Shurgard - Safe store value during turbulent times
Following our debt analysis, SHUR screened as a safe store value for investors as LTV will remain below 25%, Net debt/EBITDA below 5.0x and ICR above 6.0 in 2024e.SHUR has a stable and scalable business model that enables a continuous expansion strategy. This expansion strategy is enabled by SHUR healthy balance sheet (LTV of 18% and net debt/EBITDA of 4.1x in 2022).In line with our study, we increase to WACC to 7.0% (+30bps).We arrive at a new TP of EUR 48.50 (- EUR 1.0), implying an 16% upside. We upgrade our rating to ‘Buy'. SHUR is in our top pickShurgard Self Storage SA, formerly known as Shurgard Self Storage Europe SARL, is a Luxembourg-based company, which serves as a provider of warehousing and self-storage services. The Company operates a number of self-storage facilities in Europe with over 200 self-storage centers. Shurgard's activity is organized around two areas: leasing of storage spaces for companies and individuals and other related services. Additionally, the Company also offers self-storage insurance specially designed for its clients. Apart from the Luxembourg, the Company also operates in the Netherlands, France, Sweden, the United Kingdom, Belgium, Germany and Denmark. The company is partly owned by Public Storage, an owner and operator of self-storage facilities with a range of stores in the United States.
We are an investment house with Belgian roots founded on more than 150 years of trust.
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