Self Storage Group ASA (Hold, TP: NOK30.00) - Revenue KPIs below, costs above
All three revenue KPIs were marginally weaker than we expected, and alongside FX weakening this led to Q1 revenues 6% below our forecast. Operating costs were higher than we expected due to a bigger hit from energy costs. Reported EPS was inflated by marked-to-market gains on interest-rate hedging positions and FX, but adj. EPS was 21% below our forecast. 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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