National Storage REIT

ASX:NSR Stock Report

Market Cap: AU$3.2b

National Storage REIT 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

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

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$2.35) is trading below our estimate of fair value (A$3.92)

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

Key Valuation Metric

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

Key metric: As NSR is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for NSR. This is calculated by dividing NSR's market cap by their current earnings.
What is NSR's PE Ratio?
PE Ratio112.2x
EarningsAU$28.93m
Market CapAU$3.25b

Price to Earnings Ratio vs Peers

How does NSR's PE Ratio compare to its 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.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average78.8x
ASK Abacus Storage King
10.9x-1.7%AU$1.5b
ARF Arena REIT
26.7x7.2%AU$1.5b
RGN Region Group
143.2x22.8%AU$2.5b
INA Ingenia Communities Group
134.3x25.6%AU$1.9b
NSR National Storage REIT
112.2x19.2%AU$3.2b

Price-To-Earnings vs Peers: NSR is expensive based on its Price-To-Earnings Ratio (112.2x) compared to the peer average (78.8x).

Price to Earnings Ratio vs Industry

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

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
NSR 112.2xIndustry Avg. 18.8xNo. of Companies7PE01224364860+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: NSR is expensive based on its Price-To-Earnings Ratio (112.2x) compared to the Global Specialized REITs industry average (18.8x).

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 Ratio112.2x
Fair PE Ratio24x

Price-To-Earnings vs Fair Ratio: NSR is expensive based on its Price-To-Earnings Ratio (112.2x) compared to the estimated Fair Price-To-Earnings Ratio (24x).

Analyst Price Targets

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

The above table shows the analyst NSR forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentAU$2.35
AU$2.60
+10.8%
4.7%AU$2.80AU$2.40n/a9
Dec ’25AU$2.50
AU$2.59
+3.5%
4.9%AU$2.80AU$2.40n/a10
Nov ’25AU$2.51
AU$2.59
+3.1%
4.9%AU$2.80AU$2.40n/a10
Oct ’25AU$2.54
AU$2.55
+0.4%
5.0%AU$2.75AU$2.40n/a10
Sep ’25AU$2.42
AU$2.51
+3.7%
5.8%AU$2.75AU$2.30n/a12
Aug ’25AU$2.47
AU$2.44
-1.2%
6.5%AU$2.75AU$2.25n/a12
Jul ’25AU$2.30
AU$2.42
+5.1%
6.2%AU$2.75AU$2.25n/a12
Jun ’25AU$2.24
AU$2.41
+7.6%
6.0%AU$2.70AU$2.25n/a12
May ’25AU$2.12
AU$2.41
+13.7%
6.0%AU$2.70AU$2.25n/a12
Apr ’25AU$2.40
AU$2.41
+0.2%
6.1%AU$2.70AU$2.25n/a12
Mar ’25AU$2.27
AU$2.41
+6.0%
6.1%AU$2.70AU$2.25n/a12
Feb ’25AU$2.30
AU$2.39
+3.8%
6.9%AU$2.70AU$2.18n/a11
Jan ’25AU$2.30
AU$2.37
+3.1%
6.6%AU$2.70AU$2.18n/a11
Dec ’24AU$2.21
AU$2.37
+7.3%
6.6%AU$2.70AU$2.18AU$2.5011
Nov ’24AU$2.00
AU$2.39
+19.5%
6.7%AU$2.70AU$2.18AU$2.5111
Oct ’24AU$2.18
AU$2.40
+10.1%
5.6%AU$2.70AU$2.21AU$2.5410
Sep ’24AU$2.31
AU$2.41
+4.2%
5.8%AU$2.70AU$2.21AU$2.429
Aug ’24AU$2.28
AU$2.37
+3.9%
9.1%AU$2.80AU$2.02AU$2.479
Jul ’24AU$2.35
AU$2.41
+2.6%
10.9%AU$3.00AU$2.02AU$2.309
Jun ’24AU$2.52
AU$2.43
-3.4%
10.6%AU$3.00AU$2.10AU$2.249
May ’24AU$2.54
AU$2.42
-4.6%
10.9%AU$3.00AU$2.10AU$2.129
Apr ’24AU$2.51
AU$2.42
-3.5%
10.9%AU$3.00AU$2.10AU$2.409
Mar ’24AU$2.46
AU$2.38
-3.2%
11.9%AU$3.00AU$2.10AU$2.2710
Feb ’24AU$2.34
AU$2.30
-1.8%
13.0%AU$2.90AU$1.93AU$2.3010
Jan ’24AU$2.32
AU$2.28
-1.6%
12.1%AU$2.90AU$1.96AU$2.3011
Dec ’23AU$2.41
AU$2.30
-4.7%
11.9%AU$2.90AU$1.96AU$2.2111

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

Discover undervalued companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/21 21:11
End of Day Share Price 2024/12/20 00:00
Earnings2024/06/30
Annual Earnings2024/06/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

National Storage REIT is covered by 18 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Russell WrightBarclay Pearce Capital Pty Limited
Benjamin BrayshawBarrenjoey Markets Pty Limited
Nicholas McGarrigleBarrenjoey Markets Pty Limited