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Shurgard Self Storage Ltd (SHUR) Fair Value & Analysis

Real Estate · BE · Market cap €2.6B

SS Shurgard Self Storage Ltd SHUR · BR
Price€25.85
Fair Value€29.19
Upside+12.9%
Quality56/100
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Expensive Growth
Highly profitable · 132.6% net margin
Low debt · generates free cash flow
4.59% dividend yield
Ranks above peers (10/14)
Moderate moat 60/100
Evidence: High Range €21.89 – €38.59 Share as image

Fair value as of: Aug 6, 2026

From 16 valuation models · updated 4 days ago

Share price −0.6% over the past month.

A solid business, screening 13% undervalued on our models.

What matters now

  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
  • Our model range runs from €21.89 (bear) to €38.59 (bull), base €29.19. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 56/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

€50.14 €22.92 Fair Value €29.19 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 6, 2026.

How to read this chart

60‑month range €22.92 – €50.14 · fair‑value band €21.89 – €38.59 · the €25.85 price screens below the €29.19 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 6, 2026.

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Analysis

Shurgard Self Storage Ltd (SHUR) currently trades at €25.85, while our model-based Fair Value estimate is €29.19, implying the stock looks roughly 12.9% undervalued today. The Quality Score stands at 56/100 (solid quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Trailing-twelve-month revenue stands at €451M. Revenue grew 4.9% year over year. It earns a return on equity of 14.0%. Net debt stands at €1.8B. Fundamentals as of Aug 6, 2026

Our scenario range runs from €21.89 (bear case) to €38.59 (bull case); at €25.85, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 29% below its 52-week high and 15% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -50% fair-value upside, at 13%, SHUR screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF €6.18 €18.67 €37.95 80
Residual Income €41.99 €52.27 €133.06 76
Rev-Margin DCF €7.02 €21.55 €39.47 74
All 16 models by family
DCF Models
FCF DCF €6.17 €19.45 €40.47 38
5Y Revenue Exit €7.02 €21.82 €41.44 39
5Y EBITDA Exit €13.04 €33.74 €59.05 41
10Y Revenue Exit €5.82 €19.37 €39.10 36
10Y EBITDA Exit €10.35 €27.72 €52.96 37
Dividend Discount
Gordon GGM €2.80 €5.57 €8.44 70
DDM Multi-Stage €2.80 €4.81 €5.88 61
Multiples
P/S Multiple €21.89 €29.19 €36.48 58
P/B Multiple €67.07 €89.43 €111.79 55
EV/EBIT €28.72 €42.92 €57.13 53
EV/EBITDA €19.83 €31.07 €42.31 54
EV/Revenue €8.10 €17.53 €26.96 43
Asset-Based
NCAV (Graham) €22.36 €29.96 €44.71 50
Growth DCF
Growth DCF €6.18 €18.67 €37.95 80
Rev-Margin DCF €7.02 €21.55 €39.47 74
Economic Profit
Residual Income €41.99 €52.27 €133.06 76

Widest divergence: Economic Profit (€52.27) versus Dividend Discount (€4.81). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) €451M
Revenue growth (YoY) +4.9%
Net margin 133%
Return on equity 14.0%
Free cash flow €175M FY2025
P/E ratio 4.3
More key figures
Operating margin 59.5%
EPS (TTM) €5.99
Dividend yield 4.6%
EPS growth (YoY) +11.9%
Net debt €1.8B FY2025

Figures from reported company fundamentals · as of Aug 6, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 56/100

Of which business quality 56 · Market factors (momentum, volatility) 40

Profitability 43
Margins and returns on capital today
Quality Growth 59
Are margins and returns improving?
Cashflow 75
Earnings quality: real cash, not paper profit
Fin. Strength 57
Balance sheet, leverage, solvency risk
Investment 46
Disciplined investing over empire-building
Low Volatility 76
Calm price path (market factor)
Momentum 28
Price trend over the last 3–12 months (market factor)
52W Momentum 19
Distance to the 52-week high (market factor)
Net Issuance 54
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Shurgard Self Storage Ltd, together with its subsidiaries, engages in the acquisition, development, and operation of self-storage facilities for business and personal use.

Full company description

Shurgard Self Storage Ltd, together with its subsidiaries, engages in the acquisition, development, and operation of self-storage facilities for business and personal use. The company also offers various ancillary services at its self-storage facilities consisting of sale of storage products and provision of protection through an independent insurance company for customers' stored goods. The company owns and/or operates 267 self-storage facilities and approximately 1.4 million net rentable square meters in France, the Netherlands, the United Kingdom, Sweden, Germany, Belgium, and Denmark. Shurgard Self Storage Ltd was founded in 1995 and is based in Luxembourg, Luxembourg.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Shurgard Self Storage Ltd reported revenue of €453M in FY2025 versus €300M in FY2021, a compound +10.8%/yr. Reported net income was €598M in FY2025, compounding +7.5%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
€453M
Latest YoY
+11.5%
Avg. growth/yr (3Y)
+10.6%
Avg. growth/yr (5Y)
+10.8%
Avg. growth/yr (10Y)
+7.6%
Revenue +10.8%/yr
FY21 €300M
FY22 €335M
FY23 €358M
FY24 €407M
FY25 €453M
Net income +7.5%/yr
FY21 €447M
FY22 €574M
FY23 €533M
FY24 €403M
FY25 €598M

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Cite: Fair Value Calculator (2026). "Shurgard Self Storage Ltd Fair Value". https://www.fairvalue-calculator.com/stock/SHUR

Peer Group

REIT - Specialty · 34 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 57 · Above median
Fair Value upside +13% · Top 25%
Return on equity (TTM) 14% · Top 25%
Return on assets 2% · Bottom 25%
Net margin (TTM) 133% · Top 25%
Operating margin (TTM) 59% · Above median
Revenue growth 5% · Above median
Dividend yield (TTM) 4.6% · Below median
Debt / equity 0.32× · Lower than median

Valuation Multiples vs REIT - Specialty median · lower = cheaper

P/E (TTM) 4.3× · Cheaper than 75% of peers
P/B 0.67× · Cheaper than 75% of peers
P/S (TTM) 6.71× · Pricier than median
P/FCF 17.3× · Pricier than median
EV/EBITDA 16.8× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 51 · sector 1
FUTURE 25 · sector 25
PAST 56 · sector 28
HEALTH 84 · sector 76
DIVIDEND 92 · sector 99

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more REIT - Specialty stocks, each showing price versus our Fair Value estimate (as of Aug 6, 2026).

Stock Price Fair Value vs Fair Value
Equinix, Inc EQIX $1,009 $232.70 -77%
American Tower Corporation AMT $164.65 $92.31 -44%
Digital Realty Trust, Inc DLR $199.08 $63.31 -68%
Iron Mountain Incorporated IRM $128.31 $40.43 -68%
Crown Castle Inc CCI $74.90 $37.67 -50%
SBA Communications Corporation SBAC $173.57 $143.83 -17%
Weyerhaeuser Company WY $23.94 $8.62 -64%
Lamar Advertising Company LAMR $159.46 $102.70 -36%
Gaming and Leisure Properties, Inc GLPI $45.17 $36.60 -19%
Rayonier Inc RYN $21.58 $9.96 -54%

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Frequently asked questions

Is Shurgard Self Storage Ltd (SHUR) overvalued or undervalued?
As of Aug 6, 2026, our model estimates a fair value of €29.19 versus a price of €25.85, about +13% (undervalued).
What is the fair value of SHUR?
Our model-based fair value for Shurgard Self Storage Ltd is €29.19 (as of Aug 6, 2026), built from audited fundamentals. The current price is €25.85.
What is the quality score of SHUR?
Shurgard Self Storage Ltd has a Quality Score of 56/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Shurgard Self Storage Ltd (SHUR)?
Shurgard Self Storage Ltd reported trailing-twelve-month revenue of about €451M (latest available figure, as of Aug 6, 2026).
What is the net profit margin of SHUR?
The net profit margin of Shurgard Self Storage Ltd is about 132.6%, meaning it keeps roughly 132.6% of revenue as net income. Based on the latest reported figures.
Does Shurgard Self Storage Ltd pay a dividend?
Shurgard Self Storage Ltd currently shows a dividend yield of about 5.00% relative to its recent price (as of Aug 6, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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