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 55,435 - -
Change - -25.07% 8.98% -2.19% -13.2% 21.75% - -
Enterprise Value (EV) 1 72,421 55,308 62,363 61,362 55,468 68,721 69,190 69,360
Change - -23.63% 12.76% -1.61% -9.61% 23.89% 0.68% 0.24%
P/E 37.9x 11.9x 27.6x 28.1x 28.8x 29.6x 29.5x 27.2x
PBR 7.04x 4.87x 5.35x 5.41x 4.92x 5.32x 4.83x 6.58x
PEG - 0x -0.5x -7.4x -1.9x 2.6x 79.52x 3.17x
Capitalization / Revenue 20.5x 11.8x 11.9x 11.2x 9.44x 10.8x 10.1x 9.72x
EV / Revenue 22.6x 13.2x 13.8x 13.1x 11.5x 13.4x 12.6x 12.2x
EV / EBITDA 30.3x 18.3x 19.1x 18.5x 16.4x 18.8x 17.3x 16.7x
EV / EBIT 43.1x 26x 27.2x 28.1x 24.8x 28.8x 27.2x 24.8x
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% 4.05% 4.15% 4.29%
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 5,492 5,703
EBITDA 1 2,394 3,015 3,263 3,315 3,388 3,654 3,989 4,156
EBIT 1 1,681 2,126 2,293 2,186 2,236 2,386 2,541 2,792
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 13,285 13,755 13,924
Reference price 2 374.56 280.19 305.00 299.44 259.50 296.68 296.68 296.68
Nbr of stocks (in thousands) 175,355 175,638 175,836 175,183 175,463 186,852 - -
Announcement Date 2/22/22 2/21/23 2/20/24 2/24/25 2/12/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
29.6x13.43x18.96x4.05% 55.44B
29.69x14.15x17.14x4.74% 29.01B
25.96x10.99x17.6x5.33% 8.99B
-49.2x3.06x13.05x5.55% 8.76B
12.98x8.66x15.28x5.13% 2.66B
12.29x9.82x15.81x5.78% 2.17B
50.94x9.09x17.04x5% 1.78B
10.16x8.86x16.12x5.81% 1.57B
12.64x11.79x22.14x4.07% 1.02B
Average 15.01x 9.99x 17.01x 5.05% 12.38B
Weighted average by Cap. 22.31x 12.27x 17.72x 4.55%

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

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