Self Storage Group ASA (Hold, TP: NOK26.00) - No news in Q2
There have been no news releases since the Q1 report, hence we have only cut our EPS estimates on higher market interest rates. We expect 14% top-line growth in Q2 YOY, supported by a 7% rise in lettable area and 7% higher average rent per sqm over the same period. Despite our expectation of solid YOY revenue and earnings growth over 2022-2024, the stock still seems fairly valued to us. We reiterate our HOLD and NOK26 target price.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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