Company Valuation: Public Storage

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 65,681 49,212 53,630 52,457 45,533 56,422 - -
Change - -25.07% 8.98% -2.19% -13.2% 23.92% - -
Enterprise Value (EV) 1 72,421 55,308 62,363 61,362 55,468 69,705 70,172 70,337
Change - -23.63% 12.76% -1.61% -9.61% 25.67% 0.67% 0.24%
P/E 37.9x 11.9x 27.6x 28.1x 28.8x 30.1x 30x 27.6x
PBR 7.04x 4.87x 5.35x 5.41x 4.92x 5.41x 4.91x 6.67x
PEG - 0x -0.5x -7.4x -1.9x 2.7x 80.86x 3.21x
Capitalization / Revenue 20.5x 11.8x 11.9x 11.2x 9.44x 11x 10.3x 9.89x
EV / Revenue 22.6x 13.2x 13.8x 13.1x 11.5x 13.6x 12.8x 12.3x
EV / EBITDA 30.3x 18.3x 19.1x 18.5x 16.4x 19.2x 17.7x 16.9x
EV / EBIT 43.1x 26x 27.2x 28.1x 24.8x 29.2x 27.6x 25.1x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 8 21.15 12 12 12 12.02 12.32 12.74
Rate of return 2.14% 7.55% 3.93% 4.01% 4.62% 3.98% 4.08% 4.22%
EPS 2 9.87 23.5 11.06 10.64 9.01 10.02 10.06 10.92
Distribution rate 81.1% 90% 108% 113% 133% 120% 123% 117%
Net sales 1 3,204 4,182 4,518 4,696 4,824 5,116 5,495 5,707
EBITDA 1 2,394 3,015 3,263 3,315 3,388 3,626 3,965 4,160
EBIT 1 1,681 2,126 2,293 2,186 2,236 2,390 2,546 2,799
Net income 1 1,732 4,142 1,949 1,873 1,586 1,870 2,006 2,124
Net Debt 1 6,741 6,096 8,733 8,906 9,936 13,283 13,750 13,915
Reference price 2 374.56 280.19 305.00 299.44 259.50 302.01 302.01 302.01
Nbr of stocks (in thousands) 1,75,355 1,75,638 1,75,836 1,75,183 1,75,463 1,86,821 - -
Announcement Date 22/02/22 21/02/23 20/02/24 24/02/25 12/02/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
30.14x13.63x19.22x3.98% 5.64TCr
30.11x14.29x17.31x4.67% 2.94TCr
25.68x10.91x17.46x5.39% 889.39Cr
-49.98x3.03x12.9x5.59% 869.17Cr
13.31x8.65x15.28x5.1% 269.3Cr
12.4x9.89x15.91x5.72% 219.71Cr
51.71x9.17x17.2x4.93% 180.39Cr
10.74x9.12x16.55x5.51% 166.87Cr
12.93x11.92x22.39x4.13% 105.11Cr
Average 15.23x 10.07x 17.14x 5% 1.25TCr
Weighted average by Cap. 22.76x 12.42x 17.90x 4.5%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield