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1. Company Snapshot

1.a. Company Description

Safestore is the UK's largest self-storage group with 163 stores, comprising 125 wholly owned stores in the UK (including over 70 in London and the South East with the remainder in key metropolitan areas such as Manchester, Birmingham, Glasgow, Edinburgh, Liverpool and Bristol), 28 wholly owned stores in the Paris region, 6 stores in the Netherlands and 4 stores within Barcelona, Spain.Safestore was founded in the UK in 1998.It acquired the French business “Une Pièce en Plus” in 2004 which was founded in 1998 by the current Safestore Group CEO Frederic Vecchioli.

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1.b. Last Insights on SAFE

Safestore Holdings plc's recent performance was driven by a resilient European market, with the pan-European STOXX Europe 600 Index ending higher in March 2025, buoyed by hopes of increased government spending. The company's solid fundamentals, including a strong balance sheet and growing demand for self-storage services, have attracted attention from investors. Additionally, the company's recent insider activity suggests a high level of confidence in its prospects. Furthermore, the company's ability to navigate trade-related uncertainties and inflationary pressures has been a key factor in its success.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.61%)

6. Segments

Self Storage

Expected Growth: 8%

Safestore Holdings plc's 8% growth in Self Storage is driven by increasing urbanization, rising housing costs, and a growing need for flexible storage solutions. Additionally, the UK's aging population and increasing life expectancy contribute to a higher demand for storage facilities. Furthermore, the company's strategic expansion into new locations and investment in digital platforms enhance customer experience, driving growth.

Insurance

Expected Growth: 6%

Safestore Holdings plc's 6% growth in insurance is driven by increasing demand for self-storage facilities, rising urbanization, and growing awareness of the need for secure storage solutions. Additionally, the company's strategic expansion into new locations, investment in digital platforms, and focus on customer service have contributed to its growth.

Other Non-storage

Expected Growth: 5%

Safestore Holdings plc's Other Non-storage segment growth is driven by increasing demand for flexible workspace, rising e-commerce activities, and growing need for document storage. Additionally, strategic acquisitions, expansion into new markets, and investment in digital platforms contribute to the segment's growth.

7. Detailed Products

Self Storage

Safestore offers self storage units of various sizes to individuals and businesses, providing a secure and flexible storage solution for a wide range of needs.

Business Storage

Safestore provides customized storage solutions for businesses, including inventory management and logistics support.

Student Storage

Safestore offers specialized storage solutions for students, providing a convenient and secure way to store belongings during summer breaks or semester transitions.

Document Storage

Safestore provides secure and climate-controlled storage facilities for sensitive documents and records.

Shredding Services

Safestore offers secure document shredding services, ensuring the secure disposal of sensitive documents and records.

8. Safestore Holdings plc's Porter Forces

Forces Ranking

Threat Of Substitutes

Safestore Holdings plc operates in the self-storage industry, which has a moderate threat of substitutes. While there are alternative storage options available, such as renting a garage or attic space, they are not always convenient or cost-effective. Therefore, the threat of substitutes is moderate.

Bargaining Power Of Customers

Safestore Holdings plc's customers have limited bargaining power due to the fragmented nature of the self-storage industry. Individual customers do not have significant negotiating power, and the company's pricing strategy is competitive.

Bargaining Power Of Suppliers

Safestore Holdings plc's suppliers, such as construction companies and equipment providers, have limited bargaining power. The company's scale and negotiating power enable it to secure favorable terms with its suppliers.

Threat Of New Entrants

The threat of new entrants in the self-storage industry is moderate. While there are barriers to entry, such as high capital costs and regulatory hurdles, new entrants can still enter the market. However, Safestore Holdings plc's established brand and scale provide a competitive advantage.

Intensity Of Rivalry

The self-storage industry is highly competitive, with several established players competing for market share. Safestore Holdings plc faces intense competition from rivals, which can lead to pricing pressure and advertising expenses.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 27.63%
Debt Cost 3.95%
Equity Weight 72.37%
Equity Cost 7.65%
WACC 6.63%
Leverage 38.18%

11. Quality Control: Safestore Holdings plc passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Tritax Big Box

A-Score: 6.1/10

Value: 4.1

Growth: 5.7

Quality: 6.8

Yield: 8.1

Momentum: 4.0

Volatility: 8.0

1-Year Total Return ->

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Stock-Card
Montea

A-Score: 5.9/10

Value: 5.0

Growth: 5.0

Quality: 6.9

Yield: 6.9

Momentum: 3.0

Volatility: 8.3

1-Year Total Return ->

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Stock-Card
Safestore

A-Score: 5.6/10

Value: 5.2

Growth: 5.8

Quality: 7.4

Yield: 7.5

Momentum: 2.0

Volatility: 6.0

1-Year Total Return ->

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Stock-Card
WDP

A-Score: 5.6/10

Value: 4.1

Growth: 5.7

Quality: 6.4

Yield: 6.2

Momentum: 3.0

Volatility: 8.3

1-Year Total Return ->

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Stock-Card
Big Yellow

A-Score: 5.2/10

Value: 4.3

Growth: 4.4

Quality: 7.5

Yield: 7.5

Momentum: 2.0

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
SEGRO

A-Score: 4.7/10

Value: 3.0

Growth: 3.4

Quality: 6.2

Yield: 6.2

Momentum: 1.0

Volatility: 8.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

7.09$

Current Price

7.09$

Potential

-0.00%

Expected Cash-Flows