Self Storage Group ASA (Hold, TP: NOK30.00) - Earnings and valuation out of sync
SSG continues to launch new sites, recently acquiring 900m2 in Esbjerg, Denmark (due to open in Q1 2023). However, we still find the stock price too far ahead of earnings. For the Q2 results (due at c07: 00 CET on 17 August), we expect 16% revenue growth YOY and 21% EBIT growth YOY. However, as the valuation now appears too high versus peers, and rising interest rates look set to boost self-storage asset yields, we reiterate our HOLD and NOK30 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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