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 9,278 - -
Change - -27.41% 15.3% -7.02% -15.17% 12.87% - -
Enterprise Value (EV) 1 15,653 12,029 13,339 12,606 11,618 12,787 12,940 13,187
Change - -23.15% 10.88% -5.49% -7.84% 10.07% 1.2% 1.91%
P/E 52.2x 31.2x 25.5x 24.9x 24.7x 28x 27.4x 26.7x
PBR 4.48x 3.2x 3.73x 3.4x 3.01x 3.63x 3.87x 4.15x
PEG - 1.7x 0.6x -4.53x -1.6x 113.24x 12.48x 9.97x
Capitalization / Revenue 15.1x 8.95x 9.92x 9.09x 7.32x 8.17x 7.91x 7.58x
EV / Revenue 19x 11.9x 12.7x 11.8x 10.3x 11.3x 11x 10.8x
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 27.8x 27.7x 27.3x
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% 5.21% 5.35% 5.44%
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 40.98 40.98 40.98
Nbr of stocks (in thousands) 218,811 224,575 224,861 226,153 228,036 226,414 - -
Announcement Date 2/24/22 2/23/23 2/29/24 2/27/25 2/26/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
28x11.26x17.78x5.21% 9.28B
31.53x13.58x19.25x3.65% 57.88B
32.35x15.07x18.45x4.39% 31.55B
-59.67x3.32x14.12x4.84% 10.02B
56.49x8.93x13.95x4.97% 3.55B
10.19x9.32x15.82x4.42% 3.06B
12.62x10.3x16.77x5.37% 2.32B
64.78x9.99x18.74x4.91% 1.86B
9.89x9.52x16.79x5.11% 1.79B
18.95x12.38x23.91x4.65% 1.21B
Average 20.51x 10.37x 17.56x 4.75% 12.25B
Weighted average by Cap. 23.91x 12.52x 18.23x 4.2%

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