Self Storage Group ASA (Hold, TP: NOK25.00) - Q2 miss
Revenues and EBIT came in below our forecasts for Q2. In addition, SSG booked financial refinancing and recalculation costs, resulting in adjusted EPS 97% below our forecast. On the other hand, EBIT growth should remain stable, and we estimate continued growth with new site openings. The Q2 miss has led us to cut our 2023e EPS by c27%, while higher market interest rates and credit margins have brought our 24–25e EPS down by 3.6–2.5%. We reiterate our HOLD, but have trimmed our target price to NOK25 (26).Self Storage Group ASA is a Norway-based company engaged in the business of renting out self-storage units to both private individuals and businesses through the two concepts: OK Minilager and City Self-Storage. The Company operates more than 80 sites across Scandinavia with a total lettable area of more than 100,000 square meters.
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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