Safestore Share Discussion Threads

[arja] 16/2/2018 08:47

Losos - sorry and it is just " no overhead resistance " in charting terms or as punters in OZ used to say " north of river " . Just means it has reached all time high and no big obstacles to overcome . have a good weekend

[losos] 14/2/2018 16:50

arja - what's a 'NOR situation' ??? (Sorry I tried to find out, nothing came up on Google, not that I'm surprised haha)

[arja] 29/1/2018 09:12

nice looking chart and NOR situation . Who knows what it can do from here !

[mortimer7] 09/1/2018 08:51

Results for year ending 31st October 2017 have been published this morning.
As good as anticipated & positive outlook/start to new year as well.
Reading the results this seems to be a very well run business from the trading, staff development & financing all looks very professional.
The sector is also resilient to macroeconomic issues & downturn, making it a defensive investment under these circumstances whilst at the same time very progressive.

[mortimer7] 16/11/2017 08:33

Excellent trading update this morning, and concludes that earnings for year ending 31st October are likely to be ahead of consensus.

[hawaly] 07/11/2017 14:12

Strength ahead of Q4 Trading Update to be announced a week on Thursday 16 Nov.

[mortimer7] 20/9/2017 14:53

Frustrating to see share price back at levels last seen in April this year.
Last weeks Q3 trading update was positive...
CEO Commented "The company is in a strong position and remains on course to meet the Board's full year expectations."

[mortimer7] 20/2/2017 10:44

Trading update due tomorrow

[johnsoho] 09/1/2017 07:28

At first glance these results look very good to me; I particularly like the dividend increase 😄

Safestore Holdings plc
("Safestore", "the Company" or "the Group")
Results for the year ended 31 October 2016

A third consecutive year of double-digit EPS6 growth

Key measures


Year Ended 31 October 2016
Year Ended 31 October 2015
Change

Change-CER 1
Underlying and Operating Metrics- like-for-like 2




Revenue
£112.5m
£102.3m
10.0%
8.1%
Underlying EBITDA 3
£62.7m
£55.9m
12.2%
11.8%
Closing Occupancy (let sq ft- million) 4
3.61
3.56
1.4%
n/a
Closing Occupancy (% of MLA) 5
73.7%
72.7%
+1.0ppts
n/a
Average Occupancy (let sq ft- million) 4

3.54
3.42
3.5%
n/a
Average Storage Rate
£26.31
£24.85
5.9%
3.9%

Underlying and Operating Metrics- total




Revenue
£115.4m
£104.8m
10.1%
8.3%
Underlying EBITDA 3
£64.2m
£57.1m
12.4%
12.1%
Closing Occupancy (let sq ft- million) 4
3.97
3.58
10.9%
n/a
Closing Occupancy (% of MLA) 5
71.0%
72.6%
-1.6ppts
n/a
Average Storage Rate
£26.17
£24.85
5.3%
3.3%
Cash Tax Adjusted Earnings per Share 6
19.8p
16.6p
19.3%
n/a
Dividend per Share
11.65p
9.65p
20.7%
n/a
Free Cash flow 7
£42.4m
£37.3m
13.7%
n/a
EPRA Basic NAV per Share
£3.00
£2.56
17.0%
n/a

Statutory Metrics




Profit before tax 8
£94.9m
£118.2m
-19.7%
n/a
Basic Earnings per Share
42.0p
52.4p
-19.8%
n/a

Highlights

Strong Financial Performance
· Group like-for-like2 revenue at CER1 up 8.1% with UK up 9.2% and Paris up 5.0%
· Cash Tax Adjusted Earnings per Share up 19.3% at 19.8p
· 21% increase in the final dividend to 8.05p (FY2015: 6.65p)

Operational Focus
· Balanced approach to revenue management
o Like-for-like average occupancy for the year up 3.5%
o Good like-for like pricing growth with UK rate up 4.5% and Paris rate up 2.3%
· 12 Space Maker stores acquired for £42.3m, immediately earnings enhancing
· Enquiry growth of 7.5% after implementation of new consumer website
· Opened five new stores (including Chiswick on 4 November 2016), completed one extension on time and on budget with a second extension completing in January 2017 and secured new freehold site in Mitcham, London

Strong and Flexible Balance Sheet
· Group loan-to-value ratio ("LTV"9) at 31%, interest cover ratio ("ICR"10) at 5.5x and full year underlying finance costs reduced by £1.3m notwithstanding acquisition of Space Maker

Frederic Vecchioli, Safestore's Chief Executive Officer, commented:

"The Group has delivered another strong financial year, building on the improvements made to its operating performance over the last three years. Over this three year period, we have grown EPS6 by 78% and increased our dividend per share by over 100%.

"During the last twelve months we have also strengthened our market leading positions in the UK and Paris with the acquisition of Space Maker in the UK and the opening of five new stores.

"As we enter the new financial year, we continue to see good levels of interest in self-storage and remain focused on the significant opportunity represented by our 1.62m square feet of currently unlet space. In addition, our balance sheet capacity and flexibility allows us to continue to seek selected development and acquisition opportunities. The company is in a strong position and we look forward to the future with confidence."

[18bt] 09/1/2017 07:13

Good results again this morning. The up on all key metrics. Think there is more to come here. I look at the cash adjusted EPS of 19.8p for a PER of 19 and a dividend yield of 3.2%.

[mortimer7] 17/11/2016 10:06

Great to see the share price boosted after todays update.
I really think this sector is off the radar as far as share investors are concerned. A well run self storage business surely is a solid investment at the moment IMO. Increasing population, people have more stuff etc.

Safestore is the UK's largest self-storage group with 134 stores.
Safestore operates more self-storage sites inside the M25 than any competitor.
Safestore has strengthened its market positions in both the UK and Paris with the acquisition of Space Maker (29 July 2016).

[18bt] 17/11/2016 07:12

Good trading update: revenue above median market forecasts and EPS to the top end of market forecasts. It gives again ...

[mortimer7] 16/11/2016 16:23

Trading update due tomorrow

[mortimer7] 10/10/2016 09:33

Holdings RNS:- Norges Bank increase their stake...

[value king] 01/9/2016 18:12

Bought the trading statement today.

If does seem to me that the real estate sector has underperformed price-wise since the referendum vote, which seems overly pessimistic to moi. :-)

[18bt] 01/9/2016 06:17

It's just given a little more: "we are confident in generating cash tax adjusted earnings slightly ahead of current market expectations" from Q3 update.

[18bt] 22/6/2016 10:16

This is a share which keeps on giving and a bit to go IMHO

[mortimer7] 22/6/2016 09:21

Looks like another "blue" day today, the 5th trading session in a row, is pretty much nailed on after todays RNS:-

[martinc] 16/6/2016 07:05

Looks nice. The company seems to like a highly adjusted version of eps as their preferred measure. Ah yes.. eps measured in the more normal way is down by 20 odd percent! That explains it. The adjustments seem reasonable in some ways though.

[18bt] 16/6/2016 06:25

Good interims - always like it when a company says that will be above ye forecasts - albeit modestly.

[18bt] 21/1/2016 07:58

Cracking set of final results and a good start to the New Year. Still plenty to go for with this share IMHO. Where else can you gt 7% revenue growth in an asset backed FTSE250?

[battlebus2] 27/6/2015 22:18

Midas share tip...

[18bt] 25/2/2015 07:29

Looks a cracking start to the year. Further to go on occupancy as economy strenthens further

[shammytime] 24/2/2015 08:15

Should see a 10% pop here in the next 24 hours.