NATIONAL STORAGE REIT (NSR)
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NSR - NATIONAL STORAGE REIT

FNArena Sector : REITs
Year End: June
GICS Industry Group : Real Estate
Debt/EBITDA: 6.93
Index: ASX200 | ASX300 | ALL-ORDS

National Storage is a real estate trust that owns and operates over 160 self storage facilities in Australia and New Zealand. It listed on the ASX in 2013.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$2.46

20 Nov
2024

-0.040

OPEN

$2.50

-1.60%

HIGH

$2.50

6,014,360

LOW

$2.42

TARGET
$2.537 3.1% upside
Franking for last dividend paid out: 0%
OTHER COMPANIES IN THE SAME SECTOR
ABG . AOF . ARF . ASK . BWP . CDP . CDP . CHC . CIP . CLW . COF . CQE . CQR . DXC . DXI . DXS . ECF . GDF . GDI . HCW . HDN . PLG . REP . RFF . RGN . SCG . TGP . URW . VCX . WOT . WPR .
FNARENA'S MARKET CONSENSUS FORECASTS
NSR: 1
Title FY23
Actual		 FY24
Actual		 FY25
Forecast		 FY26
Forecast
EPS (cps) xxx 16.9 11.9 xxx
DPS (cps) xxx 11.0 11.3 xxx
EPS Growth xxx - 34.5% - 29.6% xxx
DPS Growth xxx 0.0% 2.4% xxx
PE Ratio xxx N/A 20.8 xxx
Dividend Yield xxx N/A 4.5% xxx
Div Pay Ratio(%) xxx 65.1% 94.6% xxx

Dividend yield today if purchased 3 years ago: 4.53%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.44

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 28/12 - ex-div 5.5c (franking 0%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2024 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx16.9
DPS All xxxxxxxxxxxxxxx11.0
Sales/Revenue xxxxxxxxxxxxxxx354.9 M
Book Value Per Share xxxxxxxxxxxxxxx255.9
Net Operating Cash Flow xxxxxxxxxxxxxxx124.9 M
Net Profit Margin xxxxxxxxxxxxxxx64.88 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx6.68 %
Return on Invested Capital xxxxxxxxxxxxxxx4.90 %
Return on Assets xxxxxxxxxxxxxxx4.72 %
Return on Equity xxxxxxxxxxxxxxx6.68 %
Return on Total Capital xxxxxxxxxxxxxxx4.50 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx10.2 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx12 M
Long Term Debt xxxxxxxxxxxxxxx1,478 M
Total Debt xxxxxxxxxxxxxxx1,489 M
Goodwill - Gross xxxxxxxxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxxxxxxxx55 M
Price To Book Value xxxxxxxxxxxxxxx0.90

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx12.8 M
Capex % of Sales xxxxxxxxxxxxxxx3.61 %
Cost of Goods Sold xxxxxxxxxxxxxxx6 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx137 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx4,856 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.0

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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UBS

29/08/2024

3

Neutral

$2.52

(01/10/2024)

2.44%

The FY24 result from National Storage REIT was slightly below UBS estimates. The main issue with the result is the sharp decline in occupancy from the first half, while the broker notes revenue growth of 3.1% was achieved through strong rate increases that were passed onto existing customers.

Underlying estimates for EPS are reduced by -4% for FY25-29. UBS believes increasing development activity is the right strategy with respect to portfolio quality and medium-term growth, but with this being an increasingly bigger contributor to short-term earnings greater clarity is needed on the translation to revenue.

Neutral maintained. Target is reduced to $2.33 from $2.40.

FORECAST
UBS forecasts a full year FY25 dividend of 11.00 cents and EPS of 12.00 cents.
UBS forecasts a full year FY26 dividend of 11.00 cents and EPS of 12.00 cents.

Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

2

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Moelis

26/08/2024

3

Hold

$2.40

-2.44%

National Storage REIT reported underlying earnings which met expectations, Moelis notes.

Rates rose 7.1%, promotional activity was sustained at historical levels, but occupancy slipped -2.9% to 81.9% from the June 2022 peak.

The REIT acquired 29 assets in FY24 for -$250m with over 145,000sqm of additional space under development to drive earnings growth in the future.

Forecasts remain largely unchanged. Hold rating with a revised target price of $2.40, up from $2.38.

FORECAST
Moelis forecasts a full year FY25 dividend of 11.10 cents and EPS of 11.90 cents.
Moelis forecasts a full year FY26 dividend of 11.20 cents and EPS of 12.10 cents.
Access Extra Coverage Research History >

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