Self Storage Group ASA (Sell, TP: NOK33.00) - Share price far exceeds actuals
While in Q4 the company announced nine transactions, where it aims to open new sites, the small sizes and low value/unit mean only NOK86.3m was invested. While these small transactions filled many blanks in our 2022e growth, they did not move the needle, leaving us with limited forecast changes. While the shares have rallied on the sector’s M&A activity, recent interest rate trends make us concerned about the potential downside for the stock. Ahead of the Q4 report (due at c08:00 CET on 15 February), we continue to forecast YOY growth, but have downgraded to SELL (HOLD) owing to the high share price, with an unchanged target price of NOK33.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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