Company Valuation: CubeSmart

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 12,453 9,039 10,422 9,691 8,221 9,204 - -
Change - -27.41% 15.3% -7.02% -15.17% 11.96% - -
Enterprise Value (EV) 1 15,653 12,029 13,339 12,606 11,618 12,712 12,865 13,113
Change - -23.15% 10.88% -5.49% -7.84% 9.42% 1.2% 1.92%
P/E 52.2x 31.2x 25.5x 24.9x 24.7x 27.8x 27.2x 26.5x
PBR 4.48x 3.2x 3.73x 3.4x 3.01x 3.6x 3.84x 4.12x
PEG - 1.7x 0.6x -4.53x -1.6x 112.43x 12.39x 9.9x
Capitalization / Revenue 15.1x 8.95x 9.92x 9.09x 7.32x 8.1x 7.85x 7.52x
EV / Revenue 19x 11.9x 12.7x 11.8x 10.3x 11.2x 11x 10.7x
EV / EBITDA 29.9x 18.2x 19.1x 18.3x 16.4x 17.7x 17.5x 17.2x
EV / EBIT 53.9x 34.3x 26.8x 26.1x 25.9x 27.6x 27.6x 27.2x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 1.45 1.78 1.98 2.05 2.09 2.135 2.192 2.229
Rate of return 2.55% 4.42% 4.27% 4.78% 5.8% 5.25% 5.39% 5.48%
EPS 2 1.09 1.29 1.82 1.72 1.46 1.464 1.496 1.536
Distribution rate 133% 138% 109% 119% 143% 146% 147% 145%
Net sales 1 822.6 1,010 1,050 1,066 1,123 1,136 1,173 1,223
EBITDA 1 522.7 661.7 698.5 688.8 707 719.3 734.7 762.5
EBIT 1 290.6 351.1 497.3 483.1 448.9 460.2 466.6 482.5
Net income 1 223.5 291.3 410.8 391.2 333.8 335.1 342.2 351.1
Net Debt 1 3,200 2,990 2,916 2,915 3,397 3,509 3,662 3,909
Reference price 2 56.91 40.25 46.35 42.85 36.05 40.65 40.65 40.65
Nbr of stocks (in thousands) 218,811 224,575 224,861 226,153 228,036 226,414 - -
Announcement Date 24/2/22 23/2/23 29/2/24 27/2/25 26/2/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
27.77x11.19x17.67x5.25% 9.2B
30.67x13.26x18.81x3.75% 56.32B
31.89x14.92x18.26x4.46% 31.1B
-56.69x3.26x13.87x5% 9.7B
55.02x8.8x13.76x5.1% 3.46B
9.81x9.1x15.46x4.59% 2.93B
12.94x10.7x17.21x5.17% 2.38B
63.07x9.82x18.43x5.04% 1.81B
10.07x9.61x16.96x5.02% 1.8B
19.59x12.63x24.38x4.49% 1.25B
Average 20.41x 10.33x 17.48x 4.79% 12B
Weighted average by Cap. 23.61x 12.33x 17.94x 4.28%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield