A leading company in the UK self-storage market.
30-Oct-2017 – 362.5p – £106.3m – PER 23.6
Preliminary Results For The 12 Months To End July 2017 – Revenue of £16.65m up 3.7% from last time. Profit after Tax of £3.17m up 28.8% from last time. Dividend up 11.1%. NAV up 24.7% to £89.1m and Net Debt down to £17.4m, £23.5m last time.
Quite like the look of this but on a PER of 23.6 I think it’s maybe priced about right. With a Mkt Cap of £106.3m and a NAV of £89.1m there’s some decent downside protection here.
12-Feb-2018 – 378p – £111.2m – PER 29.0
Trading Update For The 6 Months To End January 2018 – In-line it seems, growth of around 7%.
On a PER of 29.0 this is quite a disappointment is it not? Even the NAV (over 400p per share) doesn’t seem to be providing support. Downside protection perhaps but don’t see the real growth story here.
23-Apr-2018 – 412p – £121.3m – PER 30.8
Interim Results For The 6 Months To End January 2018 – Revenue up 5.7% to £8.82m, Adjusted PBT £2.55m up 21.3%. NAV is £4.18, up from £3.87. “Positive momentum carried into second half, continues to grow strongly”.
I see decent downside protection here, there’s a decent 2.5% or so Dividend and potential for growth. Not enough though to tempt me away from my Neutral stance at present.
29-Oct-2018 – 374p – £110.4m – PER 29.7
Preliminary Results For The 12 Months To End July 2018 – Revenue up 6.6 %, PBT up 34.3%, Total Dividend up 10% – 3 new stores opened this year, 3 planned for next and 5 new sites secured.
Still quite tempted here but just not quite enough to move from Neutral yet.
11-Feb-2019 – 420p – £124m – PER 32.7
Trading Update For The 6 Months To End January 2019 – A strong H1 with Revenue up 7.7% YoY, EBITDA mentioned, no actuals.
Looks over valued to me.
29-Apr-2019 – 495p – £146m – PER 36
Interim Results For The 6 Months To End December 2018 – Revenue up 11.%, Net Profit up 22.7%, Interim Dividend up 10.2%, NAV up 16.1% (£4.85) and Net Debt is at £31.19m.
Looks over valued from a growth perspective but, I suppose, fairly valued from a NAV perspective.
12-Aug-2019 – 525p – £155m – PER 40
Trading Update For The 6 Months To End July 2019 – Revenue up 8.7%, occupancy up 6% with secured pipeline to add 27% to trading space.
Still seems over valued from a growth perspective but, I suppose, fairly valued from a NAV perspective – Not one for me.
4-Nov-2019 – 548p – £162m – PER 44
Results For The 12 Months To End July 2019 – Revenue up 10.3%, Operating Profit up 11.1%, Annual Dividend up 9.1%, NAV up 11.1% (to 553p), Net Debt down -9.3% (to £29.3m), outlook positive.
Lots to like here except for the high rating, which is though, supported by the NAV, a great example of one that got away!