Intrinsic value of Life Storage - LSI

Previous Close

$71.81

  Intrinsic Value

$11.24

stock screener

  Rating & Target

str. sell

-84%

  Value-price divergence*

0%

Previous close

$71.81

 
Intrinsic value

$11.24

 
Up/down potential

-84%

 
Rating

str. sell

 
Value-price divergence*

0%

*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 3.3

 

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
  29.30
  26.87
  24.68
  22.71
  20.94
  19.35
  17.91
  16.62
  15.46
  14.41
  13.47
  12.63
  11.86
  11.18
  10.56
  10.00
  9.50
  9.05
  8.65
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
  6.57
  6.41
  6.27
  6.14
Revenue, $m
  463
  599
  760
  947
  1,162
  1,405
  1,677
  1,978
  2,307
  2,663
  3,047
  3,458
  3,894
  4,356
  4,843
  5,355
  5,890
  6,450
  7,034
  7,642
  8,275
  8,933
  9,617
  10,329
  11,067
  11,835
  12,633
  13,464
  14,327
  15,225
  16,161
Variable operating expenses, $m
 
  359
  456
  568
  697
  843
  1,006
  1,187
  1,384
  1,598
  1,828
  2,075
  2,337
  2,614
  2,906
  3,213
  3,534
  3,870
  4,220
  4,585
  4,965
  5,360
  5,770
  6,197
  6,640
  7,101
  7,580
  8,078
  8,596
  9,135
  9,697
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
  359
  456
  568
  697
  843
  1,006
  1,187
  1,384
  1,598
  1,828
  2,075
  2,337
  2,614
  2,906
  3,213
  3,534
  3,870
  4,220
  4,585
  4,965
  5,360
  5,770
  6,197
  6,640
  7,101
  7,580
  8,078
  8,596
  9,135
  9,697
Operating income, $m
  135
  239
  304
  379
  465
  562
  671
  791
  923
  1,065
  1,219
  1,383
  1,558
  1,743
  1,937
  2,142
  2,356
  2,580
  2,814
  3,057
  3,310
  3,573
  3,847
  4,131
  4,427
  4,734
  5,053
  5,385
  5,731
  6,090
  6,464
EBITDA, $m
  252
  391
  496
  618
  758
  917
  1,095
  1,291
  1,505
  1,738
  1,988
  2,256
  2,541
  2,843
  3,160
  3,494
  3,844
  4,209
  4,590
  4,987
  5,400
  5,829
  6,276
  6,740
  7,222
  7,723
  8,244
  8,786
  9,349
  9,935
  10,546
Interest expense (income), $m
  40
  58
  76
  97
  122
  151
  184
  220
  260
  304
  352
  403
  458
  516
  578
  643
  712
  783
  858
  936
  1,017
  1,102
  1,190
  1,281
  1,376
  1,475
  1,578
  1,684
  1,795
  1,911
  2,031
Earnings before tax, $m
  85
  182
  228
  281
  342
  411
  487
  571
  662
  761
  867
  980
  1,100
  1,226
  1,359
  1,499
  1,645
  1,797
  1,956
  2,121
  2,293
  2,472
  2,657
  2,850
  3,051
  3,259
  3,476
  3,701
  3,936
  4,180
  4,434
Tax expense, $m
  0
  49
  62
  76
  92
  111
  132
  154
  179
  206
  234
  265
  297
  331
  367
  405
  444
  485
  528
  573
  619
  667
  717
  770
  824
  880
  938
  999
  1,063
  1,129
  1,197
Net income, $m
  85
  133
  166
  205
  250
  300
  356
  417
  484
  556
  633
  715
  803
  895
  992
  1,094
  1,201
  1,312
  1,428
  1,548
  1,674
  1,804
  1,940
  2,081
  2,227
  2,379
  2,537
  2,702
  2,873
  3,051
  3,237

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
  4,948
  6,277
  7,826
  9,604
  11,616
  13,863
  16,346
  19,064
  22,011
  25,184
  28,577
  32,185
  36,003
  40,027
  44,253
  48,680
  53,306
  58,131
  63,158
  68,389
  73,829
  79,483
  85,360
  91,466
  97,812
  104,409
  111,269
  118,404
  125,830
  133,562
Adjusted assets (=assets-cash), $m
  3,834
  4,948
  6,277
  7,826
  9,604
  11,616
  13,863
  16,346
  19,064
  22,011
  25,184
  28,577
  32,185
  36,003
  40,027
  44,253
  48,680
  53,306
  58,131
  63,158
  68,389
  73,829
  79,483
  85,360
  91,466
  97,812
  104,409
  111,269
  118,404
  125,830
  133,562
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
  3,734
  4,738
  5,907
  7,249
  8,767
  10,464
  12,338
  14,389
  16,614
  19,009
  21,570
  24,293
  27,175
  30,212
  33,402
  36,743
  40,235
  43,877
  47,671
  51,620
  55,726
  59,994
  64,429
  69,038
  73,828
  78,808
  83,985
  89,371
  94,977
  100,812
Working capital, $m
  0
  -31
  -39
  -49
  -60
  -73
  -87
  -103
  -120
  -138
  -158
  -180
  -203
  -227
  -252
  -278
  -306
  -335
  -366
  -397
  -430
  -465
  -500
  -537
  -576
  -615
  -657
  -700
  -745
  -792
  -840
Total debt, $m
  1,654
  2,170
  2,784
  3,500
  4,321
  5,250
  6,289
  7,436
  8,691
  10,053
  11,519
  13,086
  14,753
  16,517
  18,376
  20,329
  22,374
  24,511
  26,741
  29,063
  31,480
  33,993
  36,605
  39,320
  42,141
  45,073
  48,121
  51,290
  54,587
  58,018
  61,590
Total liabilities, $m
  1,769
  2,286
  2,900
  3,616
  4,437
  5,366
  6,405
  7,552
  8,807
  10,169
  11,635
  13,202
  14,869
  16,633
  18,492
  20,445
  22,490
  24,627
  26,857
  29,179
  31,596
  34,109
  36,721
  39,436
  42,257
  45,189
  48,237
  51,406
  54,703
  58,134
  61,706
Total equity, $m
  2,088
  2,662
  3,377
  4,211
  5,167
  6,249
  7,458
  8,794
  10,256
  11,842
  13,549
  15,374
  17,315
  19,369
  21,534
  23,808
  26,190
  28,678
  31,275
  33,979
  36,793
  39,720
  42,762
  45,923
  49,209
  52,623
  56,172
  59,863
  63,702
  67,697
  71,856
Total liabilities and equity, $m
  3,857
  4,948
  6,277
  7,827
  9,604
  11,615
  13,863
  16,346
  19,063
  22,011
  25,184
  28,576
  32,184
  36,002
  40,026
  44,253
  48,680
  53,305
  58,132
  63,158
  68,389
  73,829
  79,483
  85,359
  91,466
  97,812
  104,409
  111,269
  118,405
  125,831
  133,562
Debt-to-equity ratio
  0.792
  0.820
  0.820
  0.830
  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
  0.860
  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
  133
  166
  205
  250
  300
  356
  417
  484
  556
  633
  715
  803
  895
  992
  1,094
  1,201
  1,312
  1,428
  1,548
  1,674
  1,804
  1,940
  2,081
  2,227
  2,379
  2,537
  2,702
  2,873
  3,051
  3,237
Depreciation, amort., depletion, $m
  117
  151
  192
  239
  293
  355
  424
  500
  583
  673
  770
  873
  984
  1,100
  1,223
  1,352
  1,488
  1,629
  1,776
  1,930
  2,090
  2,256
  2,429
  2,608
  2,795
  2,989
  3,191
  3,400
  3,618
  3,845
  4,081
Funds from operations, $m
  245
  284
  358
  445
  543
  655
  779
  916
  1,066
  1,228
  1,403
  1,589
  1,786
  1,995
  2,215
  2,446
  2,688
  2,941
  3,204
  3,478
  3,764
  4,060
  4,369
  4,689
  5,022
  5,368
  5,728
  6,102
  6,491
  6,896
  7,318
Change in working capital, $m
  19
  -7
  -8
  -10
  -11
  -13
  -14
  -16
  -17
  -19
  -20
  -21
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -38
  -40
  -42
  -43
  -45
  -47
  -49
Cash from operations, $m
  226
  291
  367
  454
  555
  668
  793
  932
  1,083
  1,247
  1,422
  1,610
  1,809
  2,019
  2,241
  2,473
  2,716
  2,970
  3,234
  3,510
  3,797
  4,095
  4,404
  4,726
  5,061
  5,408
  5,769
  6,145
  6,536
  6,943
  7,367
Maintenance CAPEX, $m
  0
  -117
  -151
  -192
  -239
  -293
  -355
  -424
  -500
  -583
  -673
  -770
  -873
  -984
  -1,100
  -1,223
  -1,352
  -1,488
  -1,629
  -1,776
  -1,930
  -2,090
  -2,256
  -2,429
  -2,608
  -2,795
  -2,989
  -3,191
  -3,400
  -3,618
  -3,845
New CAPEX, $m
  -73
  -846
  -1,003
  -1,169
  -1,342
  -1,518
  -1,696
  -1,874
  -2,051
  -2,225
  -2,395
  -2,561
  -2,723
  -2,882
  -3,037
  -3,190
  -3,341
  -3,492
  -3,642
  -3,794
  -3,948
  -4,106
  -4,268
  -4,435
  -4,609
  -4,790
  -4,979
  -5,178
  -5,386
  -5,605
  -5,836
Cash from investing activities, $m
  -1,796
  -963
  -1,154
  -1,361
  -1,581
  -1,811
  -2,051
  -2,298
  -2,551
  -2,808
  -3,068
  -3,331
  -3,596
  -3,866
  -4,137
  -4,413
  -4,693
  -4,980
  -5,271
  -5,570
  -5,878
  -6,196
  -6,524
  -6,864
  -7,217
  -7,585
  -7,968
  -8,369
  -8,786
  -9,223
  -9,681
Free cash flow, $m
  -1,570
  -673
  -788
  -907
  -1,026
  -1,144
  -1,258
  -1,366
  -1,467
  -1,560
  -1,645
  -1,721
  -1,788
  -1,846
  -1,897
  -1,940
  -1,978
  -2,009
  -2,037
  -2,061
  -2,082
  -2,101
  -2,120
  -2,138
  -2,157
  -2,177
  -2,199
  -2,223
  -2,250
  -2,280
  -2,314
Issuance/(repayment) of debt, $m
  820
  516
  614
  716
  821
  929
  1,038
  1,147
  1,255
  1,362
  1,466
  1,568
  1,667
  1,764
  1,859
  1,953
  2,045
  2,137
  2,229
  2,322
  2,417
  2,513
  2,612
  2,715
  2,821
  2,932
  3,048
  3,169
  3,297
  3,431
  3,572
Issuance/(repurchase) of shares, $m
  948
  465
  549
  628
  707
  782
  853
  919
  978
  1,030
  1,074
  1,110
  1,138
  1,159
  1,173
  1,180
  1,181
  1,177
  1,169
  1,156
  1,141
  1,122
  1,102
  1,081
  1,058
  1,035
  1,012
  989
  966
  944
  923
Cash from financing (excl. dividends), $m  
  1,743
  981
  1,163
  1,344
  1,528
  1,711
  1,891
  2,066
  2,233
  2,392
  2,540
  2,678
  2,805
  2,923
  3,032
  3,133
  3,226
  3,314
  3,398
  3,478
  3,558
  3,635
  3,714
  3,796
  3,879
  3,967
  4,060
  4,158
  4,263
  4,375
  4,495
Total cash flow (excl. dividends), $m
  173
  308
  375
  437
  501
  567
  634
  700
  766
  831
  895
  957
  1,018
  1,077
  1,135
  1,192
  1,249
  1,305
  1,361
  1,418
  1,475
  1,534
  1,595
  1,657
  1,722
  1,790
  1,861
  1,935
  2,013
  2,095
  2,181
Retained Cash Flow (-), $m
  -886
  -598
  -715
  -834
  -956
  -1,082
  -1,209
  -1,336
  -1,462
  -1,586
  -1,707
  -1,825
  -1,941
  -2,054
  -2,165
  -2,274
  -2,382
  -2,489
  -2,596
  -2,704
  -2,814
  -2,927
  -3,042
  -3,161
  -3,285
  -3,414
  -3,549
  -3,691
  -3,839
  -3,995
  -4,160
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
 
  -265
  -340
  -397
  -455
  -515
  -575
  -636
  -695
  -754
  -812
  -868
  -923
  -977
  -1,030
  -1,082
  -1,133
  -1,184
  -1,235
  -1,287
  -1,339
  -1,392
  -1,447
  -1,504
  -1,563
  -1,624
  -1,688
  -1,756
  -1,826
  -1,901
  -1,979
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
 
  -245
  -289
  -307
  -318
  -322
  -319
  -309
  -293
  -273
  -249
  -222
  -195
  -167
  -141
  -116
  -94
  -74
  -58
  -44
  -32
  -23
  -16
  -11
  -8
  -5
  -3
  -2
  -1
  -1
  0
Current shareholders' claim on cash, %
  100
  87.6
  77.6
  69.5
  62.9
  57.5
  52.9
  49.1
  45.9
  43.2
  40.9
  38.9
  37.2
  35.7
  34.4
  33.2
  32.2
  31.4
  30.6
  29.9
  29.3
  28.7
  28.2
  27.8
  27.4
  27.0
  26.7
  26.4
  26.2
  25.9
  25.7

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 39.2
Price to Sales 7.2
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 14.8
Price to Free Cash Flow 21.8
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 29.3% 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 46.433 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 $3.3 billion.

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COMPANY NEWS

▶ 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]
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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