DCF Tool

NSA

National Storage Affiliates Trust – Other Financial Vehicles
national storage affiliates is a self-administered, self-managed real estate investment trust, dedicated to the ownership, operation and acquisition of self storage facilities.
Analysis Results
Intrinsic Value $776.99
Latest Price $34.57
Relative Value 96% undervalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 36.6%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 3.6%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 36.6%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2023 0.69 0.666
2024 0.943 0.878
2025 1.29 1.16
2026 1.76 1.53
2027 2.4 2.01
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 72.0 billion. This corresponds to a present value of 58.3 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 6.24 billion. Adding in the terminal value gives a total present value of 64.6 billion.

There are presently 83.1 million outstanding shares, so the intrinsic value per share is 776.99.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 159,694,000
Current Cash 35,312,000
Current Liabilities 104,073,000
Current Debt 0
Non-Cash Working Capital (NCWC) 20,309,000
Change in NCWC 35,021,000
EBIT 303,075,000
Tax Provision 4,689,000
Depreciation and Amortization 233,158,000
Capital Expenditure -43,726,000
Unlevered Free Cash Flow 519,987,068
Current Assets 91,771,000
Current Cash 25,013,000
Current Liabilities 81,470,000
Current Debt 0
Non-Cash Working Capital (NCWC) -14,712,000
Change in NCWC 7,590,000
EBIT 224,446,000
Tax Provision 1,690,000
Depreciation and Amortization 158,312,000
Capital Expenditure -28,003,000
Unlevered Free Cash Flow 359,792,846
Current Assets 59,878,000
Current Cash 18,723,000
Current Liabilities 63,457,000
Current Debt 0
Non-Cash Working Capital (NCWC) -22,302,000
Change in NCWC 7,129,000
EBIT 145,763,000
Tax Provision 1,671,000
Depreciation and Amortization 117,174,000
Capital Expenditure -16,759,000
Unlevered Free Cash Flow 250,305,484
Current Assets 64,559,000
Current Cash 20,558,000
Current Liabilities 73,432,000
Current Debt 0
Non-Cash Working Capital (NCWC) -29,431,000
Change in NCWC -48,280,000
EBIT 120,562,000
Tax Provision 1,351,000
Depreciation and Amortization 105,119,000
Capital Expenditure -21,456,000
Unlevered Free Cash Flow 153,527,102
Current Assets 80,892,000
Current Cash 13,181,000
Current Liabilities 48,862,000
Current Debt 0
Non-Cash Working Capital (NCWC) 18,849,000
Change in NCWC 10,733,000
EBIT 99,568,000
Tax Provision 818,000
Depreciation and Amortization 89,147,000
Capital Expenditure -19,014,000
Unlevered Free Cash Flow 179,008,712
Current Assets 58,628,000
Current Cash 13,366,000
Current Liabilities 37,146,000
Current Debt 0
Non-Cash Working Capital (NCWC) 8,116,000
Change in NCWC 4,882,000
EBIT 75,568,000
Tax Provision 1,159,000
Depreciation and Amortization 75,115,000
Capital Expenditure -14,656,000
Unlevered Free Cash Flow 139,051,729
Current Assets 49,874,000
Current Cash 12,570,000
Current Liabilities 34,070,000
Current Debt 0
Non-Cash Working Capital (NCWC) 3,234,000
Change in NCWC 10,327,000
EBIT 49,626,000
Tax Provision 0
Depreciation and Amortization 55,064,000
Capital Expenditure -11,945,000
Unlevered Free Cash Flow 103,072,000

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