Company Overview
Cityvarasto Oyj is a Finnish public company specializing in self-storage solutions, offering a range of services including storage units, packing materials, and logistics. Founded in 1999, the company has established itself as a leading player in the Finnish self-storage market.
Cityvarasto Oyj is listed on the Nasdaq First North Growth Market Finland exchange, with a market capitalization of over 500 million. The company has a strong presence in Finland, with 77 storage units across 28 locations nationwide.
The company's management team includes experienced professionals with expertise in logistics, finance, and customer service. Cityvarasto's board of directors is composed of seasoned executives with a deep understanding of the self-storage industry.
The primary mission of Cityvarasto is to provide customers with flexible and convenient storage solutions, while also ensuring the safety and security of their assets. The company's core values include innovation, customer satisfaction, and sustainability.
Key Products/Services
Cityvarasto offers a range of products and services, including:
- Storage units: Cityvarasto provides a variety of storage unit sizes to cater to different customer needs.
- Packing materials: The company offers a range of packing materials, including boxes, bubble wrap, and tape.
- Logistics: Cityvarasto provides logistics services, including pickup and delivery of stored items.
- Van rental: Cityvarasto's PakuOvelle.com subsidiary offers car rental services, providing customers with a convenient way to transport their vehicles.
- Moving services: The company's Opiskelijamuutot subsidiary provides moving services, catering to the needs of students and individuals.
The benefits of Cityvarasto's products and services include:
- Convenience: Cityvarasto's storage units and logistics services provide customers with a convenient way to store and transport their assets.
- Safety and security: The company's storage facilities are designed to ensure the safety and security of stored items.
- Flexibility: Cityvarasto offers a range of storage unit sizes and services to cater to different customer needs.
- Cost-effectiveness: The company's logistics services and car rental options provide customers with cost-effective solutions for transporting their assets.
Conclusion
Cityvarasto Oyj is a well-established player in the Finnish self-storage market, offering a range of products and services that cater to different customer needs. The company's strong management team, robust financial performance, and cost-effective services make it an attractive investment opportunity for those looking to capitalize on the growing demand for self-storage solutions.
Valuation
| 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|
| Number of Shares (million) | 8.0 | 8.0 | 8.0 | 8.0 |
| Target Valuation (MEur) | 135.8 | 176.4 | 198.4 | 198.4 |
| Targer Price | 16.91 | 21.97 | 24.72 | 24.72 |
| Potential, % | 1.3 | 60.9 | 81.0 | 81.0 |
| Recommendation | Hold | Buy | Buy | Buy |
| MCAP (MEur) | 134.1 | 109.6 | 109.6 | 109.6 |
| Price | 16.71 | 13.65 | 13.65 | 13.65 |
| EV | 167.0 | 150.0 | 159.0 | 168.0 |
| P/S | 4.94 | 3.64 | 3.37 | 3.39 |
| EV/S | 6.15 | 4.98 | 4.88 | 5.18 |
| EV/EBIT | 22.46 | 25.5 | 26.28 | 25.5 |
| P/E | 31.81 | 30.62 | 25.96 | 21.96 |
| P/B | 0.86 | 0.69 | 0.67 | 0.65 |
| P/OCF | 18.19 | 12.5 | 16.55 | 15.13 |
| EV/OCF | 22.65 | 17.09 | 24.02 | 23.14 |
| P/FCF | -13.85 | -60.7 | -19.16 | -21.48 |
| EV/FCF | -17.24 | -83.02 | -27.8 | -32.85 |
Income Statement
| 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|
| Revenue | 18.5 | 22.4 | 27.1 | 30.1 | 32.6 | 32.3 |
| Rev. Growth, % | 0.0 | 21.1 | 21.0 | 11.1 | 8.3 | -0.9 |
| Ebit | 9.1 | 6.8 | 7.4 | 5.9 | 6.0 | 6.6 |
| Ebit Growth, % | 0.0 | -25.3 | 8.8 | -20.3 | 1.7 | 10.0 |
| Ebit, % | 49.2 | 30.4 | 27.3 | 19.6 | 18.4 | 20.4 |
| Profit | 9.1 | 3.7 | 4.2 | 3.6 | 4.2 | 5.0 |
| EPS | 1.13 | 0.46 | 0.52 | 0.45 | 0.52 | 0.62 |
| Profit Growth, % | 0.0 | -59.3 | 13.5 | -14.3 | 16.7 | 19.0 |
| Profit, % | 49.2 | 16.5 | 15.5 | 12.0 | 12.9 | 15.5 |
Balance Sheet
| 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|
| Inventory | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Acc. Receivable | 1.0 | 1.3 | 2.7 | 2.4 | 2.5 | 2.5 |
| Cash | 2.0 | 2.2 | 1.2 | -3.7 | -12.8 | -21.3 |
| Equity | 79.5 | 130.2 | 156.0 | 158.7 | 162.9 | 167.9 |
| ROE, % | 11.4 | 2.8 | 2.7 | 2.3 | 2.6 | 3.0 |
| ROCE, % | 7.6 | 3.9 | 3.9 | 3.0 | 3.0 | 3.2 |
| Net Debt | 38.3 | 43.9 | 32.9 | 40.3 | 49.4 | 58.0 |
| Gearing, % | 48.2 | 33.8 | 21.1 | 25.4 | 30.3 | 34.5 |
| Equity ratio, % | 58.9 | 62.6 | 64.5 | 64.8 | 67.8 | 70.3 |
| Acc. Payable | 1.9 | 3.1 | 3.9 | 4.4 | 4.2 | 4.3 |
| Total Assets | 135.1 | 207.9 | 241.9 | 244.7 | 240.3 | 238.7 |
| ROA, % | 6.7 | 1.8 | 1.7 | 1.5 | 1.7 | 2.1 |
Cash Flow
| 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|
| Operating Cash Flow | 7.8 | 7.8 | 7.4 | 8.8 | 6.6 | 7.2 |
| Investment Cash Flow | -14.6 | -14.6 | -17.0 | -10.6 | -12.3 | -12.3 |
| Free Cash Flow | -6.9 | -6.9 | -9.7 | -1.8 | -5.7 | -5.1 |
| OCF/CAPEX | 0.53 | 0.53 | 0.43 | 0.83 | 0.54 | 0.59 |
| Financial Cash Flow | 7.1 | 7.1 | 9.1 | -3.1 | -3.4 | -3.4 |
Disclaimer
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