Self Storage Group ASA (Hold, TP: NOK27.00) - Q3 miss and falling asset values
Q3 revenues were lower than we expected and, with higher property-related costs as well, EBIT was 12% below our forecast. The company also lowered the asset values on owned sites, representing a c4.8% drop QOQ. While we continue to view SSG as a growth company, the valuation caps the upside potential in the shares, in our view. We reiterate our HOLD and NOK27 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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