Self Storage Group ASA (Hold, TP: NOK30.00) - Looking for potential suitors
Q4 revenues missed our forecast on a lower occupancy rate than expected, while EBIT missed on higher depreciation. As a result, we have cut our 2020–2022e EPS by an average of 11.6%. However, on 31 January management announced a strategic review that would explore all options to maximise shareholder value, including talks with potential suitors; we believe this has made the investment case event-driven short-term. As a result, and despite a rich valuation, we have upgraded Self Storage Group to HOLD (SELL) and raised our target price to NOK30 (26).
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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