Report
Shurgard FIRST LOOK: 1Q24 Results, all eyes on the Lok'nStore developments
Shurgard 1Q24 results came slightly below our estimates as increased RE-taxes hit 1Q harder than expected. Also 4.0% lfl operating revenue growth came below our 4.7% expectation. The EPRA Earnings amounted to EUR 34.2m, +12.6% yoy vs. our expectation of 35.3m. Guidance FY24 excludes the Lok'nStore bid and indicates a 7.5% revenue growth in line with our previous estimates. The balance sheet offers ample headroom with LTV at 14.6%. The results still show a resilient operational performance, impacted by stronger seasonal effects. All eyes are however locked on the LnS deal. This changed our perception of the company from a gentle consolidator to an integrator. Total FY24 Capex is expected to top 1bn EUR with LTV to remain < 25%. The share has been weak after the bid announcement, we do not expect much reaction on the results.
Underlying
SHURGARD SELF STORAGE LIMITED
Provider
KBC Securities
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Wim Lewi
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