Shurgard Self Storage S.A. (SHUR.BR) | Investment Case

1. Company Snapshot

1.a. Company Description

Shurgard Self Storage S.A., together with its subsidiaries, engages in the acquisition, development, and operation of self-storage facilities for business and personal use.The company also offers various ancillary services at its self-storage facilities consisting of sale of storage products and provision of protection through an independent insurance company for customers' stored goods.As of December 31, 2021, it owned and operated 254 self-storage facilities that covered an approximately 1.3 million net rentable square meters under the Shurgard brand name in the Netherlands, France, Sweden, the United Kingdom, Belgium, Germany, and Denmark; and operate one facility in France which is owned by a third party.

The company serves approximately 174,000 customers.Shurgard Self Storage S.A. was founded in 1995 and is based in Luxembourg, Luxembourg.

Show Full description

1.b. Last Insights on SHUR

Shurgard Self Storage's recent performance has been impacted by a steady slide in its share value, sparking a reassessment of its prospects and risks by investors. The company's valuation has come under scrutiny, with some analysts questioning whether this decline is a warning sign or an opportunity. Meanwhile, its peer, Public Storage, has also faced challenges, underperforming industry peers over the past year. Despite this, Public Storage's strong dividend history remains a draw for investors, with a quarterly dividend of $3.00 per share declared for Q3 2025.

1.c. Company Highlights

Last Price	30.4
Change Percentage	-2.41%
Open	31.1
Previous Close	31.15
Market Cap ( Millions)	3033
Volume	78007
Year High	38.25
Year Low	29.7
M A 50	32.1
M A 200	33.87

FCF Yield	5.30%
Dividend Yield	3.85%
ROE	12.80%
Debt / Equity	39.48%
Net Debt / EBIDTA	288.79%
Price To Book	0.7
Price Earnings Ratio	5.66
Price To FCF	18.88
Price To sales	9.23
EV / EBITDA	8.54

2. Transcript Summary

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3. NewsRoom

Assessing the Valuation of Shurgard Self Storage (ENXTBR:SHUR) as Investor Sentiment Shifts

Sep -13

Source:

How Is Public Storage's Stock Performance Compared to Other REIT - Industrial Stocks?

Sep -09

Source:

Public Storage Declares Third Quarter 2025 Dividends

Aug -26

Source:

Public Storage’s (PSA) Strong Dividend History Makes it a Key Retirement Dividend Stock

Aug -01

Source:

Shurgard Self Storage Ltd (SSSAF) (FY 2024) Earnings Call Highlights: Strong Revenue Growth and ...

Mar -06

Source:

Shurgard Self Storage Ltd (XBRU:SHUR) Q3 2024 Earnings Call Highlights: Strong Revenue Growth ...

Nov -06

Source:

Decoding Public Storage (PSA): A Strategic SWOT Insight

Jul -31

Source:

Stocks to watch this week: Burberry, Vodafone, BT and Walmart

May -10

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.16%)

6. Segments

Same Store Facilities

Expected Growth: 8%

Shurgard's 8% same-store facility growth is driven by increasing demand for self-storage solutions, particularly among urban dwellers and businesses. Strong brand recognition, strategic location expansion, and investments in digital platforms also contribute to growth. Additionally, the company's focus on operational efficiency and yield management enables it to capitalize on rising occupancy rates and rental income.

Non-same Store Facilities

Expected Growth: 10%

Shurgard's 10% growth in Non-same Store Facilities is driven by strategic expansion into underserved markets, increasing demand for self-storage solutions, and successful integration of acquired facilities. Additionally, investments in digital marketing and customer experience enhancements have improved occupancy rates and revenue per available square foot.

7. Detailed Products

Self Storage Units

Secure and climate-controlled storage units for personal and business use, ranging from small lockers to large warehouse spaces.

Business Storage Solutions

Customized storage solutions for businesses, including inventory management and logistics support.

Student Storage

Specialized storage solutions for students, including summer storage and shipping services.

RV and Vehicle Storage

Secure and convenient storage options for recreational vehicles, cars, and boats.

Packing Supplies

Wide range of packing materials, including boxes, tape, and bubble wrap, available for purchase.

Moving Services

Partnerships with reputable moving companies to provide a seamless moving experience.

8. Shurgard Self Storage S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Shurgard Self Storage S.A. operates in a niche market with limited substitutes, but customers may opt for alternative storage solutions, such as renting a garage or using a moving container.

Bargaining Power Of Customers

Individual customers have limited bargaining power due to the fragmented nature of the self-storage market, but large commercial clients may have more negotiating power.

Bargaining Power Of Suppliers

Shurgard Self Storage S.A. has a diversified supplier base, reducing dependence on individual suppliers and limiting their bargaining power.

Threat Of New Entrants

While there are barriers to entry, such as high initial investment costs, new entrants can still disrupt the market, especially with innovative storage solutions.

Intensity Of Rivalry

The self-storage market is highly competitive, with many established players, leading to intense rivalry and pricing pressure.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	18.18%
Debt Cost	3.95%
Equity Weight	81.82%
Equity Cost	7.57%
WACC	6.91%
Leverage	22.21%

11. Quality Control: Shurgard Self Storage S.A. passed 4 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Inwit

A-Score: 6.2/10

Value: 2.5

Growth: 7.2

Quality: 6.1

Yield: 8.1

Momentum: 3.0

Volatility: 10.0

1-Year Total Return ->

Shurgard

A-Score: 5.6/10

Value: 5.4

Growth: 4.9

Quality: 8.0

Yield: 5.6

Momentum: 2.0

Volatility: 7.7

1-Year Total Return ->

CPI Property Group

A-Score: 5.3/10

Value: 5.8

Growth: 6.0

Quality: 3.5

Yield: 0.0

Momentum: 6.5

Volatility: 10.0

1-Year Total Return ->

LEG Immobilien

A-Score: 4.8/10

Value: 6.1

Growth: 4.0

Quality: 5.4

Yield: 5.6

Momentum: 1.5

Volatility: 6.3

1-Year Total Return ->

Grainger

A-Score: 4.8/10

Value: 5.4

Growth: 3.4

Quality: 5.7

Yield: 5.0

Momentum: 1.0

Volatility: 8.0

1-Year Total Return ->

TAG Immobilien

A-Score: 4.6/10

Value: 5.1

Growth: 4.2

Quality: 5.1

Yield: 5.0

Momentum: 3.0

Volatility: 5.0

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

8.62%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

6.91%

Shurgard Self Storage S.A. - GG00BQZCBZ44

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on SHUR

1.c. Company Highlights

Better Quality

Stable Momentum

Average Yield

Revenues Miss

Medium Volatility

Weak Momentum

Average Growth

Fairly Valued

Earnings Beats

Revenues Beats

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.16%)

6. Segments

Same Store Facilities

Expected Growth: 8%

Non-same Store Facilities

Expected Growth: 10%

7. Detailed Products

Self Storage Units

Business Storage Solutions

Student Storage

RV and Vehicle Storage

Packing Supplies

Moving Services

8. Shurgard Self Storage S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Shurgard Self Storage S.A. 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

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

30.4$

Current Price

30.4$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA