Shurgard Self Storage: Making room for upside

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Shurgard Self Storage: Making room for upside

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Shurgard Self Storage

Making room for upside

Reiterate Rating: BUY | PO: 35.00 EUR | Price: 26.85 EUR

Attractive entry into a Pan-European platform 08 July 2026

As the largest pan-European operator, Shurgard benefits from scale, low 23% LTV, Equity

consolidation optionality and AI-driven efficiency upside. SHUR trades on c.0.6x P/BV vs

BYG and SAFE at 0.6-0.7x, and 14x P/E 27E, cheaper than the sector at 15x. This is

Key Changesdespite above-sector EPS growth (Exhibit 4) and a 35% TSR potential, as we leave our

PO unchanged at €35 given the recent decision to discontinue the scrip dividend. With (EUR) Previous Current

this report we transfer the coverage to Thomas Hynes. Buy rating reiterated. 2026E EPS 1.75 1.73

2027E EPS 1.87 1.80

2028E EPS 2.08 1.93AI: the next unlocker of growth?

We see AI to be a medium-term tailwind for self-storage, supporting better pricing,

better conversion and lower operating intensity. Adoption is rising fast: 43% of Thomas Hynes >>

Research Analyst

operators stated using AI for content generation (15% in 2024) and 21% of self-storage MLI (UK)

operators using AI for data analysis (7% in 2024). This matters as staff and management +44 20 7995 9037 thomas.hynes2@bofa.com

costs represent c.40% of operator costs. Demand could also benefit if AI-led disruption

Marc Mozzi >>

drives downsizing or moves, further supporting a need for flexible space. Research Analyst

BofASE (France)

Scale matters in a fragmented market +33marc.mozzi@bofa.com1 8770 0374

Europe remains a highly fragmented self-storage market. We estimate c.10k the total Markus Kulessa >>

facilities across the region, of which the top 10 players represent only c.15% (Exhibit 5). Research Analyst BofASE (France)