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NSR

National Storage REITASX:NSR Stock Report

Market Cap

AU$2.9b

7D

2.1%

1Y

28.7%

Updated

17 Oct, 2021

Data

Company Financials +
NSR fundamental analysis
Snowflake Score
Valuation2/6
Future Growth3/6
Past Performance2/6
Financial Health4/6
Dividends3/6

NSR 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$2.40
52 Week HighAU$1.78
52 Week LowAU$2.45
Beta0.53
1 Month Change1.27%
3 Month Change13.74%
1 Year Change28.69%
3 Year Change42.43%
5 Year Change57.38%
Change since IPO146.15%

Recent News & Updates

Shareholder Returns

NSRAU REITsAU Market
7D2.1%1.5%0.9%
1Y28.7%20.9%20.2%

Return vs Industry: NSR exceeded the Australian REITs industry which returned 20.9% over the past year.

Return vs Market: NSR exceeded the Australian Market which returned 20.2% over the past year.

Price Volatility

Is NSR's price volatile compared to industry and market?
NSR volatility
NSR Beta0.53
Industry Beta0.86
Market Beta1

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

Volatility Over Time: NSR's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2013500Andrew 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$2.85b
Earnings (TTM)AU$3.73m
Revenue (TTM)AU$216.51m

766.8x

P/E Ratio

13.2x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
NSR income statement (TTM)
RevenueAU$216.51m
Cost of RevenueAU$25.96m
Gross ProfitAU$190.55m
ExpensesAU$186.82m
EarningsAU$3.73m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)0.0031
Gross Margin88.01%
Net Profit Margin1.72%
Debt/Equity Ratio33.2%

How did NSR perform over the long term?

See historical performance and comparison

Dividends

3.4%

Current Dividend Yield

47%

Payout Ratio

Valuation

Is National Storage REIT undervalued compared to its fair value and its price relative to the market?

37.5%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: NSR (A$2.4) is trading below our estimate of fair value (A$3.84)

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


Price To Earnings Ratio

PE vs Industry: NSR is poor value based on its PE Ratio (766.8x) compared to the Australian REITs industry average (9.4x).

PE vs Market: NSR is poor value based on its PE Ratio (766.8x) compared to the Australian market (19.8x).


Price to Earnings Growth Ratio

PEG Ratio: NSR is poor value based on its PEG Ratio (40.5x)


Price to Book Ratio

PB vs Industry: NSR is overvalued based on its PB Ratio (16.3x) compared to the AU REITs industry average (1.1x).


Future Growth

How is National Storage REIT forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

18.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: NSR's forecast earnings growth (18.9% per year) is above the savings rate (1.9%).

Earnings vs Market: NSR's earnings (18.9% per year) are forecast to grow faster than the Australian market (11.8% per year).

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

Revenue vs Market: NSR's revenue (11.1% per year) is forecast to grow faster than the Australian market (5.5% per year).

High Growth Revenue: NSR's revenue (11.1% 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 (5.1%).


Past Performance

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

-20.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: NSR has a large one-off gain of A$230.6M impacting its June 30 2021 financial results.

Growing Profit Margin: NSR became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: NSR has become profitable over the past 5 years, growing earnings by -20.5% per year.

Accelerating Growth: NSR has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: NSR has become profitable in the last year, making it difficult to compare its past year earnings growth to the REITs industry (106.4%).


Return on Equity

High ROE: NSR's Return on Equity (13.6%) is considered low.


Financial Health

How is National Storage REIT's financial position?


Financial Position Analysis

Short Term Liabilities: NSR's short term assets (A$117.2M) exceed its short term liabilities (A$100.1M).

Long Term Liabilities: NSR's short term assets (A$117.2M) do not cover its long term liabilities (A$867.1M).


Debt to Equity History and Analysis

Debt Level: NSR's debt to equity ratio (33.2%) is considered satisfactory.

Reducing Debt: NSR's debt to equity ratio has reduced from 72.8% to 33.2% over the past 5 years.

Debt Coverage: NSR's debt is not well covered by operating cash flow (17.8%).

Interest Coverage: NSR's interest payments on its debt are well covered by EBIT (4.4x coverage).


Balance Sheet


Dividend

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

3.42%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: NSR's dividend (3.42%) is higher than the bottom 25% of dividend payers in the Australian market (2.27%).

High Dividend: NSR's dividend (3.42%) is low compared to the top 25% of dividend payers in the Australian market (5.32%).


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 7 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (46.7%), NSR's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: NSR's dividends in 3 years are forecast to be covered by earnings (97% payout ratio).


Next Steps

Management

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

7.4yrs

Average board tenure


CEO

Andrew Catsoulis

no data

Tenure

AU$3,053,896

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 ($USD2.27M) is above average for companies of similar size in the Australian market ($USD1.41M).

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 (7.4 years average tenure).


Ownership

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


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 16.8%.


Top Shareholders

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
  • Market Cap: AU$2.852b
  • Shares outstanding: 1.19b
  • Website: https://www.nationalstorage.com.au

Number of Employees


Location

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

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/10/17 07:05
End of Day Share Price2021/10/15 00:00
Earnings2021/06/30
Annual Earnings2021/06/30


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.