GS initiates Shurgard at 'buy' on growth potential, strong balance sheet

Shurgard Self Storage

04/07/2025 07:24

** Goldman Sachs starts coverage of European self-storage leader Shurgard SHUR.BR with a "buy" rating and a PT of EUR 42.30, indicating a 17% upside to the share price

** The broker forecasts strong same-store growth driven by Shurgard's clustered store strategy, pipeline developments and recent UK expansion via the Lok'nStore acquisition

** Shurgard's strong balance sheet, marked by low leverage and an attractive BBB+ credit rating, enables cost-effective debt financing for continued expansion, GS says

** The stock currently trades at a 30% discount to GS's forecast for 2026 net tangible asset per share, providing what the broker sees as an attractive entry point for investors

** Out of 16 analysts that cover Shurgard, six rate it "strong buy" or "buy", ​eight "hold" and two​ "strong sell" or "sell" - LSEG data

 (Reporting by Johan Bodinier in Gdansk)

 ((Johangeorgesroger.bodinier@thomsonreuters.com))