reports
- Vincent Koppmair
Shurgard - Q1 2024 - A start to 2024
All store revenue up 7.1% YoY at EUR 93.4m driven by higher rent prices (4.2%), and larger portfolio (+4.9%), offset by lower occupancy (86.7%)Same store revenue up 4.0% (CER), average occupancy is down 60bps at 89.2% YoY, and in place rent up 3.3%.EPRA results up 12.6% YoY, EPRA EPS at EUR 0.35 (+3.1%) post ABB.Leverage remains very low at 14.6% (vs. 13% at December end) and net debt/EBITDA at 3.5x and ICR stands at 13.4x.We reiterate our ‘Buy' rating and EUR 47.00 TP.More details in our N...
- Vincent Koppmair
- Vincent Koppmair
Shurgard - Another year, another estimates beat
Operating revenue up 9% YoY. Occupancy remains stable (-20bps).All store NOI margin is up 50bps YoY to 63.3% at EUR 237.2m (+9.9% YoY CER). Same store NOI margin is up 80bps at 67.6%. EPRA earnings grew by 12.3%, 4% above DPe and 2% above CSS. DPS is confirmed at EUR 1.17.EPRA NTA comes in at EUR 44.07 per share (+8.4% YoY). This is 10% above DPe as we expect some EUR 190m portfolio revaluation in 2023, which has not occurred.Outlook 2024. SHUR guides for a CER revenue growth of 7.5% in 2024 and...
- Vincent Koppmair
Shurgard - EUR 120m 'Pickens' acquisition in Germany
SHUR acquires ‘Pickens' in Germany for EUR 120m.Pickens owns 6 assets (3 in Berlin & 3 in Hamburg) for a total of 31k sqm.The expected yield on maturity of the acquisition stands at ca. 7%.With this acquisition, SHUR solidifies its 2ndposition in the German self-storage market, and grows its footprint in Germany.We reiterate our ‘Buy' rating and EUR 47.00 TP.More details in our Note published this morning
- Vincent Koppmair
Shurgard - Still storing growth for the future
Based on our Real Estate report 'Are you ready to step in?', we adjusted our estimates for SHURWe released a 22p note on SHUR on 28 November. No changes have been made since that note on our estimates. Here is the recap of the note.The only change is that we adapted our WACC to 7.3%, impacting the TP. Our new TP emerges at EUR 47.00 (+2.00). We reiterate our ‘Buy' recommendation.More details in the Report published this morning
- Vincent Koppmair
Shurgard - Storing growth for the future
In this report, we update our estimates post-Q3 results and include the impact of the ABB, here are the highlights:Impact of the EUR 300m ABB (+9.2% shares)Stronger balance sheet. LTV now around 13.5% for FY23e & ND/EBITDA below 3.0x (vs. 19.9% & 4.2x resp. previously).Low NTA dilution. ABB was at a 12% discount to latest EPRA NTA (accounting for interim dividend). However, the dilution impact was only -1.1%.Dilution impact on EPS is more important (see below for more details).We expect smaller ...
- Vincent Koppmair
Shurgard - Completion of EUR 300m ABB
SHUR completes EUR 300m capital increase, issuing 8.2m new shares (ca.9% of outstanding shares) at a price of EUR 36.75.The proceed will be used to fund further development program, both organically and/or via M&A while maintaining the long-term LTV guidance.We put our TP ‘Under Review' but reiterate our ‘Buy' rating.More details in our Note issued this morning
- Vincent Koppmair
Shurgard - Q3 2023 - Still going strong
9M Property operating revenue up 9.4% YoY at EUR 265.0mAll store NOI margin (9M) up 30bps to 65.3% with NOI at EUR 173.1m (+10.1% YoY).EPRA earnings up 12.6% (CER) at EUR 114.5m, same for EPRA EPS at EUR 1.28.Average occupancy is down 20bps at 88.4% YoY (all store) and stable for same store at 90.5%.Average in-place rent (all store) up 5.7% YoY at EUR 259.2/sqm.Leverage remains very low at 17.5% (vs. 18% at H1) and net debt/EBITDA at 4.0x and ICR stands at 10.6x (up 0.6x since H1).We reiterated ...
- Vincent Koppmair
Shurgard - EUR 69m acquisition of Top Box in Germany
SHUR acquires Top Box in Germany for EUR 69.2m. This includes 5 operating assets (17.2k sqm) and 2 development projects (9.1k sqm).4 of the 5 operating assets are expected to be redeveloped, adding ca. 6.6k sqm.Total capex (incl. developments & redevelopments) lands at EUR 97.6m for a total of 32.8k sqm. The expected stabilized yield is expected at 8% ‘within 6 years'.We reiterate our Buy recommendation and our EUR 48.50 TP.More details in our Note issued this morning
- Vincent Koppmair
Shurgard - H1 2023 - Impressive results continue
SHUR results are solid as EPRA earnings grow by 13.9% and NOI margin improves by 40bps YoY. Growth strategy on track. Sweden is the only market underperforming in Q2, something to keep an eye on.EPRA NTA lands at EUR 42.23 per share (+3.1% since Q1).LTV remains at a low 18%, Net debt /EBITDA 4.1x, and ICR 10.0x.We reiterate our Buy rating and EUR 48.5 TP. SHUR is one of our Real Estate top picks.More details in our Note issued this morningSHUR host a conference call today at 10:00 AM CET.
- Vincent Koppmair
Shurgard - Safe store value during turbulent times
Following our debt analysis, SHUR screened as a safe store value for investors as LTV will remain below 25%, Net debt/EBITDA below 5.0x and ICR above 6.0 in 2024e.SHUR has a stable and scalable business model that enables a continuous expansion strategy. This expansion strategy is enabled by SHUR healthy balance sheet (LTV of 18% and net debt/EBITDA of 4.1x in 2022).In line with our study, we increase to WACC to 7.0% (+30bps).We arrive at a new TP of EUR 48.50 (- EUR 1.0), implying an 16% upside...
- Lynn Hautekeete
- Sharad Kumar S.P
- Wim Lewi
Real-Estate Conference Book 22 & 23 March 2022
The first week after MIPIM is the traditional timing for our KBCS Real-Estate conference. The FY22 result reports have been digested by investors and companies had a chance to meet with industry experts to set out their strategies for the near future. This conference book has 3 main sections : A Macro-Economic background, since last year this has changed significantly and will continue to drive returns. An ESG section with an intro to the panel discussion on WE 22/3 16h00 + Networking event af...
LEAS LEASINVEST REAL ESTATE SCA
XIOR XIOR STUDENT HOUSING N.V.
COFB COFINIMMO SA
IMMO COMPAGNIE IMMOBILIERE DE BELGIQUE SA
RET RETAIL ESTATES NV
MONT MONTEA SCA
AED AEDIFICA SA
CPINV CARE PROPERTY INVEST SA
ATEB ATENOR S.A.
VGP VGP NV
SHUR SHURGARD SELF STORAGE SA
WDP WAREHOUSES DE PAUW SCA
CTPNV CTP NV
HOMI HOME INVEST BELGIUM
- Wim Lewi
Shurgard Model update after robust outlook FY23-25
Shurgard FY22 results continue on its growth track, with a stellar 8.6% lfl operating revenue growth. The EPRA Earnings of EUR 143.6m (+15% yoy) came slightly above our estimate at EUR 141.9m. The outlook for 2023 points to an 8.0% property revenue growth. The company believes it can raise yields for new projects from a 7-8% range to 8-9% range and to expand its operating margin by 0.2%. These figures confirm that growth momentum continues into FY23. Capex FY23 was guided to EUR 150m or 70k sqm ...
- Guy Sips
- Hilde Van Boxstael
- Wim Hoste
- Wim Lewi
- Wim Lewi
Shurgard FIRST LOOK: FY22 Results, more growth in store for FY23
Shurgard FY22 results continue on its growth track, with a stellar 8.6% lfl operating revenue growth. The EPRA Earnings of EUR 143.6m (+15% yoy) came slightly above our estimate at EUR 141.9m. The outlook for 2023 points to an 8.0% property revenue growth, vs. our expectation for 7.5%. The company believes it can raise yields for new projects from a 7-8% range to 8-9% range. The company also expects to expand its operating margin by 0.2%. These figures confirm that growth momentum continues int...
- Michiel Declercq
- Thomas Couvreur
- Wim Lewi
- Wim Lewi
Shurgard Model update, growth continues, despite headwinds in FY23
In this note, we update our model as we expect the residential market mobility to cool over FY23 as interest rates have pushed up. However we expect mainly a shift in time that is compensated by higher rent/sqm. Hence, we maintain our target price at EUR 58. We believe that occupancy could suffer a little over FY23 as the residential market transactions cool down and as Shurgard has increased its investment pace. New developments typically have a much lower occupancy rate and are only included i...
- Jeroen Van Den Bossche
- Wim Lewi
- Michiel Declercq
- Olivier Vandewoude
- Sharad Kumar S.P
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Jeroen Van Den Bossche
- Olivier Vandewoude
- Sharad Kumar S.P
- Wim Hoste
- Wim Lewi
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