2025-06-10-花旗集团-安全存储公司（SAFE）_Safestore（SAFE.L）_对上半年日益积极的基调信心增强_11页_245kb

Citi Research Summary: Safestore (SAFE.L) - H1 2025 Results

Key Highlights

• H1 Performance: Safestore's first-half results showed improvement compared to H1 2024, with like-for-like revenue growth of 2.8% and higher lfl storage rates and occupancy.
• EPS Decline: Adjusted Diluted EPRA EPS decreased by 10.4% year-on-year, primarily due to interest expenses and higher administrative costs.
• Revenue Growth: lfl revenue increased 2.8% driven by domestic demand and improvements in occupancy and rates.
• NAV Increase: Net Asset Value per share rose 11.3%, supporting a buy recommendation.
• Dividend: A 1% increase in dividends is recommended.
• Valuation: Target price is £10.50, with an expected dividend yield of 5.0% and total return forecast of 68.3%.
• Risks: Potential challenges include weaker occupational demand, reduced investment liquidity, sharp interest rate rises, and regulatory changes.

Implications

• Citi expects EPS headwinds to peak in 2025, with gradual positive inflection and strong asset growth. A buy rating is reiterated for Safestore.