Discounted Cash Flow

Public Storage REIT

PSA · 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 $2.6b $1.5b $1.9b 56.8% $6.84
2017 $2.7b (4.2%) $1.4b (-0.8%) $2.0b (1.6%) 54.0% (-4.8%) $6.75 (-1.3%)
2018 $2.8b (3.2%) $1.7b (18.6%) $2.1b (4.3%) 62.1% (14.9%) $8.56 (26.8%)
2019 $2.8b (3.4%) $1.5b (-11.1%) $2.1b (0.3%) 53.4% (-14.0%) $7.30 (-14.7%)
2020 $2.9b (2.4%) $1.4b (-10.7%) $2.0b (-1.2%) 46.6% (-12.8%) $6.29 (-13.8%)
2021 $3.4b (17.2%) $2.0b (43.9%) $2.5b (24.5%) 57.2% (22.8%) $9.91 (57.6%)
2022 $4.2b (22.4%) $4.3b (122.7%) $2.7b (4.5%) 104.0% (81.9%) $23.64 (138.5%)
2023 $4.5b (8.0%) $2.1b (-50.6%) $2.8b (4.8%) 47.6% (-54.3%) $11.11 (-53.0%)
2024 $4.7b (3.9%) $2.1b (-3.6%) $2.7b (-2.8%) 44.1% (-7.2%) $10.68 (-3.9%)
2025 $4.8b (2.7%) $1.8b (-13.9%) $2.9b (7.0%) 37.0% (-16.2%) $9.04 (-15.4%)

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