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 9,310 - -
Change - -27.41% 15.3% -7.02% -15.17% 13.25% - -
Enterprise Value (EV) 1 15,653 12,029 13,339 12,606 11,618 12,819 12,972 13,219
Change - -23.15% 10.88% -5.49% -7.84% 10.34% 1.19% 1.91%
P/E 52.2x 31.2x 25.5x 24.9x 24.7x 28.1x 27.6x 27.1x
PBR 4.48x 3.2x 3.73x 3.4x 3.01x 3.65x 3.88x 4.17x
PEG - 1.7x 0.6x -4.53x -1.6x 113.65x 16.58x 12.7x
Capitalization / Revenue 15.1x 8.95x 9.92x 9.09x 7.32x 8.19x 7.87x 7.54x
EV / Revenue 19x 11.9x 12.7x 11.8x 10.3x 11.3x 11x 10.7x
EV / EBITDA 29.9x 18.2x 19.1x 18.3x 16.4x 17.8x 17.6x 17.3x
EV / EBIT 53.9x 34.3x 26.8x 26.1x 25.9x 27.9x 27.8x 27.4x
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% 5.19% 5.33% 5.42%
EPS 2 1.09 1.29 1.82 1.72 1.46 1.464 1.488 1.52
Distribution rate 133% 138% 109% 119% 143% 146% 147% 147%
Net sales 1 822.6 1,010 1,050 1,066 1,123 1,137 1,183 1,235
EBITDA 1 522.7 661.7 698.5 688.8 707 718.4 735.9 762.5
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 41.12 41.12 41.12
Nbr of stocks (in thousands) 2,18,811 2,24,575 2,24,861 2,26,153 2,28,036 2,26,414 - -
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
28.09x11.27x17.84x5.19% 931.01Cr
29.78x13.14x18.43x3.86% 5.47TCr
31.54x14.77x18.07x4.52% 3.06TCr
-57.76x3.29x13.95x4.92% 983.33Cr
15.93x9.13x15.57x4.58% 294.44Cr
13x10.24x16.62x5.43% 229.59Cr
65.99x9.62x18.72x4.82% 189.9Cr
10.13x9.44x17.14x5.15% 177.54Cr
Average 17.09x 10.11x 17.04x 4.81% 1.42TCr
Weighted average by Cap. 22.13x 12.29x 17.77x 4.33%

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