Agreed, more than happy to hold. Volumes recovering and strategically well placed for growth. Relatively conservative borrowing and good cashflows. |
Another reassuring update.
GLA
😎 |
Reassuring update all things considered.
GLA
😎 |
LOK Metrics are much less favorable, I Still think SAFE looks better on paper against BYG. Happy to discuss further if you have a specific area you want to compare.
Expecially in these uncertain times cash is king. SAFE have both good free cash flow and health 33m cash pile and has a higher dividends cover but i might prefer if they stopped the dividends and did share buy backs when things looked more certain as im a huge fan in buy backs. |
Yes, but prefer LOK. BYG showing resilience |
anyone monitering this stock? |
Ex Divi 5th March, 12pps. |
Well, that's a cracking start to the year. It looks like the growth can continue for a bit yet. Store openings in UK and France and then the international strategy to provide some more years. They are increasing occupancy rates at the expense of psf rental, but that seems to be paying off and can be reversed when the stores get "full". Not sure analysts wll upgrade off the back of one quarter, but they will have to if those trends continue IMHO. |
Possible top up when price hits the 50 MA?
😎
GLA |
Brother - wrong thread - this one is Safestore. Self storage not windows |
Up with the birds HotandCold .... 🥱😎
GLA |
SP looks like its in for a bit of turbulance, dont think we will see £8 again for a while |
Plenty of growth opportunities in the results but is the premium to NAV just too large? |
Seems to have been driven to an all time high by the Dutch JV with Carlyle |
Interesting, low cost entry into the Netherlands. Gives further growth potential. And sensible UK add-on, showing that there’s still some growth left for SAFE. |
REITS seem in favour again as bond yields fall |
No surprise the CEO was selling out a bit recently. PE looks quite high at 21 now, especially for a REIT. Also quite a premium to assets even after today's modest drop. |
nav growth uninspiring, barely 1% increase since six months ago (402p to 406p now.) |
 I thought these results were quite good, but clearly the share price didn’t think so !!
Safestore Holdings plc
18 June 2019
18 June 2019
Safestore Holdings plc
("Safestore", "the Company" or "the Group")
Interim results for the 6 months ended 30 April 2019
Solid H1 performance, on course to meet full year expectations
Key Measures 6 months 6 months Change(1)
ended ended Change-CER(2)
30 April 30 April
2019 2018
-------------------------------- ---------- ---------- ---------- ----------------
Underlying and Operating
Metrics- total
Revenue GBP73.1m GBP69.2m 5.6% 5.9%
Underlying EBITDA(3) GBP41.4m GBP39.1m 5.9% 6.1%
Closing Occupancy (let sq
ft- million)(4) 4.65 4.50 3.3% n/a
Closing Occupancy (% of
MLA)(5) 73.0% 71.5% +1.5ppts n/a
Average Storage Rate GBP26.30 GBP25.91 1.5% 1.7%
Adjusted Diluted EPRA Earnings
per Share(6) 13.5p 12.6p 7.1% n/a
Free Cash flow(7) GBP27.6m GBP23.1m 19.5% n/a
EPRA Basic NAV per Share GBP4.06 GBP3.57 13.7% n/a
Underlying and Operating
Metrics- like-for-like(8)
Revenue GBP72.1m GBP68.3m 5.6% 5.9%
Underlying EBITDA(3) GBP41.2m GBP38.7m 6.5% 6.7%
Closing Occupancy (let sq
ft- million)(4) 4.60 4.47 2.9% n/a
Closing Occupancy (% of
MLA)(5) 74.3% 72.1% +2.2ppts n/a
Average Occupancy (let sq
ft- million)(4) 4.57 4.40 3.9% n/a
Average Storage Rate GBP26.22 GBP25.78 1.7% 1.9%
Statutory Metrics
Profit before tax GBP38.2m GBP81.9m -53.4% n/a
Basic Earnings per Share 16.4p 40.3p -59.3% n/a
Dividend per Share 5.5p 5.1p 7.8% n/a
Highlights
Solid Financial Performance
-- Group revenue up 5.6% (5.9 % at CER(2) )
-- Group like-for-like(8) revenue at CER(2) up 5.9% with UK up 5.6% and Paris up 6.3%
-- Adjusted Diluted EPRA EPS(6) up 7.1% at 13.5p
-- 7.8% increase in the interim dividend to 5.5p
-- Statutory Profit before tax down to GBP38.2m from GBP81.9m in 2018 driven by reduced gain on investment properties of GBP7.9m (2018: gain of GBP51.8m)
Operational and Strategic Progress
-- Continued balanced approach to revenue management drives returns
o Like-for-like(8) closing occupancy of 74.3% (up 2.2ppts on 2018)
o Like-for-like(8) average occupancy for the period up 3.9%
o Like-for-like(8) average storage rate for the period up 1.9% in CER(2)
-- Peterborough site acquired for new 42,000 sq ft store to be opened at the end of 2019
-- Further new store openings scheduled in Paris Pontoise in Summer 2019, London Carshalton and Birmingham Merry Hill in the second half of 2019, and Paris Magenta, subject to planning, in the 2019/20 financial year
-- Extension of Bedford and Barking stores in early 2020, adding 29,000 sq ft
Strong and Flexible Balance Sheet
-- Group loan-to-value ratio ("LTV"(9) ) at 31%, interest cover ratio ("ICR"(10) ) at 8.7x
Frederic Vecchioli, Safestore's Chief Executive Officer, commented:
"Safestore's performance has been robust in the first half of the year and continues to build on the strong earnings and dividend growth achieved over the last five years. Since we recommenced our store acquisition and development programme in 2016, we have added 38 stores, including our new store pipeline of three sites in the UK in London Carshalton, Birmingham Merry Hill and Peterborough (subject to planning) and two sites in Paris at Pontoise and Magenta (subject to planning). Going forward, we expect to be able to continue to seize consolidation opportunities as well as new development sites that can be turned relatively quickly into new stores.
The self-storage market remains resilient to macroeconomic uncertainty and we continue to capture growing levels of demand in the UK and in Paris, with double digit new let growth on a like-for-like basis on both markets. As we enter our peak trading period we are well-placed to meet this demand with our 1.72m sq ft of currently unlet, fully invested space, and our pipeline of five stores that will add a further 252,000 sq ft.
Our scale continues to allow us to invest in our digital marketing platforms and service proposition, and this remains a key competitive advantage in a fragmented industry. Our balance sheet remains strong and efficient, with a low cost of debt. Our existing financing capacity, combined with the strong free cash generation of the business, allows us to continue to target selected development and acquisition opportunities. With our leading market positions across the UK and in Paris, the Company is in a strong position with significant low-cost growth potential. We remain on-course to meet the Board's full year expectations." |
There is a recent report on Safestore's AGM available to read here: hxxps://www.sharesoc.org/blog/company-news/safestore-and-fundsmith-agms/
We also have a vast number of other AGM reports available to full members exclusively. |
Interesting rise. I know it goes ex-div next week, but the yield is now beneath 3% and growth seesm to be slowing. It's a well-run company, but 21x PER and 50% premium to NAV is getting toppy. |
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