Self Storage Group ASA (Hold, TP: NOK33.00) - KPIs and CPI raise forecasts
While the underlying Q3 results were in line with our forecasts, KPIs (occupancy and average rent) were better than we expected. Rising inflation in Norway have prompted us to increase our forecast of the 2022 annual CPI rent adjustment. In turn, on these effects we have raised our 2022e revenue by 6.2%, and our target price to NOK33 (30). However, given the limited potential upside, 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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