Public Storage

Public Storage

PSAยทNYSE

$303.70

+1.5%
Real EstateREIT - Industrial

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.

At a Glance

Live Snapshot
Market Cap$53.31B
EPS9.0400
P/E Ratio33.60
Earnings Date07/29/2026
Public Storage

Public Storage Fair Value Envelope

PSA ยท NYSE

Our analysis suggests that PSA has a fair value of HIDDEN per share in the Base Case projection. With shares currently trading at $303.705, this represents a potential HIDDEN relative to our calculated worth for Public Storage.

Intrinsic Value
Current Price: $303.705

Owner Earnings Valuation Tool

Warren Buffett's Owner Earnings DCF analysis for intrinsic value calculation

Historical Financial Data

Base year metrics used for projections

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Projection Settings

Forecast period and terminal assumptions

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DCF Valuation Summary

Calculation flow from present value to intrinsic value per share

Present Value$78.0B
+ Cash & Equivalents$318.1M
Firm Value$78.4B
- Debt$10.3B
Equity Value$68.1B
/ Shares Outstanding175,463,014B
DCF Value$388
UNDERVALUED BY 28%

Owner Earnings Projections

Operating Cash Flow - Maintenance CapEx = Owner Earnings

Metric
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
Operating Cash Flow
$3.4B
$3.6B
$3.9B
$4.2B
$4.5B
$4.8B
$5.1B
$5.5B
$5.8B
$6.3B
Maintenance CapEx
-$61.9M
-$66.2M
-$70.8M
-$75.8M
-$81.1M
-$86.7M
-$92.8M
-$99.2M
-$106.2M
-$113.6M
Owner Earnings
$3.3B
$3.6B
$3.8B
$4.1B
$4.4B
$4.7B
$5.0B
$5.4B
$5.7B
$6.1B
Discount Factor
0.926
0.857
0.794
0.735
0.681
0.630
0.583
0.540
0.500
0.463
Present Value
$3.1B
$3.1B
$3.0B
$3.0B
$3.0B
$3.0B
$2.9B
$2.9B
$2.9B
$2.8B
Terminal Value represents 61.9% of Enterprise Value