Self Storage Group ASA (Hold, TP: NOK25.00) - Rent miss in Q1
The company’s average rental rate dropped by 3% QOQ, and fell 5.1% short of our forecast, as we had assumed an annual CPI adjustment. The occupancy rate also fell QOQ, from 83% to 82%. The weaker than expected KPIs appear to stem from the Eurobox acquisition. Underlying rent per sqm increased by 0.5% YOY, less than CPI. The company did not comment on the ongoing strategic review. We have cut our forecasts following the results, due to generally weaker KPIs, but reiterate our HOLD and NOK25 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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