SAFE

Safestore (SAFE)

Company name:	Safestore Holdings Plc
EPIC:	SAFE	Trading Currency:	GBX
Market Sector:	F25F	ISIN:	GB00B1N7Z094
Market Segment:	STMM	Share Type:	DE
WWW Address:		Description:	ORD 1P
Industry Sector:	REAL ESTATE INVESTMENT & SERVICES

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
1,124.00	11.0 [0.99]	1,121.00	1,123.00	1,132.00	1,132.00	1,116.00	264,865
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
2,369.89	210.84	0.11	181.20	25.10	6.20	2.23	1,460.00 - 920.50

Safestore Key Figures

Key Figures
(at previous day's close)
Market Cap.	2,369.89	m
Shares In Issue	210.84	m
Prev. Close	1,113.00
PE Ratio	6.20
Dividend Yield	2.23	%
EPS - basic	181.20	p
Dividend PS	25.10	p
Dividend Cover	7.22
Cash Flow PS	46.01	p
Return On Equity (ROE)	27.78	%
Operating Margin	216.60	%
PEG Factor	0.05
EPS Growth Rate	114.18	%
Dividends PS Growth Rate	34.95	%
Net Debt	699.20	m
Gross Gearing	35.06	%
Quick Assets	72.90	m
Net Working Capital	-15.20	m
Intangibles / Fixed Assets	-	%
Turnover PS	88.60	p
Pre-Tax Profit PS	191.89	p
Retained Profit PS	160.97	p
Cash PS	20.49	p
Net Cash PS	-21.53	p
Net Tangible Asset Value PS *	652.09	p
Net Asset Value PS	652.09	p
Spread	2.00 (0.18%)
* Calculation based on Ordinary Capital figure as contained in last annual report, and the most recent shares in issue figure. Therefore the ratio might be exposed to inaccuracies.

Safestore Balance Sheet

%1$s Balance Sheet

Share Price Performance

Share Price Performance
Sample Period ^†	High	Low
1 week	1,132.00	1,063.00
4 weeks	1,294.00	1,024.00
12 weeks	1,423.00	1,024.00
1 year	1,460.00	920.50

Share Price Chart (5 years)

Safestore Historic Returns

%1$s Historic Returns
Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	1,070.00	54.00	5.05	1,063.00	0.46		1,096.74
4 weeks	1,262.00	-138.00	-10.94	1,024.00	0.52		1,108.35
12 weeks	1,203.00	-79.00	-6.57	1,024.00	0.49		1,219.90
26 weeks	1,334.00	-210.00	-15.74	1,024.00	0.51		1,267.23
1 year	936.50	187.50	20.02	920.50	0.44		1,181.35
3 years	626.50	497.50	79.41	501.00	0.42		898.60
5 years	441.00	683.00	154.88	383.80	0.40		754.47
† periods calculated are whole weeks rather than calendar months

Safestore Key Management Ratios

DEEPER ANALYSIS

Safestore Investment Ratios

%1$s Investment Ratios
(Market value analysis) at previous day's close
PQ Ratio	8.57
PE Ratio	6.20
Tobin's Q Ratio	1.24
Tobin's Q Ratio (excl. intangibles)	1.24
Dividend Yield	2.23	%
Market-to-Book Ratio	1.72
Price-to-Pre-Tax Profit PS	5.86
Price-to-Retained Profit PS	6.98
Price-to-Cash Flow PS	24.43
Price-to-Sales PS	12.69
Price-to-Net Tangible Asset Value PS	1.72
Price-to-Cash PS	54.86
Net Working Capital PS	-7.21
Price Pct to Working Capital PS	-155.91	%
Earnings Yield	16.12	%
Average PE	9.10
Years in average	5
PE to PE average	68.14	%

Safestore Financial Ratios

%1$s Financial Ratios
(Leverage Ratios)
Debt Ratio	32.23	%
Debt-to-Equity Ratio	0.48
Debt-to-Equity Ratio (excl. Intgbl)	0.48
Debt-to-Equity Market Value	0.28
Net Gearing	33.02	%
Net Gearing (excl. Intangibles)	33.02	%
Gross Gearing	35.06	%
Gross Gearing (excl. Intangibles)	35.06	%
Gearing Under 1 Year	4.18	%
Gearing Under 1 Year (excl. Intgbl)	4.18	%
Assets/Equity	1.54
Cash/Equity	3.14
(Liquidity Ratios)
Net Working Capital to Total Assets	-0.72	%
Current Ratio	0.83
Quick Ratio (Acid Test)	0.82
Liquidity Ratio	0.49
Cash & Equiv/Current Assets	58.86	%
(Solvency Ratios)
Enterprise Value	2,980.49	m
CFO/Sales	0.52
CFO/Attributable Profit	0.25
CFO/Assets	0.05
CFO/Debt	0.13
Total Debt/Equity Market Value	0.31
Total Debt/Sales	3.97
Total Debt/Pre-Tax Profit	1.83
Total Debt	742.40	m
Total Debt/Net Current Assets	-48.84	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	42.36	%
5 yr Compound Earnings Growth	37.11	%
10 yr Compound Earnings Growth	-	%
Earn drops > 5% in 10yrs	7

Beta coefficients
Beta (60-Mnth)	Beta (36-Mnth)
0.1065	0.3602

Safestore Operating Ratios

%1$s Operating Ratios
(Profitability Ratios)
Return On Capital Employed (ROCE)	19.94	%
Return On Assets (ROA)	20.01	%
Net Profit Margin	204.50	%
Assets Turnover	0.10
Return On Equity (ROE)	27.78	%
Return On Investment (ROI)	20.82	%
Dividend Payout Ratio	13.85	%
Plowback Ratio	86.15	%
Growth from Plowback Ratio	27.30	%
Net Income Of Revenues	181.69	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	0.15
Fixed Assets Turnover	0.10
Current Assets Turnover	3.20
Net Working Capital Turnover
Inventory Turnover	467.00
(Other Operating Ratios)
Total Assets-to-Sales	10.22
Debtors-to-Sales	14.21	%
Debt Collection Period	51.88	Days

Safestore Dividends

%1$s Dividends
Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
13 Jan 2022	Final	GBX	17.60	31/10/2020	31/10/2021	03/03/2022	04/03/2022	07/04/2022	25.10
17 Jun 2021	Interim	GBX	7.50	31/10/2020	31/10/2021	08/07/2021	09/07/2021	13/08/2021	-
14 Jan 2021	Final	GBX	12.70	31/10/2019	31/10/2020	04/03/2021	05/03/2021	08/04/2021	18.60
18 Jun 2020	Interim	GBX	5.90	31/10/2019	31/10/2020	09/07/2020	10/07/2020	14/08/2020	-
07 Jan 2020	Final	GBX	12.00	31/10/2018	31/10/2019	05/03/2020	06/03/2020	09/04/2020	17.50
18 Jun 2019	Interim	GBX	5.50	31/10/2018	31/10/2019	11/07/2019	12/07/2019	16/08/2019	-
08 Jan 2019	Final	GBX	11.15	31/10/2017	31/10/2018	07/03/2019	08/03/2019	10/04/2019	16.25
14 Jun 2018	Interim	GBX	5.10	31/10/2017	31/10/2018	12/07/2018	13/07/2018	17/08/2018	-
09 Jan 2018	Final	GBX	9.80	31/10/2016	31/10/2017	08/03/2018	09/03/2018	06/04/2018	14.00
15 Jun 2017	Interim	GBX	4.20	31/10/2016	31/10/2017	13/07/2017	14/07/2017	18/08/2017	-
09 Jan 2017	Final	GBX	8.05	31/10/2015	31/10/2016	09/03/2017	10/03/2017	07/04/2017	11.65
16 Jun 2016	Interim	GBX	3.60	31/10/2015	31/10/2016	07/07/2016	08/07/2016	12/08/2016	-
21 Jan 2016	Final	GBX	6.65	31/10/2014	31/10/2015	10/03/2016	11/03/2016	08/04/2016	9.65
18 Jun 2015	Interim	GBX	3.00	31/10/2014	31/10/2015	09/07/2015	10/07/2015	14/08/2015	-
22 Jan 2015	Final	GBX	5.30	31/10/2013	31/10/2014	12/03/2015	13/03/2015	08/04/2015	7.45
26 Jun 2014	Interim	GBX	2.15	31/10/2013	31/10/2014	09/07/2014	11/07/2014	15/08/2014	-
30 Jan 2014	Final	GBX	3.90	31/10/2012	31/10/2013	12/03/2014	14/03/2014	11/04/2014	5.75
27 Jun 2013	Interim	GBX	1.85	31/10/2012	31/10/2013	10/07/2013	12/07/2013	15/08/2013	-
30 Jan 2013	Final	GBX	3.80	31/10/2011	31/10/2012	13/03/2013	15/03/2013	12/04/2013	5.65
27 Jun 2012	Interim	GBX	1.85	31/10/2011	31/10/2012	11/07/2012	13/07/2012	08/08/2012	-
26 Jan 2012	Final	GBX	3.55	31/10/2010	31/10/2011	14/03/2012	16/03/2012	11/04/2012	5.30
23 Jun 2011	Interim	GBX	1.75	31/10/2010	31/10/2011	13/07/2011	15/07/2011	10/08/2011	-
18 Jan 2011	Final	GBX	3.25	31/10/2009	31/10/2010	09/03/2011	11/03/2011	08/04/2011	4.95
16 Jun 2010	Interim	GBX	1.70	31/10/2009	31/10/2010	07/07/2010	09/07/2010	11/08/2010	-
29 Jan 2010	Final	GBX	3.00	31/10/2008	31/10/2009	03/03/2010	05/03/2010	02/04/2010	4.65
30 Jun 2009	Interim	GBX	1.65	30/04/2008	30/04/2009	08/07/2009	10/07/2009	12/08/2009	-
20 Jan 2009	Final	GBX	3.00	31/10/2007	31/10/2008	25/02/2009	27/02/2009	06/04/2009	4.65
24 Jun 2008	Interim	GBX	1.65	30/04/2007	30/04/2008	02/07/2008	04/07/2008	06/08/2008	-
22 Jan 2008	Final	GBX	3.00	31/10/2006	31/10/2007	27/02/2008	27/02/2008	07/04/2008	4.50
10 Jul 2007	Interim	GBX	1.50	30/04/2006	30/04/2007	18/07/2007	20/07/2007	10/08/2007	-

Safestore Fundamentals

Profit and Loss Account
	31 Oct 2018 (GBP)		31 Oct 2019 (GBP)		31 Oct 2020 (GBP)		31 Oct 2021 (GBP)
turnover	143.90	100.00%	151.80	100.00%	162.30	100.00%	186.80	100.00%	m
pre tax profit	185.30	128.77%	147.30	97.04%	197.90	121.93%	404.60	216.60%	m
attributable profit	177.20	123.14%	132.10	87.02%	178.00	109.67%	382.00	204.50%	m
retained profit	145.90	101.39%	97.10	63.97%	140.30	86.44%	339.40	181.69%	m
eps - basic (p)	84.40		62.80		84.60		181.20
eps - diluted (p)	84.20		62.60		84.00		176.40
dividends per share	16.25		17.50		18.60		25.10

Safestore Balance Sheet

Balance Sheet
	31 Oct 2018 (GBP)		31 Oct 2019 (GBP)		31 Oct 2020 (GBP)		31 Oct 2021 (GBP)


	31 Oct 2018 (GBP)		31 Oct 2019 (GBP)		31 Oct 2020 (GBP)		31 Oct 2021 (GBP)
ASSETS
fixed assets	2.20	0.17%	2.40	0.16%	3.20	0.19%	3.20	0.15%	m
intangibles	-	-%	-	-%	-	-%	-	-%	m
fixed investments	1,278.40	97.25%	1,412.00	95.99%	1,654.60	97.27%	2,040.70	96.38%	m
current assets - other	-	-%	-	-%	-	-%	-	-%	m
stocks	0.20	0.02%	0.30	0.02%	0.30	0.02%	0.50	0.02%	m
debtors	23.20	1.76%	23.10	1.57%	23.40	1.38%	29.70	1.40%	m
cash & securities	10.50	0.80%	33.20	2.26%	19.60	1.15%	43.20	2.04%	m

TOTAL	1,314.50	100%	1,471.00	100%	1,701.10	100%	2,117.30	100%	m

LIABILITIES
creditors - short	52.20	3.97%	53.00	3.60%	59.70	3.51%	88.60	4.18%	m
creditors - long	473.70	36.04%	532.10	36.17%	605.80	35.61%	653.80	30.88%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	525.90	40.01%	585.10	39.78%	665.50	39.12%	742.40	35.06%	m

EQUITY
ord cap, reserves	788.60	59.99%	885.90	60.22%	1,035.60	60.88%	1,374.90	64.94%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	788.60	59.99%	885.90	60.22%	1,035.60	60.88%	1,374.90	64.94%	m

OTHER
NAV Basic	-		-		-		-
NAV Diluted	-		-		-		-

Safestore Cash Flow Statement

%1$s Cash Flow Statement
	31 Oct 2018 (GBP)	31 Oct 2019 (GBP)	31 Oct 2020 (GBP)	31 Oct 2021 (GBP)
Operating CF	60.60	66.60	75.70	97.00	m
Pre-Financing CF	-22.70	16.70	-1.90	30.80	m
Retained CF	-55.20	23.20	-13.90	24.50	m

Safestore Brokers

%1$s Brokers
Name	Activity	Type	Mnemonic	Code
Numis Securities Limited	Market Maker(MME)	Broker/Dealer	NUMS	RAZHGB2LBIC
Citigrp Global Mkt UK Equities	Market Maker(MME)	Broker/Dealer	CITI	SBUKGB21
Merrill Lynch International	Market Maker(MME)	Broker/Dealer	MLSB	SNCSGB2LBIC
Winterflood Securities Ltd	Market Maker(MME)	Broker/Dealer	WINS	WNTSGB2LBIC