Stor-Age Property REIT Ltd (SSS) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Stor-Age Property REIT Ltd stock ZAR 23.67, price ZAR 16.53, upside +43.2%, quality 63 out of 100. Rating: undervalued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range R11.23 – R19.11 · fair‑value band R14.13 – R39.84 · the R16.53 price screens below the R23.67 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Stor-Age Property REIT Limited is the largest self storage property fund and most recognizable brand in SA. The portfolio consists of 108 properties across SA (63) and the UK (45) as at June 2025, providing storage to more than 55 000 customers.
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The combined value of the portfolio, including properties managed in our JV partnerships, was R18.5 billion (SA " R6.6 billion, UK " 500 million pounds) at 31 March 2025. The maximum lettable area, including the development pipeline and ongoing projects, exceeds 700 000m.
The group employs more than 500 staff across SA and the UK. Stor-Age has been listed on the Johannesburg Stock Exchange since November 2015.
Stock analysis
Stor-Age Property REIT Ltd (SSS) currently trades at R16.53, while our model-based Fair Value estimate is R23.67, implying the stock looks roughly 30% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of R24.07 per share, and 11 of the 16 models we run sit above the R16.53 price.
Bear case: the Dividend Discount group reads lowest at R11.18, and 5 of the 16 models stay below the price. Data coverage for this calculation is high.
Scenario range: R14.13 (bear) to R39.84 (bull), the price of R16.53 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 63/100 (solid quality), in the Real Estate sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Stor-Age Property REIT Ltd reported revenue of 1.5B ZAR in FY2026 versus 925M ZAR in FY2022, a compound +11.9%/yr. Reported net income was 1.1B ZAR in FY2026, compounding +2.4%/yr from FY2022.
Key figures
Market cap 8.2B ZAR Small · P/E ratio 7.3 · P/S ratio 5.71 · EPS (TTM) R2.25 · Dividend yield 7.0% · Net margin 77.1% · Return on equity 12.6% · Return on assets (EBIT) 6.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 65 out of 100 (medium confidence).
What moves the price
The share trades about 14% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −32% fair-value upside, at 43%, SSS screens cheaper than that median.
Fair Value models
BearR14.13Fair Value R23.67BullR39.84
Price R16.53 · Upside +43.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (0.6635 ZAR per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.97/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+4.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.5%
Start year 2021 (pandemic). Over 10 years: +37.1% a year
Revenue growth 10 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+37.1%
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What shareholders gained per year (last 5 years), in ZAR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis. Measured in ZAR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+15.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+8.1%
Dividend (yield on the price)7.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−0.3% vs 11.3%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.63% → 61%
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+16.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (South Africa: IMF forecast 3.3% a year to 2030, 4.9% from 2016 to 2025) that is about +13.0% a year for the price.
Compare Stor-Age Property REIT Ltd with another stock
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Peer Groupⓘ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.REIT - Industrial · 51 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score63 · Above median
Fair Value upside+41.7% · Top 25%
Profitability
Return on equity (12 months)12.6% · Top 25%
Return on assets7.8% · Top 25%
Net margin (12 months)77.1% · Top 25%
Operating margin (12 months)57.3% · Below median
Growth and dividend
Revenue growth (quarter YoY)2.2% · Below median
Dividend yield (12 months)7.0% · Above median
Balance sheet
Debt / equity0.21× · Lowest 25%
Valuation Multiplesvs REIT - Industrial median · lower = cheaper
P/E (12 months)7.3× · Cheapest 25%
P/B0.89× · Cheaper than median
P/S (12 months)5.71× · Cheapest 25%
Price / free cash flow (fiscal year)13.2× · Cheaper than median
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Is Stor-Age Property REIT Ltd (SSS) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of R23.67 versus a price of R16.53, about +43% upside (undervalued).
What is the fair value of SSS?
Our model-based fair value for Stor-Age Property REIT Ltd is R23.67 (as of Nov 5, 2026), built from audited fundamentals. The current price: R16.53.
What is the quality score of SSS?
Stor-Age Property REIT Ltd has a Quality Score of 63/100. 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 price target for Stor-Age Property REIT Ltd (SSS)?
Our model-based price target is the fair value of R23.67 (as of Nov 5, 2026) from 16 valuation models. Cautious scenario R14.13, optimistic scenario R39.84. It is a calculation from audited fundamentals, not an analyst target.
What is the Stor-Age Property REIT Ltd stock forecast for 2026?
Our models put fair value at R23.67, about +43% upside versus a price of R16.53 (undervalued). Cautious scenario R14.13, optimistic scenario R39.84. The calculation is refreshed regularly with new filings.
What is the revenue of Stor-Age Property REIT Ltd (SSS)?
Stor-Age Property REIT Ltd reported trailing-twelve-month revenue of about 1.5B ZAR (latest available figure, as of Nov 5, 2026).
Does Stor-Age Property REIT Ltd pay a dividend?
Stor-Age Property REIT Ltd currently shows a dividend yield of 7.04% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Stor-Age Property REIT Ltd (SSS) and when is the ex-dividend date?
Stor-Age Property REIT Ltd pays a dividend of R1.16 per share a year, a dividend yield of 7.0%. The last ex-dividend date was Jul 8, 2026. The payout ratio is 51.7% of earnings. Free cash flow covers the dividend 1.05 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Stor-Age Property REIT Ltd (SSS)?
For today's price to be fair in a discounted-cash-flow model, Stor-Age Property REIT Ltd would have to grow free cash flow by +16.7 % per year for five years (discount rate 13.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.5 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of SSS use?
Our models discount Stor-Age Property REIT Ltd at 13.4 %: a base by market capitalisation (small), damped by beta 0.16, country premium for South Africa. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Stor-Age Property REIT Ltd that is +16.7 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (13.4 %) and the same formula as our fair value.
How much growth has Stor-Age Property REIT Ltd (SSS) delivered so far?
Over the past 5 years revenue at Stor-Age Property REIT Ltd grew +12.5 % a year. The price currently implies free-cash-flow growth of +16.7 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Stor-Age Property REIT Ltd (SSS) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Stor-Age Property REIT Ltd (+16.7 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Stor-Age Property REIT Ltd (SSS)?
The free-cash-flow yield on the price is 7.64 %: that much free cash flow Stor-Age Property REIT Ltd produces per unit of market value. When it exceeds the discount rate of our models (13.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Stor-Age Property REIT Ltd (SSS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Stor-Age Property REIT Ltd it is R23.67 per share (as of Nov 5, 2026), against a price of R16.53. It is the blended result of 16 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Stor-Age Property REIT Ltd stock overvalued or undervalued in 2026?
As of Nov 5, 2026, SSS trades below its calculated fair value: price R16.53, fair value R23.67, a gap of about +43% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SSS?
No. The price is what the market pays today (R16.53); the fair value is what the company's own numbers justify (R23.67). For Stor-Age Property REIT Ltd the two are R7.14 per share apart. That gap is exactly why we show both numbers side by side.
How much is Stor-Age Property REIT Ltd worth?
The market values Stor-Age Property REIT Ltd at about 8.2B ZAR (market capitalisation, as of Nov 5, 2026). Per share that is R16.53; our models calculate a fair value of R23.67 per share.
What do the bullish and bearish scenarios say about SSS?
Our models span a range for Stor-Age Property REIT Ltd: cautious scenario R14.13, base R23.67, optimistic R39.84 per share (as of Nov 5, 2026, price R16.53). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SSS?
Stor-Age Property REIT Ltd trades at a price-to-earnings ratio of 7.3 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R23.67 is built from several models across several years. Other multiples: P/B 0.9, P/S 5.7, EV/EBITDA 11.4.
How solid is the balance sheet of Stor-Age Property REIT Ltd (SSS)?
Balance-sheet figures for Stor-Age Property REIT Ltd (as of Nov 5, 2026): return on equity 12.6%, debt of 0.21 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is SSS from its 52-week high?
Stor-Age Property REIT Ltd trades at R16.53, about 14% below its 52-week high of R19.11 and 8% above the low of R15.33 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of R23.67 is for.
Which stocks are comparable to Stor-Age Property REIT Ltd?
From the same area (Real Estate) we also value Prologis, Inc, Public Storage, Extra Space Storage Inc, EastGroup Properties, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Stor-Age Property REIT Ltd stock attractive at the current price?
The data as of Nov 5, 2026: price R16.53, calculated fair value R23.67 (+43%), Quality Score 63/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SSS calculated?
We run Stor-Age Property REIT Ltd through 16 models from 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of R23.67 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Stor-Age Property REIT Ltd currently trades 30% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Stor-Age Property REIT Ltd (SSS)?
The closing price on Nov 9, 2026 was R16.53. Our model-based fair value is R23.67, about +43% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Stor-Age Property REIT Ltd right now?
The model range is unusually wide (R14.13 to R39.84). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (63/100) at a price below fair value, the discount is the argument here, not the business quality. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Stor-Age Property REIT Ltd
How large is the market capitalisation of Stor-Age Property REIT Ltd (SSS)?
The market capitalisation of Stor-Age Property REIT Ltd is 8.2B ZAR. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Stor-Age Property REIT Ltd (SSS)?
The price-to-sales ratio of Stor-Age Property REIT Ltd is 5.71 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Stor-Age Property REIT Ltd (SSS)?
Earnings per share at Stor-Age Property REIT Ltd are R2.25 (price ÷ EPS = P/E 7.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Stor-Age Property REIT Ltd (SSS)?
The dividend yield of Stor-Age Property REIT Ltd is 7.0% (payout 51.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Stor-Age Property REIT Ltd (SSS)?
The net margin of Stor-Age Property REIT Ltd is 77.1% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Stor-Age Property REIT Ltd (SSS)?
The return on equity (ROE) of Stor-Age Property REIT Ltd is 12.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Stor-Age Property REIT Ltd (SSS)?
On an EBIT basis the return on assets of Stor-Age Property REIT Ltd is 6.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Stor-Age Property REIT Ltd (SSS)?
The operating margin of Stor-Age Property REIT Ltd is 57.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Stor-Age Property REIT Ltd (SSS)?
Revenue at Stor-Age Property REIT Ltd is growing +2.2% versus a year earlier (3y avg +9.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Stor-Age Property REIT Ltd (SSS)?
Earnings per share at Stor-Age Property REIT Ltd are growing +5.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Stor-Age Property REIT Ltd (SSS) carry?
The net debt of Stor-Age Property REIT Ltd is 3.9B ZAR (fiscal year 2026, ≈ 6.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 5, 2026