Financials Shurgard Self-Storage Ltd.

Equities

SHUR

GG00BQZCBZ44

Specialized REITs

Market Closed - Euronext Bruxelles Other stock markets 11:35:55 2024-04-26 am EDT			5-day change	1st Jan Change
37.7 ^EUR	+1.48%		-3.08%	-15.96%

Apr. 25	Shurgard Self Storage Ltd acquired self-storage facility in Sénart - Combs-la-Ville (Seine et Marne, Paris region) from Box A La Carte for ?9.3 million.	CI
Apr. 22	EARNINGS: Lok'n Store has "positive but muted" growth as Shurgard bids	AN

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	3,016	3,151	5,111	3,819	3,999	3,669	-	-
Enterprise Value (EV) ¹	3,415	3,646	5,778	4,529	4,652	4,608	4,769	4,837
P/E ratio	20.4 x	10.9 x	11.5 x	6.7 x	7.62 x	16.7 x	15.1 x	13.4 x
Yield	2.79%	2.99%	2.03%	2.73%	2.61%	3.1%	3.12%	3.13%
Capitalization / Revenue	11.7 x	11.6 x	17 x	11.5 x	11.2 x	9.36 x	8.58 x	7.99 x
EV / Revenue	13.3 x	13.5 x	19.3 x	13.6 x	13 x	11.8 x	11.2 x	10.5 x
EV / EBITDA	23.3 x	23.2 x	33 x	22.7 x	21.8 x	19.8 x	18.5 x	17.3 x
EV / FCF	86,700,600 x	244,903,758 x	178,240,958 x	60,374,740 x	1,202,019,604 x	-	-	-
FCF Yield	0%	0%	0%	0%	0%	-	-	-
Price to Book	1.6 x	1.51 x	2.07 x	1.33 x	1.21 x	0.9 x	0.85 x	0.81 x
Nbr of stocks (in thousands)	88,705	88,759	88,882	89,116	89,147	97,312	-	-
Reference price ²	34.00	35.50	57.50	42.85	44.86	37.70	37.70	37.70
Announcement Date	2/26/20	2/24/21	2/23/22	2/20/23	2/29/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	256.9	271	299.9	333	357.7	391.8	427.7	459
EBITDA ¹	146.5	157.3	174.9	199.8	213	232.4	258.1	279.9
EBIT ¹	142.7	153.6	172.4	196.4	207	230.5	256.7	279.9
Operating Margin	55.54%	56.66%	57.49%	58.99%	57.88%	58.82%	60.02%	60.99%
Earnings before Tax (EBT) ¹	206	399.1	624.7	761.8	481.1	221.8	232.2	253.6
Net income ¹	149.3	289.5	446.8	574.3	533.3	193	216.8	239
Net margin	58.1%	106.82%	149%	172.46%	149.1%	49.26%	50.68%	52.06%
EPS ²	1.670	3.250	5.000	6.400	5.890	2.262	2.491	2.813
Free Cash Flow	39.39	14.89	32.41	75.02	3.87	-	-	-
FCF margin	15.33%	5.49%	10.81%	22.53%	1.08%	-	-	-
FCF Conversion (EBITDA)	26.89%	9.47%	18.53%	37.55%	1.82%	-	-	-
FCF Conversion (Net income)	26.39%	5.14%	7.25%	13.06%	0.73%	-	-	-
Dividend per Share ²	0.9500	1.060	1.170	1.170	1.170	1.170	1.175	1.181
Announcement Date	2/26/20	2/24/21	2/23/22	2/20/23	2/29/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2023 Q4
Net sales ¹	144.1	92.7
EBITDA	79.1	-
EBIT	-	-
Operating Margin	-	-
Earnings before Tax (EBT)	-	-
Net income	-	-
Net margin	-	-
EPS	-	-
Dividend per Share	0.5500	-
Announcement Date	8/19/21	2/29/24

¹EUR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	400	495	667	711	653	939	1,100	1,169
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.727 x	3.15 x	3.812 x	3.557 x	3.064 x	4.042 x	4.262 x	4.176 x
Free Cash Flow	39.4	14.9	32.4	75	3.87	-	-	-
ROE (net income / shareholders' equity)	8.1%	5.93%	5.75%	5.38%	4.88%	4.57%	4.62%	4.67%
ROA (Net income/ Total Assets)	5.08%	3.7%	3.52%	3.28%	3.16%	3.1%	3.1%	-
Assets ¹	2,938	7,826	12,688	17,525	16,856	6,226	6,992	-
Book Value Per Share ²	21.30	23.50	27.80	32.10	37.10	41.90	44.10	46.70
Cash Flow per Share ²	1.360	1.640	1.810	2.080	2.070	1.770	1.930	2.070
Capex ¹	82.2	131	81.8	112	183	116	209	178
Capex / Sales	31.98%	48.34%	27.29%	33.49%	51.3%	29.68%	48.83%	38.76%
Announcement Date	2/26/20	2/24/21	2/23/22	2/20/23	2/29/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Shurgard Self-Storage Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

37.7 EUR

Average target price

46.65 EUR

Spread / Average Target

+23.75%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

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