NSR +2.27%: The largest supplier of self-storage in Australasia and recent addition to our Growth Portfolio reported FY23 results today that were ahead of expectations. FY23 EBITDA of $191.5m was ~4% ahead of consensus while post-tax profit of $141.8m was up 12% and in line with expectations. While the business remains in good shape, group occupancy was down 3.5% in the period to 85%, which clearly leaves room for improvements, although full occupancy is not realistic in these sorts of assets. They have guided to underlying earnings of greater than $154m, 2.6% ahead of current market expectations and a distribution guidance of at least 11.3c, put them on a 5% yield. NTA increased by 6% to $2.48.
- A quality operator delivering another quality result and it’s still trading below NTA!
MM is long & bullish NSR
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