Discounted Cash Flow (DCF) Analysis Levered
National Storage Affiliates Trust (NSA)
$36.61
-0.37 (-1.00%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 330.90 | 387.90 | 432.22 | 585.67 | 710.92 | 862.95 | 1,047.49 | 1,271.50 | 1,543.41 | 1,873.48 | 2,274.12 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||||
| Operating Cash Flow | 161.80 | 196.65 | 220.65 | 331.35 | 368.29 | 447.05 | 542.65 | 658.70 | 799.57 | 970.56 | 1,178.11 |
| Operating Cash Flow (%) | |||||||||||
| Capital Expenditure | -329.43 | -369.20 | -16.76 | -28 | -361.49 | -438.80 | -532.64 | -646.54 | -784.81 | -952.64 | -1,156.37 |
| Capital Expenditure (%) | |||||||||||
| Free Cash Flow | -167.63 | -172.55 | 203.89 | 303.35 | 6.80 | 8.25 | 10.02 | 12.16 | 14.76 | 17.91 | 21.74 |
Weighted Average Cost Of Capital
| Share price | $ 36.61 |
|---|---|
| Beta | 0.744 |
| Diluted Shares Outstanding | 91.24 |
| Cost of Debt | |
| Tax Rate | 52.08 |
| After-tax Cost of Debt | 205.90% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 7.148 |
| Total Debt | 25.74 |
| Total Equity | 3,340.26 |
| Total Capital | 3,366 |
| Debt Weighting | 0.76 |
| Equity Weighting | 99.24 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected | 2028 Projected |
| Revenue | 330.90 | 387.90 | 432.22 | 585.67 | 710.92 | 862.95 | 1,047.49 | 1,271.50 | 1,543.41 | 1,873.48 | 2,274.12 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 161.80 | 196.65 | 220.65 | 331.35 | 368.29 | 447.05 | 542.65 | 658.70 | 799.57 | 970.56 | 1,178.11 |
| Capital Expenditure | -329.43 | -369.20 | -16.76 | -28 | -361.49 | -438.80 | -532.64 | -646.54 | -784.81 | -952.64 | -1,156.37 |
| Free Cash Flow | -167.63 | -172.55 | 203.89 | 303.35 | 6.80 | 8.25 | 10.02 | 12.16 | 14.76 | 17.91 | 21.74 |
| WACC | |||||||||||
| PV LFCF | 6.80 | 7.59 | 8.48 | 9.47 | 10.58 | 11.82 | 13.20 | ||||
| SUM PV LFCF | 58.20 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.67 |
| Free cash flow (t + 1) | 22.18 |
| Terminal Value | 332.52 |
| Present Value of Terminal Value | 219.41 |
Intrinsic Value
| Enterprise Value | 277.62 |
|---|---|
| Net Debt | -9.57 |
| Equity Value | 287.19 |
| Shares Outstanding | 91.24 |
| Equity Value Per Share | 3.15 |