Self Storage Group ASA (Buy, TP: NOK23.00) - Growing according to plan
We have raised our estimates following the announced acquisition of Eurobox and the two new sites planned for redevelopment, and as we believe the investments have an attractive ‘yield on cost’. However, we have cut our 2019–2020 forecasts on the dilution effect from the recent equity issue. Ahead of the Q2 results due at 08:00 CET on 15 August, we expect EBITDA up by 119% YOY. We reiterate our BUY and have raised our target price to NOK23 (21).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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