# Safestore Holdings (SAFE.LSE)

Canonical: https://gigainvestors.com/s/SAFE.LSE

Analysis as of: 2026-10-16T07:42:12.376Z. Financial observations: FY2005–FY2025.

Listing currency: GBX. Reporting currency: GBP.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 523.50 per share; close as of 2026-10-15.

Estimated value: low GBX 1,412.41 per share, central GBX 1,857.43 per share, high GBX 2,172.69 per share. Buy at or below the central value GBX 1,857.43 per share. Valuation as of 2026-10-16T07:42:12.376Z; scenarios are not confidence intervals.

Expected annual return: 27.1% at the stated quote. About 27.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.57×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.55×

- FY2017: 0.55×

- FY2018: 0.52×

- FY2019: 0.53×

- FY2020: 0.53×

- FY2021: 0.54×

- FY2022: 0.58×

- FY2023: 1.03×

- FY2024: 1.91×

- FY2025: 0.57×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 5.8%

- ROIC, second-lowest year: 4.6%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 65.3%

- Recent gross margin (lower of latest and 3-year median): 65.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 30.0%

- ROIC including acquisitions, ten-year median: 6.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.2%

- FY2017: 7.3%

- FY2018: 6.1%

- FY2019: 5.5%

- FY2020: 5.0%

- FY2021: 5.0%

- FY2022: 4.6%

- FY2023: 8.1%

- FY2024: 12.7%

- FY2025: 3.5%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.68×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP 1.0B

- Net income, five-year total: GBP 1.5B

- Return on incremental invested capital: 12.8%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -2.7 pp

- Working capital / revenue, final three-year average: 5.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.79×

- FY2022: 0.75×

- FY2023: 0.30×

- FY2024: 0.63×

- FY2025: 0.79×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.2% vs 8.1%

- Per-share earnings: 0.42 to 0.92 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.5%

- Ordinary dilution, 5-year annual growth: 0.7%

- Market cap gain: GBP 818M

- Cumulative retained earnings: GBP 1.7B

- Diluted shares, 10-year annual growth: 0.5%

- Diluted shares, 5-year annual growth: 0.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 10.4%

- Per-share value change: GBP 0.50

- Per-share value, starting three-year median: GBP 0.42

- Per-share value, ending three-year median: GBP 0.92

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.5%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: GBP 19M

- Cumulative net income, 10 years: GBP 2.2B

- ROIC, first three-year median: 6.2%

- ROIC, last three-year median: 8.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: GBP 0.42

- FY2017: GBP 0.37

- FY2018: GBP 0.84

- FY2019: GBP 0.63

- FY2020: GBP 0.84

- FY2021: GBP 1.74

- FY2022: GBP 2.11

- FY2023: GBP 0.92

- FY2024: GBP 1.70

- FY2025: GBP 0.51

### accounting: pass

- Sloan accruals: 0.3%

- Receivables to sales index (DSRI): 1.12×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.90×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 3.8%

- FY2017: 2.0%

- FY2018: 8.9%

- FY2019: 4.5%

- FY2020: 6.0%

- FY2021: 13.5%

- FY2022: 13.0%

- FY2023: 3.5%

- FY2024: 8.2%

- FY2025: 0.3%

## Holders

## Price story

Down 63% since Dec 2021 · sales +4.8%

Story as of 2026-10-16T10:00:12.257Z; price observation 2026-10-15.

Price needs cash profits to shrink 11.7% a year for ten years

### Sales · FY2024–2025

sales +4.8%; source https://filings.xbrl.org/213800WGA3YSJC1YOH73/2025-10-31/ESEF/GB/0/213800WGA3YSJC1YOH73-2025-10-31/reports/213800WGA3YSJC1YOH73-2025-10-31-T01.xhtml; observed 2026-02-17.

- FY2016: GBP 115M 

- FY2017: GBP 130M 

- FY2018: GBP 144M 

- FY2019: GBP 152M 

- FY2020: GBP 162M 

- FY2021: GBP 187M 

- FY2022: GBP 213M 

- FY2023: GBP 224M 

- FY2024: GBP 224M 

- FY2025: GBP 234M 

### Gross margin · FY2025

gross margin 65.3%; source https://filings.xbrl.org/213800WGA3YSJC1YOH73/2025-10-31/ESEF/GB/0/213800WGA3YSJC1YOH73-2025-10-31/reports/213800WGA3YSJC1YOH73-2025-10-31-T01.xhtml; observed 2026-02-17.

- FY2016: 64.6% 

- FY2017: 64.8% 

- FY2018: 64.1% 

- FY2019: 64.6% 

- FY2020: 65.3% 

- FY2021: 69.5% 

- FY2022: 70.4% 

- FY2023: 68.8% 

- FY2024: 67.0% 

- FY2025: 65.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are GBP 234.3 million.

- Source: https://eodhd.com/api/fundamentals/SAFE.LSE.json#2025-10-31 (filed 2026-02-17); FY2025: revenue 234300000; grossProfit 152900000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SAFE.LSE: Safestore is the UK's largest self-storage group with 210 stores on 31 July 2025; comprising 139 in the UK (including 78 in London and the South East with the remainder in key metropolitan areas such as Manchester, Birmingham, Glasgow, Edinburgh, Liverpool, Sheffield, Leeds, Newcastle, and Bristol), 32 in the Paris region, 16 in Spain, 16 in the Netherlands and seven in Belgium. In addition, the Group operates seven stores in Germany under a Joint Venture agreement with Carlyle and 12 stores in Italy under a Joint Venture agreement with Nuveen. Safestore was founded in the UK in 1998. It acquired the French business Une Piece en Plus (UPP) in 2004 which was founded in 1998 by the current Safestore Group CEO Frederic Vecchioli. Safestore has been listed on the London Stock Exchange since 2007. It entered the FTSE 250 index in October 2015. The Group provides storage to around 98,000 personal and business customers. As of 31 July 2025, Safestore had a maximum lettable area (MLA) of 9.18 million sq ft (excluding the expansion pipeline stores) of which 6.74 million sq ft was occupied. Safestore employs around 800 people across the Group. Safestore Holdings Plc was incorporated in 1998 in United Kingdom.

### Why customers stay

Margins ranged from 65.3% to 68.8% during 2023–25; it earns 5.8% on its capital.

- Source: https://eodhd.com/api/fundamentals/SAFE.LSE.json#2023-10-31 (filed 2026-02-17); FY2023: grossProfit / revenue = 68.8%.

- Source: https://eodhd.com/api/fundamentals/SAFE.LSE.json#2024-10-31 (filed 2026-02-17); FY2024: grossProfit / revenue = 67%.

- Source: https://eodhd.com/api/fundamentals/SAFE.LSE.json#2025-10-31 (filed 2026-02-17); FY2025: grossProfit / revenue = 65.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); 10-year return on capital observations [[2016,0.062183856691253946],[2017,0.07319362341596021],[2018,0.06081509113945042],[2019,0.05471847924431355],[2020,0.05015315069390322],[2021,0.05032243488604908],[2022,0.045999402046049145],[2023,0.08085285786994614],[2024,0.12721278143977002],[2025,0.034917585081888095]]; median 0.057766785191881984. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 70% gross margin through 2022 cost inflation.

- Source: https://filings.xbrl.org/213800WGA3YSJC1YOH73/2025-10-31/ESEF/GB/0/213800WGA3YSJC1YOH73-2025-10-31/reports/213800WGA3YSJC1YOH73-2025-10-31-T01.xhtml (filed 2026-02-17); Gross margin observations: [[2021,0.6953961456102784],[2022,0.7035294117647058],[2023,0.6882247992863515]]; range within 2 percentage points.

### Where the cash goes

Spends 0.3% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/SAFE.LSE.json#2016-10-31 (filed 2026-02-17); FY2016: growth capex 221649.42101396155; upkeep 578350.5789860385; owner earnings 45221649.42101396. Growth capex / owner earnings = 0.0049014006311535315.

- Source: https://eodhd.com/api/fundamentals/SAFE.LSE.json#2017-10-31 (filed 2026-02-17); FY2017: growth capex 100000; upkeep 500000; owner earnings 53900000. Growth capex / owner earnings = 0.0018552875695732839.

- Source: https://eodhd.com/api/fundamentals/SAFE.LSE.json#2018-10-31 (filed 2026-02-17); FY2018: growth capex 200000; upkeep 600000; owner earnings 177200000. Growth capex / owner earnings = 0.001128668171557562.

- Source: https://eodhd.com/api/fundamentals/SAFE.LSE.json#2019-10-31 (filed 2026-02-17); FY2019: growth capex 124967.45873883367; upkeep 39475032.54126117; owner earnings 80624967.45873883. Growth capex / owner earnings = 0.0015499846099508547.

- Source: https://eodhd.com/api/fundamentals/SAFE.LSE.json#2020-10-31 (filed 2026-02-17); FY2020: growth capex 175439.72667568922; upkeep 61024560.27332431; owner earnings 102435439.72667569. Growth capex / owner earnings = 0.00171268583552536.

- Source: https://eodhd.com/api/fundamentals/SAFE.LSE.json#2021-10-31 (filed 2026-02-17); FY2021: growth capex 408377.3946712166; upkeep 62991622.60532878; owner earnings 303548377.3946712. Growth capex / owner earnings = 0.0013453453389416328.

- Source: https://eodhd.com/api/fundamentals/SAFE.LSE.json#2022-10-31 (filed 2026-02-17); FY2022: growth capex 431481.7544711679; upkeep 95768518.24552883; owner earnings 349051481.7544712. Growth capex / owner earnings = 0.0012361550574212419.

- Source: https://eodhd.com/api/fundamentals/SAFE.LSE.json#2023-10-31 (filed 2026-02-17); FY2023: growth capex 214931.4548315853; upkeep 121685068.54516841; owner earnings 59534931.4548316. Growth capex / owner earnings = 0.003610173885807714.

- Source: https://eodhd.com/api/fundamentals/SAFE.LSE.json#2024-10-31 (filed 2026-02-17); FY2024: growth capex 0; upkeep 120100000; owner earnings 233580000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SAFE.LSE.json#2025-10-31 (filed 2026-02-17); FY2025: growth capex 243123.95678333193; upkeep 2856876.043216668; owner earnings 87463123.95678332. Growth capex / owner earnings = 0.0027797309972996467.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Dividend observations: [[2016,21300000],[2017,25600000],[2018,31300000],[2019,35000000],[2020,37700000],[2021,42600000],[2022,56900000],[2023,65900000],[2024,65900000],[2025,66599999]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 1.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SAFE.LSE SharesStats.PercentInsiders = 1.786 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 11.7% yearly over ten years; actual growth was 7.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Ten-year compound average after fade. Initial solved rate -0.17531696642557298. Price 523.5; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.19054441260744986 → FY2025 0.3981043334597942. Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2016-10: GBX 358.30 per share

- 2016-11: GBX 342.00 per share

- 2016-12: GBX 350.00 per share

- 2017-01: GBX 370.10 per share

- 2017-02: GBX 384.00 per share

- 2017-03: GBX 379.00 per share

- 2017-04: GBX 405.00 per share

- 2017-05: GBX 440.00 per share

- 2017-06: GBX 421.40 per share

- 2017-07: GBX 422.40 per share

- 2017-08: GBX 413.50 per share

- 2017-09: GBX 436.70 per share

- 2017-10: GBX 445.20 per share

- 2017-11: GBX 465.40 per share

- 2017-12: GBX 499.60 per share

- 2018-01: GBX 498.80 per share

- 2018-02: GBX 496.00 per share

- 2018-03: GBX 491.00 per share

- 2018-04: GBX 548.00 per share

- 2018-05: GBX 561.00 per share

- 2018-06: GBX 549.50 per share

- 2018-07: GBX 560.00 per share

- 2018-08: GBX 532.00 per share

- 2018-09: GBX 521.00 per share

- 2018-10: GBX 534.00 per share

- 2018-11: GBX 527.50 per share

- 2018-12: GBX 506.50 per share

- 2019-01: GBX 577.00 per share

- 2019-02: GBX 612.50 per share

- 2019-03: GBX 596.50 per share

- 2019-04: GBX 644.00 per share

- 2019-05: GBX 634.50 per share

- 2019-06: GBX 613.50 per share

- 2019-07: GBX 625.00 per share

- 2019-08: GBX 671.00 per share

- 2019-09: GBX 668.50 per share

- 2019-10: GBX 700.50 per share

- 2019-11: GBX 756.00 per share

- 2019-12: GBX 806.00 per share

- 2020-01: GBX 805.00 per share

- 2020-02: GBX 791.50 per share

- 2020-03: GBX 640.50 per share

- 2020-04: GBX 719.00 per share

- 2020-05: GBX 666.00 per share

- 2020-06: GBX 726.00 per share

- 2020-07: GBX 764.50 per share

- 2020-08: GBX 783.50 per share

- 2020-09: GBX 780.00 per share

- 2020-10: GBX 803.50 per share

- 2020-11: GBX 769.50 per share

- 2020-12: GBX 780.00 per share

- 2021-01: GBX 810.50 per share

- 2021-02: GBX 799.00 per share

- 2021-03: GBX 795.50 per share

- 2021-04: GBX 851.50 per share

- 2021-05: GBX 943.50 per share

- 2021-06: GBX 947.00 per share

- 2021-07: GBX 1,056.00 per share

- 2021-08: GBX 1,155.00 per share

- 2021-09: GBX 1,049.00 per share

- 2021-10: GBX 1,202.00 per share

- 2021-11: GBX 1,331.00 per share

- 2021-12: GBX 1,409.00 per share

- 2022-01: GBX 1,266.00 per share

- 2022-02: GBX 1,273.00 per share

- 2022-03: GBX 1,340.00 per share

- 2022-04: GBX 1,260.00 per share

- 2022-05: GBX 1,138.00 per share

- 2022-06: GBX 1,061.00 per share

- 2022-07: GBX 1,140.00 per share

- 2022-08: GBX 1,104.00 per share

- 2022-09: GBX 839.50 per share

- 2022-10: GBX 903.50 per share

- 2022-11: GBX 907.00 per share

- 2022-12: GBX 945.00 per share

- 2023-01: GBX 1,006.00 per share

- 2023-02: GBX 1,013.00 per share

- 2023-03: GBX 950.00 per share

- 2023-04: GBX 990.50 per share

- 2023-05: GBX 934.50 per share

- 2023-06: GBX 849.00 per share

- 2023-07: GBX 886.00 per share

- 2023-08: GBX 864.50 per share

- 2023-09: GBX 736.00 per share

- 2023-10: GBX 683.50 per share

- 2023-11: GBX 765.50 per share

- 2023-12: GBX 884.00 per share

- 2024-01: GBX 828.00 per share

- 2024-02: GBX 764.50 per share

- 2024-03: GBX 754.50 per share

- 2024-04: GBX 773.50 per share

- 2024-05: GBX 900.00 per share

- 2024-06: GBX 769.50 per share

- 2024-07: GBX 806.50 per share

- 2024-08: GBX 864.50 per share

- 2024-09: GBX 897.00 per share

- 2024-10: GBX 809.00 per share

- 2024-11: GBX 744.50 per share

- 2024-12: GBX 644.00 per share

- 2025-01: GBX 616.50 per share

- 2025-02: GBX 606.00 per share

- 2025-03: GBX 614.00 per share

- 2025-04: GBX 629.50 per share

- 2025-05: GBX 657.00 per share

- 2025-06: GBX 708.00 per share

- 2025-07: GBX 673.50 per share

- 2025-08: GBX 629.00 per share

- 2025-09: GBX 658.00 per share

- 2025-10: GBX 715.00 per share

- 2025-11: GBX 741.50 per share

- 2025-12: GBX 736.00 per share

- 2026-01: GBX 827.00 per share

- 2026-02: GBX 793.00 per share

- 2026-03: GBX 634.50 per share

- 2026-04: GBX 668.50 per share

- 2026-05: GBX 642.00 per share

- 2026-06: GBX 613.00 per share

- 2026-07: GBX 615.50 per share

- 2026-08: GBX 588.00 per share

- 2026-09: GBX 525.50 per share

- 2026-10: GBX 523.50 per share

## Annual estimated value (GBX per share)

- FY2016: low GBX 186.06 per share, central GBX 211.51 per share, high GBX 245.38 per share

- FY2017: low GBX 286.87 per share, central GBX 322.29 per share, high GBX 369.45 per share

- FY2018: low GBX 332.79 per share, central GBX 427.35 per share, high GBX 498.90 per share

- FY2019: low GBX 384.66 per share, central GBX 495.99 per share, high GBX 577.62 per share

- FY2020: low GBX 491.88 per share, central GBX 611.74 per share, high GBX 712.63 per share

- FY2021: low GBX 696.24 per share, central GBX 915.51 per share, high GBX 1,068.50 per share

- FY2022: low GBX 1,556.57 per share, central GBX 2,117.58 per share, high GBX 2,480.68 per share

- FY2023: low GBX 839.84 per share, central GBX 1,134.33 per share, high GBX 1,328.13 per share

- FY2024: low GBX 1,462.13 per share, central GBX 2,084.60 per share, high GBX 2,447.07 per share

- FY2025: low GBX 1,402.58 per share, central GBX 1,845.02 per share, high GBX 2,158.45 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:48:13.981Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/213800WGA3YSJC1YOH73/2025-10-31/ESEF/GB/0/213800WGA3YSJC1YOH73-2025-10-31/reports/213800WGA3YSJC1YOH73-2025-10-31-T01.xhtml); period 2025-10-31, filed 2026-02-17.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.