Company Valuation: CubeSmart

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 12,453 9,039 10,422 9,691 8,221 8,419 - -
Change - -27.41% 15.3% -7.02% -15.17% 2.41% - -
Enterprise Value (EV) 1 15,653 12,029 13,339 12,606 11,618 11,893 12,012 12,180
Change - -23.15% 10.88% -5.49% -7.84% 2.37% 1% 1.4%
P/E 52.2x 31.2x 25.5x 24.9x 24.7x 24.2x 23.8x 23.2x
PBR 4.48x 3.2x 3.73x 3.4x 3.01x 3.36x 3.56x 3.8x
PEG - 1.7x 0.6x -4.53x -1.6x 4.12x 14.79x 8.5x
Capitalization / Revenue 15.1x 8.95x 9.92x 9.09x 7.32x 7.42x 7.2x 6.95x
EV / Revenue 19x 11.9x 12.7x 11.8x 10.3x 10.5x 10.3x 10.1x
EV / EBITDA 29.9x 18.2x 19.1x 18.3x 16.4x 16.8x 16.5x 16.3x
EV / EBIT 53.9x 34.3x 26.8x 26.1x 25.9x 25.2x 24.6x 23.6x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 1.45 1.78 1.98 2.05 2.09 2.13 2.181 2.238
Rate of return 2.55% 4.42% 4.27% 4.78% 5.8% 5.7% 5.83% 5.99%
EPS 2 1.09 1.29 1.82 1.72 1.46 1.546 1.571 1.613
Distribution rate 133% 138% 109% 119% 143% 138% 139% 139%
Net sales 1 822.6 1,010 1,050 1,066 1,123 1,134 1,170 1,211
EBITDA 1 522.7 661.7 698.5 688.8 707 708.1 726.6 748.9
EBIT 1 290.6 351.1 497.3 483.1 448.9 471.2 488 515.2
Net income 1 223.5 291.3 410.8 391.2 333.8 349.4 358.7 367.8
Net Debt 1 3,200 2,990 2,916 2,915 3,397 3,475 3,593 3,761
Reference price 2 56.91 40.25 46.35 42.85 36.05 37.39 37.39 37.39
Nbr of stocks (in thousands) 218,811 224,575 224,861 226,153 228,036 225,162 - -
Announcement Date 2/24/22 2/23/23 2/29/24 2/27/25 2/26/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
24.47x10.57x16.93x5.63% 8.52B
28.57x13.11x18.35x4.18% 53.81B
28.49x13.89x16.89x4.89% 28.17B
-45.92x2.97x12.63x5.91% 8.23B
13.26x8.77x15.47x5.02% 2.68B
12.27x9.81x15.78x5.79% 2.13B
50.44x8.95x16.76x5.05% 1.76B
9.92x8.75x15.91x5.95% 1.51B
12.47x11.68x21.89x4.13% 987M
Average 14.88x 9.83x 16.74x 5.17% 11.98B
Weighted average by Cap. 21.78x 12.02x 17.27x 4.7%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield