Self Storage Group ASA (Hold, TP: NOK26.00) - Small streams make a mighty river, but valuation is a dam
QTD SSG has announced five property transactions spanning 8,130sqm and worth a total cNOK81.4m, all of which are due to be converted into mini storage sites. We forecast 16% top-line growth YOY in Q1 (results due at 07:00 CET on 15 May). Despite our expectation of solid YOY revenue and earnings growth over 2022–2024, the stock still looks fairly valued, and we reiterate our HOLD; however, we have raised our target price to NOK26 (25) on updated peer multiples and minor changes to our 2024–2025 estimates.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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