Stock SSS STOR-AGE PROPERTY REIT LIMITED
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Financials Stor-Age Property REIT Limited

Equities

SSS

ZAE000208963

Specialized REITs

End-of-day quote Johannesburg S.E.
Other stock markets
 06:00:00 2024-04-25 pm EDT 		5-day change 1st Jan Change
13.27 ZAR +1.07% Intraday chart for Stor-Age Property REIT Limited +1.30% +1.61%
Apr. 04 Stor-Age Property REIT Limited Announces Board Changes CI
Feb. 27 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 CI

Valuation

Fiscal Period: March 2018 2019 2020 2021 2022 2023
Capitalization 1 3,875 4,476 4,893 5,671 7,015 6,099
Enterprise Value (EV) 1 4,680 6,194 7,510 7,861 9,830 9,645
P/E ratio 5.16 x 16.1 x 46.8 x 4.68 x 6.46 x 8.49 x
Yield 7.58% 8.26% 9% 8.1% 7.57% 9.19%
Capitalization / Revenue 11.7 x 8.36 x 6.95 x 7.05 x 7.58 x 5.51 x
EV / Revenue 14.1 x 11.6 x 10.7 x 9.77 x 10.6 x 8.71 x
EV / EBITDA 21.4 x 17.6 x 16.2 x 15.7 x 16.6 x 14.4 x
EV / FCF 24.9 x 22.2 x 47 x 22 x 25.7 x 25.8 x
FCF Yield 4.02% 4.51% 2.13% 4.55% 3.9% 3.88%
Price to Book 1.12 x 1.1 x 1.08 x 1.01 x 1.06 x 0.85 x
Nbr of stocks (in thousands) 300,164 346,742 393,005 432,881 474,610 474,610
Reference price 2 12.91 12.91 12.45 13.10 14.78 12.85
Announcement Date 6/12/18 7/31/19 6/22/20 6/9/21 6/20/22 6/19/23
1ZAR in Million2ZAR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2018 2019 2020 2021 2022 2023
Net sales 1 332.2 535.4 703.6 804.7 925.3 1,107
EBITDA 1 218.3 352.3 464.7 501 593 671.6
EBIT 1 216.2 345.9 455.3 491.4 588.5 665.2
Operating Margin 65.06% 64.6% 64.71% 61.07% 63.6% 60.1%
Earnings before Tax (EBT) 1 582.1 260.3 102 1,299 1,303 795.1
Net income 1 576.7 257.6 104.9 1,192 1,020 724.6
Net margin 173.59% 48.11% 14.91% 148.16% 110.21% 65.47%
EPS 2 2.503 0.7999 0.2662 2.802 2.287 1.514
Free Cash Flow 1 188.2 279.1 159.6 357.5 383.2 374.3
FCF margin 56.66% 52.13% 22.69% 44.42% 41.41% 33.82%
FCF Conversion (EBITDA) 86.21% 79.22% 34.35% 71.34% 64.62% 55.73%
FCF Conversion (Net income) 32.64% 108.36% 152.19% 29.98% 37.58% 51.66%
Dividend per Share 2 0.9783 1.067 1.120 1.061 1.119 1.181
Announcement Date 6/12/18 7/31/19 6/22/20 6/9/21 6/20/22 6/19/23
1ZAR in Million2ZAR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2018 2019 2020 2021 2022 2023
Net Debt 1 805 1,717 2,617 2,190 2,815 3,546
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 3.685 x 4.874 x 5.632 x 4.371 x 4.747 x 5.28 x
Free Cash Flow 1 188 279 160 357 383 374
ROE (net income / shareholders' equity) 21.5% 6.35% 2.28% 23.4% 16.8% 10.6%
ROA (Net income/ Total Assets) 3.93% 3.72% 3.87% 3.79% 3.87% 3.69%
Assets 1 14,659 6,918 2,713 31,432 26,350 19,662
Book Value Per Share 2 11.50 11.70 11.50 13.00 13.90 15.00
Cash Flow per Share 2 0.0700 0.6600 0.1900 0.4000 0.4700 0.7500
Capex - - - - - -
Capex / Sales - - - - - -
Announcement Date 6/12/18 7/31/19 6/22/20 6/9/21 6/20/22 6/19/23
1ZAR in Million2ZAR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Annual profits - Rate of surprise

Company calendar

Sector Self-Storage REITs

1st Jan change Capi.
STOR-AGE PROPERTY REIT LIMITED Stock Stor-Age Property REIT Limited
+1.61% 335M
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-15.50% 45.28B
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SHURGARD SELF-STORAGE LTD. Stock Shurgard Self-Storage Ltd.
-15.51% 3.92B
NATIONAL STORAGE AFFILIATES TRUST Stock National Storage Affiliates Trust
-15.79% 2.73B
BIG YELLOW GROUP PLC Stock Big Yellow Group Plc
-11.17% 2.63B
SAFESTORE HOLDINGS PLC Stock Safestore Holdings Plc
-13.30% 2.08B
NATIONAL STORAGE REIT Stock National Storage REIT
-5.22% 1.9B
ABACUS STORAGE KING Stock Abacus Storage King
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SMARTSTOP SELF STORAGE REIT, INC. Stock SmartStop Self Storage REIT, Inc.
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Self-Storage REITs
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