Discounted Cash Flow (DCF) Analysis Unlevered
Public Storage (PSA)
$300.29
-1.74 (-0.58%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 2,668.53 | 2,754.28 | 2,846.82 | 2,915.07 | 3,415.82 | 3,639.12 | 3,877.02 | 4,130.47 | 4,400.49 | 4,688.16 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 1,909.44 | 2,227.18 | 2,079.09 | 1,966.75 | 2,757.47 | 2,719.47 | 2,897.25 | 3,086.65 | 3,288.43 | 3,503.40 |
| EBITDA (%) | ||||||||||
| EBIT | 1,454.92 | 1,743.53 | 1,566.18 | 1,413.50 | 2,044.04 | 2,046.41 | 2,180.19 | 2,322.71 | 2,474.56 | 2,636.32 |
| EBIT (%) | ||||||||||
| Depreciation | 454.53 | 483.65 | 512.92 | 553.26 | 713.43 | 673.06 | 717.06 | 763.93 | 813.87 | 867.07 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 433.38 | 361.22 | 409.74 | 257.56 | 734.60 | 539.24 | 574.49 | 612.05 | 652.06 | 694.68 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | - | - | - | - | - | - | - | - | - | - |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -460.68 | -478.87 | -187.31 | -170 | -270.24 | -400.10 | -426.26 | -454.12 | -483.81 | -515.44 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 300.29 |
|---|---|
| Beta | 0.433 |
| Diluted Shares Outstanding | 175.57 |
| Cost of Debt | |
| Tax Rate | 0.33 |
| After-tax Cost of Debt | 1.21% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 5.686 |
| Total Debt | 7,475.28 |
| Total Equity | 52,721.31 |
| Total Capital | 60,196.59 |
| Debt Weighting | 12.42 |
| Equity Weighting | 87.58 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 2,668.53 | 2,754.28 | 2,846.82 | 2,915.07 | 3,415.82 | 3,639.12 | 3,877.02 | 4,130.47 | 4,400.49 | 4,688.16 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 1,909.44 | 2,227.18 | 2,079.09 | 1,966.75 | 2,757.47 | 2,719.47 | 2,897.25 | 3,086.65 | 3,288.43 | 3,503.40 |
| EBIT | 1,454.92 | 1,743.53 | 1,566.18 | 1,413.50 | 2,044.04 | 2,046.41 | 2,180.19 | 2,322.71 | 2,474.56 | 2,636.32 |
| Tax Rate | 0.43% | 0.36% | 0.34% | 0.29% | 0.33% | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
| EBIAT | 1,448.65 | 1,737.20 | 1,560.92 | 1,409.33 | 2,037.39 | 2,039.25 | 2,172.56 | 2,314.59 | 2,465.90 | 2,627.10 |
| Depreciation | 454.53 | 483.65 | 512.92 | 553.26 | 713.43 | 673.06 | 717.06 | 763.93 | 813.87 | 867.07 |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Capital Expenditure | -460.68 | -478.87 | -187.31 | -170 | -270.24 | -400.10 | -426.26 | -454.12 | -483.81 | -515.44 |
| UFCF | 1,442.50 | 1,741.98 | 1,886.53 | 1,792.59 | 2,480.58 | 2,312.21 | 2,463.36 | 2,624.39 | 2,795.96 | 2,978.73 |
| WACC | ||||||||||
| PV UFCF | 2,199.38 | 2,228.82 | 2,258.65 | 2,288.88 | 2,319.52 | |||||
| SUM PV UFCF | 11,295.25 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.13 |
| Free cash flow (t + 1) | 3,038.31 |
| Terminal Value | 97,070.58 |
| Present Value of Terminal Value | 75,588.25 |
Intrinsic Value
| Enterprise Value | 86,883.50 |
|---|---|
| Net Debt | 6,740.68 |
| Equity Value | 80,142.82 |
| Shares Outstanding | 175.57 |
| Equity Value Per Share | 456.48 |