Intrinsic value of National Storage Affiliates Trust - NSA

Previous Close

$22.01

  Intrinsic Value

$3.35

stock screener

  Rating & Target

str. sell

-85%

  Value-price divergence*

-111%

Previous close

$22.01

 
Intrinsic value

$3.35

 
Up/down potential

-85%

 
Rating

str. sell

 
Value-price divergence*

-111%

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

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

We calculate the intrinsic value of NSA 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 0.9

 

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, %
  48.51
  55.00
  50.00
  45.50
  41.45
  37.81
  34.52
  31.57
  28.91
  26.52
  24.37
  22.43
  20.69
  19.12
  17.71
  16.44
  15.29
  14.27
  13.34
  12.50
  11.75
  11.08
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
Revenue, $m
  199
  308
  463
  673
  952
  1,312
  1,765
  2,323
  2,994
  3,788
  4,712
  5,769
  6,962
  8,293
  9,762
  11,367
  13,105
  14,975
  16,972
  19,094
  21,339
  23,703
  26,185
  28,783
  31,498
  34,329
  37,278
  40,346
  43,537
  46,853
  50,299
Variable operating expenses, $m
 
  189
  283
  411
  581
  801
  1,077
  1,417
  1,827
  2,311
  2,875
  3,519
  4,247
  5,059
  5,955
  6,934
  7,994
  9,134
  10,353
  11,647
  13,016
  14,458
  15,972
  17,557
  19,213
  20,940
  22,739
  24,611
  26,557
  28,579
  30,681
Fixed operating expenses, $m
 
  28
  28
  29
  30
  31
  31
  32
  33
  34
  35
  35
  36
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
  48
  49
  50
  51
  53
  54
  55
  57
Total operating expenses, $m
  148
  217
  311
  440
  611
  832
  1,108
  1,449
  1,860
  2,345
  2,910
  3,554
  4,283
  5,096
  5,993
  6,973
  8,034
  9,175
  10,395
  11,690
  13,060
  14,503
  16,018
  17,605
  19,262
  20,990
  22,790
  24,664
  26,611
  28,634
  30,738
Operating income, $m
  51
  92
  151
  233
  341
  481
  657
  873
  1,134
  1,443
  1,802
  2,214
  2,679
  3,197
  3,769
  4,394
  5,071
  5,799
  6,577
  7,404
  8,278
  9,199
  10,166
  11,178
  12,236
  13,339
  14,488
  15,683
  16,926
  18,218
  19,561
EBITDA, $m
  106
  178
  280
  419
  604
  843
  1,144
  1,514
  1,960
  2,487
  3,101
  3,804
  4,597
  5,482
  6,459
  7,526
  8,682
  9,925
  11,253
  12,665
  14,157
  15,729
  17,380
  19,108
  20,914
  22,797
  24,758
  26,799
  28,921
  31,126
  33,418
Interest expense (income), $m
  23
  31
  56
  92
  140
  205
  288
  393
  522
  677
  860
  1,074
  1,318
  1,594
  1,902
  2,241
  2,612
  3,014
  3,446
  3,908
  4,398
  4,917
  5,463
  6,037
  6,638
  7,265
  7,919
  8,601
  9,310
  10,047
  10,814
Earnings before tax, $m
  25
  61
  95
  141
  201
  276
  369
  480
  613
  766
  942
  1,141
  1,361
  1,603
  1,868
  2,153
  2,459
  2,786
  3,131
  3,496
  3,880
  4,282
  4,703
  5,141
  5,598
  6,074
  6,568
  7,082
  7,616
  8,171
  8,747
Tax expense, $m
  0
  17
  26
  38
  54
  74
  100
  130
  165
  207
  254
  308
  367
  433
  504
  581
  664
  752
  845
  944
  1,048
  1,156
  1,270
  1,388
  1,512
  1,640
  1,773
  1,912
  2,056
  2,206
  2,362
Net income, $m
  18
  45
  70
  103
  146
  201
  269
  351
  447
  559
  688
  833
  994
  1,170
  1,363
  1,572
  1,795
  2,033
  2,286
  2,552
  2,833
  3,126
  3,433
  3,753
  4,087
  4,434
  4,795
  5,170
  5,560
  5,965
  6,385

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  13
  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
  1,892
  2,910
  4,365
  6,351
  8,983
  12,379
  16,653
  21,911
  28,247
  35,739
  44,449
  54,420
  65,680
  78,239
  92,095
  107,234
  123,635
  141,271
  160,115
  180,137
  201,310
  223,613
  247,028
  271,542
  297,153
  323,862
  351,680
  380,625
  410,723
  442,007
  474,516
Adjusted assets (=assets-cash), $m
  1,879
  2,910
  4,365
  6,351
  8,983
  12,379
  16,653
  21,911
  28,247
  35,739
  44,449
  54,420
  65,680
  78,239
  92,095
  107,234
  123,635
  141,271
  160,115
  180,137
  201,310
  223,613
  247,028
  271,542
  297,153
  323,862
  351,680
  380,625
  410,723
  442,007
  474,516
Revenue / Adjusted assets
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
Average production assets, $m
  1,415
  2,192
  3,289
  4,785
  6,768
  9,327
  12,547
  16,509
  21,282
  26,927
  33,490
  41,003
  49,487
  58,949
  69,389
  80,795
  93,152
  106,440
  120,638
  135,724
  151,677
  168,481
  186,122
  204,593
  223,889
  244,013
  264,973
  286,781
  309,458
  333,029
  357,523
Working capital, $m
  0
  -20
  -30
  -44
  -62
  -85
  -115
  -151
  -195
  -246
  -306
  -375
  -453
  -539
  -635
  -739
  -852
  -973
  -1,103
  -1,241
  -1,387
  -1,541
  -1,702
  -1,871
  -2,047
  -2,231
  -2,423
  -2,623
  -2,830
  -3,045
  -3,269
Total debt, $m
  879
  1,601
  2,619
  4,010
  5,852
  8,230
  11,221
  14,902
  19,337
  24,581
  30,678
  37,658
  45,540
  54,331
  64,030
  74,628
  86,108
  98,454
  111,644
  125,660
  140,481
  156,093
  172,483
  189,644
  207,571
  226,267
  245,740
  266,002
  287,070
  308,969
  331,726
Total liabilities, $m
  1,315
  2,037
  3,055
  4,446
  6,288
  8,666
  11,657
  15,338
  19,773
  25,017
  31,114
  38,094
  45,976
  54,767
  64,466
  75,064
  86,544
  98,890
  112,080
  126,096
  140,917
  156,529
  172,919
  190,080
  208,007
  226,703
  246,176
  266,438
  287,506
  309,405
  332,162
Total equity, $m
  577
  873
  1,309
  1,905
  2,695
  3,714
  4,996
  6,573
  8,474
  10,722
  13,335
  16,326
  19,704
  23,472
  27,628
  32,170
  37,090
  42,381
  48,034
  54,041
  60,393
  67,084
  74,108
  81,463
  89,146
  97,159
  105,504
  114,188
  123,217
  132,602
  142,355
Total liabilities and equity, $m
  1,892
  2,910
  4,364
  6,351
  8,983
  12,380
  16,653
  21,911
  28,247
  35,739
  44,449
  54,420
  65,680
  78,239
  92,094
  107,234
  123,634
  141,271
  160,114
  180,137
  201,310
  223,613
  247,027
  271,543
  297,153
  323,862
  351,680
  380,626
  410,723
  442,007
  474,517
Debt-to-equity ratio
  1.523
  1.830
  2.000
  2.100
  2.170
  2.220
  2.250
  2.270
  2.280
  2.290
  2.300
  2.310
  2.310
  2.310
  2.320
  2.320
  2.320
  2.320
  2.320
  2.330
  2.330
  2.330
  2.330
  2.330
  2.330
  2.330
  2.330
  2.330
  2.330
  2.330
  2.330
Adjusted equity ratio
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300
  0.300

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  18
  45
  70
  103
  146
  201
  269
  351
  447
  559
  688
  833
  994
  1,170
  1,363
  1,572
  1,795
  2,033
  2,286
  2,552
  2,833
  3,126
  3,433
  3,753
  4,087
  4,434
  4,795
  5,170
  5,560
  5,965
  6,385
Depreciation, amort., depletion, $m
  55
  86
  128
  186
  263
  362
  487
  640
  826
  1,044
  1,299
  1,589
  1,918
  2,285
  2,689
  3,132
  3,611
  4,126
  4,676
  5,261
  5,879
  6,530
  7,214
  7,930
  8,678
  9,458
  10,270
  11,116
  11,995
  12,908
  13,857
Funds from operations, $m
  105
  130
  198
  289
  409
  563
  756
  991
  1,273
  1,604
  1,986
  2,422
  2,912
  3,455
  4,053
  4,703
  5,406
  6,159
  6,962
  7,813
  8,711
  9,656
  10,647
  11,683
  12,765
  13,892
  15,065
  16,286
  17,554
  18,873
  20,243
Change in working capital, $m
  10
  -7
  -10
  -14
  -18
  -23
  -29
  -36
  -44
  -52
  -60
  -69
  -78
  -87
  -95
  -104
  -113
  -122
  -130
  -138
  -146
  -154
  -161
  -169
  -176
  -184
  -192
  -199
  -207
  -216
  -224
Cash from operations, $m
  95
  137
  208
  303
  428
  587
  785
  1,027
  1,316
  1,655
  2,046
  2,491
  2,989
  3,542
  4,148
  4,808
  5,519
  6,281
  7,092
  7,951
  8,857
  9,810
  10,808
  11,852
  12,941
  14,076
  15,257
  16,485
  17,762
  19,088
  20,467
Maintenance CAPEX, $m
  0
  -55
  -85
  -127
  -185
  -262
  -362
  -486
  -640
  -825
  -1,044
  -1,298
  -1,589
  -1,918
  -2,285
  -2,689
  -3,132
  -3,611
  -4,126
  -4,676
  -5,261
  -5,879
  -6,530
  -7,214
  -7,930
  -8,678
  -9,458
  -10,270
  -11,116
  -11,995
  -12,908
New CAPEX, $m
  -544
  -778
  -1,096
  -1,496
  -1,983
  -2,559
  -3,220
  -3,961
  -4,774
  -5,645
  -6,562
  -7,513
  -8,484
  -9,463
  -10,439
  -11,406
  -12,357
  -13,288
  -14,198
  -15,085
  -15,953
  -16,804
  -17,642
  -18,471
  -19,296
  -20,124
  -20,959
  -21,809
  -22,677
  -23,571
  -24,494
Cash from investing activities, $m
  -643
  -833
  -1,181
  -1,623
  -2,168
  -2,821
  -3,582
  -4,447
  -5,414
  -6,470
  -7,606
  -8,811
  -10,073
  -11,381
  -12,724
  -14,095
  -15,489
  -16,899
  -18,324
  -19,761
  -21,214
  -22,683
  -24,172
  -25,685
  -27,226
  -28,802
  -30,417
  -32,079
  -33,793
  -35,566
  -37,402
Free cash flow, $m
  -548
  -695
  -973
  -1,321
  -1,741
  -2,234
  -2,796
  -3,420
  -4,097
  -4,814
  -5,560
  -6,320
  -7,084
  -7,839
  -8,576
  -9,288
  -9,970
  -10,618
  -11,232
  -11,810
  -12,357
  -12,873
  -13,363
  -13,832
  -14,285
  -14,726
  -15,161
  -15,594
  -16,031
  -16,477
  -16,936
Issuance/(repayment) of debt, $m
  254
  722
  1,018
  1,390
  1,843
  2,377
  2,992
  3,680
  4,435
  5,244
  6,097
  6,980
  7,882
  8,791
  9,699
  10,597
  11,481
  12,346
  13,191
  14,015
  14,822
  15,612
  16,390
  17,160
  17,927
  18,696
  19,473
  20,262
  21,069
  21,899
  22,757
Issuance/(repurchase) of shares, $m
  378
  264
  367
  493
  643
  818
  1,013
  1,227
  1,453
  1,688
  1,925
  2,159
  2,384
  2,597
  2,793
  2,970
  3,125
  3,258
  3,367
  3,454
  3,520
  3,565
  3,591
  3,601
  3,596
  3,579
  3,551
  3,514
  3,470
  3,421
  3,368
Cash from financing (excl. dividends), $m  
  628
  986
  1,385
  1,883
  2,486
  3,195
  4,005
  4,907
  5,888
  6,932
  8,022
  9,139
  10,266
  11,388
  12,492
  13,567
  14,606
  15,604
  16,558
  17,469
  18,342
  19,177
  19,981
  20,761
  21,523
  22,275
  23,024
  23,776
  24,539
  25,320
  26,125
Total cash flow (excl. dividends), $m
  80
  291
  412
  562
  745
  961
  1,209
  1,487
  1,791
  2,118
  2,462
  2,818
  3,183
  3,550
  3,916
  4,279
  4,636
  4,985
  5,326
  5,659
  5,985
  6,304
  6,618
  6,929
  7,239
  7,549
  7,863
  8,181
  8,507
  8,842
  9,189
Retained Cash Flow (-), $m
  -340
  -309
  -436
  -596
  -790
  -1,019
  -1,282
  -1,577
  -1,901
  -2,248
  -2,613
  -2,991
  -3,378
  -3,768
  -4,157
  -4,542
  -4,920
  -5,291
  -5,653
  -6,007
  -6,352
  -6,691
  -7,024
  -7,354
  -7,683
  -8,013
  -8,345
  -8,684
  -9,029
  -9,385
  -9,753
Prev. year cash balance distribution, $m
 
  13
  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
 
  -5
  -25
  -34
  -45
  -58
  -74
  -91
  -109
  -129
  -151
  -173
  -195
  -218
  -240
  -263
  -285
  -306
  -327
  -347
  -367
  -387
  -406
  -425
  -444
  -464
  -483
  -502
  -522
  -543
  -564
Discount rate, %
 
  9.80
  10.29
  10.80
  11.34
  11.91
  12.51
  13.13
  13.79
  14.48
  15.20
  15.96
  16.76
  17.60
  18.48
  19.40
  20.37
  21.39
  22.46
  23.58
  24.76
  26.00
  27.30
  28.67
  30.10
  31.61
  33.19
  34.85
  36.59
  38.42
  40.34
PV of cash for distribution, $m
 
  -5
  -20
  -25
  -29
  -33
  -36
  -38
  -39
  -38
  -37
  -34
  -30
  -26
  -22
  -18
  -15
  -11
  -9
  -6
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  77.6
  61.7
  50.1
  41.5
  35.0
  30.0
  26.0
  22.9
  20.4
  18.4
  16.7
  15.4
  14.2
  13.2
  12.4
  11.7
  11.1
  10.6
  10.2
  9.8
  9.4
  9.1
  8.9
  8.6
  8.4
  8.2
  8.1
  7.9
  7.8
  7.7

National Storage Affiliates is a real estate investment trust. The firm invests in the real estate markets of top 100 metropolitan statistical areas across United States. It engages in ownership, operation, and acquisition of self storage facilities. National Storage Affiliates is based in Greenwood Village, Colorado.

FINANCIAL RATIOS  of  National Storage Affiliates Trust (NSA)

Valuation Ratios
P/E Ratio 52.7
Price to Sales 4.8
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow 10
Price to Free Cash Flow -2.1
Growth Rates
Sales Growth Rate 48.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 209.1%
Cap. Spend. - 3 Yr. Gr. Rate 38.7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 152.3%
Total Debt to Equity 152.3%
Interest Coverage 2
Management Effectiveness
Return On Assets 2.7%
Ret/ On Assets - 3 Yr. Avg. 3.1%
Return On Total Capital 1.6%
Ret/ On T. Cap. - 3 Yr. Avg. 1.1%
Return On Equity 4.4%
Return On Equity - 3 Yr. Avg. 4.8%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 51.8%
EBITDA Margin - 3 Yr. Avg. 45.4%
Operating Margin 25.6%
Oper. Margin - 3 Yr. Avg. 18.5%
Pre-Tax Margin 12.6%
Pre-Tax Margin - 3 Yr. Avg. -1.5%
Net Profit Margin 9%
Net Profit Margin - 3 Yr. Avg. 6%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 411.1%

NSA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NSA stock intrinsic value calculation we used $199 million for the last fiscal year's total revenue generated by National Storage Affiliates Trust. The default revenue input number comes from 2016 income statement of National Storage Affiliates Trust. 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 NSA stock valuation model: a) initial revenue growth rate of 55% 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 9.8%, whose default value for NSA is calculated based on our internal credit rating of National Storage Affiliates Trust, 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 National Storage Affiliates Trust.
    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 NSA stock the variable cost ratio is equal to 61.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $27 million in the base year in the intrinsic value calculation for NSA 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 National Storage Affiliates Trust.

Corporate tax rate of 27% is the nominal tax rate for National Storage Affiliates Trust. 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 NSA 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 NSA are equal to 710.8%.

Life of production assets of 25.8 years is the average useful life of capital assets used in National Storage Affiliates Trust 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 NSA is equal to -6.5%. 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 - $577 million for National Storage Affiliates Trust - 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 42.666 million for National Storage Affiliates Trust 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 National Storage Affiliates Trust at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

▶ DTS Inc. (DTSI): Are Hedge Funds Right About This Stock?   [Dec-09-16 10:36AM  at Insider Monkey]
Stock chart of NSA Financial statements of NSA
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