DCF Tool

NSA

National Storage Affiliates Trust – Other Financial Vehicles
National Storage Affiliates Trust is a real estate investment trust headquartered in Denver, Colorado, focused on the ownership, operation and acquisition of self storage properties located within the top 100 metropolitan statistical areas throughout the United States. As of September 30, 2020, the Company held ownership interests in and operated 788 self storage properties located in 35 states and Puerto Rico with approximately 49.5 million rentable square feet. NSA is one of the largest owners and operators of self storage properties among public and private companies in the United States. NSA is included in the MSCI US REIT Index (RMS/RMZ), the Russell 2000 Index of Companies and the S&P SmallCap 600 Index.
Analysis Results
Intrinsic Value $281.81
Latest Price $56.53
Relative Value 80% 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 29.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 6.0%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 29.7%, 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)
2022 0.446 0.421
2023 0.579 0.515
2024 0.751 0.63
2025 0.974 0.771
2026 1.26 0.943
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 32.1 billion. This corresponds to a present value of 22.6 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 3.28 billion. Adding in the terminal value gives a total present value of 25.9 billion.

There are presently 91.8 million outstanding shares, so the intrinsic value per share is 281.81.

Financial Statements

The following data was to determine the past cash flows.

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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