company background image
NSR

National Storage REIT ASX:NSR Stock Report

Last Price

AU$2.24

Market Cap

AU$2.7b

7D

-6.7%

1Y

-5.1%

Updated

24 Sep, 2022

Data

Company Financials +
NSR fundamental analysis
Snowflake Score
Valuation2/6
Future Growth3/6
Past Performance5/6
Financial Health3/6
Dividends3/6

NSR Stock Overview

National Storage is the largest self-storage provider in Australia and New Zealand, with 194 centres providing tailored storage solutions to over 70,000 residential and commercial customers.

National Storage REIT Competitors

Price History & Performance

Summary of all time highs, changes and price drops for National Storage REIT
Historical stock prices
Current Share PriceAU$2.24
52 Week HighAU$2.78
52 Week LowAU$2.03
Beta0.65
1 Month Change-8.20%
3 Month Change-2.61%
1 Year Change-5.09%
3 Year Change24.79%
5 Year Change49.83%
Change since IPO129.74%

Recent News & Updates

Sep 13
We Ran A Stock Scan For Earnings Growth And National Storage REIT (ASX:NSR) Passed With Ease

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

The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...

Shareholder Returns

NSRAU REITsAU Market
7D-6.7%-5.5%-2.7%
1Y-5.1%-23.2%-11.0%

Return vs Industry: NSR exceeded the Australian REITs industry which returned -23.2% over the past year.

Return vs Market: NSR exceeded the Australian Market which returned -11% over the past year.

Price Volatility

Is NSR's price volatile compared to industry and market?
NSR volatility
NSR Average Weekly Movement3.6%
REITs Industry Average Movement3.8%
Market Average Movement9.6%
10% most volatile stocks in AU Market16.9%
10% least volatile stocks in AU Market4.3%

Stable Share Price: NSR is less volatile than 75% of Australian stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: NSR's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2013n/aAndrew Catsoulishttps://www.nationalstorage.com.au

National Storage is the largest self-storage provider in Australia and New Zealand, with 194 centres providing tailored storage solutions to over 70,000 residential and commercial customers. 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).

National Storage REIT Fundamentals Summary

How do National Storage REIT's earnings and revenue compare to its market cap?
NSR fundamental statistics
Market CapAU$2.69b
Earnings (TTM)AU$27.22m
Revenue (TTM)AU$277.88m

98.7x

P/E Ratio

9.7x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
NSR income statement (TTM)
RevenueAU$277.88m
Cost of RevenueAU$33.75m
Gross ProfitAU$244.12m
Other ExpensesAU$216.90m
EarningsAU$27.22m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)0.023
Gross Margin87.85%
Net Profit Margin9.80%
Debt/Equity Ratio34.2%

How did NSR perform over the long term?

See historical performance and comparison

Dividends

4.8%

Current Dividend Yield

46%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

Is NSR undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for NSR?

Other financial metrics that can be useful for relative valuation.

NSR key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue22.7x
Enterprise Value/EBITDA40.3x
PEG Ratio5.3x

Price to Earnings Ratio vs Peers

How does NSR's PE Ratio compare to its peers?

NSR PE Ratio vs Peers
The above table shows the PE ratio for NSR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average3.5x
CQE Charter Hall Social Infrastructure REIT
3.2x-24.3%AU$1.2b
ARF Arena REIT
3.7x-30.9%AU$1.2b
RFF Rural Funds Group
4.5x-41.4%AU$927.0m
HPI Hotel Property Investments
2.7x-75.2%AU$572.4m
NSR National Storage REIT
98.7x18.5%AU$2.7b

Price-To-Earnings vs Peers: NSR is expensive based on its Price-To-Earnings Ratio (98.7x) compared to the peer average (3.5x).


Price to Earnings Ratio vs Industry

How does NSR's PE Ratio compare vs other companies in the AU REITs Industry?

Price-To-Earnings vs Industry: NSR is expensive based on its Price-To-Earnings Ratio (98.7x) compared to the Australian REITs industry average (6.3x)


Price to Earnings Ratio vs Fair Ratio

What is NSR's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

NSR PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio98.7x
Fair PE Ratio15.5x

Price-To-Earnings vs Fair Ratio: NSR is expensive based on its Price-To-Earnings Ratio (98.7x) compared to the estimated Fair Price-To-Earnings Ratio (15.5x).


Share Price vs Fair Value

What is the Fair Price of NSR when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: NSR (A$2.24) is trading below our estimate of fair value (A$3.38)

Significantly Below Fair Value: NSR is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is less than 20% higher than the current share price.


Discover undervalued companies

Future Growth

How is National Storage REIT forecast to perform in the next 1 to 3 years based on estimates from 11 analysts?

Future Growth Score

3/6

Future Growth Score 3/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


18.5%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: NSR's forecast earnings growth (18.5% per year) is above the savings rate (1.8%).

Earnings vs Market: NSR's earnings (18.5% per year) are forecast to grow faster than the Australian market (6.6% per year).

High Growth Earnings: NSR's earnings are forecast to grow, but not significantly.

Revenue vs Market: NSR's revenue (8.7% per year) is forecast to grow faster than the Australian market (3.7% per year).

High Growth Revenue: NSR's revenue (8.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: NSR's Return on Equity is forecast to be low in 3 years time (4.6%).


Discover growth companies

Past Performance

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

Past Performance Score

5/6

Past Performance Score 5/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


21.8%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: NSR has a large one-off gain of A$508.1M impacting its June 30 2022 financial results.

Growing Profit Margin: NSR's current net profit margins (9.8%) are higher than last year (1.7%).


Past Earnings Growth Analysis

Earnings Trend: NSR's earnings have grown significantly by 21.8% per year over the past 5 years.

Accelerating Growth: NSR's earnings growth over the past year (630.2%) exceeds its 5-year average (21.8% per year).

Earnings vs Industry: NSR earnings growth over the past year (630.2%) exceeded the REITs industry 47.6%.


Return on Equity

High ROE: NSR's Return on Equity (21.9%) is considered high.


Discover strong past performing companies

Financial Health

How is National Storage REIT's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: NSR's short term assets (A$112.7M) do not cover its short term liabilities (A$130.4M).

Long Term Liabilities: NSR's short term assets (A$112.7M) do not cover its long term liabilities (A$1.1B).


Debt to Equity History and Analysis

Debt Level: NSR's net debt to equity ratio (31.3%) is considered satisfactory.

Reducing Debt: NSR's debt to equity ratio has reduced from 66.1% to 34.2% over the past 5 years.

Debt Coverage: NSR's debt is not well covered by operating cash flow (17.1%).

Interest Coverage: NSR's interest payments on its debt are well covered by EBIT (6.6x coverage).


Balance Sheet


Discover healthy companies

Dividend

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

Dividend Score

3/6

Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


4.82%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: NSR's dividend (4.82%) is higher than the bottom 25% of dividend payers in the Australian market (2.78%).

High Dividend: NSR's dividend (4.82%) is low compared to the top 25% of dividend payers in the Australian market (7.03%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, NSR has been paying a dividend for less than 10 years.

Growing Dividend: NSR's dividend payments have increased, but the company has only paid a dividend for 8 years.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (46.3%), NSR's dividend payments are well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: At its current cash payout ratio (79.1%), NSR's dividend payments are covered by cash flows.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

7.8yrs

Average board tenure


CEO

Andrew Catsoulis

no data

Tenure

AU$3,423,034

Compensation

Mr. Andrew Catsoulis, BA, LLB, Grad Dip Project Mgmt (Hons) serves as Managing Director and Director of National Storage REIT. He serves as Managing Director and Director of National Storage Holdings Limit...


CEO Compensation Analysis

Compensation vs Market: Andrew's total compensation ($USD2.24M) is above average for companies of similar size in the Australian market ($USD1.64M).

Compensation vs Earnings: Andrew's compensation has been consistent with company performance over the past year.


Board Members

Experienced Board: NSR's board of directors are considered experienced (7.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: NSR insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

ASX:NSR Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
24 Aug 22BuyAU$243,492Scott SmithIndividual100,000AU$2.43
17 Jun 22SellAU$29,108,093Resolution Capital LimitedCompany13,922,778AU$2.16
17 Jun 22SellAU$71,231,052Pinnacle Investment Management Group LimitedCompany31,536,938AU$2.26
14 Jun 22SellAU$41,148,289Resolution Capital LimitedCompany17,186,381AU$2.39
06 Jun 22BuyAU$28,038BlackRock, Inc.Company19,657,421AU$2.76
06 Jun 22SellAU$827,032BlackRock, Inc.Company4,302,967AU$2.71
31 May 22BuyAU$26,764,122Pinnacle Investment Management Group LimitedCompany10,933,031AU$2.45
12 May 22BuyAU$47,063State Street Global Advisors, Inc.Company5,570,413AU$2.75
10 May 22SellAU$88,406State Street Global Advisors, Inc.Company7,363,192AU$2.93
31 Mar 22BuyAU$10,496,969Resolution Capital LimitedCompany4,557,898AU$2.30
29 Mar 22BuyAU$0BlackRock, Inc.Company32,765,696AU$2.70
28 Mar 22SellAU$0BlackRock, Inc.Company19,289,293AU$2.70
04 Mar 22BuyAU$34,234,733Resolution Capital LimitedCompany13,820,062AU$2.48
03 Mar 22BuyAU$31,660,775Pinnacle Investment Management Group LimitedCompany12,737,548AU$2.49
03 Mar 22SellAU$1,558,496Pinnacle Investment Management Group LimitedCompany610,219AU$2.55
09 Feb 22SellAU$1,136,762Resolution Capital LimitedCompany427,227AU$2.66
22 Dec 21BuyAU$112,875,842Resolution Capital LimitedCompany47,399,715AU$2.38
02 Dec 21BuyAU$108,434,595Pinnacle Investment Management Group LimitedCompany45,553,534AU$2.38
05 Nov 21BuyAU$152,919,679The Vanguard Group, Inc.Company62,162,461AU$2.46
02 Nov 21SellAU$29,606,719The Vanguard Group, Inc.Company12,326,015AU$2.40
29 Oct 21BuyAU$5,556,415State Street Global Advisors, Inc.Company2,335,540AU$2.41

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 61.51% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
9.37%
Abacus Group Holdings Limited
112,368,805A$251.7m-4.06%no data
8.89%
BlackRock, Inc.
106,566,029A$238.7m13.91%no data
6.23%
FMR LLC
74,669,215A$167.3m-1.09%0.01%
6.17%
State Street Global Advisors, Inc.
74,021,804A$165.8m20.74%0.01%
5.2%
The Vanguard Group, Inc.
62,401,247A$139.8m-42.68%no data
4.34%
Mondrian Investment Partners Limited
52,108,849A$116.7m0%0.61%
3.95%
Resolution Capital Limited
47,330,632A$106.0m-35.5%1.03%
2.91%
First Sentier Investors (Australia) IM Ltd
34,932,518A$78.2m0%0.12%
2.75%
Massachusetts Financial Services Company
32,980,369A$73.9m3.41%0.01%
1.94%
Dimensional Fund Advisors LP
23,261,837A$52.1m1.89%0.01%
1.27%
PGIM, Inc.
15,224,583A$34.1m3.71%0.03%
1.23%
Andrew Catsoulis
14,787,952A$33.1m0%no data
1.19%
Morgan Stanley, Investment Banking and Brokerage Investments
14,289,865A$32.0m0%no data
1.13%
Cohen & Steers Capital Management, Inc.
13,506,925A$30.3m-0.02%0.04%
0.89%
Colonial First State Investments Limited
10,675,782A$23.9m0%0.22%
0.87%
Daiwa Asset Management Co. Ltd.
10,440,422A$23.4m0%0.02%
0.84%
Strategic Advisers LLC
10,040,506A$22.5m1.28%0.01%
0.37%
Northern Trust Global Investments
4,466,342A$10.0m1.18%no data
0.37%
Third Avenue Management LLC
4,420,651A$9.9m1.05%0.61%
0.3%
Morgan Stanley Investment Management Inc.
3,545,467A$7.9m-1.1%no data
0.28%
Charles Schwab Investment Management, Inc.
3,406,434A$7.6m1.16%no data
0.28%
Hooks Enterprises Pty Ltd.
3,360,000A$7.5m-6.41%no data
0.28%
Asset Management One Co., Ltd.
3,318,687A$7.4m0%0.01%
0.24%
UBS Asset Management
2,851,521A$6.4m0.91%no data
0.23%
Legal & General Investment Management Limited
2,771,534A$6.2m0%no data

Company Information

National Storage REIT's employee growth, exchange listings and data sources


Key Information

  • Name: National Storage REIT
  • Ticker: NSR
  • Exchange: ASX
  • Founded: 2013
  • Industry: Specialized REITs
  • Sector: Real Estate
  • Implied Market Cap: AU$2.686b
  • Shares outstanding: 1.20b
  • Website: https://www.nationalstorage.com.au

Number of Employees


Location

  • National Storage REIT
  • Waterfront Place
  • Level 16
  • Brisbane
  • Queensland
  • 4000
  • Australia


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
NSRASX (Australian Securities Exchange)YesStaple SecuritiesAUAUDDec 2013
NSRCHIA (Chi-X Australia)YesStaple SecuritiesAUAUDDec 2013

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/24 00:00
End of Day Share Price2022/09/23 00:00
Earnings2022/06/30
Annual Earnings2022/06/30


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.