Self Storage Group ASA (Hold, TP: NOK27.00) - Valuation is still a little high
SSG’s share price has held up much better than Nordic real estate and international self-storage peers’ 2022-24e. While we forecast 12% revenue growth YOY for Q3 (results due at c07:00 CET on 1 November), we believe its relative valuation looks rich. On the back of rising interest rates and updated peer valuations, we have cut our target price to NOK27 (32), while we reiterate our HOLD.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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