Discounted Cash Flow

National Storage Affiliates Trust REIT

NSA · 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 $199.0m $18.0m $95.1m 9.0% $0.60
2017 $268.1m (34.7%) $3.0m (-83.5%) $3.0m (-96.9%) 1.1% (-87.8%) $0.01 (-98.3%)
2018 $330.9m (23.4%) $14.1m (376.5%) $14.1m (376.5%) 4.3% (286.1%) $0.07 (600.0%)
2019 $387.9m (17.2%) $4.0m (-71.8%) $4.0m (-71.8%) 1.0% (-75.9%) $-0.15 (-314.3%)
2020 $432.2m (11.4%) $48.6m (1120.4%) $220.7m (5439.9%) 11.2% (995.3%) $0.53 (453.3%)
2021 $585.7m (35.5%) $105.3m (116.5%) $331.3m (50.2%) 18.0% (59.8%) $1.13 (113.2%)
2022 $801.6m (36.9%) $103.7m (-1.4%) $400.1m (20.8%) 12.9% (-28.0%) $0.99 (-12.4%)
2023 $858.1m (7.0%) $156.7m (51.0%) $389.1m (-2.8%) 18.3% (41.1%) $1.58 (59.6%)
2024 $770.3m (-10.2%) $111.5m (-28.8%) $309.8m (-20.4%) 14.5% (-20.7%) $1.18 (-25.3%)
2025 $752.9m (-2.3%) $73.8m (-33.8%) $299.3m (-3.4%) 9.8% (-32.3%) $0.69 (-41.5%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

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