Discounted Cash Flow

Extra Space Storage Inc. REIT

EXR · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $991.9m $366.1m $539.3m 36.9% $2.92
2017 $1.1b (11.4%) $479.0m (30.8%) $597.4m (10.8%) 43.3% (17.4%) $3.79 (29.8%)
2018 $41.8m (-96.2%) $415.3m (-13.3%) $677.8m (13.5%) 994.5% (2194.2%) $3.29 (-13.2%)
2019 $49.9m (19.5%) $420.0m (1.1%) $707.7m (4.4%) 841.8% (-15.4%) $3.27 (-0.6%)
2020 $52.1m (4.5%) $481.8m (14.7%) $771.2m (9.0%) 924.2% (9.8%) $3.71 (13.5%)
2021 $66.3m (27.1%) $827.6m (71.8%) $952.4m (23.5%) 1249.0% (35.1%) $6.20 (67.1%)
2022 $83.9m (26.6%) $860.7m (4.0%) $1.2b (27.6%) 1025.8% (-17.9%) $6.41 (3.4%)
2023 $102.0m (21.6%) $803.2m (-6.7%) $1.4b (14.1%) 787.6% (-23.2%) $4.74 (-26.1%)
2024 $120.9m (18.5%) $854.7m (6.4%) $1.9b (34.7%) 707.2% (-10.2%) $4.03 (-15.0%)
2025 $129.5m (7.1%) $974.0m (14.0%) $1.8b (-2.0%) 752.3% (6.4%) $4.59 (13.9%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model