Public Storage Valuation
Is PSA undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score
4/6Valuation Score 4/6
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 PSA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: PSA ($335.01) is trading below our estimate of fair value ($573.55)
Significantly Below Fair Value: PSA is trading below fair value by more than 20%.
Key Valuation Metric
Which metric is best to use when looking at relative valuation for PSA?
Key metric: As PSA is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.
| What is PSA's PE Ratio? | |
|---|---|
| PE Ratio | 34.5x |
| Earnings | US$1.70b |
| Market Cap | US$58.83b |
| Key Statistics | |
|---|---|
| Enterprise Value/Revenue | 15.3x |
| Enterprise Value/EBITDA | 21.5x |
| PEG Ratio | 5x |
Price to Earnings Ratio vs Peers
How does PSA's PE Ratio compare to its peers?
| Company | Forward PE | Estimated Growth | Market Cap |
|---|---|---|---|
| Peer Average | 60.5x | ||
EXR Extra Space Storage | 43.2x | 12.2% | US$36.3b |
CUBE CubeSmart | 27.2x | 2.6% | US$11.0b |
NSA National Storage Affiliates Trust | 22.9x | -27.3% | US$5.5b |
DLR Digital Realty Trust | 148.8x | 21.1% | US$60.7b |
PSA Public Storage | 34.5x | 6.9% | US$58.8b |
Price-To-Earnings vs Peers: PSA is good value based on its Price-To-Earnings Ratio (34.5x) compared to the peer average (60.5x).
Price to Earnings Ratio vs Industry
How does PSA's PE Ratio compare vs other companies in the US Specialized REITs Industry?
| 0 Companies | Price / Earnings | Estimated Growth | Market Cap |
|---|
| 0 Companies | Estimated Growth | Market Cap |
|---|
Price-To-Earnings vs Industry: PSA is expensive based on its Price-To-Earnings Ratio (34.5x) compared to the US Specialized REITs industry average (27.9x).
Price to Earnings Ratio vs Fair Ratio
What is PSA'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.
| Fair Ratio | |
|---|---|
| Current PE Ratio | 34.5x |
| Fair PE Ratio | 40.5x |
Price-To-Earnings vs Fair Ratio: PSA is good value based on its Price-To-Earnings Ratio (34.5x) compared to the estimated Fair Price-To-Earnings Ratio (40.5x).
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
| Date | Share Price | Average 1Y Price Target | Dispersion | High | Low | 1Y Actual price | Analysts |
|---|---|---|---|---|---|---|---|
| Current | US$335.01 | US$344.00 +2.7% | 7.5% | US$388.00 | US$298.00 | n/a | 18 |
| Nov ’25 | US$323.66 | US$348.44 +7.7% | 9.1% | US$421.00 | US$298.00 | n/a | 18 |
| Oct ’25 | US$360.06 | US$342.67 -4.8% | 10.7% | US$422.00 | US$250.00 | n/a | 18 |
| Sep ’25 | US$343.72 | US$330.53 -3.8% | 9.5% | US$378.00 | US$250.00 | n/a | 17 |
| Aug ’25 | US$300.08 | US$311.82 +3.9% | 6.2% | US$335.00 | US$250.00 | n/a | 17 |
| Jul ’25 | US$283.13 | US$307.76 +8.7% | 6.2% | US$330.00 | US$250.00 | n/a | 17 |
| Jun ’25 | US$273.83 | US$310.47 +13.4% | 7.0% | US$348.00 | US$250.00 | n/a | 17 |
| May ’25 | US$260.15 | US$311.00 +19.5% | 8.0% | US$348.00 | US$250.00 | n/a | 17 |
| Apr ’25 | US$286.50 | US$310.35 +8.3% | 8.3% | US$348.00 | US$250.00 | n/a | 17 |
| Mar ’25 | US$283.24 | US$308.69 +9.0% | 8.3% | US$348.00 | US$250.00 | n/a | 16 |
| Feb ’25 | US$286.46 | US$311.53 +8.8% | 8.1% | US$344.00 | US$250.00 | n/a | 15 |
| Jan ’25 | US$305.00 | US$306.43 +0.5% | 5.3% | US$339.00 | US$278.00 | n/a | 14 |
| Dec ’24 | US$266.00 | US$293.57 +10.4% | 6.9% | US$330.00 | US$250.00 | n/a | 14 |
| Nov ’24 | US$242.59 | US$307.57 +26.8% | 10.0% | US$367.00 | US$250.00 | US$323.66 | 14 |
| Oct ’24 | US$263.52 | US$322.92 +22.5% | 8.6% | US$367.00 | US$250.00 | US$360.06 | 13 |
| Sep ’24 | US$275.80 | US$335.10 +21.5% | 6.2% | US$367.00 | US$305.00 | US$343.72 | 10 |
| Aug ’24 | US$279.35 | US$341.00 +22.1% | 5.8% | US$367.00 | US$309.00 | US$300.08 | 10 |
| Jul ’24 | US$291.88 | US$338.64 +16.0% | 6.5% | US$367.00 | US$294.00 | US$283.13 | 11 |
| Jun ’24 | US$283.43 | US$340.55 +20.2% | 6.1% | US$367.00 | US$294.00 | US$273.83 | 11 |
| May ’24 | US$292.59 | US$341.36 +16.7% | 6.0% | US$367.00 | US$294.00 | US$260.15 | 11 |
| Apr ’24 | US$302.14 | US$338.18 +11.9% | 6.9% | US$367.00 | US$282.00 | US$286.50 | 11 |
| Mar ’24 | US$295.70 | US$353.17 +19.4% | 13.6% | US$482.00 | US$282.00 | US$283.24 | 12 |
| Feb ’24 | US$305.94 | US$338.92 +10.8% | 8.9% | US$400.00 | US$282.00 | US$286.46 | 13 |
| Jan ’24 | US$280.19 | US$356.64 +27.3% | 12.9% | US$482.00 | US$290.00 | US$305.00 | 14 |
| Dec ’23 | US$295.48 | US$356.64 +20.7% | 12.9% | US$482.00 | US$290.00 | US$266.00 | 14 |
| Nov ’23 | US$307.64 | US$361.08 +17.4% | 13.2% | US$482.00 | US$290.00 | US$242.59 | 13 |
Analyst Forecast: Target price is less than 20% higher than the current share price.
Discover undervalued companies
American Tower
US$91.8b
American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 224,000 communications sites and a highly interconnected footprint of U.S.
AMT
US$196.45
7D
0.2%
1Y
-1.6%
Innovative Industrial Properties
US$2.9b
A self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated cannabis facilities.
IIPR
US$102.23
7D
-3.9%
1Y
29.9%
American Healthcare REIT
US$4.2b
A self-managed real estate investment trust that acquires, owns and operates a diversified portfolio of clinical healthcare real estate properties, focusing primarily on outpatient medical buildings, senior housing, skilled nursing facilities and other healthcare-related facilities.
AHR
US$27.18
7D
4.2%
1Y
n/a