Intrinsic value of National Storage Affiliates Trust - NSA

Previous Close

$24.95

  Intrinsic Value

$3.21

stock screener

  Rating & Target

str. sell

-87%

Previous close

$24.95

 
Intrinsic value

$3.21

 
Up/down potential

-87%

 
Rating

str. sell

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

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 1.1

 

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
  36.20
  33.08
  30.27
  27.74
  25.47
  23.42
  21.58
  19.92
  18.43
  17.09
  15.88
  14.79
  13.81
  12.93
  12.14
  11.42
  10.78
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.77
  7.49
  7.24
  7.02
  6.81
  6.63
  6.47
Revenue, $m
  199
  271
  361
  470
  600
  753
  930
  1,130
  1,355
  1,605
  1,879
  2,178
  2,500
  2,845
  3,213
  3,603
  4,015
  4,448
  4,901
  5,376
  5,871
  6,388
  6,925
  7,484
  8,065
  8,669
  9,297
  9,949
  10,627
  11,332
  12,065
Variable operating expenses, $m
 
  166
  221
  287
  367
  460
  568
  690
  827
  980
  1,147
  1,328
  1,525
  1,736
  1,960
  2,198
  2,449
  2,713
  2,990
  3,279
  3,581
  3,896
  4,224
  4,565
  4,920
  5,288
  5,671
  6,069
  6,482
  6,912
  7,360
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
  194
  249
  316
  397
  491
  599
  722
  860
  1,014
  1,182
  1,363
  1,561
  1,773
  1,998
  2,237
  2,489
  2,754
  3,032
  3,322
  3,625
  3,941
  4,270
  4,613
  4,969
  5,338
  5,722
  6,122
  6,536
  6,967
  7,417
Operating income, $m
  51
  77
  112
  154
  204
  263
  331
  408
  495
  592
  698
  814
  939
  1,072
  1,215
  1,366
  1,526
  1,694
  1,870
  2,054
  2,246
  2,446
  2,654
  2,871
  3,097
  3,331
  3,575
  3,828
  4,091
  4,364
  4,649
EBITDA, $m
  106
  153
  212
  284
  370
  471
  587
  720
  869
  1,035
  1,216
  1,414
  1,627
  1,856
  2,100
  2,359
  2,632
  2,919
  3,220
  3,535
  3,863
  4,206
  4,562
  4,933
  5,319
  5,719
  6,136
  6,569
  7,019
  7,486
  7,973
Interest expense (income), $m
  23
  31
  47
  68
  93
  123
  159
  200
  246
  298
  356
  419
  488
  563
  642
  727
  818
  913
  1,013
  1,118
  1,227
  1,342
  1,461
  1,585
  1,715
  1,849
  1,988
  2,134
  2,284
  2,441
  2,604
Earnings before tax, $m
  25
  47
  64
  85
  110
  139
  172
  208
  249
  294
  342
  395
  451
  510
  573
  639
  708
  781
  857
  936
  1,018
  1,104
  1,193
  1,286
  1,382
  1,482
  1,586
  1,694
  1,807
  1,923
  2,045
Tax expense, $m
  0
  13
  17
  23
  30
  38
  46
  56
  67
  79
  92
  107
  122
  138
  155
  172
  191
  211
  231
  253
  275
  298
  322
  347
  373
  400
  428
  457
  488
  519
  552
Net income, $m
  18
  34
  47
  62
  81
  102
  125
  152
  182
  214
  250
  288
  329
  372
  418
  466
  517
  570
  625
  683
  743
  806
  871
  939
  1,009
  1,082
  1,158
  1,237
  1,319
  1,404
  1,493

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
  2,557
  3,403
  4,433
  5,663
  7,105
  8,769
  10,662
  12,786
  15,143
  17,730
  20,545
  23,584
  26,842
  30,313
  33,992
  37,875
  41,958
  46,239
  50,717
  55,390
  60,261
  65,331
  70,605
  76,087
  81,785
  87,707
  93,860
  100,256
  106,906
  113,822
Adjusted assets (=assets-cash), $m
  1,879
  2,557
  3,403
  4,433
  5,663
  7,105
  8,769
  10,662
  12,786
  15,143
  17,730
  20,545
  23,584
  26,842
  30,313
  33,992
  37,875
  41,958
  46,239
  50,717
  55,390
  60,261
  65,331
  70,605
  76,087
  81,785
  87,707
  93,860
  100,256
  106,906
  113,822
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
  1,927
  2,564
  3,340
  4,267
  5,353
  6,607
  8,033
  9,634
  11,409
  13,359
  15,480
  17,770
  20,224
  22,839
  25,611
  28,537
  31,613
  34,839
  38,212
  41,734
  45,403
  49,223
  53,197
  57,328
  61,621
  66,082
  70,719
  75,537
  80,548
  85,759
Working capital, $m
  0
  -18
  -23
  -31
  -39
  -49
  -60
  -73
  -88
  -104
  -122
  -142
  -162
  -185
  -209
  -234
  -261
  -289
  -319
  -349
  -382
  -415
  -450
  -486
  -524
  -564
  -604
  -647
  -691
  -737
  -784
Total debt, $m
  879
  1,354
  1,946
  2,667
  3,528
  4,538
  5,703
  7,027
  8,514
  10,164
  11,975
  13,946
  16,073
  18,353
  20,783
  23,358
  26,076
  28,935
  31,932
  35,066
  38,337
  41,746
  45,296
  48,987
  52,825
  56,814
  60,959
  65,266
  69,743
  74,398
  79,239
Total liabilities, $m
  1,315
  1,790
  2,382
  3,103
  3,964
  4,974
  6,139
  7,463
  8,950
  10,600
  12,411
  14,382
  16,509
  18,789
  21,219
  23,794
  26,512
  29,371
  32,368
  35,502
  38,773
  42,182
  45,732
  49,423
  53,261
  57,250
  61,395
  65,702
  70,179
  74,834
  79,675
Total equity, $m
  577
  767
  1,021
  1,330
  1,699
  2,132
  2,631
  3,199
  3,836
  4,543
  5,319
  6,164
  7,075
  8,053
  9,094
  10,198
  11,362
  12,587
  13,872
  15,215
  16,617
  18,078
  19,599
  21,181
  22,826
  24,536
  26,312
  28,158
  30,077
  32,072
  34,147
Total liabilities and equity, $m
  1,892
  2,557
  3,403
  4,433
  5,663
  7,106
  8,770
  10,662
  12,786
  15,143
  17,730
  20,546
  23,584
  26,842
  30,313
  33,992
  37,874
  41,958
  46,240
  50,717
  55,390
  60,260
  65,331
  70,604
  76,087
  81,786
  87,707
  93,860
  100,256
  106,906
  113,822
Debt-to-equity ratio
  1.523
  1.760
  1.910
  2.010
  2.080
  2.130
  2.170
  2.200
  2.220
  2.240
  2.250
  2.260
  2.270
  2.280
  2.290
  2.290
  2.290
  2.300
  2.300
  2.300
  2.310
  2.310
  2.310
  2.310
  2.310
  2.320
  2.320
  2.320
  2.320
  2.320
  2.320
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
  34
  47
  62
  81
  102
  125
  152
  182
  214
  250
  288
  329
  372
  418
  466
  517
  570
  625
  683
  743
  806
  871
  939
  1,009
  1,082
  1,158
  1,237
  1,319
  1,404
  1,493
Depreciation, amort., depletion, $m
  55
  75
  100
  130
  166
  208
  257
  312
  374
  443
  518
  600
  689
  784
  885
  993
  1,106
  1,225
  1,350
  1,481
  1,618
  1,760
  1,908
  2,062
  2,222
  2,388
  2,561
  2,741
  2,928
  3,122
  3,324
Funds from operations, $m
  105
  109
  147
  192
  247
  310
  382
  464
  556
  657
  768
  888
  1,018
  1,156
  1,303
  1,459
  1,623
  1,795
  1,976
  2,164
  2,361
  2,566
  2,779
  3,001
  3,231
  3,470
  3,719
  3,978
  4,247
  4,526
  4,817
Change in working capital, $m
  10
  -5
  -6
  -7
  -8
  -10
  -11
  -13
  -15
  -16
  -18
  -19
  -21
  -22
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
Cash from operations, $m
  95
  114
  153
  200
  255
  320
  394
  477
  571
  673
  786
  908
  1,039
  1,179
  1,327
  1,484
  1,650
  1,823
  2,005
  2,195
  2,393
  2,599
  2,814
  3,037
  3,269
  3,510
  3,760
  4,020
  4,291
  4,572
  4,865
Maintenance CAPEX, $m
  0
  -55
  -75
  -99
  -129
  -165
  -207
  -256
  -311
  -373
  -442
  -518
  -600
  -689
  -784
  -885
  -993
  -1,106
  -1,225
  -1,350
  -1,481
  -1,618
  -1,760
  -1,908
  -2,062
  -2,222
  -2,388
  -2,561
  -2,741
  -2,928
  -3,122
New CAPEX, $m
  -544
  -512
  -637
  -776
  -927
  -1,087
  -1,254
  -1,426
  -1,600
  -1,776
  -1,950
  -2,121
  -2,290
  -2,454
  -2,615
  -2,772
  -2,926
  -3,077
  -3,226
  -3,373
  -3,521
  -3,670
  -3,820
  -3,974
  -4,131
  -4,293
  -4,461
  -4,636
  -4,819
  -5,010
  -5,211
Cash from investing activities, $m
  -643
  -567
  -712
  -875
  -1,056
  -1,252
  -1,461
  -1,682
  -1,911
  -2,149
  -2,392
  -2,639
  -2,890
  -3,143
  -3,399
  -3,657
  -3,919
  -4,183
  -4,451
  -4,723
  -5,002
  -5,288
  -5,580
  -5,882
  -6,193
  -6,515
  -6,849
  -7,197
  -7,560
  -7,938
  -8,333
Free cash flow, $m
  -548
  -453
  -559
  -676
  -801
  -933
  -1,068
  -1,205
  -1,341
  -1,475
  -1,606
  -1,731
  -1,851
  -1,964
  -2,072
  -2,173
  -2,269
  -2,359
  -2,446
  -2,529
  -2,609
  -2,688
  -2,766
  -2,844
  -2,924
  -3,005
  -3,090
  -3,177
  -3,269
  -3,366
  -3,469
Issuance/(repayment) of debt, $m
  254
  475
  592
  721
  861
  1,010
  1,165
  1,325
  1,487
  1,650
  1,811
  1,971
  2,127
  2,280
  2,430
  2,575
  2,718
  2,858
  2,997
  3,134
  3,271
  3,409
  3,549
  3,692
  3,838
  3,989
  4,145
  4,307
  4,477
  4,655
  4,841
Issuance/(repurchase) of shares, $m
  378
  169
  207
  247
  288
  331
  374
  416
  455
  493
  527
  556
  583
  605
  623
  637
  648
  655
  659
  660
  659
  655
  650
  643
  636
  627
  618
  609
  600
  591
  582
Cash from financing (excl. dividends), $m  
  628
  644
  799
  968
  1,149
  1,341
  1,539
  1,741
  1,942
  2,143
  2,338
  2,527
  2,710
  2,885
  3,053
  3,212
  3,366
  3,513
  3,656
  3,794
  3,930
  4,064
  4,199
  4,335
  4,474
  4,616
  4,763
  4,916
  5,077
  5,246
  5,423
Total cash flow (excl. dividends), $m
  80
  191
  240
  292
  348
  408
  471
  536
  601
  667
  732
  796
  859
  921
  981
  1,040
  1,098
  1,154
  1,210
  1,265
  1,321
  1,377
  1,433
  1,491
  1,550
  1,611
  1,674
  1,739
  1,808
  1,880
  1,955
Retained Cash Flow (-), $m
  -340
  -203
  -254
  -309
  -369
  -433
  -499
  -568
  -637
  -707
  -776
  -845
  -912
  -977
  -1,041
  -1,104
  -1,165
  -1,225
  -1,284
  -1,343
  -1,402
  -1,461
  -1,521
  -1,582
  -1,645
  -1,709
  -1,776
  -1,846
  -1,919
  -1,995
  -2,075
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
 
  1
  -14
  -17
  -21
  -24
  -28
  -32
  -36
  -40
  -44
  -49
  -53
  -57
  -60
  -64
  -67
  -71
  -74
  -78
  -81
  -85
  -88
  -92
  -95
  -99
  -103
  -107
  -111
  -115
  -120
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
 
  1
  -12
  -13
  -13
  -14
  -14
  -14
  -13
  -12
  -11
  -10
  -8
  -7
  -6
  -4
  -3
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  86.5
  75.9
  67.4
  60.6
  55.0
  50.4
  46.6
  43.4
  40.7
  38.4
  36.4
  34.7
  33.2
  31.9
  30.8
  29.8
  28.9
  28.2
  27.5
  26.9
  26.3
  25.9
  25.4
  25.0
  24.7
  24.4
  24.1
  23.8
  23.6
  23.4

National Storage Affiliates Trust is an integrated, self-administered and self-managed real estate investment trust. The Company is focused on the ownership, operation and acquisition of self-storage properties located within various metropolitan statistical areas (MSAs) across the United States. The Company's operating partnership subsidiary is NSA OP, LP. As of December 31, 2016, the Company held ownership interests in and operated a geographically diversified portfolio of 448 self storage properties, located in 23 states, comprising approximately 27.6 million rentable square feet, configured in approximately 220,000 storage units. The Company's self-storage properties are located in various states of the United States, such as California, Florida, Indiana, Ohio, Louisiana, Oregon, New Hampshire, Oklahoma, Texas, Nevada, New Mexico, Arizona, Colorado and Georgia.

FINANCIAL RATIOS  of  National Storage Affiliates Trust (NSA)

Valuation Ratios
P/E Ratio 59.8
Price to Sales 5.4
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 11.3
Price to Free Cash Flow -2.4
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 36.2% 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 44.489 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 $1.1 billion.

RELATED COMPANIES Price Int.Val. Rating
EXR Extra Space St 81.77 4.46  str.sell
LSI Life Storage 82.46 11.21  str.sell
PSA Public Storage 215.09 31.16  str.sell
CUBE CubeSmart 26.59 2.30  str.sell
MINI Mobile Mini 33.75 9.81  str.sell

COMPANY NEWS

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