NATIONAL STORAGE REIT (NSR)
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NSR

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

$2.43

13 Jun
2025

-0.010

OPEN

$2.43

-0.41%

HIGH

$2.45

4,221,329

LOW

$2.42

TARGET
$2.528 4.0% upside
OTHER COMPANIES IN THE SAME SECTOR
ABG . AOF . ARF . ASK . BWP . CDP . CDP . CHC . CIP . CLW . COF . CQE . CQR . DGT . 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 11.2 xxx
EPS Growth xxx - 34.5% - 29.6% xxx
DPS Growth xxx 0.0% 1.4% xxx
PE Ratio xxx N/A 20.4 xxx
Dividend Yield xxx N/A 4.6% xxx
Div Pay Ratio(%) xxx 65.1% 93.7% xxx

Dividend yield today if purchased 3 years ago: 5.26%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.53

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: 30/12 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 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

0.5

No. Of Recommendations

5
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Macquarie

27/02/2025

1

Upgrade to Outperform from Neutral

$2.42

-0.41%

National Storage REIT's 1H25 underlying earnings were up 2% year on year and -1% below Macquarie's estimate. FY25 guidance implies at least 7% growth in 2H25 on 1H25.

As per the commentary, 2H25 earnings growth will come from a combination of rent growth from the stabilised portfolio enhanced by improved occupancy and revenue per average sqm from growth assets.

National Storage has an additional 200,000sqm under construction or has DA obtained and is planned for delivery over the next 24 months, the broker notes.

The REIT offers a 5.2% yield and a 6.2% three-year CAGR with underlying rental growth enhanced by accretive developments and acquisitions, Macquarie points out. Upgrade to Outperform from Neutral. Target rises to $2.42 from $2.40.

FORECAST
Macquarie forecasts a full year FY25 dividend of 11.10 cents and EPS of 11.80 cents.
Macquarie forecasts a full year FY26 dividend of 12.00 cents and EPS of 12.80 cents.

Morgan Stanley

xx/xx/xxxx

5

xxxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

2

xxxxxxx xx xxxxxxxxxx xxxx xxxx

$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

xxxxxxx xx xxx xxxx xxxxxxxxxx

$xx.xx

xx.xx%

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Moelis

24/03/2025

1

Upgrade to Buy from Hold

$2.37

-2.47%

Moelis upgrades National Storage REIT to Buy from Hold and now prefers this storage REIT compared with Abacus Storage King ((ASK)).

The broker believes capital will continue to chase the storage sector because of a growing population, densification, lifestyle purchases etc. The sector too has performed well with the REIT's cap rate moving just 3bps since June 2022.

The broker reckons there is little downside risk in the REIT, given it is trading at a wide -16.7% discount to net tangible asset

Target price unchanged at $2.37.

FORECAST
Moelis forecasts a full year FY25 dividend of 11.10 cents and EPS of 11.80 cents.
Moelis forecasts a full year FY26 dividend of 11.20 cents and EPS of 12.10 cents.
Access Extra Coverage Research History >

NSR STOCK CHART

FNArena News on NSR

1
In Case You Missed It – BC Extra Upgrades & Downgrades – 13-06-25

Jun 13 2025 - Weekly Reports
2
Australian Broker Call *Extra* Edition – Jun 12, 2025

Jun 12 2025 - Daily Market Reports
3
Next Week At A Glance – 9-13 Jun 2025

Jun 06 2025 - Weekly Reports
4
Australian Broker Call *Extra* Edition – May 15, 2025

May 15 2025 - Daily Market Reports
5
Abacus Counts Takeover Benefits

Apr 14 2025 - Small Caps

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