olivLaw · European equity research
Shurgard Self Storage Limited SHUR.BR
Belgium · Euronext Brussels · Vertical: Listed companies from Belgium
Shurgard is the largest self-storage operator in Europe, running a network across seven countries on a centralized, digitalized platform. In 2023 it grew revenue and NOI margin, and its plans for 2024 target significant annual additions of floor area in a market that remains fragmented, which matters for its expansion.
At the close of 05 Nov 2026, Shurgard Self Storage Limited (SHUR.BR) stock was 25.50 EUR (+1.59% on the day), with market capitalisation 2.3 bn EUR, P/E 4.3 on diluted EPS of 5.89 EUR over the last 12 months, beta 0.44, 52-week range 21.35–32.70 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 67.2
- strong (55–70)
- Bollinger (20, 2)
- 21.94 – 25.83
- in the upper half of the band · %B 0.91 · band width 16.3%
- SMA 50 / 200
- 23.14 / 25.59
- mixed trend
- MACD (12, 26, 9)
- 0.61 / 0.45
- 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 | +15.9% | −0.6% | +16.6 pp | — |
| 3 months | −1.9% | −4.2% | +2.2 pp | — |
| 6 months | −2.9% | +4.3% | −7.2 pp | — |
| Year to date | −13.0% | +7.5% | −20.5 pp | — |
| 1 year | −18.4% | +9.9% | −28.3 pp | +6.3% |
| 3 years | −33.5% | +49.8% | −83.3 pp | −6.5% |
| 5 years | −52.0% | +42.8% | −94.8 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 0 percentile of its own 4-quarter history (min 6.7, median 9.3, max 11.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| Revenue | 271.4 m | 300.4 m | 335.3 m | 357.9 m |
| Revenue YoY | unavailable | +10.7% | +11.6% | +6.8% |
| Net income | 289.8 m | 447.6 m | 575.6 m | 534.4 m |
| Net income YoY | unavailable | +54.4% | +28.6% | −7.2% |
| Diluted EPS | 3.25 | 5.00 | 6.40 | 5.89 |
| Diluted EPS YoY | unavailable | +53.8% | +28.0% | −8.0% |
| net % | 106.8% | 149.0% | 171.7% | 149.3% |
| Free cash flow | 145.7 m | 161.3 m | 186.3 m | 187.2 m |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 258.1 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 3.6 bn EUR
- Total assets
- 5.4 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 1.31x
- ROE
- 16.5%
- ROA
- 10.7%
- FCF margin
- 52.3%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2020 | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 271.4 m | 300.4 m | 335.3 m | 357.9 m | esef· 05 Mar 2024verified |
| Cost of revenue | 98.2 m | 105.6 m | 113.8 m | 120.5 m | esef· 05 Mar 2024verified |
| Gross profit | 173.2 m | 194.8 m | 221.5 m | 237.5 m | esef· 05 Mar 2024verified |
| Operating income | 417.8 m | 644.7 m | 782.6 m | 501.4 m | esef· 05 Mar 2024verified |
| Depreciation & amortisation | 2.0 m | 2.6 m | 2.9 m | 3.4 m | esef· 05 Mar 2024verified |
| EBITDA | 419.9 m ≈ | 647.3 m ≈ | 785.5 m ≈ | 504.8 m ≈ | esef· 05 Mar 2024derived |
| Interest expense | — | — | 21.4 m | 23.4 m | esef· 05 Mar 2024verified |
| Pre-tax income | 399.1 m | 624.7 m | 761.8 m | 481.1 m | esef· 05 Mar 2024verified |
| Income tax | 109.3 m | 177.1 m | 186.2 m | -53.3 m | esef· 05 Mar 2024verified |
| Net income | 289.8 m | 447.6 m | 575.6 m | 534.4 m | esef· 05 Mar 2024verified |
| Diluted EPS | 3.25 | 5.00 | 6.40 | 5.89 | esef· 05 Mar 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2020 | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 103.0 m | 219.2 m | 87.3 m | 258.1 m | esef· 05 Mar 2024verified |
| Current assets | 123.1 m | 243.5 m | 114.3 m | 298.1 m | esef· 05 Mar 2024verified |
| Property, plant & equipment, net | 3.4 m | 3.2 m | 2.7 m | 2.5 m | esef· 05 Mar 2024verified |
| Intangibles (excl. goodwill) | 5.7 m | 5.9 m | 6.7 m | 7.7 m | esef· 05 Mar 2024verified |
| Total assets | 3.3 bn | 4.1 bn | 4.7 bn | 5.4 bn | esef· 05 Mar 2024verified |
| Current liabilities | 184.5 m | 100.1 m | 117.3 m | 228.1 m | esef· 05 Mar 2024verified |
| Total liabilities | 1.2 bn | 1.6 bn | 1.8 bn | 1.7 bn | esef· 05 Mar 2024verified |
| Equity | 2.1 bn | 2.5 bn | 2.9 bn | 3.6 bn | esef· 05 Mar 2024verified |
| Shares outstanding at year end | 88.9 m | 89.0 m | 89.2 m | 90.4 m | esef· 05 Mar 2024derived |
Cash flow · EUR
| Line | 2020 | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 145.9 m | 161.6 m | 186.5 m | 187.4 m | esef· 05 Mar 2024verified |
| Capex | 181.0 k | 287.0 k | 254.0 k | 117.0 k | esef· 05 Mar 2024verified |
| Free cash flow | 145.7 m ≈ | 161.3 m ≈ | 186.3 m ≈ | 187.2 m ≈ | esef· 05 Mar 2024derived |
| Investing cash flow | -131.0 m | -125.3 m | -183.4 m | -180.4 m | esef· 05 Mar 2024verified |
| Financing cash flow | -110.7 m | 79.1 m | -132.0 m | 162.4 m | esef· 05 Mar 2024verified |
≈ 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 weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.3 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
58% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 62.55 – 139.15 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E62.55 – 139.15 (Mid 90.60)24 companies used · median multiple 15.4x · quartiles 10.6x – 23.6xACKB.BR, AGS.BR, AZE.BR, BANI.BR, BAR.BR, BEKB.BR, BELYS.BR, BPOST.BR, CAMB.BR, CFEB.BR, COLR.BR, DECB.BR, DEME.BR, DIE.BR, ECONB.BR, ELI.BR, EVS.BR, FAGR.BR, FLOB.BR, FOU.BR, IBAB.BR, JEN.BR, KIN.BR, MELE.BR
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 149.3% | 100 (vs peers) | 11% |
| FCF conversion · Quality | 35.0% | 7 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 9.7% | 81 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | 21.9% | 100 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 21.4x | 100 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 1.3x | 42 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 4.3x | 93 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 8.1% | 100 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet77/100 · 2/3 factors with a value
- Growth90/100 · 2/2 factors with a value
- Quality54/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation96/100 · 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
SHURGARD SELF STORAGE LIMITED (SHUR.BR). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: revenue 357.9 m EUR in 2023; YoY growth 6.8%; net margin 149.3%; ROE 16.5%.
The estimated value range is 62.55–139.15 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 90.60 EUR, the price of 25.50 EUR leaves a potential of 255.3% (value / price − 1) and a margin of safety of 71.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 149.3%
- Revenue CAGR 3Y: 9.7%
- EPS CAGR 3Y: 21.9%
- Interest coverage: 21.4x
- P/E (TTM): 4.3x
- FCF yield: 8.1%
- The price is below the estimated value range
What contradicts it
- FCF conversion: 35.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Belgium · 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 | |
|---|---|---|---|---|---|---|
| ELI.BRElia Group | 11.9 bn | 23.3 | 9.6% | 13.6% | −2.0% | +28% / +34% |
| LOTB.BRLotus Bakeries | 11.4 bn | 66.4 | 20.9% | 12.7% | +10.0% | +82% / +76% |
| GBLB.BRGroupe Bruxelles Lambert - Groep Brussel Lambert | 10.6 bn | 82.4 | 0.8% | 2.1% | +1.0% | +6% / +9% |
| DIE.BRD'ieteren Group | 9.7 bn | 23.2 | — | 5.3% | −1.5% | +22% / +16% |
| ACKB.BRAckermans & Van Haaren | 8.8 bn | 22.2 | 8.4% | 7.6% | +18.6% | +22% / +77% |
| COLR.BRColruyt Group | 4.4 bn | 14.6 | 9.4% | 2.9% | +3.1% | +12% / −6% |
| DEME.BRDeme Group | 4.2 bn | 12.2 | 15.5% | 8.3% | +1.3% | +21% / +72% |
| AZE.BRAzelis Group | 2.9 bn | 16.1 | 6.6% | 4.3% | +1.5% | +29% / −42% |
| SHUR.BRShurgard Self Storage Limited | 2.3 bn | 4.3 | 16.5% | 149.3% | +6.8% | −21% / −36% |
| MELE.BRMelexis | 2.1 bn | 12.4 | 30.7% | 18.4% | −3.3% | −1% / −38% |
| BEKB.BRNV Bekaert SA | 2.1 bn | 30.7 | 3.1% | 1.8% | −6.4% | +10% / −5% |
| FAGR.BRFagron | 1.8 bn | 22.2 | 16.7% | 9.2% | +14.3% | +15% / +40% |
| KIN.BRKinepolis Group | 1.4 bn | 33.9 | 19.3% | 7.0% | −4.5% | +62% / +11% |
| JEN.BRJensen Group | 706.9 m | 17.2 | 15.1% | 9.1% | +13.3% | +28% / +111% |
| BAR.BRBarco | 563.5 m | 9.1 | 7.9% | 6.7% | −9.9% | −48% / −59% |
| IBAB.BRIon Beam Applications | 487.2 m | 39.5 | 10.7% | 2.1% | +24.5% | +48% / +52% |
| DECB.BRDeceuninck | 341.3 m | 24.6 | 4.3% | 1.7% | −4.5% | +8% / +8% |
| CAMB.BRCampine | 272.3 m | 12.2 | 28.6% | 6.1% | +13.4% | −12% / +161% |
| CFEB.BRAannemingsmaatschappij Cfe | 266.8 m | 11.1 | 9.9% | 2.0% | −5.3% | +22% / +48% |
| EVS.BREvs Broadcast Equipment | 245.9 m | 6.0 | 20.8% | 21.7% | +14.3% | −49% / −36% |
| BPOST.BRBpost | 229.8 m | 3.5 | 6.3% | 1.5% | −2.6% | −39% / −75% |
| ECONB.BREconocom Group | 210.7 m | 40.5 | 1.2% | 0.2% | +4.3% | −1% / −36% |
| IMMO.BRImmobel | 172.2 m | — | -7.4% | -25.2% | −32.8% | −24% / −36% |
| MONNI.BRKeyware Technologies | 171.0 m | 162.0 | 3.5% | 4.5% | −5.9% | −5% / −17% |
| HYSG.BRHybrid Software Group PLC | 121.3 m | — | -2.5% | -5.5% | +7.2% | −4% / +13% |
1- and 3-year price returns: for SHUR.BR 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 (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 15.91 Total return -38% · Per year -38% | 28.06 Total return 10% · Per year 10% | 42.17 Total return 65% · Per year 65% |
| 3 years | 17.08 Total return -33% · Per year -12% | 33.75 Total return 32% · Per year 10% | 55.45 Total return 117% · Per year 30% |
| 5 years | 18.35 Total return -28% · Per year -6% | 40.58 Total return 59% · Per year 10% | 72.91 Total return 186% · Per year 23% |
- Exit P/E± 8.44
- Net margin± 5.91
- Annual revenue growth± 4.62
- Annual dilution± 0.50
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
Shurgard is the largest self-storage operator in Europe, running a network across seven countries on a centralized, digitalized platform. In 2023 it grew revenue and NOI margin, and its plans for 2024 target significant annual additions of floor area in a market that remains fragmented, which matters for its expansion.
SWOT
Strengths
- Leading position in self-storage in Europe, with a large network of urban stores and high market shares in the cities where it operates.
- A centralized and digitalized operating platform that supports efficiency and stable margins.
- Most of the area is owned or on long leasehold, giving control over the assets.
Weaknesses
- Occupancy is not at maximum across all properties, and results vary between countries and stores.
- Development and acquisitions require capital, and access to financing can be harder in unfavorable periods.
- Integrating acquired properties can bring unexpected costs and previously unknown liabilities.
Opportunities
- The fragmented European market offers chances to acquire from smaller operators.
- Growth potential in Europe, where floor area per capita is lower than in the US, could support long-term expansion.
- Redevelopment and remixing of existing stores could raise rates and occupancy without new acquisitions.
Threats
- Rising land and prime property prices could reduce the returns on acquisitions.
- Changes in urban demand or in hybrid working trends could affect occupancy.
- Local rules on construction, safety and data protection could bring fines or additional costs.
Risks
- Access to capitalmedium
Financing future developments and acquisitions could become expensive or unavailable if capital markets tighten. Covenants in existing debt could limit some operations.
- Acquisition riskmedium
Demand at an acquired store could be weaker than expected, and undisclosed liabilities may surface after integration.
- Climate riskmedium
Physical risks such as flooding or storms could raise maintenance and insurance costs, and the transition to a low-carbon economy may carry financial effects.
- Competition for propertiesmedium
Competition for prime sites in major cities could limit growth or lead to choosing less suitable properties.
- Compliance and regulationhigh
Failing to comply with building, safety, labor or data protection rules could lead to substantial fines and operating restrictions.
Investment thesis
What would need to be true (bull case)
- If urban demand and hybrid working trends hold, rates and occupancy could keep rising, supporting revenue and NOI margin.
- The European scale and centralized platform could bring further economies of scale as the portfolio grows.
- Market fragmentation may offer acquisition opportunities at attractive prices if suitable assets are found.
What would break the thesis
- Financing costs or capital constraints could limit the planned expansion of floor area.
- If new supply grows faster than demand, rates could stagnate or fall in some markets.
- Acquired or redeveloped properties could see weaker occupancy than estimated, weighing on returns.
What to watch
- Trend in occupancy and average in-place rent versus 2023 levelsQ1 2027
- Progress of redevelopment and development projects scheduled for 2024 and 20252025
- Financing conditions and covenant compliance on existing debtnext 10-K
- Actual pace of area additions versus the target of 90,000 sqm per year2027
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
Shurgard Self Storage Limited, incorporated under the laws of the Bailiwick of Guernsey, operates self-storage stores in France, the Netherlands, the United Kingdom, Sweden, Germany, Belgium and Denmark. According to the 2023 annual report, it had 276 stores at 31 December 2023, with 1,398,483 net rentable sqm. Property operating revenue was 357.7 million EUR in 2023 and NOI was 237.2 million EUR, a NOI margin of 66.3%.
The business model rests on renting storage units, selling related storage products and packaging, and collecting fees for insurance on stored goods. The operating platform is integrated, digitalized and centralized, run largely from a head office, which supports a lean cost base and operating leverage. The company states that over 93% of its area is freehold or on long leasehold.
Growth comes from redevelopments, new developments and bolt-on acquisitions, including purchases from competitors. Management aims to strengthen its position in the seven countries, with focus on urban areas such as London, Paris, Berlin and Randstad in the Netherlands.
Segments
Development and redevelopment
The company redevelops and expands existing stores to raise occupancy and rates. The projects announced for 2024 and 2025 include several with completion dates in those years, and the target of adding 90,000 sqm per year depends on these deliveries.
Market context
The European self-storage market is fragmented and growing, with about 12.0 million sqm of rentable area across the seven countries where the company operates, spread over roughly 5,000 properties. The report says Shurgard has a market share above 25% in the cities where it operates, and 93% of its properties are in capital or major cities.
Demand is supported by demographics, urbanization, hybrid working and online retail, and the company describes per-capita floor area in Europe as well below the US. Consolidation is expected to continue, while new supply has grown considerably in recent years.
Trends
- Demand supported by urbanization and hybrid workingtailwind
High urban density, housing costs and scarce space could support rates and occupancy over the longer term, provided these demographic trends persist.
- Market consolidationmixed
Fragmentation allows acquisitions from competitors, which could accelerate growth, but also means competing with other investors for the same assets.
- Rising new supplyheadwind
Growth in new storage supply could put pressure on rates in some local markets.
- Digitalization of salestailwind
Shifting sales to online channels supports the efficiency of the centralized platform, if adoption continues among older customers.
Competitive position
The company describes the European market as still highly fragmented, with many local and regional operators. Competition for land and prime properties in major cities is intense and can raise acquisition prices or rents.
The company's stated edge comes from its European scale, centralized platform and development experience, which allow it to consider conversions or smaller buildings that are harder for rivals to pursue.
- Local and regional self-storage operators
The report refers to fragmentation and many smaller operators without naming them individually.
- Real estate investors
Competition for prime properties also comes from other real estate investors, which may limit growth through acquisitions.
- Property developers
For available sites in major cities, competition also comes from developers targeting the same locations.
- Public Storage (shareholder)
One director is designated by Public Storage, indicating a shareholder link, although the report does not describe an operating relationship.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202305 Mar 2024
- Annual report 202109 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Shurgard Self Storage Limited · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.