Intrinsic value of Life Storage - LSI

Previous Close

$81.89

  Intrinsic Value

$11.42

stock screener

  Rating & Target

str. sell

-86%

  Value-price divergence*

+91%

Previous close

$81.89

 
Intrinsic value

$11.42

 
Up/down potential

-86%

 
Rating

str. sell

 
Value-price divergence*

+91%

*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 3.7

 

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
  24.30
  22.37
  20.63
  19.07
  17.66
  16.40
  15.26
  14.23
  13.31
  12.48
  11.73
  11.06
  10.45
  9.91
  9.42
  8.97
  8.58
  8.22
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
Revenue, $m
  463
  576
  704
  850
  1,012
  1,190
  1,385
  1,597
  1,824
  2,067
  2,325
  2,597
  2,884
  3,186
  3,501
  3,831
  4,175
  4,533
  4,906
  5,293
  5,696
  6,114
  6,549
  7,001
  7,471
  7,959
  8,467
  8,996
  9,547
  10,121
  10,719
Variable operating expenses, $m
 
  345
  423
  510
  607
  714
  831
  958
  1,094
  1,240
  1,395
  1,558
  1,731
  1,912
  2,101
  2,299
  2,505
  2,720
  2,943
  3,176
  3,417
  3,668
  3,929
  4,200
  4,482
  4,775
  5,080
  5,398
  5,728
  6,072
  6,431
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
  345
  423
  510
  607
  714
  831
  958
  1,094
  1,240
  1,395
  1,558
  1,731
  1,912
  2,101
  2,299
  2,505
  2,720
  2,943
  3,176
  3,417
  3,668
  3,929
  4,200
  4,482
  4,775
  5,080
  5,398
  5,728
  6,072
  6,431
Operating income, $m
  135
  230
  282
  340
  405
  476
  554
  639
  730
  827
  930
  1,039
  1,154
  1,274
  1,401
  1,532
  1,670
  1,813
  1,962
  2,117
  2,278
  2,446
  2,620
  2,800
  2,988
  3,184
  3,387
  3,598
  3,819
  4,048
  4,288
EBITDA, $m
  252
  376
  460
  554
  660
  777
  904
  1,042
  1,190
  1,349
  1,517
  1,695
  1,882
  2,079
  2,285
  2,500
  2,724
  2,958
  3,201
  3,454
  3,717
  3,990
  4,273
  4,568
  4,875
  5,194
  5,525
  5,870
  6,230
  6,604
  6,995
Interest expense (income), $m
  40
  58
  73
  90
  109
  131
  155
  181
  209
  240
  272
  307
  343
  381
  422
  464
  508
  554
  602
  652
  703
  757
  813
  871
  931
  994
  1,060
  1,127
  1,198
  1,272
  1,348
Earnings before tax, $m
  85
  172
  209
  250
  295
  345
  399
  458
  520
  587
  658
  732
  811
  893
  979
  1,069
  1,162
  1,259
  1,361
  1,466
  1,575
  1,689
  1,807
  1,929
  2,057
  2,189
  2,327
  2,471
  2,621
  2,777
  2,939
Tax expense, $m
  0
  47
  56
  67
  80
  93
  108
  124
  140
  158
  178
  198
  219
  241
  264
  289
  314
  340
  367
  396
  425
  456
  488
  521
  555
  591
  628
  667
  708
  750
  794
Net income, $m
  85
  126
  152
  182
  215
  252
  291
  334
  380
  429
  480
  535
  592
  652
  715
  780
  848
  919
  993
  1,070
  1,150
  1,233
  1,319
  1,408
  1,501
  1,598
  1,699
  1,804
  1,913
  2,027
  2,146

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
  4,756
  5,820
  7,021
  8,360
  9,837
  11,450
  13,196
  15,074
  17,080
  19,212
  21,465
  23,838
  26,330
  28,938
  31,662
  34,504
  37,463
  40,542
  43,743
  47,071
  50,529
  54,122
  57,857
  61,740
  65,777
  69,977
  74,349
  78,901
  83,643
  88,585
Adjusted assets (=assets-cash), $m
  3,834
  4,756
  5,820
  7,021
  8,360
  9,837
  11,450
  13,196
  15,074
  17,080
  19,212
  21,465
  23,838
  26,330
  28,938
  31,662
  34,504
  37,463
  40,542
  43,743
  47,071
  50,529
  54,122
  57,857
  61,740
  65,777
  69,977
  74,349
  78,901
  83,643
  88,585
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
  3,590
  4,393
  5,300
  6,310
  7,425
  8,642
  9,961
  11,378
  12,892
  14,501
  16,202
  17,993
  19,874
  21,842
  23,899
  26,043
  28,277
  30,601
  33,017
  35,529
  38,139
  40,852
  43,671
  46,601
  49,649
  52,819
  56,118
  59,554
  63,133
  66,864
Working capital, $m
  0
  -30
  -37
  -44
  -53
  -62
  -72
  -83
  -95
  -107
  -121
  -135
  -150
  -166
  -182
  -199
  -217
  -236
  -255
  -275
  -296
  -318
  -341
  -364
  -388
  -414
  -440
  -468
  -496
  -526
  -557
Total debt, $m
  1,654
  2,081
  2,573
  3,128
  3,746
  4,429
  5,174
  5,981
  6,848
  7,775
  8,760
  9,801
  10,897
  12,048
  13,253
  14,512
  15,825
  17,192
  18,614
  20,093
  21,631
  23,228
  24,889
  26,614
  28,408
  30,273
  32,214
  34,233
  36,336
  38,527
  40,810
Total liabilities, $m
  1,769
  2,197
  2,689
  3,244
  3,862
  4,545
  5,290
  6,097
  6,964
  7,891
  8,876
  9,917
  11,013
  12,164
  13,369
  14,628
  15,941
  17,308
  18,730
  20,209
  21,747
  23,344
  25,005
  26,730
  28,524
  30,389
  32,330
  34,349
  36,452
  38,643
  40,926
Total equity, $m
  2,088
  2,559
  3,131
  3,777
  4,498
  5,292
  6,160
  7,100
  8,110
  9,189
  10,336
  11,548
  12,825
  14,165
  15,569
  17,034
  18,563
  20,155
  21,811
  23,534
  25,324
  27,185
  29,118
  31,127
  33,216
  35,388
  37,648
  40,000
  42,449
  45,000
  47,659
Total liabilities and equity, $m
  3,857
  4,756
  5,820
  7,021
  8,360
  9,837
  11,450
  13,197
  15,074
  17,080
  19,212
  21,465
  23,838
  26,329
  28,938
  31,662
  34,504
  37,463
  40,541
  43,743
  47,071
  50,529
  54,123
  57,857
  61,740
  65,777
  69,978
  74,349
  78,901
  83,643
  88,585
Debt-to-equity ratio
  0.792
  0.810
  0.820
  0.830
  0.830
  0.840
  0.840
  0.840
  0.840
  0.850
  0.850
  0.850
  0.850
  0.850
  0.850
  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
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
  126
  152
  182
  215
  252
  291
  334
  380
  429
  480
  535
  592
  652
  715
  780
  848
  919
  993
  1,070
  1,150
  1,233
  1,319
  1,408
  1,501
  1,598
  1,699
  1,804
  1,913
  2,027
  2,146
Depreciation, amort., depletion, $m
  117
  145
  178
  215
  255
  301
  350
  403
  461
  522
  587
  656
  728
  805
  884
  968
  1,054
  1,145
  1,239
  1,337
  1,438
  1,544
  1,654
  1,768
  1,887
  2,010
  2,138
  2,272
  2,411
  2,556
  2,707
Funds from operations, $m
  245
  271
  330
  397
  471
  552
  641
  737
  840
  950
  1,067
  1,191
  1,320
  1,456
  1,599
  1,748
  1,903
  2,064
  2,232
  2,407
  2,588
  2,777
  2,973
  3,176
  3,388
  3,608
  3,837
  4,076
  4,324
  4,583
  4,853
Change in working capital, $m
  19
  -6
  -7
  -8
  -8
  -9
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -31
Cash from operations, $m
  226
  277
  337
  404
  479
  562
  651
  748
  852
  963
  1,081
  1,205
  1,335
  1,472
  1,615
  1,765
  1,921
  2,083
  2,251
  2,427
  2,609
  2,798
  2,995
  3,200
  3,413
  3,634
  3,864
  4,103
  4,353
  4,613
  4,884
Maintenance CAPEX, $m
  0
  -117
  -145
  -178
  -215
  -255
  -301
  -350
  -403
  -461
  -522
  -587
  -656
  -728
  -805
  -884
  -968
  -1,054
  -1,145
  -1,239
  -1,337
  -1,438
  -1,544
  -1,654
  -1,768
  -1,887
  -2,010
  -2,138
  -2,272
  -2,411
  -2,556
New CAPEX, $m
  -73
  -702
  -803
  -906
  -1,011
  -1,115
  -1,217
  -1,319
  -1,418
  -1,514
  -1,609
  -1,701
  -1,791
  -1,880
  -1,969
  -2,056
  -2,145
  -2,234
  -2,324
  -2,416
  -2,512
  -2,610
  -2,712
  -2,819
  -2,931
  -3,047
  -3,170
  -3,300
  -3,436
  -3,579
  -3,731
Cash from investing activities, $m
  -1,796
  -819
  -948
  -1,084
  -1,226
  -1,370
  -1,518
  -1,669
  -1,821
  -1,975
  -2,131
  -2,288
  -2,447
  -2,608
  -2,774
  -2,940
  -3,113
  -3,288
  -3,469
  -3,655
  -3,849
  -4,048
  -4,256
  -4,473
  -4,699
  -4,934
  -5,180
  -5,438
  -5,708
  -5,990
  -6,287
Free cash flow, $m
  -1,570
  -542
  -611
  -680
  -746
  -808
  -867
  -920
  -968
  -1,012
  -1,050
  -1,083
  -1,112
  -1,137
  -1,158
  -1,176
  -1,192
  -1,205
  -1,217
  -1,229
  -1,239
  -1,250
  -1,261
  -1,273
  -1,286
  -1,300
  -1,317
  -1,335
  -1,355
  -1,378
  -1,403
Issuance/(repayment) of debt, $m
  820
  427
  492
  555
  619
  682
  745
  807
  868
  927
  985
  1,041
  1,096
  1,151
  1,205
  1,259
  1,313
  1,367
  1,422
  1,479
  1,537
  1,598
  1,660
  1,725
  1,794
  1,865
  1,941
  2,020
  2,103
  2,191
  2,283
Issuance/(repurchase) of shares, $m
  948
  369
  420
  464
  505
  543
  576
  606
  631
  651
  666
  678
  685
  688
  689
  686
  680
  673
  663
  652
  641
  628
  615
  601
  587
  574
  561
  548
  536
  524
  514
Cash from financing (excl. dividends), $m  
  1,743
  796
  912
  1,019
  1,124
  1,225
  1,321
  1,413
  1,499
  1,578
  1,651
  1,719
  1,781
  1,839
  1,894
  1,945
  1,993
  2,040
  2,085
  2,131
  2,178
  2,226
  2,275
  2,326
  2,381
  2,439
  2,502
  2,568
  2,639
  2,715
  2,797
Total cash flow (excl. dividends), $m
  173
  255
  300
  339
  378
  416
  455
  493
  530
  566
  601
  636
  669
  703
  736
  768
  801
  835
  868
  903
  939
  975
  1,014
  1,053
  1,095
  1,139
  1,185
  1,233
  1,284
  1,337
  1,394
Retained Cash Flow (-), $m
  -886
  -495
  -572
  -646
  -720
  -794
  -868
  -940
  -1,010
  -1,079
  -1,147
  -1,212
  -1,277
  -1,340
  -1,403
  -1,466
  -1,529
  -1,592
  -1,656
  -1,722
  -1,790
  -1,860
  -1,933
  -2,009
  -2,089
  -2,172
  -2,260
  -2,352
  -2,449
  -2,551
  -2,659
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
 
  -216
  -272
  -307
  -343
  -378
  -413
  -447
  -481
  -513
  -545
  -577
  -607
  -638
  -668
  -697
  -727
  -757
  -788
  -819
  -852
  -885
  -920
  -956
  -994
  -1,033
  -1,075
  -1,119
  -1,165
  -1,214
  -1,265
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
 
  -200
  -231
  -238
  -239
  -236
  -229
  -217
  -203
  -186
  -167
  -148
  -128
  -109
  -91
  -75
  -60
  -48
  -37
  -28
  -21
  -15
  -10
  -7
  -5
  -3
  -2
  -1
  -1
  0
  0
Current shareholders' claim on cash, %
  100
  90.9
  83.3
  77.0
  71.6
  67.1
  63.3
  60.0
  57.1
  54.7
  52.6
  50.7
  49.1
  47.7
  46.4
  45.3
  44.3
  43.4
  42.6
  41.9
  41.3
  40.8
  40.2
  39.8
  39.4
  39.0
  38.7
  38.3
  38.1
  37.8
  37.6

Life Storage, Inc., formerly Sovran Self Storage, Inc., is a self-administered and self-managed real estate company. The Company acquires, owns and manages self-storage properties. The Company owns its assets and conducts its operations through Life Storage LP (the Operating Partnership) and subsidiaries of the Operating Partnership. As of December 31, 2016, the Company had an ownership interest in and/or managed 659 self-storage properties in 29 states under the names Life Storage and Uncle Bob's Self Storage. As of December 31, 2016, the Company's properties were located in various states of the United States, such as Alabama, Arizona, Colorado, California, Florida, Georgia, Maine, Kentucky, Nevada, New Jersey, Ohio, North Carolina, South Carolina, Texas, Utah and Virginia. As of December 31, 2016, the Company's properties ranged in size from 18,000 to 195,000 net rentable square feet, with an average of approximately 70,000 net rentable square feet.

FINANCIAL RATIOS  of  Life Storage (LSI)

Valuation Ratios
P/E Ratio 44.8
Price to Sales 8.2
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 16.8
Price to Free Cash Flow 24.9
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 24.3% 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 45.727 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 $3.7 billion.

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COMPANY NEWS

▶ After Slump, This High-Dividend Storage Stock Is Setting Up A Bullish Pattern   [Oct-04-17 03:00PM  Investor's Business Daily]
▶ Life Storage, Inc. Announces Dividend on Common Stock   [Oct-03-17 09:05AM  Business Wire]
▶ Post-Harvey Boost Won't Last For Life Storage   [Sep-25-17 03:36PM  Benzinga]
▶ [$$] Life Storage Set to Top Extra Space   [Sep-12-17 11:12AM  Barrons.com]
▶ Life Storage, Inc. Provides Hurricane Harvey Update   [Sep-01-17 05:10PM  Business Wire]
▶ Life Storage reports 2Q results   [Aug-04-17 12:59AM  Associated Press]
▶ ETFs with exposure to Life Storage, Inc. : July 24, 2017   [Jul-24-17 05:08PM  Capital Cube]
▶ ETFs with exposure to Life Storage, Inc. : July 14, 2017   [Jul-14-17 03:27PM  Capital Cube]
▶ Life Storage, Inc. Announces Dividend on Common Stock   [Jul-05-17 04:05PM  Business Wire]
▶ Life Storage, Inc. to Participate at REITWeek┬« 2017   [May-25-17 09:19AM  Business Wire]
▶ Life Storage reports 1Q results   [May-03-17 05:36PM  Associated Press]
▶ 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]
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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