Intrinsic value of Life Storage - LSI

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$85.29

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$85.29

 
Intrinsic value

$11.19

 
Up/down potential

-87%

 
Rating

str. sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of LSI 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 4.0

 

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, %
  26.16
  35.80
  32.72
  29.95
  27.45
  25.21
  23.19
  21.37
  19.73
  18.26
  16.93
  15.74
  14.67
  13.70
  12.83
  12.05
  11.34
  10.71
  10.14
  9.62
  9.16
  8.74
  8.37
  8.03
  7.73
  7.46
  7.21
  6.99
  6.79
  6.61
  6.45
Revenue, $m
  463
  629
  834
  1,084
  1,382
  1,730
  2,132
  2,587
  3,098
  3,663
  4,284
  4,958
  5,685
  6,464
  7,293
  8,172
  9,098
  10,072
  11,093
  12,161
  13,275
  14,436
  15,644
  16,901
  18,207
  19,565
  20,976
  22,442
  23,966
  25,551
  27,199
Variable operating expenses, $m
 
  377
  501
  651
  829
  1,038
  1,279
  1,552
  1,859
  2,198
  2,570
  2,975
  3,411
  3,878
  4,376
  4,903
  5,459
  6,043
  6,656
  7,297
  7,965
  8,661
  9,386
  10,140
  10,924
  11,739
  12,585
  13,465
  14,380
  15,330
  16,319
Fixed operating expenses, $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
Total operating expenses, $m
  328
  377
  501
  651
  829
  1,038
  1,279
  1,552
  1,859
  2,198
  2,570
  2,975
  3,411
  3,878
  4,376
  4,903
  5,459
  6,043
  6,656
  7,297
  7,965
  8,661
  9,386
  10,140
  10,924
  11,739
  12,585
  13,465
  14,380
  15,330
  16,319
Operating income, $m
  135
  252
  334
  434
  553
  692
  853
  1,035
  1,239
  1,465
  1,713
  1,983
  2,274
  2,586
  2,917
  3,269
  3,639
  4,029
  4,437
  4,864
  5,310
  5,774
  6,258
  6,760
  7,283
  7,826
  8,390
  8,977
  9,586
  10,220
  10,880
EBITDA, $m
  252
  410
  545
  708
  902
  1,129
  1,391
  1,688
  2,021
  2,391
  2,795
  3,235
  3,710
  4,218
  4,759
  5,332
  5,937
  6,573
  7,239
  7,936
  8,663
  9,420
  10,209
  11,029
  11,881
  12,767
  13,688
  14,645
  15,639
  16,673
  17,749
Interest expense (income), $m
  40
  58
  80
  107
  141
  181
  227
  281
  342
  410
  485
  568
  658
  756
  860
  971
  1,088
  1,212
  1,342
  1,478
  1,621
  1,770
  1,925
  2,087
  2,255
  2,429
  2,611
  2,799
  2,995
  3,199
  3,410
Earnings before tax, $m
  85
  194
  254
  326
  412
  512
  625
  754
  897
  1,055
  1,228
  1,415
  1,615
  1,830
  2,057
  2,298
  2,551
  2,817
  3,095
  3,386
  3,689
  4,004
  4,333
  4,674
  5,028
  5,397
  5,780
  6,178
  6,591
  7,022
  7,469
Tax expense, $m
  0
  52
  69
  88
  111
  138
  169
  204
  242
  285
  332
  382
  436
  494
  556
  620
  689
  761
  836
  914
  996
  1,081
  1,170
  1,262
  1,358
  1,457
  1,561
  1,668
  1,780
  1,896
  2,017
Net income, $m
  85
  141
  185
  238
  301
  373
  457
  550
  655
  770
  896
  1,033
  1,179
  1,336
  1,502
  1,678
  1,862
  2,057
  2,260
  2,472
  2,693
  2,923
  3,163
  3,412
  3,671
  3,940
  4,219
  4,510
  4,812
  5,126
  5,452

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  24
  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
  3,858
  5,196
  6,897
  8,962
  11,422
  14,302
  17,618
  21,382
  25,601
  30,276
  35,402
  40,974
  46,983
  53,419
  60,273
  67,533
  75,192
  83,243
  91,681
  100,504
  109,711
  119,304
  129,290
  139,676
  150,473
  161,693
  173,353
  185,471
  198,066
  211,162
  224,784
Adjusted assets (=assets-cash), $m
  3,834
  5,196
  6,897
  8,962
  11,422
  14,302
  17,618
  21,382
  25,601
  30,276
  35,402
  40,974
  46,983
  53,419
  60,273
  67,533
  75,192
  83,243
  91,681
  100,504
  109,711
  119,304
  129,290
  139,676
  150,473
  161,693
  173,353
  185,471
  198,066
  211,162
  224,784
Revenue / Adjusted assets
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
  0.121
Average production assets, $m
  2,888
  3,922
  5,206
  6,764
  8,622
  10,795
  13,298
  16,139
  19,324
  22,852
  26,722
  30,927
  35,463
  40,321
  45,494
  50,974
  56,755
  62,832
  69,201
  75,860
  82,809
  90,051
  97,588
  105,427
  113,577
  122,046
  130,847
  139,993
  149,500
  159,385
  169,666
Working capital, $m
  0
  -33
  -43
  -56
  -72
  -90
  -111
  -135
  -161
  -190
  -223
  -258
  -296
  -336
  -379
  -425
  -473
  -524
  -577
  -632
  -690
  -751
  -813
  -879
  -947
  -1,017
  -1,091
  -1,167
  -1,246
  -1,329
  -1,414
Total debt, $m
  1,654
  2,285
  3,070
  4,024
  5,161
  6,491
  8,023
  9,763
  11,712
  13,871
  16,240
  18,814
  21,590
  24,564
  27,730
  31,084
  34,623
  38,342
  42,241
  46,317
  50,570
  55,003
  59,616
  64,414
  69,402
  74,586
  79,973
  85,571
  91,391
  97,441
  103,734
Total liabilities, $m
  1,769
  2,401
  3,186
  4,140
  5,277
  6,607
  8,139
  9,879
  11,828
  13,987
  16,356
  18,930
  21,706
  24,680
  27,846
  31,200
  34,739
  38,458
  42,357
  46,433
  50,686
  55,119
  59,732
  64,530
  69,518
  74,702
  80,089
  85,687
  91,507
  97,557
  103,850
Total equity, $m
  2,088
  2,796
  3,710
  4,822
  6,145
  7,694
  9,478
  11,504
  13,774
  16,288
  19,046
  22,044
  25,277
  28,740
  32,427
  36,333
  40,453
  44,785
  49,325
  54,071
  59,024
  64,186
  69,558
  75,146
  80,954
  86,991
  93,264
  99,783
  106,560
  113,605
  120,934
Total liabilities and equity, $m
  3,857
  5,197
  6,896
  8,962
  11,422
  14,301
  17,617
  21,383
  25,602
  30,275
  35,402
  40,974
  46,983
  53,420
  60,273
  67,533
  75,192
  83,243
  91,682
  100,504
  109,710
  119,305
  129,290
  139,676
  150,472
  161,693
  173,353
  185,470
  198,067
  211,162
  224,784
Debt-to-equity ratio
  0.792
  0.820
  0.830
  0.830
  0.840
  0.840
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  0.860
  0.860
  0.860
  0.860
  0.860
  0.860
  0.860
  0.860
  0.860
  0.860
  0.860
  0.860
  0.860
  0.860
  0.860
  0.860
  0.860
Adjusted equity ratio
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538
  0.538

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  85
  141
  185
  238
  301
  373
  457
  550
  655
  770
  896
  1,033
  1,179
  1,336
  1,502
  1,678
  1,862
  2,057
  2,260
  2,472
  2,693
  2,923
  3,163
  3,412
  3,671
  3,940
  4,219
  4,510
  4,812
  5,126
  5,452
Depreciation, amort., depletion, $m
  117
  159
  211
  274
  349
  437
  538
  653
  782
  925
  1,082
  1,252
  1,436
  1,632
  1,842
  2,064
  2,298
  2,544
  2,802
  3,071
  3,353
  3,646
  3,951
  4,268
  4,598
  4,941
  5,297
  5,668
  6,053
  6,453
  6,869
Funds from operations, $m
  245
  300
  396
  512
  650
  810
  995
  1,204
  1,437
  1,696
  1,978
  2,285
  2,615
  2,968
  3,344
  3,741
  4,160
  4,600
  5,061
  5,543
  6,046
  6,569
  7,114
  7,680
  8,269
  8,881
  9,517
  10,177
  10,864
  11,579
  12,322
Change in working capital, $m
  19
  -9
  -11
  -13
  -15
  -18
  -21
  -24
  -27
  -29
  -32
  -35
  -38
  -40
  -43
  -46
  -48
  -51
  -53
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -73
  -76
  -79
  -82
  -86
Cash from operations, $m
  226
  1,169
  407
  525
  665
  829
  1,016
  1,228
  1,464
  1,725
  2,011
  2,320
  2,653
  3,009
  3,387
  3,787
  4,208
  4,651
  5,114
  5,599
  6,103
  6,629
  7,177
  7,746
  8,337
  8,951
  9,590
  10,254
  10,944
  11,661
  12,407
Maintenance CAPEX, $m
  0
  -117
  -159
  -211
  -274
  -349
  -437
  -538
  -653
  -782
  -925
  -1,082
  -1,252
  -1,436
  -1,632
  -1,842
  -2,064
  -2,298
  -2,544
  -2,802
  -3,071
  -3,353
  -3,646
  -3,951
  -4,268
  -4,598
  -4,941
  -5,297
  -5,668
  -6,053
  -6,453
New CAPEX, $m
  -73
  -1,034
  -1,283
  -1,559
  -1,857
  -2,173
  -2,503
  -2,842
  -3,185
  -3,528
  -3,869
  -4,206
  -4,536
  -4,858
  -5,173
  -5,480
  -5,781
  -6,077
  -6,369
  -6,659
  -6,949
  -7,241
  -7,537
  -7,839
  -8,149
  -8,469
  -8,801
  -9,146
  -9,507
  -9,885
  -10,281
Cash from investing activities, $m
  -1,796
  -1,151
  -1,442
  -1,770
  -2,131
  -2,522
  -2,940
  -3,380
  -3,838
  -4,310
  -4,794
  -5,288
  -5,788
  -6,294
  -6,805
  -7,322
  -7,845
  -8,375
  -8,913
  -9,461
  -10,020
  -10,594
  -11,183
  -11,790
  -12,417
  -13,067
  -13,742
  -14,443
  -15,175
  -15,938
  -16,734
Free cash flow, $m
  -1,570
  18
  -1,035
  -1,245
  -1,466
  -1,694
  -1,924
  -2,152
  -2,374
  -2,586
  -2,784
  -2,968
  -3,135
  -3,285
  -3,418
  -3,535
  -3,636
  -3,724
  -3,798
  -3,862
  -3,917
  -3,965
  -4,007
  -4,045
  -4,081
  -4,116
  -4,152
  -4,190
  -4,231
  -4,276
  -4,327
Issuance/(repayment) of debt, $m
  820
  631
  786
  954
  1,137
  1,330
  1,532
  1,739
  1,949
  2,160
  2,368
  2,574
  2,776
  2,974
  3,166
  3,354
  3,539
  3,720
  3,898
  4,076
  4,254
  4,432
  4,613
  4,798
  4,988
  5,184
  5,387
  5,598
  5,819
  6,050
  6,293
Issuance/(repurchase) of shares, $m
  948
  59
  1,165
  1,402
  1,653
  1,913
  2,176
  2,438
  2,695
  2,941
  3,174
  3,391
  3,592
  3,774
  3,939
  4,087
  4,219
  4,336
  4,440
  4,533
  4,617
  4,694
  4,766
  4,834
  4,901
  4,969
  5,038
  5,111
  5,188
  5,272
  5,362
Cash from financing (excl. dividends), $m  
  1,743
  690
  1,951
  2,356
  2,790
  3,243
  3,708
  4,177
  4,644
  5,101
  5,542
  5,965
  6,368
  6,748
  7,105
  7,441
  7,758
  8,056
  8,338
  8,609
  8,871
  9,126
  9,379
  9,632
  9,889
  10,153
  10,425
  10,709
  11,007
  11,322
  11,655
Total cash flow (excl. dividends), $m
  173
  648
  -250
  -290
  -329
  -364
  -392
  -413
  -425
  -426
  -416
  -393
  -359
  -312
  -252
  -181
  -98
  -4
  100
  214
  336
  468
  607
  754
  907
  1,068
  1,235
  1,408
  1,588
  1,774
  1,966
Retained Cash Flow (-), $m
  -886
  -732
  -915
  -1,111
  -1,324
  -1,549
  -1,784
  -2,025
  -2,270
  -2,515
  -2,758
  -2,998
  -3,233
  -3,463
  -3,687
  -3,906
  -4,121
  -4,331
  -4,540
  -4,746
  -4,953
  -5,161
  -5,372
  -5,588
  -5,809
  -6,037
  -6,273
  -6,519
  -6,776
  -7,046
  -7,328
Prev. year cash balance distribution, $m
 
  24
  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
 
  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
Discount rate, %
 
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.85
  11.40
  11.97
  12.57
  13.19
  13.85
  14.55
  15.27
  16.04
  16.84
  17.68
  18.57
  19.49
  20.47
  21.49
  22.57
  23.69
  24.88
  26.12
  27.43
  28.80
  30.24
  31.75
  33.34
PV of cash for distribution, $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
Current shareholders' claim on cash, %
  100
  98.5
  80.8
  67.5
  57.2
  49.1
  42.8
  37.7
  33.6
  30.2
  27.4
  25.0
  23.1
  21.4
  20.0
  18.7
  17.6
  16.7
  15.9
  15.2
  14.5
  13.9
  13.4
  12.9
  12.5
  12.1
  11.8
  11.4
  11.1
  10.8
  10.6

Life Storage, Inc. is a real estate investment trust. It invests in the real estate markets of United States. The firm primarily acquires, owns and manages self-storage properties. It was formerly known as Sovran Self Storage, Inc. Life Storage, Inc. Life Storage, Inc. was founded in 1982 and is headquartered in Buffalo, New York.

FINANCIAL RATIOS  of  Life Storage (LSI)

Valuation Ratios
P/E Ratio 46.6
Price to Sales 8.6
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 17.5
Price to Free Cash Flow 25.9
Growth Rates
Sales Growth Rate 26.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 73.8%
Cap. Spend. - 3 Yr. Gr. Rate 16.5%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 79.2%
Total Debt to Equity 79.2%
Interest Coverage 3
Management Effectiveness
Return On Assets 4.2%
Ret/ On Assets - 3 Yr. Avg. 6.3%
Return On Total Capital 2.9%
Ret/ On T. Cap. - 3 Yr. Avg. 4.8%
Return On Equity 5.2%
Return On Equity - 3 Yr. Avg. 8.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 67.2%
Gross Margin - 3 Yr. Avg. 67.8%
EBITDA Margin 52.3%
EBITDA Margin - 3 Yr. Avg. 54%
Operating Margin 29.2%
Oper. Margin - 3 Yr. Avg. 35.4%
Pre-Tax Margin 18.4%
Pre-Tax Margin - 3 Yr. Avg. 25.5%
Net Profit Margin 18.4%
Net Profit Margin - 3 Yr. Avg. 25.5%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 183.5%

LSI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LSI stock intrinsic value calculation we used $463 million for the last fiscal year's total revenue generated by Life Storage. The default revenue input number comes from 2016 income statement of Life 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 LSI stock valuation model: a) initial revenue growth rate of 35.8% 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 8.1%, whose default value for LSI is calculated based on our internal credit rating of Life 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 Life 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 LSI stock the variable cost ratio is equal to 60%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for LSI 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 Life Storage.

Corporate tax rate of 27% is the nominal tax rate for Life 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 LSI 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 LSI are equal to 623.8%.

Life of production assets of 24.7 years is the average useful life of capital assets used in Life 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 LSI is equal to -5.2%. 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 - $2088 million for Life 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 46.639 million for Life 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 Life Storage at the current share price and the inputted number of shares is $4.0 billion.


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COMPANY NEWS

▶ Life Storage, Inc. Raises Quarterly Common Stock Dividend   [Apr-05-17 04:08PM  Business Wire]
▶ 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]
▶ This 5-Stock Portfolio Crushes The S&P 500   [Mar-22-17 03:00PM  at Forbes]
▶ 2 Stocks That Could Make You Rich   [Mar-17-17 10:47AM  Motley Fool]
▶ Life Storage reports 4Q results   [Feb-15-17 06:14PM  AP]
▶ Life Storage, Inc. Announces Dividend on Common Stock   [Jan-04-17 09:05AM  Business Wire]
▶ Multiple Gurus Invest in Life Storage   [Nov-30-16 01:24PM  Gurufocus]
▶ Post Earnings Coverage as Himax Sales Jumped 31.7%   [Nov-21-16 08:15AM  Accesswire]
▶ Billionaire Ken Fishers Most Bullish Q3 Moves   [Oct-17-16 08:00AM  at Insider Monkey]
▶ Life Storage, Inc. Announces Dividend on Common Stock   [Oct-04-16 09:05AM  Business Wire]
Stock chart of LSI Financial statements of LSI
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.

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