Self Storage Group ASA (Hold, TP: NOK25.00) - Solid Q4e growth, built stone by stone
The company’s slow and steady, asset by asset, growth strategy seems to have continued, with two minor sites announced since the Q3 results. We forecast solid 17% revenue growth for Q4, supported by 8% YOY growth in the lettable area and higher market rents. While we still find SSG’s growth attractive, we believe it is priced in. We reiterate our HOLD but have lowered our peer valuation-based target price to NOK25 (27).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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.