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24Storage

24Storage

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Self-storage in Sweden

24Storage is a Swedish real estate company that owns and develops self-storage facilities in the Stockholm, Gothenburg and Malmö regions with a property value of SEK ~1.2bn. The firm operates 23 premises with 14 in Stockholm, 7 in Gothenburg and 2 in Malmö, with a total >10,000 storage units. The company has ~6,000 tenants, of which 85% are private persons and 15% are corporations. 24Storage was founded in 2015 and has become the second-largest self-storage operator in the Swedish market. The share is listed on Nasdaq First North since December 2019.

24Storage’s ambition is to increase RevPAM by increasing its rental income per sqm and its occupancy rate. 24Storage rental income per sqm stands at SEK 1,910 (2019), while the market average is at SEK 2,350. The occupancy rate stands at 67% (2019), with the market occupancy rate at 81% and peers at >80%. If 24Storage can improve its occupancy rate and rental income per sqm in line with the market and peers it could substantially improve RevPAM. The company’s growth strategy is to build new self-storage premises of 10,000 sqm p.a.

Real estate companies are subject to macro risks, supply of premises risk, supply of capital risk, debt availability risk, forex risk, regulatory risk, rental income risk, property cost risk and property value risk. We argue that specific risks related to 24Storage are ownership risk, vacancy risk and financing risk.

Financials

SEKm 2020 2021e 2022e
Rental Income 78 108 135
Rental growth (%) 20,7 38,6 25,1
Net operating income 15 31 46
NOI margin (%) 19,3 28,7 33,8
CEPS Adj -3,99 -3,76 -1,86
CEPS Adj. growth (%) 22,4 5,9 50,4
DPS 0 0 0
EPRA NAVPS 40,79 40,52 42,48
EPS -0,33 -3,14 -2,58
EPS Adj -0,33 -3,14 -2,58
P/CEPS Adj. (x) -10,4 -11,3 -22,8
P/E Adj. (x) -126,7 -13,5 -16,5
P/EPRANAV (x) 1,02 1,05 1
Implicit yield (%) 1 1,9 2,6
div.yield (%) 0 0 0
LTV (%) 57,3 61,4 63,1
N/A N/A N/A
SEKm 2020 2021e 2022e
Rental income 78 108 135
Other income 0 0 0
Operating costs -63 -77 -89
Net operating income 15 31 46
NOI margin (%) 19,3 28,7 33,8
Value change realized 0 0 0
Value change unrealized 71 0 0
Administration costs -42 -45 -46
All other income & costs 0 0 0
EBIT 44 -15 0
Net financial items -41 -44 -44
Value change derivatives 0 0 0
Pretax profit 3 -59 -44
Deferred profit tax -7 12 6
Current tax 0 0 0
Net profit -5 -47 -39
Minority interest 0 0 0
Net profit to shareholders -5 -47 -39
Cash earnings -60 -56 -28
Tax rate (%) -296 -19,8 -13
Net investments 129 146 142
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS -0,33 -3,14 -2,58
CEPS -3,99 -3,76 -1,86
CEPS adj. -3,99 -3,76 -1,86
Dividend per share Adj 0 0 0
Payout ratio of CEPS (%) 0 0 0
Rental growth (%) 20,7 38,6 25,1
NOI growth (%) 66,7 105,9 47,4
CEPS growth (%) 22,4 5,9 50,4
CEPS adj. growth (%) 22,4 5,9 50,4
Properties 1341 1487 1629
Deferred tax asset 0 0 0
Receivables 13 13 13
Cash and liquid assets 150 150 150
Other assets 43 59 74
Current liabilities 0 0 0
Total assets 1548 1710 1867
Shareholders equity 514 506 525
Minority 0 0 0
Deferred tax 50 50 50
Interest bearing debt 984 1154 1293
Short-term debt 0 0 0
Derivatives 0 0 0
Total liabilities and equity 1548 1710 1867
Net IB debt 768 913 1029
Rental area m2 (000) 61 68 78
Rent per m2 1271 1576 1723
Equity ratio (%) 33,2 29,6 28,1
Loan to value (%) 57,3 61,4 63,1
Net loan to value (%) 84,5 87,7 88,5
ICR real estate -1 0 0
Interest rate on debt (%) 5 4 4
Occupancy rate (%) 68,4 68,8 70,9
NAV per share 0 0 0
BVPS 34,43 33,9 35,15
EPRA NAV per share 40,79 40,52 42,48
Shares outstanding adj. 15 15 15
Share price 41,68 42,5 42,5
Market cap. (m) 622 634 634
P/E -126,7 -13,5 -16,5
Net IB debt / share 51 61 69
P/CEPS -10,4 -11,3 -22,8
P/CEPS adj. -10,4 -11,3 -22,8
EV/EBIT 31,9 -106,7 -5475,9
Implicit yield (%) 1 1,9 2,6
Yield on BV (%) 1,1 2,1 2,8
Dividend yield (%) 0 0 0
P/NAV 0 0 0
P/EPRA NAV 1,02 1,05 1
P/BVPS 1,21 1,25 1,21
EV/NOI 92,6 50,09 36,53
N/A N/A N/A

Equity research

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Main shareholders - 24Storage

Main shareholders Share capital % Voting shares % Verified
Ernström & C:o AB 19.6 % 19.6 % 31 Jan 2021
Staffan Persson 15.8 % 15.8 % 31 Jan 2021
Realm AB 10.1 % 10.1 % 31 Jan 2021
Michael Fogelberg med familj 9.4 % 9.4 % 31 Jan 2021
Per Josefsson privat och via bolag 6.7 % 6.7 % 31 Jan 2021
Ulf & Bo Eklöf 4.9 % 4.9 % 31 Jan 2021
Carl Rosvall 4.9 % 4.9 % 31 Jan 2021
Jan-Olof Backman via bolag 3.7 % 3.7 % 31 Jan 2021
Adrigo Asset Management 3.6 % 3.6 % 31 Jan 2021
Patrick Metdepenninghen 3.3 % 3.3 % 31 Jan 2021
Source: Holdings by Modular Finance AB

Insider list - 24Storage

Name Quantity Code Date
Staffan Persson + 79 336 BUY 18 Aug 2020
Lena Nelson + 15 000 ALTM 30 Jun 2020
Fredrik Sandelin + 50 000 BUY 30 Jun 2020
Staffan Persson + 25 000 BUY 18 May 2020
Sven Johan Fredrik Tilander + 50 000 BUY 7 May 2020
Henrik Forsberg Schoultz +2 128 000 Received loan 20 Dec 2019
Henrik Forsberg Schoultz -2 128 000 Received loan 10 Dec 2019

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