$Public Storage (PSA.US)$We are engaged in self-storage and ...
$Public Storage (PSA.US)$We are engaged in self-storage and have achieved continuous revenue growth over the past five years, with an average growth rate of 9.4%. The growth rate has been particularly fast in the past two years, reaching 22.4% in 2022. Operating profit remained relatively stable in the first three years but experienced rapid growth in the past two years, with a growth rate of 26.5% in 2022. The operating profit is 18.5 times the interest expense, indicating a manageable burden. Net income is significantly influenced by asset sale gains, reaching 2.36 billion in 2022, exceeding the operating profit. Net income reaches 4.37 billion.
Revenue in the first two quarters of 2023 increased by 10.4%, and operating profit increased by 15.5%. Net income was affected by the transformation of asset sale gains into a slight loss, leading to a shrinkage of 6.1%.
Currently, the PE ratio is 11.5, and the PE ratio TTM has slightly increased to 11.7. If we do not consider the gains from asset sales, the PE ratio will be above 20. If we calculate based on an average net income of 2.2 billion over five years, the PE ratio will be 22, which is not discounted compared to the long-term growth rate, indicating a lack of attractiveness.
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