Self Storage Group ASA (Buy, TP: NOK27.00) - Growth set to continue
Self Storage Group (SSG) reported its highest ever revenues in Q4, though 5% below our forecast, as the CLA (current lettable area) and rents were lower than we expected. However, with 12,000–14,000sqm in CLA guided to open in 2021, we consider growth likely to continue near-term. As the development pipeline growth stretches well into 2022e, this supports our view of SSG as a long-term growth case. We reiterate our BUY and NOK27 target price.
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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