55 |
4.2 Price Multiples
NSA's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. NSA is cheaper than 92.86% of the companies in the same industry.
Based on the Price/Free Cash Flow ratio, NSA is valued cheaply inside the industry as 100.00% of the companies are valued more expensively.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 11.22 | ||
| EV/EBITDA | 12.45 |
4.3 Compensation for Growth
A cheap valuation may be justified as NSA's earnings are expected to decrease with -11.20% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-11.2%
EPS Next 3YN/A
5. Dividend
5.1 Amount
NSA has a Yearly Dividend Yield of 5.90%, which is a nice return.
NSA's Dividend Yield is rather good when compared to the industry average which is at 4.49. NSA pays more dividend than 85.71% of the companies in the same industry.
Compared to an average S&P500 Dividend Yield of 2.30, NSA pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.9% |
5.2 History
On average, the dividend of NSA grows each year by 12.46%, 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)12.46%
Div Incr Years9
Div Non Decr Years9
5.3 Sustainability
135.35% of the earnings are spent on dividend by NSA. 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.
DP135.35%
EPS Next 2Y-11.2%
EPS Next 3YN/A
38.57
-0.05 (-0.13%)
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 Change0.35%
Ins Owners8.78%
Ins Owner Change-2.01%
Market Cap2.94B
Analysts51.43
Price Target42.09 (9.13%)
Short Float %4.87%
Short Ratio6.39
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.9% |
Yearly Dividend2.44
Dividend Growth(5Y)12.46%
DP135.35%
Div Incr Years9
Div Non Decr Years9
Ex-Date
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)0.19%
PT rev (3m)-4.74%
EPS NQ rev (1m)3.67%
EPS NQ rev (3m)-3.42%
EPS NY rev (1m)0%
EPS NY rev (3m)-9.09%
Revenue NQ rev (1m)0.04%
Revenue NQ rev (3m)-0.48%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.02%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 33.83 | ||
| Fwd PE | 45.55 | ||
| P/S | 3.7 | ||
| P/FCF | 11.22 | ||
| P/OCF | 7.8 | ||
| P/B | 2.98 | ||
| P/tB | 3.54 | ||
| EV/EBITDA | 12.45 |
EPS(TTM)1.14
EY2.96%
EPS(NY)0.85
Fwd EY2.2%
FCF(TTM)3.44
FCFY8.91%
OCF(TTM)4.94
OCFY12.82%
SpS10.44
BVpS12.94
TBVpS10.9
PEG (NY)N/A
PEG (5Y)N/A
Profitability
| Industry Rank | Sector 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 Rank | Sector 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 | 0.6 |
F-Score8
WACC7.15%
ROIC/WACC0.65
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)-24%
EPS 3Y6.27%
EPS 5YN/A
EPS Q2Q%-79.17%
EPS Next Y-25.73%
EPS Next 2Y-11.2%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%-11.74%
Revenue Next Year1.02%
Revenue Next 2Y2.28%
Revenue Next 3Y4.15%
Revenue Next 5Y5.45%
EBIT growth 1Y-6.02%
EBIT growth 3Y31.72%
EBIT growth 5Y27.02%
EBIT Next Year54.19%
EBIT Next 3Y16.42%
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%