Public Storage (PSA-PF)
ValueMarkers Composite Index
96% below intrinsic value ($492)
Public Storage (PSA-PF) — VMCI valuation read
Composite valuation read on PSA-PF: VMCI 60/100 against a Real Estate sector median of 50. The 10-point above-median print is the headline number for Public Storage, and at the mid-cap tier it reflects how the five pillars combine into a single decision-grade score.
Trailing 30-day insider activity for PSA-PF: nothing material on SEC EDGAR. With the Form 4 channel quiet, the price-vs-DCF gap and the trailing margin trend carry more weight in the active read.
**Investor frame.** Value, quality, risk in three lines on PSA-PF: PSA-PF trades at 27.0x earnings, 50% above the Real Estate median of 18.0x; ROIC of 9.0% trails the Real Estate median (10.0%) by 1.0pp; net debt to EBITDA of 3.3x is the binding constraint on the bear case. EV/EBITDA at 14.0x versus 12.0x for Real Estate closes the value frame.
PSA-PF rose 3.3% over the trailing 7 days, with a +3.6% read on a 30-day basis.
Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. At September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the "Shurgard" brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc. (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at September 30, 2020. Our headquarters are located in Glendale, California.
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