NYSE:EXR
$13.18
(3/19 4:00PM)
+0.4%
| Open | $13.1 |
Mkt Cap | $1.1 Billion |
| High | $13.29 |
52Wk High | $13.31 |
| Low | $13 |
52Wk Low | $5.36 |
| Volume | 454,100 |
Avg Vol 10D | 805,400 |
Ockham's Rating/Recommendation Summary
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EXR Revenue
For a long time, value investors have used the current share price relative to sales per share levels as an important valuation tool. We utilize a historical weighted average methodology that treats recent years more importantly in the calculation. When looking at EXR through this framework, we can see that our weighted average historical high and low Price to Sales per share ratios over the last 7 years are 5.63x and 3.14x respectively.
Utilizing this range we can see that EXR’s current Price to Sales per share ratio of 3.57x is significantly below its average levels historically. In fact, with a current price of $12.72, EXR is a full 19% below its average Price to Sales ratio at comparable sales levels. This is a rare occurrence and, when taken in context of the other areas of our analysis, can be a strong positive for our outlook for EXR.
EXR Cash Earnings
Cash Earnings is always one of the most important factors to review for a company and, more importantly, an investment in a stock. EXR is above their historical average multiples of Cash Earnings, as calculated by our proprietary analysis. It is incredibly important to understand that for EXR, the current level of Cash Earnings compared to its historical levels helps identify where EXR is in relation to what the investing community was willing to pay for this level of Cash Earnings in the past. With a historical high Cash Earnings per share ratio of 43.78 and a historical low Cash Earnings per share ratio of 21.58, an investor can relate where value becomes optimal.
Given this range of ratios per share, EXR at its current price of $12.72 and a Price to Cash Earnings ratio of 34.38 is 5% above its average historical Price to Cash Earnings ratio. Obviously this makes us more hesitant about EXR because cash earnings would need to rise to improve the valuation. Likewise, a decline in Price to Cash Earnings to below the average of 32.68 would significantly improve our outlook for EXR given the current profit levels.
EXR Dividends
A positive Ockham rating does not require a company to pay out an inviting dividend or a dividend at all. However, we believe dividends provide a useful measure of a company's inherent expectations.
Comparable to our analysis of Sales and Cash Earnings per share, we examine dividend yields from EXR against the historic high and low levels over an available data range. Because EXR has an established history of paying a dividend to shareholders, there is value in comparing recent dividends to historical dividends. In EXR’s case, the estimated annual dividend is $0.40 producing a current dividend yield of 3.14%. The highest dividend yield from EXR in recent history was 16.73% while the lowest dividend yield was 2.34%. It is never a good sign for a company to pay significantly lower dividends, in this case 67.07% below the median yield. Although, dividends are a relatively small portion of our analysis framework, we still see this as a negative factor.
