Self Storage Group ASA (Hold, TP: NOK30.00) - Small steps and large strides ahead
SSG’s Q2–Q3 property investments were relatively minor and did not move the needle. While we have cut our 2021–2023e EPS owing to dilution from the August equity issue, we believe SSG is looking to make large investments to ramp up growth. We forecast 45% YOY EBIT growth forQ3 (results due at 07:00 CET on 2 November). The valuation remains high and we want to see growth catch up with the share price, so 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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