Public Storage (PSA-PQ)
ValueMarkers Composite Index
97% below intrinsic value ($495)
Public Storage (PSA-PQ) — VMCI valuation read
Public Storage sits at VMCI 60/100, with the Real Estate sector median at 50. That 10-point spread is the first thing to note on PSA-PQ: it tells the reader the composite is favorable before any single ratio is examined, and the mid-cap tier sets the comparison set.
Form 4 disclosures on PSA-PQ are blank for the trailing 30 days. With the insider channel offline, the EV/EBITDA delta, free-cash-flow trajectory, and the next earnings print do the talking.
**Investor frame.** The Value read on PSA-PQ: PSA-PQ trades at 20.0x earnings, 11% above the Real Estate median of 18.0x, with EV/EBITDA at 13.0x against 12.0x. The Quality read: ROIC of 8.0% trails the Real Estate median (10.0%) by 2.0pp. The Risk read: net debt to EBITDA of 1.1x leaves covenant headroom, anchoring the bear scenario on a measurable balance-sheet metric.
PSA-PQ fell 1.5% over the trailing 7 days, with a -8.7% 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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