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Safestore Holdings

LSE:SAFE
Snowflake Description

Established dividend payer with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SAFE
LSE
£1B
Market Cap
  1. Home
  2. GB
  3. Real Estate
Company description

UK’s largest self storage group with 146 stores Safestore has 119 self storage centres in the UK including two business centres and a further 27 stores in the Paris region. The last earnings update was 1 day ago. More info.


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SAFE Share Price and Events
7 Day Returns
-6.2%
LSE:SAFE
0.2%
GB REITs
0.4%
GB Market
1 Year Returns
14.2%
LSE:SAFE
-7.8%
GB REITs
-2.2%
GB Market
SAFE Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Safestore Holdings (SAFE) -6.2% -6.2% 2.4% 14.2% 54.3% 205.5%
GB REITs 0.2% -2% -2.7% -7.8% -8.4% 7.5%
GB Market 0.4% 1.3% 2% -2.2% 16.2% 5.1%
1 Year Return vs Industry and Market
  • SAFE outperformed the REITs industry which returned -7.8% over the past year.
  • SAFE outperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -2.2% over the past year.
Price Volatility
SAFE
Industry
5yr Volatility vs Market

Value

 Is Safestore Holdings undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Safestore Holdings to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Safestore Holdings.

LSE:SAFE Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 8 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.5%
Perpetual Growth Rate 10-Year GB Government Bond Rate 1.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for LSE:SAFE
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 1.2%
Equity Risk Premium S&P Global 6.7%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.49
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.494 (1 + (1- 19%) (34.62%))
0.754
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.23% + (0.8 * 6.65%)
6.55%

Discounted Cash Flow Calculation for LSE:SAFE using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Safestore Holdings is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Safestore Holdings is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

LSE:SAFE DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (GBP, Millions) Source Present Value
Discounted (@ 6.55%)
2019 61.50 Analyst x1 57.72
2020 65.50 Analyst x1 57.70
2021 66.95 Est @ 2.22% 55.36
2022 68.24 Est @ 1.92% 52.95
2023 69.41 Est @ 1.71% 50.55
2024 70.50 Est @ 1.57% 48.19
2025 71.53 Est @ 1.47% 45.89
2026 72.53 Est @ 1.39% 43.67
2027 73.51 Est @ 1.34% 41.54
2028 74.47 Est @ 1.31% 39.50
Present value of next 10 years cash flows £493.06
LSE:SAFE DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= £74.47 × (1 + 1.23%) ÷ (6.55% – 1.23%)
£1,416.94
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= £1,416.94 ÷ (1 + 6.55%)10
£751.52
LSE:SAFE Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= £493.06 + £751.52
£1,244.58
Equity Value per Share
(GBP)
= Total value / Shares Outstanding
= £1,244.58 / 210.37
£5.92
LSE:SAFE Discount to Share Price
Calculation Result
Value per share (GBP) From above. £5.92
Current discount Discount to share price of £6.11
= -1 x (£6.11 - £5.92) / £5.92
-3.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Safestore Holdings is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Safestore Holdings's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Safestore Holdings's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
LSE:SAFE PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-04-30) in GBP £0.61
LSE:SAFE Share Price ** LSE (2019-06-19) in GBP £6.11
United Kingdom of Great Britain and Northern Ireland REITs Industry PE Ratio Median Figure of 43 Publicly-Listed REITs Companies 12.76x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 789 Publicly-Listed Companies 16.2x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Safestore Holdings.

LSE:SAFE PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= LSE:SAFE Share Price ÷ EPS (both in GBP)

= 6.11 ÷ 0.61

10.09x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Safestore Holdings is good value based on earnings compared to the GB REITs industry average.
  • Safestore Holdings is good value based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does Safestore Holdings's expected growth come at a high price?
Raw Data
LSE:SAFE PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.09x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
-12%per year
United Kingdom of Great Britain and Northern Ireland REITs Industry PEG Ratio Median Figure of 23 Publicly-Listed REITs Companies 0.86x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 576 Publicly-Listed Companies 1.49x

*Line of best fit is calculated by linear regression .

LSE:SAFE PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 10.09x ÷ -12%

-0.84x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Safestore Holdings earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Safestore Holdings's assets?
Raw Data
LSE:SAFE PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-04-30) in GBP £3.81
LSE:SAFE Share Price * LSE (2019-06-19) in GBP £6.11
United Kingdom of Great Britain and Northern Ireland REITs Industry PB Ratio Median Figure of 54 Publicly-Listed REITs Companies 0.9x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,371 Publicly-Listed Companies 1.51x
LSE:SAFE PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= LSE:SAFE Share Price ÷ Book Value per Share (both in GBP)

= 6.11 ÷ 3.81

1.61x

* Primary Listing of Safestore Holdings.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Safestore Holdings is overvalued based on assets compared to the GB REITs industry average.
X
Value checks
We assess Safestore Holdings's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Safestore Holdings has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Safestore Holdings expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-12%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Safestore Holdings expected to grow at an attractive rate?
  • Safestore Holdings's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 1.2%.
Growth vs Market Checks
  • Safestore Holdings's earnings are expected to decrease over the next 1-3 years, this is below the United Kingdom of Great Britain and Northern Ireland market average.
  • Safestore Holdings's revenue growth is positive but not above the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
LSE:SAFE Future Growth Rates Data Sources
Data Point Source Value (per year)
LSE:SAFE Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts -12%
LSE:SAFE Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 4.4%
United Kingdom of Great Britain and Northern Ireland REITs Industry Earnings Growth Rate Market Cap Weighted Average 16.3%
United Kingdom of Great Britain and Northern Ireland REITs Industry Revenue Growth Rate Market Cap Weighted Average 2.6%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 10.7%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
LSE:SAFE Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
LSE:SAFE Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-10-31 182 1
2022-10-31 173 1
2021-10-31 163 83 85 7
2020-10-31 157 79 104 8
2019-10-31 151 73 110 4
LSE:SAFE Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2019-04-30 148 65 127
2019-01-31 146 63 152
2018-10-31 144 61 177
2018-07-31 140 58 141
2018-04-30 137 55 104
2018-01-31 133 56 91
2017-10-31 130 56 78
2017-07-31 127 53 89
2017-04-30 124 51 101
2017-01-31 120 49 94
2016-10-31 115 47 87
2016-07-31 112 46 91

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Safestore Holdings's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Safestore Holdings's revenue is expected to grow by 4.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
LSE:SAFE Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from Safestore Holdings Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:SAFE Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-10-31
2022-10-31
2021-10-31 0.42 0.48 0.33 4.00
2020-10-31 0.40 0.47 0.31 4.00
2019-10-31 0.40 0.45 0.29 4.00
LSE:SAFE Past Financials Data
Date (Data in GBP Millions) EPS *
2019-04-30 0.61
2019-01-31 0.72
2018-10-31 0.84
2018-07-31 0.67
2018-04-30 0.50
2018-01-31 0.44
2017-10-31 0.37
2017-07-31 0.43
2017-04-30 0.48
2017-01-31 0.45
2016-10-31 0.42
2016-07-31 0.44

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Safestore Holdings is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Safestore Holdings's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Safestore Holdings has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Safestore Holdings performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Safestore Holdings's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Safestore Holdings's year on year earnings growth rate has been positive over the past 5 years.
  • Safestore Holdings's 1-year earnings growth exceeds its 5-year average (22.2% vs 16.9%)
  • Safestore Holdings's earnings growth has exceeded the GB REITs industry average in the past year (22.2% vs 6.9%).
Earnings and Revenue History
Safestore Holdings's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Safestore Holdings Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:SAFE Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-04-30 147.80 127.10 17.00
2019-01-31 145.85 152.15 16.85
2018-10-31 143.90 177.20 16.70
2018-07-31 140.20 140.60 15.60
2018-04-30 136.50 104.00 14.50
2018-01-31 133.20 91.15 13.45
2017-10-31 129.90 78.30 12.40
2017-07-31 126.90 89.40 12.05
2017-04-30 123.90 100.50 11.70
2017-01-31 119.65 93.95 11.45
2016-10-31 115.40 87.40 11.20
2016-07-31 111.95 91.00 11.90
2016-04-30 108.50 94.60 12.60
2016-01-31 106.65 101.65 12.05
2015-10-31 104.80 108.70 11.50
2015-07-31 103.10 105.25 11.80
2015-04-30 101.40 101.80 12.10
2015-01-31 99.65 74.30 12.60
2014-10-31 97.90 46.80 13.10
2014-07-31 96.90 42.70 13.15
2014-04-30 95.90 38.60 13.20
2014-01-31 96.00 73.55 14.55
2013-10-31 96.10 108.50 15.90
2013-07-31 96.78 90.80 18.74
2013-04-30 97.47 73.10 21.58
2013-01-31 98.13 32.65 18.14
2012-10-31 98.80 -7.80 14.70
2012-07-31 98.38 -2.72 11.25

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Safestore Holdings has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Safestore Holdings used its assets more efficiently than the GB REITs industry average last year based on Return on Assets.
  • Safestore Holdings's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Safestore Holdings's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Safestore Holdings has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Safestore Holdings's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Safestore Holdings's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Safestore Holdings's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Safestore Holdings's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Safestore Holdings's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Safestore Holdings Company Filings, last reported 1 month ago.

LSE:SAFE Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2019-04-30 798.50 445.00 18.60
2019-01-31 798.50 445.00 18.60
2018-10-31 788.60 426.20 10.50
2018-07-31 788.60 426.20 10.50
2018-04-30 703.70 428.20 5.40
2018-01-31 703.70 428.20 5.40
2017-10-31 637.70 420.00 65.60
2017-07-31 637.70 420.00 65.60
2017-04-30 620.20 370.10 6.30
2017-01-31 620.20 370.10 6.30
2016-10-31 587.40 378.00 5.40
2016-07-31 587.40 378.00 5.40
2016-04-30 533.90 307.20 11.20
2016-01-31 533.90 307.20 11.20
2015-10-31 490.60 298.00 13.80
2015-07-31 490.60 298.00 13.80
2015-04-30 448.00 313.30 13.10
2015-01-31 448.00 313.30 13.10
2014-10-31 408.00 320.40 15.30
2014-07-31 408.00 320.40 15.30
2014-04-30 370.40 318.10 6.60
2014-01-31 370.40 318.10 6.60
2013-10-31 345.90 398.60 15.80
2013-07-31 345.90 398.60 15.80
2013-04-30 313.64 400.18 14.06
2013-01-31 313.64 400.18 14.06
2012-10-31 243.30 401.10 9.50
2012-07-31 243.30 401.10 9.50
  • Safestore Holdings's level of debt (55.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (85.8% vs 55.7% today).
  • Debt is not well covered by operating cash flow (14.7%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5.5x coverage).
X
Financial health checks
We assess Safestore Holdings's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Safestore Holdings has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Safestore Holdings's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.66%
Current annual income from Safestore Holdings dividends. Estimated to be 3% next year.
If you bought £2,000 of Safestore Holdings shares you are expected to receive £53 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Safestore Holdings's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (1.99%).
  • Safestore Holdings's dividend is below the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (5.43%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
LSE:SAFE Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland REITs Industry Average Dividend Yield Market Cap Weighted Average of 49 Stocks 4.3%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 705 Stocks 4.2%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1.1%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 5.4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

LSE:SAFE Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
2023-10-31
2022-10-31 0.20 1.00
2021-10-31 0.19 10.00
2020-10-31 0.18 11.00
2019-10-31 0.17 11.00
LSE:SAFE Past Annualized Dividends Data
Date (Data in £) Dividend per share (annual) Avg. Yield (%)
2019-03-04 0.163 2.601
2019-02-08 0.163 2.757
2019-01-08 0.163 2.938
2018-03-21 0.140 2.614
2017-02-17 0.117 2.665
2017-01-09 0.117 3.181
2016-02-17 0.097 2.733
2016-01-21 0.097 2.877
2015-03-19 0.075 2.451
2014-01-31 0.058 2.557
2013-06-27 0.057 3.887
2013-01-30 0.057 4.474
2012-06-27 0.054 5.146
2012-02-22 0.053 4.611
2012-01-26 0.053 4.626
2011-06-23 0.050 4.682
2011-01-18 0.050 3.383
2010-01-29 0.047 3.680
2009-12-30 0.047 3.185
2009-06-30 0.047 3.729

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Safestore Holdings's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (348.4x coverage).
X
Income/ dividend checks
We assess Safestore Holdings's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Safestore Holdings afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Safestore Holdings has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Safestore Holdings's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Frederic Vecchioli
COMPENSATION £1,590,000
TENURE AS CEO 5.8 years
CEO Bio

Mr. Frederic Vecchioli serves as the Chief Executive Officer and Director of Safestore Limited. Mr. Vecchioli has been the Chief Executive Officer of Safestore Holdings plc since September 4, 2013 and has been its Director since March 24, 2011. He joined Safestore Group in 1998 as President and Head of French Operations. He served as the President of Une Pièce En Plus' brand at Safestore Holdings plc. Mr. Vecchioli is a founding Director of French business and has overseen its growth to 26 stores in Paris operating under the `Une Pièce En Plus' brand. He has been an Executive Director at Safestore Holdings plc since March 23, 2011. He holds a Master of Finance degree from the University of Paris Dauphine.

CEO Compensation
  • Frederic's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Frederic's remuneration is about average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure

Average tenure of the Safestore Holdings management team in years:

6.1
Average Tenure
  • The average tenure for the Safestore Holdings management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Frederic Vecchioli

TITLE
CEO & Director
COMPENSATION
£2M
TENURE
5.8 yrs

Andy Jones

TITLE
CFO & Director
COMPENSATION
£1M
AGE
51
TENURE
6.1 yrs

David Davies

TITLE
Business Development Director
TENURE
10.4 yrs

Helen Bramall

TITLE
Interim Company Secretary
Board of Directors Tenure

Average tenure and age of the Safestore Holdings board of directors in years:

4.7
Average Tenure
52
Average Age
  • The tenure for the Safestore Holdings board of directors is about average.
Board of Directors

Alan Lewis

TITLE
Non-Executive Chairman of the Board
COMPENSATION
£135K
TENURE
5.4 yrs

Frederic Vecchioli

TITLE
CEO & Director
COMPENSATION
£2M
TENURE
8.3 yrs

Andy Jones

TITLE
CFO & Director
COMPENSATION
£1M
AGE
51
TENURE
6.4 yrs

Ian Krieger

TITLE
Senior Independent Director
COMPENSATION
£53K
AGE
66
TENURE
4.3 yrs

Claire Balmforth

TITLE
Non-Executive Director
COMPENSATION
£53K
AGE
50
TENURE
2.8 yrs

Jo Kenrick

TITLE
Independent Non-Executive Director
COMPENSATION
£43K
AGE
52
TENURE
4.7 yrs

Bill Oliver

TITLE
Non-Executive Director
COMPENSATION
£43K
AGE
61
TENURE
2.6 yrs
Who owns this company?
Recent Insider Trading
  • Safestore Holdings insiders have sold more shares than they have bought in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (£) Value (£)
09. Apr 19 Sell Andrew Jones Individual 04. Apr 19 04. Apr 19 -46,971 £6.20 £-291,244
09. Apr 19 Sell Frederic Vecchioli Individual 04. Apr 19 04. Apr 19 -59,843 £6.20 £-371,057
25. Mar 19 Buy Ian Krieger Individual 22. Mar 19 22. Mar 19 10,000 £5.96 £59,576
X
Management checks
We assess Safestore Holdings's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Safestore Holdings has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Do Safestore Holdings's (LON:SAFE) Earnings Warrant Your Attention?

As a result, I'm encouraged by the fact that insiders own Safestore Holdings shares worth a considerable sum. … For growth investors like me, Safestore Holdings's raw rate of earnings growth is a beacon in the night. … Although Safestore Holdings certainly looks good to me, I would like it more if insiders were buying up shares.

Simply Wall St -

Should You Be Impressed By Safestore Holdings plc's (LON:SAFE) ROE?

The formula for return on equity is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Safestore Holdings: 22% = UK£177m ÷ UK£789m (Based on the trailing twelve months to October 2018.) It's easy to understand the 'net profit' part of that equation, but 'shareholders' equity' requires further explanation. … How Does Debt Impact Return On Equity? … Combining Safestore Holdings's Debt And Its 22% Return On Equity While Safestore Holdings does have some debt, with debt to equity of just 0.54, we wouldn't say debt is excessive.

Simply Wall St -

Does Safestore Holdings plc's (LON:SAFE) CEO Pay Reflect Performance?

This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … View our latest analysis for Safestore Holdings How Does Frederic Vecchioli's Compensation Compare With Similar Sized Companies? … According to our data, Safestore Holdings plc has a market capitalization of UK£1.4b, and pays its CEO total annual compensation worth UK£1.6m.

Simply Wall St -

Why You Shouldn't Look At Safestore Holdings plc's (LON:SAFE) Bottom Line

real estate investment trust (REIT) based in Borehamwood, United Kingdom. … REIT shares give you ownership of the company than owns and manages various income-producing property, whether it be commercial, industrial or residential. … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation.

Simply Wall St -

Should You Consider Safestore Holdings plc (LON:SAFE)?

I've been keeping an eye on Safestore Holdings plc (LON:SAFE) because I'm attracted to its fundamentals. … Looking at the company as a whole, as a potential stock investment, I believe SAFE has a lot to offer. … dividend-paying company

Simply Wall St -

Need To Know: Safestore Holdings plc (LON:SAFE) Insiders Have Been Buying Shares

So we'll take a look at whether insiders have been buying or selling shares in Safestore Holdings plc (LON:SAFE). … The Last 12 Months Of Insider Transactions At Safestore Holdings. … Happily, the Safestore Holdings insider decided to buy shares at close to current prices

Simply Wall St -

Can You Imagine How Chuffed Safestore Holdings's (LON:SAFE) Shareholders Feel About Its 164% Share Price Gain?

One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … Over half a decade, Safestore Holdings managed to grow its earnings per share at 7.9% a year. … This EPS growth is slower than the share price growth of 21% per year, over the same period.

Simply Wall St -

Why Safestore Holdings plc (LON:SAFE) Looks Like A Quality Company

We'll use ROE to examine Safestore Holdings plc (LON:SAFE), by way of a worked example. … One way to conceptualize this, is that for each £1 of shareholders' equity it has, the company made £0.22 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Is Safestore Holdings plc's (LON:SAFE) CEO Pay Justified?

In 2013 Frederic Vecchioli was appointed CEO of Safestore Holdings plc (LON:SAFE). … This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … How Does Frederic Vecchioli's Compensation Compare With Similar Sized Companies?

Simply Wall St -

What You Need To Know Before Investing In Safestore Holdings plc (LON:SAFE)

real estate investment trust (REIT) based in Borehamwood, United Kingdom. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent

Simply Wall St -

Company Info

Description

UK’s largest self storage group with 146 stores Safestore has 119 self storage centres in the UK including two business centres and a further 27 stores in the Paris region. Safestore was founded in the UK in 1998. It acquired the French business “Une Pièce en Plus” in 2004 which was founded in 1998 by the current Safestore Group CEO Frederic Vecchioli.

Details
Name: Safestore Holdings plc
SAFE
Exchange: LSE
Founded: 1998
£1,285,388,243
210,374,508
Website: http://www.safestore.com
Address: Safestore Holdings plc
Brittanic House,
Stirling Way,
Borehamwood,
Hertfordshire, WD6 2BT,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
LSE SAFE Ordinary Shares London Stock Exchange GB GBP 09. Mar 2007
OTCPK SFSH.F Ordinary Shares Pink Sheets LLC US USD 09. Mar 2007
BATS-CHIXE SAFEL Ordinary Shares BATS 'Chi-X Europe' GB GBP 09. Mar 2007
Number of employees
Current staff
Staff numbers
639
Safestore Holdings employees.
Industry
Specialized REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/19 21:00
End of day share price update: 2019/06/19 00:00
Last estimates confirmation: 2019/06/19
Last earnings filing: 2019/06/18
Last earnings reported: 2019/04/30
Last annual earnings reported: 2018/10/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.