Self Storage Group ASA (No_rec, TP: NOK) - Discontinuing coverage

We have discontinued coverage of Self Storage Group. Our last published recommendation, target price and estimates should no longer be relied upon.

Self Storage Group ASA: 3 directors

Three Directors at Self Storage Group ASA sold 40,189 shares at 40.000NOK. The significance rating of the trade was 71/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two year...

Self Storage Group ASA (Hold, TP: NOK25.00) - Q2 miss

Revenues and EBIT came in below our forecasts for Q2. In addition, SSG booked financial refinancing and recalculation costs, resulting in adjusted EPS 97% below our forecast. On the other hand, EBIT growth should remain stable, and we estimate continued growth with new site openings. The Q2 miss has led us to cut our 2023e EPS by c27%, while higher market interest rates and credit margins have brought our 24–25e EPS down by 3.6–2.5%. We reiterate our HOLD, but have trimmed our target price to NO...

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Self Storage Group ASA (Hold, TP: NOK26.00) - No news in Q2

There have been no news releases since the Q1 report, hence we have only cut our EPS estimates on higher market interest rates. We expect 14% top-line growth in Q2 YOY, supported by a 7% rise in lettable area and 7% higher average rent per sqm over the same period. Despite our expectation of solid YOY revenue and earnings growth over 2022-2024, the stock still seems fairly valued to us. We reiterate our HOLD and NOK26 target price.

Self Storage Group ASA (Hold, TP: NOK26.00) - Underlying results in li...

While the reported Q1 results were affected by losses on real estate assets, interest derivatives and FX, underlying operating EBITDA and EPS were broadly in line with our forecasts. The company indicated a continued focus on growth through development and acquisitions, but, in our view, the valuation seems fair versus peers, and we reiterate our HOLD and NOK26 target price.

Self Storage Group ASA (Hold, TP: NOK26.00) - Small streams make a mig...

QTD SSG has announced five property transactions spanning 8,130sqm and worth a total cNOK81.4m, all of which are due to be converted into mini storage sites. We forecast 16% top-line growth YOY in Q1 (results due at 07:00 CET on 15 May). Despite our expectation of solid YOY revenue and earnings growth over 2022–2024, the stock still looks fairly valued, and we reiterate our HOLD; however, we have raised our target price to NOK26 (25) on updated peer multiples and minor changes to our 2024–2025 e...

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Self Storage Group ASA (Hold, TP: NOK25.00) - Q4 miss, but fair long-t...

The Q4 EPS missed our forecast, as SSG is in process of closing a 3,300sqm site in Sweden after not being able to extend the letting contract and lower occupancy rates. We have trimmed our 2023 revenue forecast on the reduced rental capacity and the lower than expected Q4 occupancy rate. We continue to like SSG’s growth story, but its share price valuation remains fair near-term, in our view. We reiterate our HOLD and NOK25 target price.

Self Storage Group ASA (Hold, TP: NOK25.00) - Solid Q4e growth, built ...

The company’s slow and steady, asset by asset, growth strategy seems to have continued, with two minor sites announced since the Q3 results. We forecast solid 17% revenue growth for Q4, supported by 8% YOY growth in the lettable area and higher market rents. While we still find SSG’s growth attractive, we believe it is priced in. We reiterate our HOLD but have lowered our peer valuation-based target price to NOK25 (27).

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Self Storage Group - New target de-risks ’23 estimates

Recurring PTP 6% above ABGSCe Targeting >20k sqm of new lettable area in ’23e Trading at a 25% discount to peers

Self Storage Group ASA (Hold, TP: NOK27.00) - Q3 miss and falling asse...

Q3 revenues were lower than we expected and, with higher property-related costs as well, EBIT was 12% below our forecast. The company also lowered the asset values on owned sites, representing a c4.8% drop QOQ. While we continue to view SSG as a growth company, the valuation caps the upside potential in the shares, in our view. We reiterate our HOLD and NOK27 target price.

Self Storage Group - Recurring PTP 6% above ABGSCe

Recurring PTP 6% above forecasts Occupancy below, rent level above Introduces ’23 target of >20k sqm new lettable area

Self Storage Group - Keeps building

Q3e: Recurring PTP NOK 31m Total return potential of ~20% p.a. Trading ~20% below European peers

Self Storage Group ASA (Hold, TP: NOK27.00) - Valuation is still a lit...

SSG’s share price has held up much better than Nordic real estate and international self-storage peers’ 2022-24e. While we forecast 12% revenue growth YOY for Q3 (results due at c07:00 CET on 1 November), we believe its relative valuation looks rich. On the back of rising interest rates and updated peer valuations, we have cut our target price to NOK27 (32), while we reiterate our HOLD.

Strategy Report PowerPoint - Norway: Best Ideas Q3'22

Retail recession ongoing, industrial cycle to follow No help from central banks before 2023 Large-cap BUYs: MOW, ORK. Small/mid-cap BUYs: AKER, NOD, PGS, SSG, VEI, VÅR and ZAP.

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Self Storage Group ASA (Hold, TP: NOK30.00) - Soft Q2, despite high oc...

The occupancy rate hit a Q2 record-high of 90.5%, but the other figures were softer than we expected, with adj. EPS 16% below our forecast. We have updated our estimates for higher energy costs and interest rates, and the Q2 report. As a result, we have cut our 2022–2024e EPS by c3–c6%. We reiterate our HOLD and NOK30 target price.

Self Storage Group - Q2: recurring PTP up 37% y-o-y

Recurring PTP 16% above ABGSCe Total return potential of ~20% per year Trading at ~17x ’24e CEPS vs. peers at ~24x