SHURGARD: Size matters!
We initiate coverage with a € 44 TP (upside: 18%) and a Buy rating. As a natural consolidator in an undersupplied market, Shurgard’s growth potential is huge. We expect this to result in margin improvements driven by economies of scale. Despite the upside potential, risks are small and the dividend yield is attractive (FY20: 2.8%).Shurgard Self Storage SA, formerly known as Shurgard Self Storage Europe SARL, is a Luxembourg-based company, which serves as a provider of warehousing and self-storage services. The Company operates a number of self-storage facilities in Europe with over 200 self-storage centers. Shurgard's activity is organized around two areas: leasing of storage spaces for companies and individuals and other related services. Additionally, the Company also offers self-storage insurance specially designed for its clients. Apart from the Luxembourg, the Company also operates in the Netherlands, France, Sweden, the United Kingdom, Belgium, Germany and Denmark. The company is partly owned by Public Storage, an owner and operator of self-storage facilities with a range of stores in the United States.
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