adjusted eps
—
FY 2024
management framework
SHURGARD SELF-STORAGE LTD.
Last · Brussels€22.95+0.45 (+2.00%)live · yahoo · 4h ago
Market cap€2.3B101.0M sh
P/E · TTM7.4fwd 13.4 · eps 3.09
Beta0.81vs S&P 500
Div yield5.20%annual · TTM
52w range
€21.15€34.40
Volume10.6Ksession
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Attractive long-term assets, but near-term dilution, leverage, execution risk, and acquisition pricing limit upside visibility.
Hold: Shurgard is paying £378 million equity value, or €613 million all-in, to double its UK footprint to 100 stores and target an 8% stabilized NOI yield, but pro forma leverage rises to 25% LTV and 6.2x net debt/EBITDA before bridge repayment. The strategic fit and £4–5 million first-full-year synergies are credible, yet EPS is expected to be mid-single-digit dilutive in 2024, neutral in 2025, and accretive only from 2026.
Themes
- Lok N Store Acquisition
- Uk Self Storage
- Occupancy Ramp
- Development Pipeline
- Leverage
- Eps Accretion
Near term
Shareholder and court approvals, with closing targeted for July 2024, are the immediate catalysts and execution risks.
The bridge-funded deal leaves leverage at 25% LTV and 6.2x net debt/EBITDA initially, making financing and deleveraging progress important.
The market will test whether the stated £4–5 million operating, G&A, and tax synergies can offset 2024 EPS dilution.
Longer term
The acquisition expands Shurgard UK from 48 to 100 stores and adds Southeast England and Greater Manchester to its London footprint.
Existing operating stores are only 67% occupied versus a 90% stabilization target, creating meaningful but execution-dependent earnings growth.
The 50,000-square-meter, eight-store development pipeline adds roughly two years of Shurgard's stated European development capacity.
Red flags
The €613 million all-in cost includes €83 million of pipeline capex, €13 million of refurbishment capex, and €32 million of transaction costs, increasing the capital burden beyond the headline equity price.
The 8% NOI yield is a five- to six-year maturity target rather than current economics, while the deal is not expected to be EPS accretive until 2026.
Management provides limited detail on integration milestones, downside occupancy scenarios, or the path from the bridge facility back to its 4–5x net debt/EBITDA policy range.
Forward outlook
adjusted eps
—
FY 2025
management framework
adjusted eps
—
FY 2026
management framework
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Upcoming earnings
4:40 PM UTC+1
Period
Sep 2026
Est. EPS
—
Est. revenue
0
Earnings transcripts
Documents
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