Interesting company

Can someone explain why this stock is trading at such a low PE? 4.60 is unheard of?

It looks like a tremendous business. Literally its assets are worth more than the market cap... i.e. if they just sold off everything the company would still have money left over. This doesn't make sense to me.... it screams it is extremely undervalued, it's just a boring company I guess not a sexy tech stock.

It's running at a 13% net profit margin... literally printing money with a high occupancy rate of 88% which seems fair.

For anyone to catch up to this business would almost be impossible as big companies who use this as their storage facility just partner with National Storage across Australia instead of having to find state based partners.

Competitors are maybe those storage boxes, but surely with crime rates having increased drastically, you'd probably rather a place that stores it?

With AUD so low, lots of people are moving to the USA for jobs as they can almost double their income, and putting their items in storage..

Through one of my businesses I've met a guy that works at a storage company, not National Storage, but he says they are just flat out like a lizard drinking. He is saying issue is because of housing affordability, so people having to downsize in rental markets but because of inflation they aren't just liquidating their furniture, they are storing it instead with the hope that they find a bigger place in 12 months time when the lease is up. He is saying kids (20-30 year olds, sometimes with their own kids) are moving back in with mum & dad, but they need to store stuff. He also reckons that because of so many old people dying, kids are quickly selling off the houses, but putting possessions into storage until they can deal with it.

All in all, I'd like to understand more about this company so will slowly start to accumulate this stock, but if any of you long term holders know why the PE is so low compared to other stable businesses please let me know. I don't understand and it screams undervaluation.