Corporate Action: Acquisitions and New Initiatives Prompt an Increase in National Storage’s FVE
New strategic initiatives and a major capital raising dominated no-moat National Storage’s fiscal 2018 results. Our fair value estimate increases to AUD 1.63 per share from AUD 1.50, with the increase driven by expected acquisitions and development opportunities in fiscal 2019 and the AUD 155.3 million of acquisitions made in 2018. The company’s underlying net profit after tax, or NPAT, in fiscal 2018 of AUD 51.4 million was 12.5% higher than fiscal 2017, but slightly missed its own guidance an...NNational Storage is an owner and operator of self-storage centres. Co. is engaged in the operation and management of storage centres in Australia and New Zealand. Co.'s portfolio of owned and managed centres comprised of 105 centres, managing 59,200 storage units around Australia and New Zealand as of June 30 2016. Of the 105 self-storage properties in Co.'s portfolio, ownership is as follows: 60 self-storage centres owned by National Storage Property Trust; 16 self-storage centres operated as long-term leasehold centres (Leasehold Centres); 26 self-storage centres managed for the Southern Cross Storage Group (Southern Cross); and three third party managed centres.
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