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National Storage REIT

ASX:NSR
Snowflake Description

Moderate growth potential with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
NSR
ASX
A$1B
Market Cap
  1. Home
  2. AU
  3. Real Estate
Company description

National Storage is the largest owner-operator of self-storage centres in Australia and New Zealand, with 146 centres, providing tailored storage solutions to over 50,000 residential and commercial customers across Australia and New Zealand. The last earnings update was 120 days ago. More info.


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NSR Share Price and Events
7 Day Returns
-1.1%
ASX:NSR
2.9%
AU REITs
2.1%
AU Market
1 Year Returns
11.5%
ASX:NSR
19.2%
AU REITs
5.6%
AU Market
NSR Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
National Storage REIT (NSR) -1.1% 6.4% 4.2% 11.5% 3.7% 42.6%
AU REITs 2.9% 3.7% 6.1% 19.2% 20.1% 67.5%
AU Market 2.1% 3.3% 8.4% 5.6% 27.8% 15.1%
1 Year Return vs Industry and Market
  • NSR underperformed the REITs industry which returned 19.2% over the past year.
  • NSR outperformed the Market in Australia which returned 5.6% over the past year.
Price Volatility
NSR
Industry
5yr Volatility vs Market

NSR Value

 Is National Storage REIT undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of National Storage REIT to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for National Storage REIT.

ASX:NSR Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.1%
Perpetual Growth Rate 10-Year AU Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for ASX:NSR
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year AU Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.49
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.494 (1 + (1- 30%) (64.39%))
0.81
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.81
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.31% + (0.81 * 5.96%)
7.14%

Discounted Cash Flow Calculation for ASX:NSR using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for National Storage REIT is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

ASX:NSR DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (AUD, Millions) Source Present Value
Discounted (@ 7.14%)
2019 40.00 Analyst x1 37.34
2020 69.00 Analyst x1 60.11
2021 73.00 Analyst x1 59.36
2022 76.14 Est @ 4.3% 57.79
2023 78.96 Est @ 3.7% 55.94
2024 81.56 Est @ 3.29% 53.93
2025 84.00 Est @ 2.99% 51.84
2026 86.34 Est @ 2.79% 49.74
2027 88.63 Est @ 2.65% 47.65
2028 90.88 Est @ 2.55% 45.61
Present value of next 10 years cash flows A$519.30
ASX:NSR DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= A$90.88 × (1 + 2.31%) ÷ (7.14% – 2.31%)
A$1,926.83
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= A$1,926.83 ÷ (1 + 7.14%)10
A$966.98
ASX:NSR Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= A$519.30 + A$966.98
A$1,486.28
Equity Value per Share
(AUD)
= Total value / Shares Outstanding
= A$1,486.28 / 673.93
A$2.21
ASX:NSR Discount to Share Price
Calculation Result
Value per share (AUD) From above. A$2.21
Current discount Discount to share price of A$1.84
= -1 x (A$1.84 - A$2.21) / A$2.21
16.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price National Storage REIT is available for.
Intrinsic value
17%
Share price is A$1.84 vs Future cash flow value of A$2.21
Current Discount Checks
For National Storage REIT to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • National Storage REIT's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • National Storage REIT's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for National Storage REIT's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are National Storage REIT's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
ASX:NSR PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in AUD A$0.02
ASX:NSR Share Price ** ASX (2019-06-24) in AUD A$1.84
Australia REITs Industry PE Ratio Median Figure of 38 Publicly-Listed REITs Companies 12.28x
Australia Market PE Ratio Median Figure of 546 Publicly-Listed Companies 16.07x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of National Storage REIT.

ASX:NSR PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ASX:NSR Share Price ÷ EPS (both in AUD)

= 1.84 ÷ 0.02

105.2x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • National Storage REIT is overvalued based on earnings compared to the AU REITs industry average.
  • National Storage REIT is overvalued based on earnings compared to the Australia market.
Price based on expected Growth
Does National Storage REIT's expected growth come at a high price?
Raw Data
ASX:NSR PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 105.2x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
12.4%per year
Australia REITs Industry PEG Ratio Median Figure of 32 Publicly-Listed REITs Companies 1.08x
Australia Market PEG Ratio Median Figure of 360 Publicly-Listed Companies 1.38x

*Line of best fit is calculated by linear regression .

ASX:NSR PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 105.2x ÷ 12.4%

8.45x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • National Storage REIT is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on National Storage REIT's assets?
Raw Data
ASX:NSR PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in AUD A$0.14
ASX:NSR Share Price * ASX (2019-06-24) in AUD A$1.84
Australia REITs Industry PB Ratio Median Figure of 42 Publicly-Listed REITs Companies 1.15x
Australia Market PB Ratio Median Figure of 1,689 Publicly-Listed Companies 1.64x
ASX:NSR PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ASX:NSR Share Price ÷ Book Value per Share (both in AUD)

= 1.84 ÷ 0.14

12.86x

* Primary Listing of National Storage REIT.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • National Storage REIT is overvalued based on assets compared to the AU REITs industry average.
X
Value checks
We assess National Storage REIT's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. National Storage REIT has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

NSR Future Performance

 How is National Storage REIT expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
12.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is National Storage REIT expected to grow at an attractive rate?
  • National Storage REIT's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • National Storage REIT's earnings growth is expected to exceed the Australia market average.
  • National Storage REIT's revenue growth is expected to exceed the Australia market average.
Annual Growth Rates Comparison
Raw Data
ASX:NSR Future Growth Rates Data Sources
Data Point Source Value (per year)
ASX:NSR Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 12.4%
ASX:NSR Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 5.4%
Australia REITs Industry Earnings Growth Rate Market Cap Weighted Average -3.6%
Australia REITs Industry Revenue Growth Rate Market Cap Weighted Average 0.2%
Australia Market Earnings Growth Rate Market Cap Weighted Average 6.9%
Australia Market Revenue Growth Rate Market Cap Weighted Average 3.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
ASX:NSR Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in AUD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
ASX:NSR Future Estimates Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-06-30 198 80 1
2022-06-30 191 76 1
2021-06-30 187 72 88 3
2020-06-30 179 71 82 4
2019-06-30 165 64 68 4
ASX:NSR Past Financials Data
Date (Data in AUD Millions) Revenue Cash Flow Net Income *
2018-12-31 149 81 10
2018-09-30 144 79 6
2018-06-30 140 77 2
2018-03-31 135 78 2
2017-12-31 129 80 2
2017-09-30 124 73 4
2017-06-30 119 65 7
2017-03-31 109 57 3
2016-12-31 99 49 0
2016-09-30 90 49 0
2016-06-30 81 49 0
2016-03-31 78 45 -1

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • National Storage REIT's earnings are expected to grow by 12.4% yearly, however this is not considered high growth (20% yearly).
  • National Storage REIT's revenue is expected to grow by 5.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
ASX:NSR Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from National Storage REIT Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:NSR Future Estimates Data
Date (Data in AUD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-06-30 0.12 0.12 0.12 1.00
2022-06-30 0.11 0.11 0.11 1.00
2021-06-30 0.13 0.17 0.10 4.00
2020-06-30 0.12 0.17 0.10 5.00
2019-06-30 0.11 0.12 0.10 5.00
ASX:NSR Past Financials Data
Date (Data in AUD Millions) EPS *
2018-12-31 0.02
2018-09-30 0.01
2018-06-30 0.00
2018-03-31 0.00
2017-12-31 0.00
2017-09-30 0.01
2017-06-30 0.01
2017-03-31 0.01
2016-12-31 0.00
2016-09-30 0.00
2016-06-30 0.00
2016-03-31 0.00

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • National Storage REIT is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess National Storage REIT's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Australia market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Australia market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
National Storage REIT has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

NSR Past Performance

  How has National Storage REIT performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare National Storage REIT's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • National Storage REIT has delivered over 20% year on year earnings growth in the past 5 years.
  • National Storage REIT's 1-year earnings growth exceeds its 5-year average (477.7% vs 79.9%)
  • National Storage REIT's earnings growth has exceeded the AU REITs industry average in the past year (477.7% vs -11.2%).
Earnings and Revenue History
National Storage REIT's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from National Storage REIT Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

ASX:NSR Past Revenue, Cash Flow and Net Income Data
Date (Data in AUD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 148.69 10.36 31.30
2018-09-30 144.45 6.06 30.68
2018-06-30 140.21 1.77 30.06
2018-03-31 135.13 1.78 28.60
2017-12-31 129.45 1.79 27.15
2017-09-30 124.11 4.47 26.15
2017-06-30 118.76 7.15 25.16
2017-03-31 108.64 3.42 23.89
2016-12-31 98.51 -0.30 22.63
2016-09-30 89.92 -0.24 19.87
2016-06-30 81.33 -0.18 17.11
2016-03-31 78.13 -1.06 16.43
2015-12-31 74.94 -1.94 15.76
2015-09-30 70.04 -1.64 14.86
2015-06-30 65.15 -1.34 13.97
2015-03-31 59.35 -4.41 12.53
2014-12-31 53.55 -7.48 11.10
2014-09-30 49.67 -12.30 11.45
2014-06-30 45.78 -17.12 11.80
2014-03-31 44.27 -15.12 10.52
2013-12-31 42.76 -13.12 9.24
2013-09-30 44.13 -6.82 7.34
2013-06-30 45.50 -0.53 5.44
2012-06-30 53.31 -0.07 7.47

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • National Storage REIT has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • National Storage REIT used its assets less efficiently than the AU REITs industry average last year based on Return on Assets.
  • National Storage REIT's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess National Storage REIT's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
National Storage REIT has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

NSR Health

 How is National Storage REIT's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up National Storage REIT's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • National Storage REIT is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • National Storage REIT's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of National Storage REIT's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from National Storage REIT Company Filings, last reported 5 months ago.

ASX:NSR Past Debt and Equity Data
Date (Data in AUD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 1,060.80 631.86 53.49
2018-09-30 1,060.80 631.86 53.49
2018-06-30 890.28 600.79 21.42
2018-03-31 890.28 600.79 21.42
2017-12-31 818.93 480.26 15.14
2017-09-30 818.93 480.26 15.14
2017-06-30 732.62 485.20 23.17
2017-03-31 732.62 485.20 23.17
2016-12-31 663.27 388.04 12.57
2016-09-30 663.27 388.04 12.57
2016-06-30 398.35 291.05 13.37
2016-03-31 398.35 291.05 13.37
2015-12-31 390.07 199.38 10.20
2015-09-30 390.07 199.38 10.20
2015-06-30 385.66 124.28 9.49
2015-03-31 385.66 124.28 9.49
2014-12-31 310.09 112.55 9.54
2014-09-30 310.09 112.55 9.54
2014-06-30 244.33 87.85 8.26
2014-03-31 244.33 87.85 8.26
2013-12-31 239.72 49.82 1.30
2013-09-30 239.72 49.82 1.30
2013-06-30 28.72 0.00 0.38
2012-06-30 30.15 0.00 0.73
  • National Storage REIT's level of debt (75.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (49.1% vs 75.3% today).
  • Debt is not well covered by operating cash flow (10.1%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.9x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess National Storage REIT's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. National Storage REIT has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

NSR Dividends

 What is National Storage REIT's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.22%
Current annual income from National Storage REIT dividends. Estimated to be 5.4% next year.
If you bought A$2,000 of National Storage REIT shares you are expected to receive A$104 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • National Storage REIT's pays a higher dividend yield than the bottom 25% of dividend payers in Australia (2.61%).
  • National Storage REIT's dividend is below the markets top 25% of dividend payers in Australia (5.83%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
ASX:NSR Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
Australia REITs Industry Average Dividend Yield Market Cap Weighted Average of 40 Stocks 4.3%
Australia Market Average Dividend Yield Market Cap Weighted Average of 416 Stocks 4%
Australia Minimum Threshold Dividend Yield 10th Percentile 1.6%
Australia Bottom 25% Dividend Yield 25th Percentile 2.6%
Australia Top 25% Dividend Yield 75th Percentile 5.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

ASX:NSR Future Dividends Estimate Data
Date (Data in A$) Dividend per Share (annual) Avg. No. Analysts
2023-06-30 0.11 1.00
2022-06-30 0.11 1.00
2021-06-30 0.10 5.00
2020-06-30 0.10 6.00
2019-06-30 0.10 6.00
ASX:NSR Past Annualized Dividends Data
Date (Data in A$) Dividend per share (annual) Avg. Yield (%)
2019-06-24 0.096 5.217
2018-12-18 0.094 5.306
2018-06-21 0.098 5.745
2018-02-22 0.094 5.975
2017-06-22 0.092 6.044
2016-12-20 0.092 6.287
2016-06-23 0.088 5.656
2015-12-21 0.086 5.277
2015-06-23 0.084 5.353
2014-12-18 0.080 5.215
2014-08-26 0.038 2.742

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, National Storage REIT has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but National Storage REIT only paid a dividend in the past 5 years.
Current Payout to shareholders
What portion of National Storage REIT's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1x coverage).
X
Income/ dividend checks
We assess National Storage REIT's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can National Storage REIT afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. National Storage REIT has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

NSR Management

 What is the CEO of National Storage REIT's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Andrew Catsoulis
COMPENSATION A$1,270,401
CEO Bio

Mr. Andrew Catsoulis serves as the Managing Director of National Storage Holdings Limited at National Storage REIT. Mr. Catsoulis serves as Company Secretary of Stowaway Self Storage Pty Ltd. He is a qualified finance, commercial and property lawyer who has worked for major law firm both in Australia and overseas. He is also a qualified project manager with considerable property development experience. He has over 20 years of specific self-storage industry expertise in areas of acquisition, development, integration and operation of 'greenfield' and developed self-storage centres. He was instrumen in the successful acquisition and integration of the original National Storage Group portfolio. He serves as Director at Stowaway Self Storage Pty Ltd, Storcat Pty Ltd., NS Saleco Pty Ltd and National Storage REIT. He has been a Director of National Storage Holdings Limited since November 1, 2013.

CEO Compensation
  • Andrew's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Andrew's remuneration is about average for companies of similar size in Australia.
Management Team

Andrew Catsoulis

TITLE
MD & Director
COMPENSATION
A$1M

Stuart Owen

TITLE
Chief Financial Officer
COMPENSATION
A$553K
TENURE
4.7 yrs

Pat Rogers

TITLE
General Counsel
COMPENSATION
A$386K

Claire Fidler

TITLE
Company Secretary & Executive Director
COMPENSATION
A$253K
TENURE
3.6 yrs

Makala Ffrench Castelli

TITLE
General Manager of Marketing & Corporate
Board of Directors Tenure

Average tenure of the National Storage REIT board of directors in years:

5.1
Average Tenure
  • The tenure for the National Storage REIT board of directors is about average.
Board of Directors

Laurie Brindle

TITLE
Independent Non-Executive Chairman
COMPENSATION
A$270K
TENURE
5.6 yrs

Andrew Catsoulis

TITLE
MD & Director
COMPENSATION
A$1M
TENURE
5.6 yrs

Claire Fidler

TITLE
Company Secretary & Executive Director
COMPENSATION
A$253K
TENURE
1.9 yrs

Anthony Keane

TITLE
Independent Non-Executive Director
COMPENSATION
A$135K
TENURE
5.6 yrs

Brenc Brenchley

TITLE
Independent Non-Executive Director
COMPENSATION
A$117K
AGE
61
TENURE
4.6 yrs

Steven Leigh

TITLE
Independent Non-Executive Director
COMPENSATION
A$114K
TENURE
4.6 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (A$) Value (A$)
10. Jun 19 Sell Massachusetts Financial Services Company Company 10. May 19 03. Jun 19 -45,520 A$1.73 A$-76,976
10. Jun 19 Buy Massachusetts Financial Services Company Company 02. May 19 06. Jun 19 6,120,376 A$1.80 A$10,795,921
13. May 19 Buy BlackRock, Inc. Company 07. May 19 10. May 19 124,930 A$1.74 A$217,545
08. May 19 Sell BlackRock, Inc. Company 19. Mar 19 06. May 19 -221,415 A$1.78 A$-266,379
08. May 19 Buy BlackRock, Inc. Company 19. Mar 19 02. May 19 895,699 A$1.79 A$1,023,795
02. May 19 Sell Massachusetts Financial Services Company Company 23. Apr 19 23. Apr 19 -15,360 A$1.73 A$-26,580
02. May 19 Buy Massachusetts Financial Services Company Company 22. Jan 19 01. May 19 6,951,362 A$1.83 A$12,708,237
14. Apr 19 Sell Cohen & Steers Capital Management, Inc. Company 26. Oct 18 22. Jan 19 -4,019,077 A$1.73 A$-6,968,955
18. Mar 19 Buy BlackRock, Inc. Company 05. Mar 19 15. Mar 19 186,232 A$1.76 A$326,049
04. Mar 19 Sell BlackRock, Inc. Company 22. Feb 19 22. Feb 19 -3,047 A$1.89 A$-5,759
04. Mar 19 Buy BlackRock, Inc. Company 18. Feb 19 01. Mar 19 247,473 A$1.90 A$460,414
19. Feb 19 Buy BlackRock, Inc. Company 18. Dec 18 15. Feb 19 4,135,508 A$1.89 A$1,096,512
02. Jan 19 Sell FMR LLC Company 15. Feb 18 28. Dec 18 -11,818,411 A$1.80 A$0
02. Jan 19 Buy FMR LLC Company 12. Feb 18 27. Dec 18 10,394,222 A$1.85 A$0
30. Dec 18 Sell The Vanguard Group, Inc. Company 12. Apr 17 21. Dec 18 -6,211,619 A$1.80 A$-11,075,898
30. Dec 18 Buy The Vanguard Group, Inc. Company 11. Apr 17 21. Dec 18 26,242,147 A$1.83 A$47,743,135
16. Dec 18 Sell BlackRock, Inc. Company 14. Sep 18 13. Dec 18 -4,182,935 A$1.78 A$-92,123
16. Dec 18 Buy BlackRock, Inc. Company 10. Sep 18 13. Dec 18 1,776,806 A$1.79 A$78,753
23. Nov 18 Sell Realindex Investments Pty Limited Company 20. Nov 18 20. Nov 18 -3,500 A$1.73 A$-6,037
23. Nov 18 Sell Colonial First State Asset Management (Australia) Limited Company 20. Nov 18 21. Nov 18 -7,211,000 A$1.72 A$-12,400,521
23. Nov 18 Buy Colonial First State Asset Management (Australia) Limited Company 21. Nov 18 21. Nov 18 308,153 A$1.72 A$531,564
21. Nov 18 Sell Realindex Investments Pty Limited Company 16. Oct 18 13. Nov 18 -476,081 A$1.70 A$-808,090
21. Nov 18 Buy Realindex Investments Pty Limited Company 18. Sep 18 19. Nov 18 1,185,377 A$1.69 A$2,008,482
21. Nov 18 Sell Colonial First State Asset Management (Australia) Limited Company 17. Sep 18 19. Nov 18 -11,784,466 A$1.72 A$-20,205,489
21. Nov 18 Buy Colonial First State Asset Management (Australia) Limited Company 18. Oct 18 16. Nov 18 3,497,500 A$1.72 A$6,012,714
20. Nov 18 Sell Colonial First State Asset Management (Australia) Limited Company 15. Nov 18 15. Nov 18 -5,500,000 A$1.74 A$-9,597,495
20. Nov 18 Buy Asset Management One Co., Ltd. Company 22. Feb 18 12. Nov 18 1,508,520 A$1.57 A$2,362,313
19. Sep 18 Buy Realindex Investments Pty Limited Company 10. Aug 18 13. Sep 18 1,271,456 A$1.67 A$2,121,347
10. Aug 18 Buy Realindex Investments Pty Limited Company 30. Jan 18 07. Aug 18 1,992,453 A$1.58 A$3,148,175
10. Aug 18 Sell Realindex Investments Pty Limited Company 08. Feb 18 18. Jul 18 -340,654 A$1.54 A$-524,415
02. Oct 18 Sell Claire Fidler Individual 28. Sep 18 28. Sep 18 -1,854 A$1.67 A$-3,096
24. Sep 18 Buy Claire Fidler Individual 14. Sep 18 14. Sep 18 3,062 A$6.51 A$19,920
19. Sep 18 Sell Colonial First State Asset Management (Australia) Limited Company 13. Aug 18 21. Aug 18 -967,224 A$1.69 A$-1,626,609
19. Sep 18 Buy Anthony Keane Individual 14. Sep 18 14. Sep 18 21,383 A$1.66 A$35,496
10. Sep 18 Buy Howard Brenchley Individual 04. Sep 18 04. Sep 18 6,757 A$1.66 A$11,217
05. Sep 18 Sell Cohen & Steers Capital Management, Inc. Company 13. Sep 16 26. Jul 18 -8,400,372 A$1.64 A$-13,055,028
05. Sep 18 Buy Cohen & Steers Capital Management, Inc. Company 26. Jul 16 30. Aug 18 8,883,024 A$1.53 A$13,084,698
04. Sep 18 Sell BlackRock, Inc. Company 04. May 18 03. Sep 18 -9,798,524 A$0.23 A$-452
04. Sep 18 Buy BlackRock, Inc. Company 07. May 18 31. Aug 18 3,973,011 A$0.00 A$108
10. Aug 18 Sell Colonial First State Asset Management (Australia) Limited Company 23. Jan 18 09. Aug 18 -16,485,195 A$1.68 A$-27,639,862
10. Aug 18 Buy Colonial First State Asset Management (Australia) Limited Company 25. Jan 18 11. Jul 18 2,318,349 A$1.62 A$3,696,934
X
Management checks
We assess National Storage REIT's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. National Storage REIT has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

NSR News

Simply Wall St News

These 4 Measures Indicate That National Storage REIT (ASX:NSR) Is Using Debt Reasonably Well

See our latest analysis for National Storage REIT How Much Debt Does National Storage REIT Carry? … Because it carries more debt than cash, we think it's worth watching National Storage REIT's balance sheet over time. … Our View Based on what we've seen National Storage REIT is not finding it easy net debt to EBITDA, but the other factors we considered give us cause to be optimistic.

Simply Wall St -

Is National Storage REIT (ASX:NSR) Using Too Much Debt?

ASX:NSR Historical Debt, June 25th 2019 How Strong Is National Storage REIT's Balance Sheet? … Since National Storage REIT does have net debt, we think it is worthwhile for shareholders to keep an eye on the balance sheet, over time. … Our View Based on what we've seen National Storage REIT is not finding it easy net debt to EBITDA, but the other factors we considered give us cause to be optimistic.

Simply Wall St -

How Many National Storage REIT (ASX:NSR) Shares Do Institutions Own?

The big shareholder groups in National Storage REIT (ASX:NSR) have power over the company. … Check out our latest analysis for National Storage REIT ASX:NSR Ownership Summary, June 12th 2019 What Does The Institutional Ownership Tell Us About National Storage REIT? … Insider Ownership Of National Storage REIT The definition of an insider can differ slightly between different countries, but members of the board of directors always count.

Simply Wall St -

I Ran A Stock Scan For Earnings Growth And National Storage REIT (ASX:NSR) Passed With Ease

Not all of National Storage REIT's revenue this year is revenue from operations, so keep in mind the revenue and margin numbers I've used might not be the best representation of the underlying business. … While we note National Storage REIT's EBIT margins were flat over the last year, revenue grew by a solid 15% to AU$149m. … National Storage REIT's earnings have taken off like any random crypto-currency did, back in 2017.

Simply Wall St -

Did National Storage REIT (ASX:NSR) Use Debt To Deliver Its ROE Of 11%?

The formula for return on equity is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for National Storage REIT: 11% = AU$10m ÷ AU$1.1b (Based on the trailing twelve months to December 2018.) Most readers would understand what net profit is, but it’s worth explaining the concept of shareholders’ equity. … Does National Storage REIT Have A Good Return On Equity? … A company that can achieve a high return on equity without debt could be considered a high quality business.

Simply Wall St -

Here's What You Should Know About National Storage REIT's (ASX:NSR) 5.4% Dividend Yield

Could National Storage REIT (ASX:NSR) be an attractive dividend share to own for the long haul? Investors are often drawn to a company for its dividend.. … Yet sometimes, investors buy a stock for its dividend and lose money because the share price falls by more than they earned in dividend payments.. … Before you buy any stock for its dividend however, you should always remember Warren Buffett's two rules: 1) Don't lose money, and 2) Remember rule #1

Simply Wall St -

Can You Imagine How National Storage REIT's (ASX:NSR) Shareholders Feel About The 51% Share Price Increase?

For example, the National Storage REIT (ASX:NSR) share price is up 51% in the last 5 years, clearly besting than the market return of around 6.7% (ignoring dividends). … One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price. … During the five years of share price growth, National Storage REIT moved from a loss to profitability.

Simply Wall St -

Is National Storage REIT (ASX:NSR) Excessively Paying Its CEO?

How Does Andrew Catsoulis's Compensation Compare With Similar Sized Companies. … Our data indicates that National Storage REIT is worth AU$1.2b, and total annual CEO compensation is AU$1.3m. … When we examined a selection of companies with market caps ranging from AU$564m to AU$2.3b, we found the median CEO total compensation was AU$1.5m.

Simply Wall St -

What Kind Of Investor Owns Most Of National Storage REIT (ASX:NSR)?

Every investor in National Storage REIT (ASX:NSR) should be aware of the most powerful shareholder groups. … Institutions will often hold stock in bigger companies, and we expect to see insiders owning a noticeable percentage of the smaller ones. … National Storage REIT has a market capitalization of AU$1.3b, so we would expect some institutional investors to have noticed the stock.

Simply Wall St -

Should You Be Excited About National Storage REIT's (ASX:NSR) 16% Return On Equity?

By way of learning-by-doing, we'll look at ROE to gain a better understanding of National Storage REIT (ASX:NSR). … One way to conceptualize this, is that for each A$1 of shareholders' equity it has, the company made A$0.16 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

NSR Company Info

Description

National Storage is the largest owner-operator of self-storage centres in Australia and New Zealand, with 146 centres, providing tailored storage solutions to over 50,000 residential and commercial customers across Australia and New Zealand. NSR is the first independent, internally managed and fully integrated owner and operator of self-storage centres to be listed on the Australian Securities Exchange (ASX).

Details
Name: National Storage REIT
NSR
Exchange: ASX
Founded:
A$1,240,028,901
673,928,751
Website: http://www.nationalstorageinvest.com.au
Address: National Storage REIT
71 Eagle Street,
Level 23,
Brisbane,
Queensland, 4000,
Australia
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ASX NSR Staple Securities Australian Securities Exchange AU AUD 19. Dec 2013
Number of employees
Current staff
Staff numbers
0
National Storage REIT employees.
Industry
Specialized REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/26 01:32
End of day share price update: 2019/06/24 00:00
Last estimates confirmation: 2019/03/03
Last earnings filing: 2019/02/26
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/06/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.