Inderes uses cookies to provide a better user experience and a personalised service. By consenting to the use of cookies, we can develop an even better service and will be able to provide content that is interesting to you.
Cityvarasto is a Finnish company operating in the self-storage, van rental and moving services sectors. In addition to the parent company Cityvarasto Oyj, the Cityvarasto Group includes PakuOvelle.com Oy, which specializes in van rental, and the moving company Suomen Opiskelijamuutot Oy as its main subsidiaries. Cityvarasto was founded in 1999 and is headquartered in Vantaa, Finland.
With Heitman's capital, Talli could become a more clearly defined competitor to Cityvarasto than before, but at the same time, we believe the entry of an experienced international self-storage investor into Finland supports valuation levels in the sector.
Vi forventer, at omsætningen er vokset med 14 % under støtte af opkøb og Ja-Ki Muutto. Vores EBITDA-estimat ligger helt i bunden af selskabets guidance, så vores fokus er særligt på rentabilitetsudviklingen.
In our view, the target is an excellent fit for the company's strategy, but due to its large size, good return figures will likely take longer than usual to materialize.
Cityvarasto is clearly the largest self-storage company in Finland, with a real estate business complemented by van rentals and moving services. At the core of its growth strategy is the cost-efficient acquisition of real estate nearing the end of its life cycle and gradually converting it into self-storage facilities with an EBITDA yield of around 15% on the investment. Indeed, revenue has grown by an average of about 20% per year over the past ten years, and we estimate that the company will be able to continue its strong profitable earnings growth, albeit at a significantly slower rate than targeted (adj. EBITDA 11% p.a. 2026-30) in the coming years as well. We consider the valuation highly attractive from many angles (EV/EBITDA 2027e: 10x), considering the company’s growth outlook, market position, and moderate risk level.
