Stock PSA PUBLIC STORAGE
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Financials Public Storage

Equities

PSA

US74460D1090

Specialized REITs

Market Closed - Nyse
Other stock markets
 04:00:01 2024-04-26 pm EDT 		5-day change 1st Jan Change
257.7 USD -0.37% Intraday chart for Public Storage -1.02% -15.50%
Apr. 22 Evercore ISI Adjusts Price Target on Public Storage to $283 From $292 MT
Apr. 08 North American Morning Briefing : Inflation Data, -2- DJ

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 37,200 40,372 65,681 49,212 53,630 45,284 - -
Enterprise Value (EV) 1 38,693 42,659 72,421 55,308 62,363 55,613 55,909 56,495
P/E ratio 29.2 x 36.7 x 37.9 x 11.9 x 27.6 x 24.8 x 23.2 x 22.1 x
Yield 3.76% 3.46% 2.14% 7.55% 3.93% 4.76% 4.92% 4.96%
Capitalization / Revenue 13.1 x 13.8 x 20.5 x 11.8 x 11.9 x 9.58 x 9.15 x 8.75 x
EV / Revenue 13.6 x 14.6 x 22.6 x 13.2 x 13.8 x 11.8 x 11.3 x 10.9 x
EV / EBITDA 19.6 x 21.7 x 30.3 x 18.3 x 19.1 x 16.2 x 15.6 x 15.3 x
EV / FCF 33,416,538 x - - 23,596,872 x - - - -
FCF Yield 0% - - 0% - - - -
Price to Book 4.1 x 4.71 x 7.04 x 4.87 x 5.35 x 6.51 x 6.93 x 8.9 x
Nbr of stocks (in thousands) 174,680 174,822 175,355 175,638 175,836 175,703 - -
Reference price 2 213.0 230.9 374.6 280.2 305.0 257.7 257.7 257.7
Announcement Date 2/25/20 2/24/21 2/22/22 2/21/23 2/20/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,847 2,915 3,204 4,182 4,518 4,729 4,947 5,174
EBITDA 1 1,978 1,964 2,394 3,015 3,263 3,437 3,581 3,682
EBIT 1 1,465 1,411 1,681 2,126 2,293 2,297 2,393 2,485
Operating Margin 51.47% 48.41% 52.46% 50.84% 50.75% 48.56% 48.38% 48.03%
Earnings before Tax (EBT) 1 1,526 1,361 1,960 4,366 2,171 2,004 2,173 2,281
Net income 1 1,273 1,098 1,732 4,142 1,949 1,839 1,960 2,073
Net margin 44.71% 37.68% 54.08% 99.05% 43.14% 38.88% 39.62% 40.07%
EPS 2 7.290 6.290 9.870 23.50 11.06 10.40 11.12 11.69
Free Cash Flow 1,158 - - 2,344 - - - -
FCF margin 40.67% - - 56.04% - - - -
FCF Conversion (EBITDA) 58.54% - - 77.75% - - - -
FCF Conversion (Net income) 90.97% - - 56.58% - - - -
Dividend per Share 2 8.000 8.000 8.000 21.15 12.00 12.28 12.67 12.79
Announcement Date 2/25/20 2/24/21 2/22/22 2/21/23 2/20/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 894.9 869.7 973.4 1,032 1,088 1,089 1,094 1,120 1,144 1,160 1,150 1,183 1,206 1,204 1,217
EBITDA 1 626.5 665.2 689.4 748 781.6 795.5 796.3 814.5 826.3 833.1 831.3 865 875.1 865.2 848.6
EBIT 1 438 459.9 467.2 529.3 560.8 569 574.7 592.3 587.5 545.6 558.6 590.8 595.4 571.8 550.3
Operating Margin 48.94% 52.88% 48% 51.29% 51.54% 52.27% 52.52% 52.9% 51.36% 47.04% 48.55% 49.93% 49.38% 47.51% 45.21%
Earnings before Tax (EBT) 1 448.9 622 516.3 653.8 2,769 414.9 520.4 - 613.3 444.3 477.5 509.8 515.6 500.8 519.8
Net income 1 442.3 558.1 464.1 603.4 2,712 362.6 467.6 528.3 563.2 389.7 446.6 476 480.7 461 460
Net margin 49.43% 64.17% 47.68% 58.46% 249.25% 33.31% 42.73% 47.18% 49.24% 33.59% 38.82% 40.22% 39.87% 38.3% 37.8%
EPS 2 2.520 3.170 2.630 3.420 15.38 2.060 2.650 3.000 3.200 2.210 2.444 2.633 2.667 2.613 2.611
Dividend per Share 2 2.000 2.000 2.000 2.000 15.15 2.000 2.000 3.000 3.000 3.000 3.072 3.072 3.072 3.076 3.146
Announcement Date 11/1/21 2/22/22 5/3/22 8/4/22 11/1/22 2/21/23 5/3/23 8/2/23 10/30/23 2/20/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,493 2,287 6,741 6,096 8,733 10,329 10,625 11,211
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.7547 x 1.164 x 2.816 x 2.022 x 2.677 x 3.005 x 2.967 x 3.045 x
Free Cash Flow 1,158 - - 2,344 - - - -
ROE (net income / shareholders' equity) 14% 12.5% 19.4% 42.7% 19.4% 29.7% 30.3% 30.6%
ROA (Net income/ Total Assets) 11.4% 9.48% 11.9% 23.7% 10.4% 9.21% 10.6% 12%
Assets 1 11,147 11,591 14,599 17,467 18,681 19,955 18,534 17,320
Book Value Per Share 2 52.00 49.00 53.20 57.50 57.00 39.60 37.20 29.00
Cash Flow per Share 2 - - - 17.70 - 17.20 17.70 18.40
Capex 1 910 1,152 5,599 773 - 856 716 752
Capex / Sales 31.96% 39.51% 174.78% 18.49% - 18.11% 14.47% 14.53%
Announcement Date 2/25/20 2/24/21 2/22/22 2/21/23 2/20/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Public Storage

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
19
Last Close Price
257.7 USD
Average target price
311 USD
Spread / Average Target
+20.67%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Self-Storage REITs

1st Jan change Capi.
PUBLIC STORAGE Stock Public Storage
-15.50% 45.28B
EXTRA SPACE STORAGE INC. Stock Extra Space Storage Inc.
-16.75% 28.24B
CUBESMART Stock CubeSmart
-12.06% 9.17B
SHURGARD SELF-STORAGE LTD. Stock Shurgard Self-Storage Ltd.
-15.96% 3.92B
NATIONAL STORAGE AFFILIATES TRUST Stock National Storage Affiliates Trust
-15.79% 2.73B
BIG YELLOW GROUP PLC Stock Big Yellow Group Plc
-11.29% 2.63B
SAFESTORE HOLDINGS PLC Stock Safestore Holdings Plc
-13.69% 2.08B
NATIONAL STORAGE REIT Stock National Storage REIT
-7.39% 1.9B
ABACUS STORAGE KING Stock Abacus Storage King
-2.65% 943M
WAREHOUSE REIT PLC Stock Warehouse REIT plc
-13.37% 422M
Self-Storage REITs
  1. Stock Market
  2. Equities
  3. PSA Stock
  4. Financials Public Storage