Buy Or Sell Opportunity • May 13
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at Mex$25.01. The fair value is estimated to be Mex$31.33, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has declined by 9.3%. Price Target Changed • Apr 28
Price target increased by 9.7% to Mex$34.00 Up from Mex$31.00, the current price target is provided by 1 analyst. New target price is 29% above last closing price of Mex$26.40. Stock is up 30% over the past year. The company posted earnings per share of Mex$2.59 last year. Declared Dividend • Mar 09
Dividend of Mex$0.91 announced Shareholders will receive a dividend of Mex$0.91. Ex-date: 12th March 2026 Payment date: 13th March 2026 Dividend yield will be 3.5%, which is lower than the industry average of 4.0%. Aankondiging • Mar 07
FIBRA Storage announces Annual dividend, payable on March 13, 2026 FIBRA Storage announced Annual dividend of MXN 0.7092 per share payable on March 13, 2026, ex-date on March 12, 2026 and record date on March 12, 2026. Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: Mex$2.59 (vs Mex$2.69 in FY 2024) Full year 2025 results: EPS: Mex$2.59 (down from Mex$2.69 in FY 2024). Revenue: Mex$776.2m (up 12% from FY 2024). Net income: Mex$675.3m (down 4.4% from FY 2024). Profit margin: 87% (down from 101% in FY 2024). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Global Specialized REITs industry. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Price Target Changed • Oct 31
Price target increased by 8.5% to Mex$28.75 Up from Mex$26.50, the current price target is an average from 2 analysts. New target price is 12% above last closing price of Mex$25.70. Stock is up 49% over the past year. The company posted earnings per share of Mex$2.69 last year. Reported Earnings • Oct 27
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: Mex$198.1m (flat on 3Q 2024). Net income: Mex$118.5m (down 50% from 3Q 2024). Profit margin: 60% (down from 120% in 3Q 2024). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Global Specialized REITs industry. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Sep 18
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 11 experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Maria Morales was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Aug 26
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 11 experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Independent Director Maria Morales was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Jul 29
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: Mex$190.8m (up 11% from 2Q 2024). Net income: Mex$146.1m (down 10% from 2Q 2024). Profit margin: 77% (down from 95% in 2Q 2024). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 1.7% growth forecast for the Global REITs industry. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. New Risk • Jul 16
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 83% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. This is currently the only risk that has been identified for the company. Reported Earnings • May 05
First quarter 2025 earnings released First quarter 2025 results: Revenue: Mex$181.8m (up 20% from 1Q 2024). Net income: Mex$147.4m (up 46% from 1Q 2024). Profit margin: 81% (up from 67% in 1Q 2024). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 5.6% p.a. on average during the next 2 years, compared to a 1.2% growth forecast for the Global REITs industry. Aankondiging • Apr 18
FIBRA Storage, Annual General Meeting, Apr 30, 2025 FIBRA Storage, Annual General Meeting, Apr 30, 2025. Location: located at prado norte, no 125 2nd floor office 201, lomas de chapultepec miguel hidalgo, zip code 11000, mexico Mexico Price Target Changed • Mar 28
Price target increased by 11% to Mex$26.50 Up from Mex$23.80, the current price target is provided by 1 analyst. New target price is 31% above last closing price of Mex$20.25. Stock is up 14% over the past year. The company posted earnings per share of Mex$2.72 last year. Reported Earnings • Mar 02
Full year 2024 earnings released: EPS: Mex$2.72 (vs Mex$2.52 in FY 2023) Full year 2024 results: EPS: Mex$2.72 (up from Mex$2.52 in FY 2023). Revenue: Mex$696.3m (up 31% from FY 2023). Net income: Mex$715.4m (up 16% from FY 2023). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. New Risk • Nov 10
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 56% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (91% net profit margin). Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: Mex$0.92 (vs Mex$0.41 in 3Q 2023) Third quarter 2024 results: EPS: Mex$0.92 (up from Mex$0.41 in 3Q 2023). Revenue: Mex$198.3m (up 45% from 3Q 2023). Net income: Mex$238.1m (up 122% from 3Q 2023). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Global REITs industry. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. New Risk • Sep 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Mexican stocks, typically moving 4.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (4.8% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (78% net profit margin). Shareholders have been diluted in the past year (19% increase in shares outstanding). Reported Earnings • Aug 02
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: Mex$172.2m (up 36% from 2Q 2023). Net income: Mex$162.9m (up 103% from 2Q 2023). Profit margin: 95% (up from 63% in 2Q 2023). Revenue is forecast to grow 16% p.a. on average during the next 3 years, while revenues in the Global REITs industry are expected to remain flat. Reported Earnings • May 03
First quarter 2024 earnings released First quarter 2024 results: Revenue: Mex$151.4m (up 22% from 1Q 2023). Net income: Mex$100.9m (down 69% from 1Q 2023). Profit margin: 67% (down from 259% in 1Q 2023). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Global REITs industry. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. New Risk • Nov 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 19% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (19% increase in shares outstanding). Reported Earnings • Nov 03
Third quarter 2023 earnings released: EPS: Mex$0.41 (vs Mex$0.54 in 3Q 2022) Third quarter 2023 results: EPS: Mex$0.41 (down from Mex$0.54 in 3Q 2022). Revenue: Mex$136.6m (up 17% from 3Q 2022). Net income: Mex$107.2m (down 11% from 3Q 2022). Profit margin: 79% (down from 103% in 3Q 2022). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the REITs industry in Mexico. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Oct 14
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be Mex$21.81, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 35%. Board Change • Aug 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. New Risk • Jun 08
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 2.1% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Board Change • Apr 26
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Feb 14
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 12 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Dec 13
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Oct 12
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Sep 14
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Jul 25
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Jun 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • May 03
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Feb 15
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Dec 22
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 10 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. 
