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SSS

Stor-Age Property REITJSE:SSS Stock Report

Market Cap

R6.0b

7D

-0.07%

1Y

16.4%

Updated

15 Oct, 2021

Data

Company Financials
SSS fundamental analysis
Snowflake Score
Valuation4/6
Future Growth0/6
Past Performance5/6
Financial Health3/6
Dividends2/6

SSS Overview

Stor-Age Property REIT Ltd is a real estate investment trust.

Stor-Age Property REIT Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Stor-Age Property REIT
Historical stock prices
Current Share PriceR13.85
52 Week HighR11.62
52 Week LowR14.50
Beta0.35
1 Month Change-0.65%
3 Month Change1.84%
1 Year Change16.39%
3 Year Change9.92%
5 Year Change36.45%
Change since IPO39.76%

Recent News & Updates

Shareholder Returns

SSSZA REITsZA Market
7D-0.07%-0.4%1.6%
1Y16.4%39.5%21.3%

Return vs Industry: SSS underperformed the ZA REITs industry which returned 39.4% over the past year.

Return vs Market: SSS underperformed the ZA Market which returned 21.2% over the past year.

Price Volatility

Is SSS's price volatile compared to industry and market?
SSS volatility
SSS Beta0.35
Industry Beta0.89
Market Beta1

Stable Share Price: SSS is less volatile than 75% of ZA stocks over the past 3 months, typically moving +/- 2% a week.

Volatility Over Time: SSS's weekly volatility (2%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2006n/aGavin Lucashttps://www.stor-age.co.za/cape-town

Stor-Age Property REIT Ltd is a real estate investment trust. The firm invests in the real estate markets of South Africa. It is focused on the ownership, acquisition, development and management of prime self storage assets.

Stor-Age Property REIT Fundamentals Summary

How do Stor-Age Property REIT's earnings and revenue compare to its market cap?
SSS fundamental statistics
Market CapR6.00b
Earnings (TTM)R1.19b
Revenue (TTM)R804.72m

5.0x

P/E Ratio

7.5x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
SSS income statement (TTM)
RevenueR804.72m
Cost of RevenueR206.44m
Gross ProfitR598.28m
Expenses-R594.01m
EarningsR1.19b

Last Reported Earnings

Mar 31, 2021

Next Earnings Date

Nov 16, 2021

Earnings per share (EPS)2.75
Gross Margin74.35%
Net Profit Margin148.16%
Debt/Equity Ratio36.3%

How did SSS perform over the long term?

See historical performance and comparison

Dividends

7.7%

Current Dividend Yield

99%

Payout Ratio

Valuation

Is Stor-Age Property REIT undervalued compared to its fair value and its price relative to the market?

22.1%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: SSS (ZAR13.85) is trading below our estimate of fair value (ZAR17.78)

Significantly Below Fair Value: SSS is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: SSS is good value based on its PE Ratio (5x) compared to the ZA REITs industry average (11.8x).

PE vs Market: SSS is good value based on its PE Ratio (5x) compared to the ZA market (11.4x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate SSS's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: SSS is overvalued based on its PB Ratio (1.1x) compared to the ZA REITs industry average (0.6x).


Future Growth

How is Stor-Age Property REIT forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

11.9%

Forecasted Real Estate industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Stor-Age Property REIT has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Past Performance

How has Stor-Age Property REIT performed over the past 5 years?

19.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: SSS has a large one-off gain of ZAR803.2M impacting its March 31 2021 financial results.

Growing Profit Margin: SSS's current net profit margins are higher than last year (14.9%).


Past Earnings Growth Analysis

Earnings Trend: SSS's earnings have grown by 19.8% per year over the past 5 years.

Accelerating Growth: SSS's earnings growth over the past year (1036.7%) exceeds its 5-year average (19.8% per year).

Earnings vs Industry: SSS earnings growth over the past year (1036.7%) exceeded the REITs industry 111.5%.


Return on Equity

High ROE: SSS's Return on Equity (21.3%) is considered high.


Financial Health

How is Stor-Age Property REIT's financial position?


Financial Position Analysis

Short Term Liabilities: SSS's short term assets (ZAR260.1M) do not cover its short term liabilities (ZAR1.1B).

Long Term Liabilities: SSS's short term assets (ZAR260.1M) do not cover its long term liabilities (ZAR1.7B).


Debt to Equity History and Analysis

Debt Level: SSS's debt to equity ratio (36.3%) is considered satisfactory.

Reducing Debt: SSS's debt to equity ratio has increased from 9.4% to 36.3% over the past 5 years.

Debt Coverage: SSS's debt is well covered by operating cash flow (22.7%).

Interest Coverage: SSS's interest payments on its debt are well covered by EBIT (7.7x coverage).


Balance Sheet


Dividend

What is Stor-Age Property REIT current dividend yield, its reliability and sustainability?

7.66%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: SSS's dividend (7.66%) is higher than the bottom 25% of dividend payers in the ZA market (3.05%).

High Dividend: SSS's dividend (7.66%) is low compared to the top 25% of dividend payers in the ZA market (8.04%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, SSS has been paying a dividend for less than 10 years.

Growing Dividend: SSS's dividend payments have increased, but the company has only paid a dividend for 5 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (98.8%), SSS's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

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

3.4yrs

Average board tenure


CEO

Gavin Lucas

no data

Tenure

R2,700,000

Compensation

Mr. Gavin Mark Lucas, CA(SA) serves as the Chief Executive Officer at Stor-Age Property REIT Limited and has been its Executive Director since May 25, 2015. Mr. Lucas founded the Stor-Age Group in 2005 and...


CEO Compensation Analysis

Compensation vs Market: Gavin's total compensation ($USD184.65K) is below average for companies of similar size in the ZA market ($USD717.23K).

Compensation vs Earnings: Gavin's compensation has increased by more than 20% in the past year.


Board Members

Experienced Board: SSS's board of directors are considered experienced (3.4 years average tenure).


Ownership

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


Insider Trading Volume

Insider Buying: SSS insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 2.3%.


Top Shareholders

Company Information

Stor-Age Property REIT Limited's employee growth, exchange listings and data sources


Key Information

  • Name: Stor-Age Property REIT Limited
  • Ticker: SSS
  • Exchange: JSE
  • Founded: 2006
  • Industry: Specialized REITs
  • Sector: Real Estate
  • Market Cap: R5.995b
  • Shares outstanding: 432.88m
  • Website: https://www.stor-age.co.za/cape-town

Number of Employees


Location

  • Stor-Age Property REIT Limited
  • 216 Main Road
  • Claremont
  • Cape Town
  • Western Cape
  • 7708
  • South Africa

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/10/15 22:48
End of Day Share Price2021/10/15 00:00
Earnings2021/03/31
Annual Earnings2021/03/31


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.