National Storage REIT

NSR: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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National Storage REIT: Moderation of Rent Growth and Emphasis on Cost Management

Alexander Prineas

Feb 21, 2024

No-moat National Storage REIT posted underlying earnings of AUD 5.6 cents per share in its first-half results, with a moderate increase in operating profit and a restrained operating margin. We forecast underlying earnings of AUD 11.3 cents per share for fiscal 2024, which is the bottom end of management guidance of AUD 11.3 cents per share and above. We increase our fair value estimate by 2% to AUD 2.30 per share to reflect the time value of money.

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