Self Storage Group ASA (Sell, TP: NOK26.00) - Too-high assumptions
While we continue to expect earnings growth for SSG, the recent share price run has sent the stock up too high, in our view. The valuation looks stretched and our Q4e imply downside risk to consensus Q4 EBIT. We have raised our target price to NOK26 (25) on our updated forecasts and peer valuations, and downgraded to SELL (BUY) on the recent share price rally.
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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