Safestore Holdings (SAFE)

Sector:

Real Estate

Index:

FTSE 250

751.50p
   
  • Change Today:
      2.50p
  • 52 Week High: 1,012.00
  • 52 Week Low: 653.00
  • Currency: UK Pounds
  • Shares Issued: 218.45m
  • Volume: 34,058
  • Market Cap: £1,641.67m
  • RiskGrade: 111

Berenberg raises target price on Safestore

By Iain Gilbert

Date: Tuesday 22 Mar 2022

LONDON (ShareCast) - (Sharecast News) - Analysts at Berenberg hiked their target price on self-storage facilities operator Safestore from 970.0p to 1,280.0p on Tuesday, stating the firm had experienced "a period of supernormal growth" since coming out of initial Covid-19 lockdowns.

Berenberg, which said this growth was yet to "meaningfully slow down, noted that through most of the period, it had taken a 'hold' stance on the stock as it believes the growth likely reflects brought-forward demand that could lead to subsequently falling occupancy as demand normalises, as well as the fact that its all-time high valuation reflected "an unattractive risk/reward ratio", given its near all-time high forward earnings multiple.

However, with shares up "materially" since its downgrade in June 2020, Berenberg said this view had "clearly been wrong".

"Now, as we enter a period of likely more muted occupancy growth, Safestore is proving its extraordinary pricing power; from this, we expect it to witness a successive year of double-digit like-for-like growth in full-year 2022, before returning to its prior circa 5-7% trajectory," said the analysts.

The German bank added that while it reckons near-term upside to its forecasts remains, it opted to potentially repeat its "mistake of 2021" and maintain its 'hold' rating on Safestore, as it believes the shares were fully valued at a roughly 26x 2023 price-to-earnings ratio - 20% above the average forward valuation for Safestore over the past five years.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

SAFE Market Data

Currency UK Pounds
Share Price 751.50p
Change Today 2.50p
% Change 0.33 %
52 Week High 1,012.00
52 Week Low 653.00
Volume 34,058
Shares Issued 218.45m
Market Cap £1,641.67m
RiskGrade 111

SAFE Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
47.08% below the market average47.08% below the market average47.08% below the market average47.08% below the market average47.08% below the market average
65% below the sector average65% below the sector average65% below the sector average65% below the sector average65% below the sector average
Price Trend
26.86% below the market average26.86% below the market average26.86% below the market average26.86% below the market average26.86% below the market average
39.53% below the sector average39.53% below the sector average39.53% below the sector average39.53% below the sector average39.53% below the sector average
Income
34.60% above the market average34.60% above the market average34.60% above the market average34.60% above the market average34.60% above the market average
22.58% above the sector average22.58% above the sector average22.58% above the sector average22.58% above the sector average22.58% above the sector average
Growth
86.24% above the market average86.24% above the market average86.24% above the market average86.24% above the market average86.24% above the market average
94.87% above the sector average94.87% above the sector average94.87% above the sector average94.87% above the sector average94.87% above the sector average

What The Brokers Say

Strong Buy 5
Buy 3
Neutral 5
Sell 0
Strong Sell 0
Total 13
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

SAFE Dividends

  Latest Previous
  Final Interim
Ex-Div 07-Mar-24 06-Jul-23
Paid 09-Apr-24 10-Aug-23
Amount 20.20p 9.90p

Trades for 28-Mar-2024

Time Volume / Share Price
10:45 35 @ 751.50p
10:45 150 @ 751.50p
10:41 196 @ 752.00p
10:41 80 @ 752.00p
10:41 150 @ 752.00p

SAFE Key Personnel

CEO Frederic Vecchioli
CFO Andy  Jones

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