ODDO : Storage titans: Investing in Europe’s self-storage leaders
European self-storage companies have recently encountered volatility after years of robust growth. However, we anticipate cost inflation easing after 2025, which should present a promising entry point for investors. We initiate coverage on Big Yellow with an Outperform rating and a target price of 1,120p and on Safestore with a Neutral rating and a target price of 670p. Additionally, we reaffirm our Outperform rating on Shurgard with a target price of €44.Big Yellow Group is engaged in the provision of self storage and related services. As of Mar 31 2017, Co. operated from a platform of 92 stores, including 19 stores branded as Armadillo Self Storage, in which Co. had a 20.0% interest. Co.'s portfolio of stores are located across London, the South East and other metropolitan cities.
Safestore Holdings is engaged in the rental of self-storage space and the sale of ancillary products such as insurance and merchandise (for example, packing materials and padlocks) in both the U.K. and Paris.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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