How does SSS's PE Ratio compare to its peers?

SSS is expensive based on its Price-To-Earnings Ratio (6.2x) compared to the peer average (4.8x).

How does SSS's PE Ratio compare vs other companies in the Global Specialized REITs Industry?

SSS is good value based on its Price-To-Earnings Ratio (6.2x) compared to the Global Specialized REITs industry average (19.2x).

What is SSS's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

Insufficient data to calculate SSS's Price-To-Earnings Fair Ratio for valuation analysis.

What is the Fair Price of SSS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

SSS (ZAR15.61) is trading above our estimate of [[fair value]] (ZAR0.02)

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Target price is lower than the current share price.

Stor-Age Property REIT (JSE:SSS) - Stock Price, News & Analysis

SSS Stock Overview

Stor-Age is the largest self storage property fund and most recognisable brand in SA. More details

SSS fundamental analysis
Snowflake Score
Valuation	1/6
Future Growth	0/6
Past Performance	4/6
Financial Health	1/6
Dividends	2/6

Rewards

Price-To-Earnings ratio (6.2x) is below the ZA market (10.1x)

Earnings grew by 125% over the past year

Risk Analysis

Debt is not well covered by operating cash flow

Large one-off items impacting financial results

Dividend of 7.3% is not well covered by earnings

Stor-Age Property REIT Limited Competitors

SA Real Estate

JSE:SAC

R7.3b

Emira Property Fund

JSE:EMI

R5.6b

Attacq

JSE:ATT

R9.4b

Equites Property Fund

JSE:EQU

R11.1b

Price History & Performance

Summary of all time highs, changes and price drops for Stor-Age Property REIT
Historical stock prices
Current Share Price	R15.61
52 Week High	R15.92
52 Week Low	R12.19
Beta	0.15
11 Month Change	3.04%
3 Month Change	11.50%
1 Year Change	16.49%
33 Year Change	9.54%
5 Year Change	7.43%
Change since IPO	57.52%

Recent updates

Shareholder Returns

	SSS	ZA Specialized REITs	ZA Market
7D	2.9%	1.6%	1.7%
1Y	16.5%	14.1%	15.6%

Return vs Industry: SSS exceeded the ZA Specialized REITs industry which returned 14.1% over the past year.

Return vs Market: SSS matched the ZA Market which returned 15.6% over the past year.

Price Volatility

Is SSS's price volatile compared to industry and market?
SSS volatility
SSS Average Weekly Movement	2.4%
Specialized REITs Industry Average Movement	2.9%
Market Average Movement	4.5%
10% most volatile stocks in ZA Market	9.5%
10% least volatile stocks in ZA Market	2.6%

Stable Share Price: SSS has not had significant price volatility in the past 3 months compared to the ZA market.

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

About the Company

Founded	Employees	CEO	Website
2006	500	Gavin Lucas	www.stor-age.co.za/cape-town

Stor-Age is the largest self storage property fund and most recognisable brand in SA. The portfolio comprises 97 trading properties across SA (60) and the UK (37), providing storage to over 49 000 customers. The combined value of the portfolio, including properties managed in our JV partnerships, was R16.2 billion (SA - R5.9 billion; UK - £449 million) at 30 September 2023 with the maximum lettable area, including the pipeline and ongoing developments, exceeding 650 000m².

Stor-Age Property REIT Limited Fundamentals Summary

How do Stor-Age Property REIT's earnings and revenue compare to its market cap?
SSS fundamental statistics
Market cap	R7.51b
Earnings (TTM)	R1.21b
Revenue (TTM)	R1.34b

6.2x

P/E Ratio

5.6x

P/S Ratio

Is SSS overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
SSS income statement (TTM)
Revenue	R1.34b
Cost of Revenue	R326.98m
Gross Profit	R1.01b
Other Expenses	-R197.97m
Earnings	R1.21b

Last Reported Earnings

Sep 30, 2024

Next Earnings Date

n/a

Earnings per share (EPS)	2.51
Gross Margin	75.54%
Net Profit Margin	90.35%
Debt/Equity Ratio	49.7%

How did SSS perform over the long term?

See historical performance and comparison

Dividends

7.3%

Current Dividend Yield

2,527%

Payout Ratio

Does SSS pay a reliable dividends?

See SSS dividend history and benchmarks

When do you need to buy SSS by to receive an upcoming dividend?
Stor-Age Property REIT dividend dates
Ex Dividend Date	Nov 27 2024
Dividend Pay Date	Dec 02 2024
Days until Ex dividend	5 days
Days until Dividend pay date	10 days

Does SSS pay a reliable dividends?

See SSS dividend history and benchmarks

SSS Stock Overview

Rewards

Risk Analysis

Stor-Age Property REIT Limited Competitors

JSE:SAC

R7.3b

JSE:EMI

R5.6b

JSE:ATT

R9.4b

JSE:EQU

R11.1b

Price History & Performance

Recent News & Updates

First half dividend reduced to R0.57

Head of Property & Executive Director exercised options to buy R8.3m worth of stock.

Final dividend reduced to R0.57

Full year 2024 earnings released: EPS: R1.49 (vs R1.53 in FY 2023)

Stor-Age Property REIT Limited Declares Gross Final Dividend for the Six Months Ended March 31, 2024, Payable July 8, 2024

New minor risk - Financial data availability

Recent updates

First half dividend reduced to R0.57

Head of Property & Executive Director exercised options to buy R8.3m worth of stock.

Final dividend reduced to R0.57

Full year 2024 earnings released: EPS: R1.49 (vs R1.53 in FY 2023)

Stor-Age Property REIT Limited Declares Gross Final Dividend for the Six Months Ended March 31, 2024, Payable July 8, 2024

New minor risk - Financial data availability

Stor-Age Property REIT Limited Appoints Akua Koranteng as an Independent Non- Executive Director, with Effect from 15 May 2024

Stor-Age Property REIT Limited Announces Board Changes

Non-Executive Chairman recently sold R126k worth of stock

Stor-Age Property REIT Limited Announces the Resignation of Phakama Mbikwana as Non-Executive Director and Member of the Audit and Risk Committee, Chair of the Social and Ethics Committee, Effective from 31 March 2024

Stor-Age Property REIT Limited to Report First Half, 2025 Results on Nov 12, 2024

Insufficient new directors

Key Executive recently sold R784k worth of stock

Upcoming dividend of R0.61 per share at 9.2% yield

First half 2024 earnings released: EPS: R0.76 (vs R1.16 in 1H 2023)

Stor-Age Property REIT Limited Announces Gross Interim Dividend for the Six Months Ended 30 September 2023, Payable on 4 December 2023

Stor-Age Property REIT Limited to Report Fiscal Year 2024 Final Results on Jun 18, 2024

Upcoming dividend of R0.58 per share at 9.6% yield

New minor risk - Profit margin trend

Full year 2023 earnings released: EPS: R1.53 (vs R2.32 in FY 2022)

Lead Independent Non-Executive Director recently bought R495k worth of stock

Now 21% undervalued after recent price drop

Company Secretary recently bought R549k worth of stock

Catalyst Fund Managers SA (Pty) Ltd on behalf of its client acquired an unknown stake in Stor-Age Property REIT Limited (JSE:SSS).

Stor-Age Property REIT Limited Appoints Alan Menigo as an Independent Non-Executive Director, Effective January 23, 2023

Key Executive recently sold R2.7m worth of stock

Independent Non Executive Director recently bought R116k worth of stock

Upcoming dividend of R0.60 per share

First half 2023 earnings released: EPS: R1.16 (vs R0.92 in 1H 2022)

Company Secretary recently bought R523k worth of stock

Stor-Age Property REIT Limited to Report Fiscal Year 2023 Results on Jun 19, 2023

Stor-Age Property REIT Limited, Annual General Meeting, Sep 01, 2022

Upcoming dividend of R0.55 per share

Stor-Age Property REIT Limited Declares Gross Final Dividend for the Six Months Ended March 31, 2022, Payable July 11, 2022

Full year 2022 earnings released: EPS: R2.32 (vs R2.83 in FY 2021)

m MandG Investment Managers (Pty) Limited on behalf of underlying clients acquired unknown minority stake in Stor-Age Property REIT Limited (JSE:SSS).

Stor-Age Property REIT Limited to Report Q2, 2023 Results on Nov 15, 2022

Stor-Age Property REIT Limited to Report Q2, 2023 Results on Nov 15, 2022

Stor-Age Property REIT Limited has completed a Follow-on Equity Offering in the amount of ZAR 574.999997 million.

Upcoming dividend of R0.57 per share

First half 2022 earnings released: EPS R0.92 (vs R1.49 in 1H 2021)

Stor-Age Property REIT Limited (JSE:SSS) agreed to acquire Two Trading Self Storage Properties in Cape Town for approximately ZAR 110 million.

Head of Property & Executive Director recently sold R2.4m worth of stock

Public Investment Corporation Limited acquired a 10.695% stake in Stor-Age Property REIT Limited (JSE:SSS).

Upcoming dividend of R0.54 per share

Full year 2021 earnings released: EPS R2.83 (vs R0.27 in FY 2020)

CEO & Executive Director recently sold R343m worth of stock

CEO & Executive Director recently sold R594k worth of stock

Key Executive recently sold R101k worth of stock

CEO & Executive Director recently sold R2.0m worth of stock

New 90-day high: R13.65

First half 2021 earnings released: EPS R1.49

New 90-day high: R13.01

Stor-Age Property REIT Limited Appoints M P R Morojele to the Remuneration Committee

New 90-day low: R11.90

Public Investment Corporation Limited acquired 5.41% stake in Stor-Age Property REIT Limited (JSE:SSS).

Shareholder Returns

Price Volatility

About the Company