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 8,468 - -
Change - -27.41% 15.3% -7.02% -15.17% 3.01% - -
Enterprise Value (EV) 1 15,653 12,029 13,339 12,606 11,618 11,943 12,062 12,229
Change - -23.15% 10.88% -5.49% -7.84% 2.8% 0.99% 1.39%
P/E 52.2x 31.2x 25.5x 24.9x 24.7x 24.3x 23.9x 23.3x
PBR 4.48x 3.2x 3.73x 3.4x 3.01x 3.38x 3.58x 3.83x
PEG - 1.7x 0.6x -4.53x -1.6x 4.14x 14.85x 8.54x
Capitalization / Revenue 15.1x 8.95x 9.92x 9.09x 7.32x 7.47x 7.24x 6.99x
EV / Revenue 19x 11.9x 12.7x 11.8x 10.3x 10.5x 10.3x 10.1x
EV / EBITDA 29.9x 18.2x 19.1x 18.3x 16.4x 16.9x 16.6x 16.3x
EV / EBIT 53.9x 34.3x 26.8x 26.1x 25.9x 25.3x 24.7x 23.7x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 1.45 1.78 1.98 2.05 2.09 2.13 2.181 2.238
Rate of return 2.55% 4.42% 4.27% 4.78% 5.8% 5.66% 5.8% 5.95%
EPS 2 1.09 1.29 1.82 1.72 1.46 1.546 1.571 1.613
Distribution rate 133% 138% 109% 119% 143% 138% 139% 139%
Net sales 1 822.6 1,010 1,050 1,066 1,123 1,134 1,170 1,211
EBITDA 1 522.7 661.7 698.5 688.8 707 708.1 726.6 748.9
EBIT 1 290.6 351.1 497.3 483.1 448.9 471.2 488 515.2
Net income 1 223.5 291.3 410.8 391.2 333.8 349.4 358.7 367.8
Net Debt 1 3,200 2,990 2,916 2,915 3,397 3,475 3,593 3,761
Reference price 2 56.91 40.25 46.35 42.85 36.05 37.61 37.61 37.61
Nbr of stocks (in thousands) 2,18,811 2,24,575 2,24,861 2,26,153 2,28,036 2,25,162 - -
Announcement Date 24/02/22 23/02/23 29/02/24 27/02/25 26/02/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
24.33x10.53x16.87x5.66% 846.84Cr
28.23x12.98x18.18x4.23% 5.32TCr
28.25x13.81x16.79x4.93% 2.79TCr
-45.96x2.97x12.63x5.9% 823.85Cr
13.07x8.7x15.34x5.1% 263.45Cr
12.3x9.83x15.81x5.77% 212.97Cr
49.67x8.86x16.6x5.12% 173.03Cr
9.97x8.77x15.96x5.92% 151.44Cr
12.47x11.68x21.89x4.13% 99Cr
Average 14.70x 9.79x 16.67x 5.2% 1.19TCr
Weighted average by Cap. 21.45x 11.93x 17.14x 4.74%

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