Self Storage Group ASA (Hold, TP: NOK32.00) - Q4 EBIT shy, but upgraded to HOLD
As the share price has fallen below our target price on rallying interest rates, we have upgraded the stock to HOLD (SELL) after the Q4 report, despite operating EBIT being below our estimate. We continue to expect SSG to maintain its high growth rates by opening new self-storage facilities over our forecast period, and eventually grow more into its valuation; however, from a 12-month perspective, we believe the valuation seems fair. We have lowered our target price to NOK32 (33) on updated forecasts.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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.