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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 2019 2020e 2021e
Rental Income 64 83 109
Rental growth (%) 25,1 29,2 31,1
Net operating income 16 31 46
NOI margin (%) 25,5 36,9 42,5
CEPS Adj -5,15 -3,42 -2,92
CEPS Adj. growth (%) 34,6 33,5 14,7
DPS 0 0 0
EPRA NAVPS 39,27 38,39 38,78
EPS -2,53 -3 -2,88
EPS Adj -2,53 -3 -2,88
P/CEPS Adj. (x) -8,9 -11,7 -13,7
P/E Adj. (x) -18,2 -13,3 -13,9
P/EPRANAV (x) 1,17 1,04 1,03
Implicit yield (%) 1,2 2,2 3
div.yield (%) 0 0 0
LTV (%) 50,7 56,9 61,3
SEKm 2019 2020e 2021e
Rental income 64 83 109
Other income 7 10 13
Operating costs -55 -62 -75
Net operating income 16 31 46
NOI margin (%) 22,9 33,1 38
Value change realized 0 0 0
Value change unrealized 41 6 0
Administration costs -47 -44 -46
All other income & costs 0 0 0
EBIT 10 -7 0
Net financial items -46 -38 -44
Value change derivatives 0 0 0
Pretax profit -36 -45 -44
Deferred profit tax -2 1 1
Current tax 0 0 0
Net profit -38 -45 -43
Minority interest 0 0 0
Net profit to shareholders -38 -45 -43
Cash earnings -77 -51 -44
Tax rate (%) 4,1 -1,3 -1,3
Net investments 112 120 144
Acquisitions N/A N/A N/A
Other investments 0 0 0
Divestments N/A N/A N/A
EPS -2,53 -3 -2,88
CEPS -5,15 -3,42 -2,92
CEPS adj. -5,15 -3,42 -2,92
Dividend per share Adj 0 0 0
Payout ratio of CEPS (%) 0 0 0
Rental growth (%) 25,1 29,2 31,1
NOI growth (%) 74,5 86,7 50,8
CEPS growth (%) 34,6 33,5 14,7
CEPS adj. growth (%) 34,6 33,5 14,7
Properties 1142 1267 1411
Deferred tax asset 0 0 0
Receivables 11 11 11
Cash and liquid assets 189 189 189
Other assets 52 67 88
Current liabilities 0 0 0
Total assets 1394 1534 1699
Shareholders equity 510 487 479
Minority 0 0 0
Deferred tax 43 43 43
Interest bearing debt 841 1004 1178
Short-term debt 0 0 0
Derivatives 0 0 0
Total liabilities and equity 1394 1534 1699
Net IB debt 579 721 866
Rental area m2 (000) 53 63282 73282
Rent per m2 1343 1 2
Equity ratio (%) 36,6 31,8 28,2
Loan to value (%) 50,7 56,9 61,3
Net loan to value (%) 90,3 94,2 96,8
ICR real estate -1 0 0
Interest rate on debt (%) 6 5 4
Occupancy rate (%) 67,4 69,5 73,5
NAV per share 0 0 0
BVPS 34,15 32,64 32,08
EPRA NAV per share 39,27 38,39 38,78
Shares outstanding adj. 15 15 15
Share price 47,7 40 40
Market cap. (m) 712 597 597
P/E -18,2 -13,3 -13,9
Net IB debt / share 39 48 58
P/CEPS -8,9 -11,7 -13,7
P/CEPS adj. -8,9 -11,7 -13,7
EV/EBIT 131,8 -178,2 3742,3
Implicit yield (%) 1,2 2,2 3
Yield on BV (%) 1,4 2,4 3,3
Dividend yield (%) 0 0 0
P/NAV N/A N/A N/A
P/EPRA NAV 1,17 1,04 1,03
P/BVPS 1,35 1,23 1,25
EV/NOI 77,16 43,03 31,68

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 Mar 2020
Staffan Persson 15.2 % 15.2 % 18 May 2020
Realm AB 10.1 % 10.1 % 7 May 2020
Michael Fogelberg med familj 9.4 % 9.4 % 31 Mar 2020
Per Josefsson privat och via bolag 6.7 % 6.7 % 31 Mar 2020
Ulf & Bo Eklöf 4.9 % 4.9 % 31 Mar 2020
Carl Rosvall 4.9 % 4.9 % 31 Mar 2020
Jan-Olof Backman med bolag & familj 3.7 % 3.7 % 31 Mar 2020
Adrigo Asset Management 3.5 % 3.5 % 31 Mar 2020
John Wattin 3.3 % 3.3 % 31 Mar 2020
Source: Holdings by Modular Finance AB

Insider list - 24Storage

Name Quantity Code Date
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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