National Storage Affiliates Trust (NSA) has recently drawn attention after a period of mixed performance. The stock has shown a one-month return of 9.3% and a one-year total return of 8.7%.

At a share price of US$32.16, National Storage Affiliates Trust has seen a 1 month share price return of 9.28% and a year to date share price return of 15.31%, while its 1 year total shareholder return of 8.71% points to momentum that has been building more gradually for long term holders.

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With NSA trading at US$32.16, sitting close to analyst targets and showing a 20% intrinsic discount estimate, the key question is whether this represents a genuine value gap or a stock where the market is already pricing in future growth.

Most Popular Narrative: 3% Undervalued

With National Storage Affiliates Trust trading at US$32.16 against a narrative fair value of about US$33.17, the current setup hinges on how its storage focused portfolio, joint ventures, and REIT sector backdrop evolve over the next few years.

The updated analyst price target for National Storage Affiliates Trust edges slightly lower to about $33.17 from $33.30 as analysts refresh their assumptions on discount rate, modest revenue growth, profit margin, and future P/E in light of mixed but generally constructive storage focused REIT sector research.

Want to see what is baked into that fair value? Revenue progress, margin shifts, and a rich earnings multiple all sit at the core of this narrative.

Result: Fair Value of $33.17 (UNDERVALUED)

However, there are still pressure points to watch, including expense growth outpacing revenue and ongoing competitive supply that could keep pricing and occupancy under strain.

Another Angle On Valuation

Our model flags National Storage Affiliates Trust as 20.3% below its estimated fair value, yet the current P/E of 52.5x sits well above the North American Specialized REITs average of 26.5x and a fair ratio of 31.5x. Does that premium reflect quality, or does it reduce the margin for error?

Build Your Own National Storage Affiliates Trust Narrative

If you see the numbers differently or prefer to test your own assumptions, you can develop a personalized thesis in just a few minutes by starting with Do it your way

A great starting point for your National Storage Affiliates Trust research is our analysis highlighting 2 key rewards and 3 important warning signs that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.