Safestore Share Discussion Threads

[18bt] 13/2/2020 07:35

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.

[hawaly] 06/2/2020 14:43

Possible top up when price hits the 50 MA?

😎
GLA

[18bt] 01/2/2020 12:42

Brother - wrong thread - this one is Safestore. Self storage not windows

[hawaly] 24/1/2020 07:12

Up with the birds HotandCold .... 🥱😎

GLA

[northernhills] 21/1/2020 08:13

SP looks like its in for a bit of turbulance, dont think we will see £8 again for a while

[18bt] 07/1/2020 08:20

Plenty of growth opportunities in the results but is the premium to NAV just too large?

[18bt] 23/8/2019 08:38

Seems to have been driven to an all time high by the Dutch JV with Carlyle

[18bt] 19/8/2019 08:10

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.

[18bt] 03/7/2019 13:48

REITS seem in favour again as bond yields fall

[source] 19/6/2019 14:44

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.

[quickmind] 19/6/2019 08:09

nav growth uninspiring, barely 1% increase since six months ago (402p to 406p now.)

[johnsoho] 18/6/2019 15:13

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."

[sharesoc] 01/4/2019 19:12

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.

[18bt] 28/2/2019 14:28

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.

[hawaly] 28/2/2019 12:35

The quiet boards are always the best. 🤸‍a92;️😎

[bensug] 26/7/2018 08:50

A Black Country warehouse has been sold for more than £1.25m to a self-storage business.

Harris Lamb was instructed to sell the 43,000 sq ft Sun Works building on Sun Street in Quarry Bank. Safestore has now snapped up the property.

Charles D’Auncey, director of the business’ agency team, said: "The well documented shortage of industrial stock in the region meant that we very quickly had a lot of enquiries about the site.

"Its location, a highly prominent site at the junction of Quarry Bank and Merry Hill Road close to Merry Hill shopping centre meant it offered fantastic logistics links and with the site being suitable for a number of uses, subject to planning, interest was not limited to manufacturers and distributors.

"Within a few weeks, we put out a call for best bids, with Safestore paying in excess of the £1.25m asking price to secure the premises."

He said that Safestore, which currently operates 119 UK-wide locations, planned to convert the warehouse into a storage solution to enable businesses, students and households to keep valuables and belongings in secure, CCTV-protected units until they are required, on a short or long-term basis

D'Auncey added: "The business wanted to expand the number of storage opportunities within the West Midlands.

"The easy-to-reach location made Sun Works a perfect site for a prime Black Country operation."

[18bt] 14/6/2018 14:19

Yes, still v happy to hold - not an outrageous valuation and div increase shows their confidence

[es222mo] 14/6/2018 14:15

Another great set of results wow . Talking to someone in the industry a customer comes along for a short let and never leaves ,people hate to throw stuff away. Safe by name and probably my safest share.

[trytotakeiteasy] 28/2/2018 08:56

another Simon Thompson I am a genius stock

[18bt] 22/2/2018 07:04

Update looks on track - happy to hold

[arja] 21/2/2018 16:28

so that is why it was hammered today by nervous punters . always dangerous to hold stock on resukts day but not so on days leading up to results normally . Must be insiders who have got wind of likely results !

[mortimer7] 21/2/2018 14:02

Due tomorrow:
First quarter trading update for the three months ended 31 January 2018 on Thursday 22 February 2018