OTCPK:SFSH.F

Stock Analysis Report

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Executive Summary

Safestore is the UK's largest self-storage group with 149 stores, comprising 122 wholly owned stores in the UK (including 70 in London and the South East with the remainder in key metropolitan areas such as Manchester, Birmingham, Glasgow, Edinburgh, Liverpool and Bristol) and 28 wholly owned stores in the Paris region.


Snowflake Analysis

Established dividend payer with mediocre balance sheet.


Similar Companies

Share Price & News

How has Safestore Holdings's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: SFSH.F's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

0%

SFSH.F

2.5%

US REITs

1.1%

US Market


1 Year Return

n/a

SFSH.F

-14.0%

US REITs

4.6%

US Market

Return vs Industry: Insufficient data to determine how SFSH.F performed against the US REITs industry.

Return vs Market: Insufficient data to determine how SFSH.F performed against the US Market.


Shareholder returns

SFSH.FIndustryMarket
7 Day0%2.5%1.1%
30 Day0%0.9%5.5%
90 Dayn/a-20.5%-4.9%
1 Yearn/a-10.4%-14.0%7.0%4.6%
3 Yearn/a6.9%-6.3%28.6%20.1%
5 Yearn/a31.2%4.1%52.5%35.3%

Price Volatility Vs. Market

How volatile is Safestore Holdings's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Safestore Holdings undervalued compared to its fair value and its price relative to the market?

10.33x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: Insufficient data to calculate SFSH.F's fair value to establish if it is undervalued.

Significantly Below Fair Value: Insufficient data to calculate SFSH.F's fair value to establish if it is undervalued.


Price To Earnings Ratio

PE vs Industry: SFSH.F is good value based on its PE Ratio (10.3x) compared to the REITs industry average (25.8x).

PE vs Market: SFSH.F is good value based on its PE Ratio (10.3x) compared to the US market (15.1x).


Price to Earnings Growth Ratio

PEG Ratio: SFSH.F's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: SFSH.F is overvalued based on its PB Ratio (1.5x) compared to the US REITs industry average (1.3x).


Next Steps

Future Growth

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

-5.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: SFSH.F's earnings are forecast to decline over the next 3 years (-5.6% per year).

Earnings vs Market: SFSH.F's earnings are forecast to decline over the next 3 years (-5.6% per year).

High Growth Earnings: SFSH.F's earnings are forecast to decline over the next 3 years.

Revenue vs Market: SFSH.F's revenue (4% per year) is forecast to grow slower than the US market (8.9% per year).

High Growth Revenue: SFSH.F's revenue (4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: SFSH.F's Return on Equity is forecast to be low in 3 years time (7.1%).


Next Steps

Past Performance

How has Safestore Holdings performed over the past 5 years?

12.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: SFSH.F has a large one-off gain of £83.0M impacting its October 31 2019 financial results.

Growing Profit Margin: SFSH.F's current net profit margins (87%) are lower than last year .


Past Earnings Growth Analysis

Earnings Trend: SFSH.F's earnings have grown by 12.3% per year over the past 5 years.

Accelerating Growth: SFSH.F's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: SFSH.F had negative earnings growth (-25.5%) over the past year, making it difficult to compare to the REITs industry average (5.3%).


Return on Equity

High ROE: SFSH.F's Return on Equity (14.9%) is considered low.


Next Steps

Financial Health

How is Safestore Holdings's financial position?


Financial Position Analysis

Short Term Liabilities: SFSH.F's short term assets (£56.1M) exceed its short term liabilities (£53.0M).

Long Term Liabilities: SFSH.F's short term assets (£56.1M) do not cover its long term liabilities (£532.1M).


Debt to Equity History and Analysis

Debt Level: SFSH.F's debt to equity ratio (46.7%) is considered high.

Reducing Debt: SFSH.F's debt to equity ratio has reduced from 65.9% to 46.7% over the past 5 years.

Debt Coverage: SFSH.F's debt is not well covered by operating cash flow (16.1%).

Interest Coverage: SFSH.F's interest payments on its debt are well covered by EBIT (6x coverage).


Balance Sheet


Next Steps

Dividend

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

2.70%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: SFSH.F's dividend (2.7%) is higher than the bottom 25% of dividend payers in the US market (1.75%).

High Dividend: SFSH.F's dividend (2.7%) is low compared to the top 25% of dividend payers in the US market (4.73%).


Stability and Growth of Payments

Stable Dividend: SFSH.F's dividends per share have been stable in the past 10 years.

Growing Dividend: SFSH.F's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (52.6%), SFSH.F's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: SFSH.F's dividends in 3 years are forecast to be covered by earnings (60.9% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

7.0yrs

Average management tenure


CEO

Frederic Vecchioli (53yo)

6.67yrs

Tenure

UK£1,134,000

Compensation

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  ...


CEO Compensation Analysis

Compensation vs Market: Frederic's total compensation ($USD1.38M) is below average for companies of similar size in the US market ($USD4.91M).

Compensation vs Earnings: Frederic's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Frederic Vecchioli
CEO & Director6.67yrsUK£1.13m0.92% £15.3m
Andrew Jones
CFO & Director7.33yrsUK£838.00k0.20% £3.4m
David Davies
Business Development Director11.33yrsno datano data
Helen Bramall
Company Secretaryno datano datano data

7.0yrs

Average Tenure

Experienced Management: SFSH.F's management team is seasoned and experienced (7 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Frederic Vecchioli
CEO & Director6.67yrsUK£1.13m0.92% £15.3m
Andrew Jones
CFO & Director7.33yrsUK£838.00k0.20% £3.4m
Joanne Kenrick
Independent Non-Executive Director5.58yrsUK£43.00kno data
William Oliver
Independent Non-Executive Director3.5yrsUK£43.00k0.0047% £79.1k
Claire Balmforth
Independent Non-Executive Director3.75yrsUK£53.00kno data
David L. Hearn
Independent Non-Executive Chairman0.33yrno datano data
Ian Krieger
Senior Independent Director5.17yrsUK£53.00k0.029% £474.9k

5.2yrs

Average Tenure

53yo

Average Age

Experienced Board: SFSH.F's board of directors are considered experienced (5.2 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: SFSH.F insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Safestore Holdings plc's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Safestore Holdings plc
  • Ticker: SFSH.F
  • Exchange: OTCPK
  • Founded: 1998
  • Industry: Specialized REITs
  • Sector: Real Estate
  • Market Cap: UK£1.366b
  • Listing Market Cap: UK£1.666b
  • Shares outstanding: 210.44m
  • Website: https://www.safestore.com

Number of Employees


Location

  • Safestore Holdings plc
  • Brittanic House
  • Stirling Way
  • Borehamwood
  • Hertfordshire
  • WD6 2BT
  • United Kingdom

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SAFELSE (London Stock Exchange)YesOrdinary SharesGBGBPMar 2007
SFSH.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDMar 2007
SAFELBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBGBPMar 2007

Biography

Safestore is the UK's largest self-storage group with 149 stores, comprising 122 wholly owned stores in the UK (including 70 in London and the South East with the remainder in key metropolitan areas such as Manchester, Birmingham, Glasgow, Edinburgh, Liverpool and Bristol) and 28 wholly owned 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. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/05/27 02:09
End of Day Share Price2020/04/24 00:00
Earnings2019/10/31
Annual Earnings2019/10/31


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.