olivLaw · European equity research
Safestore Holdings plc SAFE.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Safestore Holdings plc is the largest self-storage provider in the UK, with operations across Western Europe. For fiscal 2025 the company reported total revenue of 234.3 million pounds sterling, and its guidance for 2026 points to a return to earnings growth, in an economic setting that remains uncertain and could pressure occupancy.
At the close of 05 Nov 2026, Safestore Holdings plc (SAFE.L) stock was 5.78 GBP (+1.05% on the day), with market capitalisation 1.3 bn GBP, P/E 11.4 on diluted EPS of 0.51 GBP over the last 12 months, dividend yield 5.28%, beta 0.69, 52-week range 4.93–8.37 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 72.2
- overbought (≥ 70)
- Bollinger (20, 2)
- 4.83 – 5.82
- in the upper half of the band · %B 0.95 · band width 18.5%
- SMA 50 / 200
- 5.35 / 6.38
- mixed trend
- MACD (12, 26, 9)
- 0.11 / 0.05
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +13.0% | −0.6% | +13.7 pp | — |
| 3 months | −8.1% | −4.2% | −3.9 pp | — |
| 6 months | −13.6% | +4.3% | −17.9 pp | — |
| Year to date | −21.5% | +7.5% | −29.0 pp | — |
| 1 year | −20.9% | +9.9% | −30.8 pp | +5.8% |
| 3 years | −21.1% | +49.8% | −71.0 pp | +26.3% |
| 5 years | −53.7% | +42.8% | −96.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 4.8, median 7.4, max 14.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 224.2 m | 223.4 m | 234.3 m |
| Revenue YoY | unavailable | −0.4% | +4.9% |
| Net income | 200.2 m | 372.3 m | 111.1 m |
| Net income YoY | unavailable | +86.0% | −70.2% |
| Diluted EPS | 0.92 | 1.70 | 0.51 |
| Diluted EPS YoY | unavailable | +85.3% | −70.3% |
| net % | 89.3% | 166.7% | 47.4% |
| Free cash flow | 95.1 m | 94.1 m | 96.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Oct 2025
- Cash
- 11.0 m GBP
- Financial debt
- 958.2 m GBP
- Net debt
- 947.2 m GBP
- Equity
- 2.3 bn GBP
- Total assets
- 3.6 bn GBP
- Debt / equity
- 0.42x
- Current ratio
- 0.27x
- ROE
- 4.9%
- ROA
- 3.2%
- FCF margin
- 41.3%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 224.2 m | 223.4 m | 234.3 m | esef· 17 Feb 2026verified |
| Cost of revenue | 69.9 m | 73.7 m | 79.9 m | esef· 17 Feb 2026verified |
| Gross profit | 154.3 m | 149.7 m | 154.4 m | esef· 17 Feb 2026verified |
| Operating income | 230.4 m | 425.8 m | 159.3 m | esef· 17 Feb 2026verified |
| Interest expense | 23.4 m | 27.3 m | 32.7 m | esef· 17 Feb 2026verified |
| Pre-tax income | 207.8 m | 398.6 m | 127.1 m | esef· 17 Feb 2026verified |
| Income tax | 7.6 m | 26.3 m | 16.0 m | esef· 17 Feb 2026verified |
| Net income | 200.2 m | 372.3 m | 111.1 m | esef· 17 Feb 2026verified |
| Diluted EPS | 0.92 | 1.70 | 0.51 | esef· 17 Feb 2026verified |
| Dividend per share | 0.30 | 0.30 | 0.31 | esef· 17 Feb 2026derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 16.9 m | 25.3 m | 11.0 m | esef· 17 Feb 2026verified |
| Receivables | 32.8 m | 31.7 m | 31.6 m | esef· 17 Feb 2026verified |
| Inventories | 400.0 k | 400.0 k | 400.0 k | esef· 17 Feb 2026verified |
| Current assets | 50.1 m | 58.4 m | 44.0 m | esef· 17 Feb 2026verified |
| Property, plant & equipment, net | 5.2 m | 5.7 m | 7.2 m | esef· 17 Feb 2026verified |
| Total assets | 3.0 bn | 3.4 bn | 3.6 bn | esef· 17 Feb 2026verified |
| Accounts payable | 52.4 m | 51.8 m | 54.0 m | esef· 17 Feb 2026verified |
| Short-term debt | 44.5 m | 0 | 96.5 m | esef· 17 Feb 2026verified |
| Long-term debt | 681.3 m | 824.2 m | 861.7 m | esef· 17 Feb 2026verified |
| Current liabilities | 110.4 m | 65.8 m | 165.9 m | esef· 17 Feb 2026verified |
| Total liabilities | 1.0 bn | 1.1 bn | 1.3 bn | esef· 17 Feb 2026verified |
| Equity | 1.9 bn | 2.2 bn | 2.3 bn | esef· 17 Feb 2026verified |
| Shares outstanding at year end | 217.1 m | 218.4 m | 218.3 m | esef· 17 Feb 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 98.0 m | 95.9 m | 99.9 m | esef· 17 Feb 2026verified |
| Capex | 2.9 m | 1.8 m | 3.1 m | esef· 17 Feb 2026verified |
| Free cash flow | 95.1 m ≈ | 94.1 m ≈ | 96.8 m ≈ | esef· 17 Feb 2026derived |
| Investing cash flow | -124.2 m | -122.6 m | -142.1 m | esef· 17 Feb 2026verified |
| Financing cash flow | 22.3 m | 35.4 m | 28.3 m | esef· 17 Feb 2026verified |
| Dividends paid | 65.9 m | 65.9 m | 66.6 m | esef· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 64 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.3 bn GBP
Key indicators
Coverage and freshness
Score by group
- Quality59
- Returns75
- Balance sheet31
- Valuation83
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Unattractive profile · Score 64/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.4% | 25 (vs peers) | 17% |
| Net margin · Quality | 47.4% | 94 (vs peers) | 10% |
| FCF conversion · Quality | 87.1% | 82 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 4.9x | 52 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 0.3x | 0 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 11.4x | 72 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 7.7% | 96 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 5.3% | 75 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 68.8% | 73 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet31/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality59/100 · 3/3 factors with a value
- Returns75/100 · 2/2 factors with a value
- Valuation83/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SAFESTORE HOLDINGS PLC (SAFE.L). Latest full fiscal year: 2025; data up to 2025-10-31.
Figures computed from the financial statements: revenue 234.3 m GBP in 2025; YoY growth 4.9%; net margin 47.4%; ROE 4.9%.
The estimated value range is 2.99–6.46 GBP per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 4.33 GBP, the price of 5.78 GBP leaves a potential of -25.0% (value / price − 1) and a margin of safety of -33.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 64/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 47.4%
- FCF conversion: 87.1%
- P/E (TTM): 11.4x
- FCF yield: 7.7%
- Shareholder yield (distributions): 5.3%
- Payout ratio (FCF): 68.8%
What contradicts it
- ROIC: 4.4%
- Current ratio: 0.3x
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| SAFE.LSafestore Holdings PLC | 1.3 bn | 11.4 | 4.9% | 47.4% | +4.9% | −22% / −25% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for SAFE.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 3.45 Total return -36% · Per year -36% | 6.09 Total return 11% · Per year 11% | 9.18 Total return 66% · Per year 66% |
| 3 years | 3.37 Total return -29% · Per year -11% | 6.70 Total return 34% · Per year 10% | 11.08 Total return 114% · Per year 29% |
| 5 years | 3.30 Total return -22% · Per year -5% | 7.37 Total return 58% · Per year 10% | 13.38 Total return 173% · Per year 22% |
- Exit P/E± 1.68
- Net margin± 1.17
- Annual revenue growth± 0.96
- Annual dilution± 0.10
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Safestore Holdings plc is the largest self-storage provider in the UK, with operations across Western Europe. For fiscal 2025 the company reported total revenue of 234.3 million pounds sterling, and its guidance for 2026 points to a return to earnings growth, in an economic setting that remains uncertain and could pressure occupancy.
SWOT
Strengths
- Leading position in UK self-storage, with an extensive portfolio and a digital customer platform.
- Rising occupancy in comparable stores points to solid demand in the existing network.
- Sustainability recognitions and a clear strategy for reducing operational emissions.
Weaknesses
- High net debt and the need to refinance notes with near-term maturities.
- Dependence on property valuations, which can be subjective when comparable transactions are lacking.
- Exposure to construction cost inflation in new investments.
Opportunities
- Growth in lettable area and the integration of new stores could support revenue over the medium term.
- Expansion markets in Western Europe could add growth if local returns are confirmed.
- Extending digital services could improve customer experience and operating efficiency.
Threats
- Economic pressure on consumer and business spending could reduce occupancy.
- Regulatory changes and tax risks linked to REIT status could lead to penalties.
- Cyber-attacks and exposure to climate risks could affect reputation and costs.
Risks
- Debt refinancinghigh
Private placement notes with near-term maturities must be refinanced. If funding conditions worsen, borrowing costs could rise.
- Property valuation riskmedium
A fall in property values could lead to a breach of borrowing covenants, especially if the market deteriorates.
- Occupancy riskmedium
Weaker demand or oversupply could reduce occupancy and revenue, with an effect on portfolio value.
- Regulatory and REIT compliance riskmedium
Failure to comply with REIT legislation could expose the group to tax penalties or the loss of its status.
- Operational and cyber risklow
Fire, health and safety incidents, cyber-attacks or data breaches could affect reputation and revenue.
Investment thesis
What would need to be true (bull case)
- If occupancy in comparable stores keeps rising, revenue could benefit without large additional investment.
- The leading UK position and the digital platform could support market share and pricing.
- If refinancing is completed on good terms, financial pressure could ease and open room for growth.
What would break the thesis
- If pressure on consumer spending persists, occupancy could stagnate or decline.
- High net debt and rising finance costs could limit the company's flexibility.
- If property values fall, borrowing covenants could come under strain.
What to watch
- Like-for-like occupancy trend and first-quarter LFL growthQ1 2026
- Progress on refinancing the USPP notes maturing in 20262026
- Delivery of capital expenditure on new stores and the lettable area addedFY 2026
- Confirmation of the return to earnings growth set out in guidancenext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Safestore Holdings plc (SAFE.L) owns, develops and operates self-storage units rented to residential and business customers. The company presents itself as the largest such provider in the UK, with operations also in Spain, the Netherlands and Belgium, plus associate interests in Germany and a joint venture in Italy 1. The model combines property assets with digital customer services, and the company operates as a REIT with specific tax compliance obligations 1.
Key operating metrics include maximum lettable area (MLA), occupancy and revenue per available square foot (REVPAF), reported both in total and on a like-for-like basis for stores open in both years compared 1. The funding structure includes US Private Placement Notes and bank term loans, and management says the upcoming maturities are expected to be refinanced 1.
The company publishes sustainability reporting with targets to reduce operational emissions, and according to the report the electricity supply to all Group stores comes from renewable sources 1.
Segments
UK market
The UK market is the main engine of the group and is described as its largest. The like-for-like closing occupancy rose to 81.2 percent from 80.0 percent, which suggests improving demand in comparable stores 1.
Expansion markets
Expansion markets include Spain, the Netherlands and Belgium, plus interests in Germany and Italy. Integration of the Italian EasyBox joint venture into the group portfolio was completed in 2024, and risks relate to local returns and to regulatory and fiscal factors in each country 1.
Development and portfolio growth
New store development draws on a large pipeline of potential sites. For fiscal 2026 the company expects additional lettable area and incremental EBITDA from non-LFL stores and the pipeline, a plan that depends on executing the investments 1.
Market context
The UK and Western European self-storage market is described in the report as shaped by demand from residential and business customers, by pricing and by local competition. The company notes that if economic pressure on consumer and business spending persists, the market could see volatility affecting occupancy and property values 1.
Guidance for 2026 is described as cautiously optimistic, with the like-for-like growth trend continuing into the first quarter, but economic uncertainty remains present 1.
Trends
- Rising occupancy in comparable storestailwind
Like-for-like occupancy has increased, indicating better demand across the existing network. If the trend holds, it could support revenue without new investment 1.
- Economic uncertainty and spending pressureheadwind
Pressure on consumer and business spending can affect occupancy and property values, and the company acknowledges that the economic outlook remains uncertain 1.
- Construction and development costsheadwind
Building cost inflation makes it harder to estimate costs for new investments, and the capital needed for developments is planned carefully. The effect depends on execution and on price levels 1.
- Refinancing and cost of debtmixed
USPP notes maturing in 2026 are to be refinanced, and net finance costs are projected to rise by a few million pounds. The company says it has shown the ability to raise new funding, but refinancing remains a point of attention 1.
Competitive position
The supplied sources do not identify competitors in detail. The company presents itself as the largest self-storage provider in the UK, which suggests a leading position, but local competition in each market is mentioned only in general terms 1.
The differentiation the company cites rests on its digital platform, its online presence and a pricing strategy that adapts to customer behaviour, factors that may matter in a competitive environment 1.
- Local self-storage operators
The sources do not name specific competitors; competition is described only generically in the annual report.
- Independent storage operators
Local and regional operators may compete on price and location, according to the risk factors in the report.
- Joint venture partners in Italy and Germany
The associate and joint venture interests in these countries are part of the expansion strategy rather than direct competitors.
- Online booking platforms
Online visibility and relationships with search engines are considered essential for storage demand.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202517 Feb 2026
- Annual report 202517 Feb 2026
- Annual report 202411 Feb 2025
- Annual report 202411 Feb 2025
Sources
- [1] Annual report, fiscal year ended 2025-10-31 (ESEF) · SEC / Safestore Holdings plc · 31 Oct 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.