Intrinsic value of Extra Space Storage - EXR

Previous Close

$78.97

  Intrinsic Value

$4.48

stock screener

  Rating & Target

str. sell

-94%

  Value-price divergence*

+89%

Previous close

$78.97

 
Intrinsic value

$4.48

 
Up/down potential

-94%

 
Rating

str. sell

 
Value-price divergence*

+89%

Our model is not good at valuating stocks of financial companies, such as EXR.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of EXR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 9.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  26.85
  14.80
  13.82
  12.94
  12.14
  11.43
  10.79
  10.21
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.63
  6.47
  6.32
  6.19
  6.07
  5.97
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
Revenue, $m
  992
  1,139
  1,296
  1,464
  1,642
  1,829
  2,027
  2,234
  2,450
  2,676
  2,911
  3,156
  3,411
  3,676
  3,951
  4,238
  4,535
  4,844
  5,165
  5,500
  5,847
  6,209
  6,586
  6,979
  7,389
  7,816
  8,262
  8,727
  9,213
  9,721
  10,252
Variable operating expenses, $m
 
  293
  333
  376
  422
  470
  521
  574
  630
  688
  748
  811
  877
  945
  1,015
  1,089
  1,165
  1,245
  1,327
  1,413
  1,503
  1,596
  1,693
  1,794
  1,899
  2,009
  2,123
  2,243
  2,368
  2,498
  2,635
Fixed operating expenses, $m
 
  301
  309
  317
  325
  333
  341
  349
  358
  367
  376
  386
  395
  405
  415
  426
  436
  447
  459
  470
  482
  494
  506
  519
  532
  545
  559
  573
  587
  602
  617
Total operating expenses, $m
  542
  594
  642
  693
  747
  803
  862
  923
  988
  1,055
  1,124
  1,197
  1,272
  1,350
  1,430
  1,515
  1,601
  1,692
  1,786
  1,883
  1,985
  2,090
  2,199
  2,313
  2,431
  2,554
  2,682
  2,816
  2,955
  3,100
  3,252
Operating income, $m
  450
  545
  654
  771
  895
  1,027
  1,165
  1,310
  1,462
  1,621
  1,787
  1,959
  2,139
  2,326
  2,520
  2,723
  2,933
  3,152
  3,379
  3,616
  3,863
  4,120
  4,388
  4,667
  4,958
  5,262
  5,580
  5,912
  6,259
  6,621
  7,001
EBITDA, $m
  633
  783
  926
  1,078
  1,239
  1,410
  1,590
  1,778
  1,975
  2,182
  2,397
  2,621
  2,854
  3,096
  3,348
  3,611
  3,883
  4,167
  4,462
  4,769
  5,088
  5,421
  5,768
  6,129
  6,506
  6,900
  7,311
  7,740
  8,189
  8,658
  9,149
Interest expense (income), $m
  122
  151
  176
  202
  231
  261
  294
  327
  363
  399
  438
  478
  520
  564
  609
  656
  705
  756
  808
  863
  920
  980
  1,042
  1,106
  1,173
  1,243
  1,316
  1,392
  1,472
  1,555
  1,641
Earnings before tax, $m
  413
  394
  479
  569
  664
  765
  871
  983
  1,100
  1,221
  1,349
  1,481
  1,619
  1,762
  1,912
  2,067
  2,228
  2,396
  2,571
  2,753
  2,943
  3,140
  3,346
  3,561
  3,785
  4,019
  4,264
  4,520
  4,787
  5,067
  5,359
Tax expense, $m
  16
  106
  129
  154
  179
  207
  235
  265
  297
  330
  364
  400
  437
  476
  516
  558
  602
  647
  694
  743
  794
  848
  903
  961
  1,022
  1,085
  1,151
  1,220
  1,293
  1,368
  1,447
Net income, $m
  366
  288
  349
  415
  485
  559
  636
  717
  803
  892
  984
  1,081
  1,182
  1,287
  1,395
  1,509
  1,627
  1,749
  1,877
  2,010
  2,148
  2,292
  2,443
  2,599
  2,763
  2,934
  3,113
  3,299
  3,495
  3,699
  3,912

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  44
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  7,091
  8,077
  9,193
  10,382
  11,643
  12,974
  14,373
  15,841
  17,375
  18,977
  20,646
  22,384
  24,192
  26,071
  28,024
  30,053
  32,162
  34,354
  36,634
  39,004
  41,471
  44,038
  46,713
  49,499
  52,404
  55,434
  58,595
  61,896
  65,344
  68,946
  72,712
Adjusted assets (=assets-cash), $m
  7,047
  8,077
  9,193
  10,382
  11,643
  12,974
  14,373
  15,841
  17,375
  18,977
  20,646
  22,384
  24,192
  26,071
  28,024
  30,053
  32,162
  34,354
  36,634
  39,004
  41,471
  44,038
  46,713
  49,499
  52,404
  55,434
  58,595
  61,896
  65,344
  68,946
  72,712
Revenue / Adjusted assets
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
  0.141
Average production assets, $m
  6,236
  7,159
  8,148
  9,202
  10,320
  11,499
  12,740
  14,040
  15,400
  16,820
  18,299
  19,840
  21,442
  23,107
  24,838
  26,637
  28,506
  30,449
  32,469
  34,570
  36,757
  39,032
  41,403
  43,872
  46,447
  49,132
  51,935
  54,860
  57,916
  61,109
  64,446
Working capital, $m
  0
  -50
  -57
  -64
  -72
  -80
  -89
  -98
  -108
  -118
  -128
  -139
  -150
  -162
  -174
  -186
  -200
  -213
  -227
  -242
  -257
  -273
  -290
  -307
  -325
  -344
  -364
  -384
  -405
  -428
  -451
Total debt, $m
  4,306
  5,017
  5,785
  6,603
  7,470
  8,386
  9,349
  10,358
  11,414
  12,516
  13,665
  14,860
  16,104
  17,397
  18,740
  20,137
  21,588
  23,096
  24,664
  26,295
  27,992
  29,758
  31,598
  33,515
  35,514
  37,598
  39,774
  42,045
  44,417
  46,895
  49,486
Total liabilities, $m
  4,847
  5,557
  6,325
  7,143
  8,010
  8,926
  9,889
  10,898
  11,954
  13,056
  14,205
  15,400
  16,644
  17,937
  19,280
  20,677
  22,128
  23,636
  25,204
  26,835
  28,532
  30,298
  32,138
  34,055
  36,054
  38,138
  40,314
  42,585
  44,957
  47,435
  50,026
Total equity, $m
  2,245
  2,520
  2,868
  3,239
  3,633
  4,048
  4,484
  4,942
  5,421
  5,921
  6,442
  6,984
  7,548
  8,134
  8,743
  9,377
  10,035
  10,719
  11,430
  12,169
  12,939
  13,740
  14,574
  15,444
  16,350
  17,295
  18,282
  19,312
  20,387
  21,511
  22,686
Total liabilities and equity, $m
  7,092
  8,077
  9,193
  10,382
  11,643
  12,974
  14,373
  15,840
  17,375
  18,977
  20,647
  22,384
  24,192
  26,071
  28,023
  30,054
  32,163
  34,355
  36,634
  39,004
  41,471
  44,038
  46,712
  49,499
  52,404
  55,433
  58,596
  61,897
  65,344
  68,946
  72,712
Debt-to-equity ratio
  1.918
  1.990
  2.020
  2.040
  2.060
  2.070
  2.080
  2.100
  2.110
  2.110
  2.120
  2.130
  2.130
  2.140
  2.140
  2.150
  2.150
  2.150
  2.160
  2.160
  2.160
  2.170
  2.170
  2.170
  2.170
  2.170
  2.180
  2.180
  2.180
  2.180
  2.180
Adjusted equity ratio
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312
  0.312

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  366
  288
  349
  415
  485
  559
  636
  717
  803
  892
  984
  1,081
  1,182
  1,287
  1,395
  1,509
  1,627
  1,749
  1,877
  2,010
  2,148
  2,292
  2,443
  2,599
  2,763
  2,934
  3,113
  3,299
  3,495
  3,699
  3,912
Depreciation, amort., depletion, $m
  183
  239
  272
  307
  344
  383
  425
  468
  513
  561
  610
  661
  715
  770
  828
  888
  950
  1,015
  1,082
  1,152
  1,225
  1,301
  1,380
  1,462
  1,548
  1,638
  1,731
  1,829
  1,931
  2,037
  2,148
Funds from operations, $m
  548
  526
  621
  722
  829
  942
  1,061
  1,185
  1,316
  1,452
  1,594
  1,742
  1,897
  2,057
  2,223
  2,397
  2,577
  2,764
  2,959
  3,162
  3,373
  3,593
  3,823
  4,062
  4,311
  4,572
  4,844
  5,128
  5,425
  5,736
  6,061
Change in working capital, $m
  9
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
Cash from operations, $m
  539
  533
  628
  729
  837
  950
  1,069
  1,195
  1,326
  1,462
  1,605
  1,753
  1,908
  2,068
  2,235
  2,409
  2,590
  2,778
  2,973
  3,177
  3,389
  3,609
  3,839
  4,079
  4,329
  4,591
  4,863
  5,149
  5,446
  5,758
  6,084
Maintenance CAPEX, $m
  0
  -208
  -239
  -272
  -307
  -344
  -383
  -425
  -468
  -513
  -561
  -610
  -661
  -715
  -770
  -828
  -888
  -950
  -1,015
  -1,082
  -1,152
  -1,225
  -1,301
  -1,380
  -1,462
  -1,548
  -1,638
  -1,731
  -1,829
  -1,931
  -2,037
New CAPEX, $m
  -1,115
  -923
  -989
  -1,054
  -1,118
  -1,180
  -1,240
  -1,300
  -1,360
  -1,420
  -1,480
  -1,540
  -1,602
  -1,666
  -1,731
  -1,799
  -1,869
  -1,943
  -2,020
  -2,101
  -2,186
  -2,276
  -2,370
  -2,470
  -2,575
  -2,685
  -2,802
  -2,926
  -3,056
  -3,193
  -3,338
Cash from investing activities, $m
  -1,032
  -1,131
  -1,228
  -1,326
  -1,425
  -1,524
  -1,623
  -1,725
  -1,828
  -1,933
  -2,041
  -2,150
  -2,263
  -2,381
  -2,501
  -2,627
  -2,757
  -2,893
  -3,035
  -3,183
  -3,338
  -3,501
  -3,671
  -3,850
  -4,037
  -4,233
  -4,440
  -4,657
  -4,885
  -5,124
  -5,375
Free cash flow, $m
  -493
  -598
  -600
  -597
  -588
  -573
  -554
  -531
  -503
  -471
  -435
  -397
  -356
  -312
  -266
  -217
  -167
  -115
  -62
  -7
  50
  108
  168
  229
  292
  357
  423
  492
  562
  635
  710
Issuance/(repayment) of debt, $m
  756
  711
  768
  818
  867
  916
  963
  1,009
  1,056
  1,102
  1,149
  1,196
  1,244
  1,293
  1,344
  1,396
  1,451
  1,508
  1,568
  1,631
  1,697
  1,767
  1,840
  1,917
  1,999
  2,085
  2,175
  2,271
  2,372
  2,478
  2,591
Issuance/(repurchase) of shares, $m
  125
  31
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  829
  742
  768
  818
  867
  916
  963
  1,009
  1,056
  1,102
  1,149
  1,196
  1,244
  1,293
  1,344
  1,396
  1,451
  1,508
  1,568
  1,631
  1,697
  1,767
  1,840
  1,917
  1,999
  2,085
  2,175
  2,271
  2,372
  2,478
  2,591
Total cash flow (excl. dividends), $m
  336
  144
  168
  222
  280
  342
  409
  479
  553
  631
  713
  799
  888
  981
  1,078
  1,179
  1,284
  1,393
  1,506
  1,624
  1,747
  1,875
  2,008
  2,146
  2,291
  2,442
  2,599
  2,763
  2,934
  3,113
  3,300
Retained Cash Flow (-), $m
  -156
  -319
  -348
  -371
  -393
  -415
  -437
  -458
  -479
  -500
  -521
  -542
  -564
  -586
  -609
  -633
  -658
  -684
  -711
  -740
  -770
  -801
  -834
  -869
  -906
  -945
  -986
  -1,030
  -1,076
  -1,124
  -1,175
Prev. year cash balance distribution, $m
 
  44
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -131
  -180
  -149
  -114
  -73
  -28
  21
  74
  131
  192
  256
  324
  395
  469
  546
  626
  709
  795
  885
  977
  1,074
  1,174
  1,277
  1,385
  1,496
  1,612
  1,733
  1,858
  1,989
  2,125
Discount rate, %
 
  10.10
  10.61
  11.14
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.05
  20.00
  21.00
  22.05
  23.15
  24.31
  25.52
  26.80
  28.14
  29.55
  31.02
  32.57
  34.20
  35.91
  37.71
  39.59
  41.57
PV of cash for distribution, $m
 
  -119
  -147
  -109
  -73
  -41
  -14
  9
  26
  38
  45
  48
  48
  45
  41
  35
  30
  24
  19
  14
  10
  7
  5
  3
  2
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7

Extra Space Storage, Inc. operates as a real estate investment trust (REIT) in the United States. It engages in property management and development activities that include acquiring, managing, developing, and selling, as well as the rental of self-storage facilities. As of December 31, 2006, Extra Space Storage owned interests in 567 properties located in 32 states and Washington, D.C., as well as managed 74 properties owned by franchisees or third parties. As a REIT, the company would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was founded in 1977 and is based in Salt Lake City, Utah.

FINANCIAL RATIOS  of  Extra Space Storage (EXR)

Valuation Ratios
P/E Ratio 27.2
Price to Sales 10
Price to Book 4.4
Price to Tangible Book
Price to Cash Flow 18.4
Price to Free Cash Flow -17.3
Growth Rates
Sales Growth Rate 26.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 190.4%
Cap. Spend. - 3 Yr. Gr. Rate 25.2%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 191.8%
Total Debt to Equity 191.8%
Interest Coverage 4
Management Effectiveness
Return On Assets 7.3%
Ret/ On Assets - 3 Yr. Avg. 6.2%
Return On Total Capital 6%
Ret/ On T. Cap. - 3 Yr. Avg. 4.8%
Return On Equity 16.9%
Return On Equity - 3 Yr. Avg. 12.3%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 74.5%
Gross Margin - 3 Yr. Avg. 72.8%
EBITDA Margin 72.4%
EBITDA Margin - 3 Yr. Avg. 63.3%
Operating Margin 45.4%
Oper. Margin - 3 Yr. Avg. 42%
Pre-Tax Margin 41.6%
Pre-Tax Margin - 3 Yr. Avg. 33.8%
Net Profit Margin 36.9%
Net Profit Margin - 3 Yr. Avg. 29.5%
Effective Tax Rate 3.9%
Eff/ Tax Rate - 3 Yr. Avg. 4.1%
Payout Ratio 100.5%

EXR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EXR stock intrinsic value calculation we used $992 million for the last fiscal year's total revenue generated by Extra Space Storage. The default revenue input number comes from 2016 income statement of Extra Space Storage. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our EXR stock valuation model: a) initial revenue growth rate of 14.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 10.1%, whose default value for EXR is calculated based on our internal credit rating of Extra Space Storage, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Extra Space Storage.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of EXR stock the variable cost ratio is equal to 25.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $294 million in the base year in the intrinsic value calculation for EXR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Extra Space Storage.

Corporate tax rate of 27% is the nominal tax rate for Extra Space Storage. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the EXR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for EXR are equal to 628.6%.

Life of production assets of 34.1 years is the average useful life of capital assets used in Extra Space Storage operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for EXR is equal to -4.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2245 million for Extra Space Storage - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 125.407 million for Extra Space Storage is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Extra Space Storage at the current share price and the inputted number of shares is $9.9 billion.

RELATED COMPANIES Price Int.Val. Rating
CUBE CubeSmart 24.12 2.31  str.sell
LSI Life Storage 74.33 11.24  str.sell
NSA National Stora 22.66 3.35  str.sell
PSA Public Storage 208.94 28.46  str.sell
MINI Mobile Mini 30.75 9.98  str.sell

COMPANY NEWS

▶ 3 Stocks to Add to Your Social Security Income   [Jul-07-17 02:02PM  Motley Fool]
▶ How Analysts View Public Storage   [Jun-28-17 07:36AM  Market Realist]
▶ Where Public Storage Stands Compared to Its Peers   [Jun-27-17 10:36AM  Market Realist]
▶ Focus on Quality Helps Public Storage Maintain Occupancy   [Jun-26-17 07:38AM  Market Realist]
▶ The 3 Best Real Estate Stocks to Buy in 2017   [May-26-17 01:33PM  Motley Fool]
▶ Extra Space Storage reports 1Q results   [Apr-26-17 04:58PM  Associated Press]
▶ A Look at Investing in Storage REITs   [Apr-04-17 12:24PM  Investopedia]
▶ How to Make Money Off American's Love of Clutter   [Apr-01-17 11:21AM  Motley Fool]
▶ Extra Space Storage reports 4Q results   [04:38PM  Associated Press]
▶ 3 Beaten-up High-Yield Dividend Stocks: Are They Bargains?   [Feb-10-17 04:09PM  at Motley Fool]
▶ No More Moats in Self-Storage Stocks   [Jan-13-17 07:00AM  at Morningstar]
▶ 2016's Leading Loser REITs That are Now Worth a Look   [Jan-10-17 12:24PM  at Motley Fool]
▶ A "Trump Windfall" Will Lift These Dividends 100%   [Dec-14-16 10:34AM  at Forbes]
▶ 2 Stocks That Could Make You Rich   [Dec-03-16 09:33AM  at Motley Fool]
▶ Hedge Funds Are Crazy About Xilinx, Inc. (XLNX)   [Nov-28-16 09:44AM  at Insider Monkey]
▶ Fed Jawboning Is Good For Healthcare REITs   [Sep-07-16 04:00PM  at Forbes]
▶ 36 must-visit gems in metro Denver (Photos)   [Sep-02-16 12:22PM  at bizjournals.com]
Stock chart of EXR Financial statements of EXR Annual reports of EXR
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.