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 14.04x 8.84x
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 1.572 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 1 223.5 291.3 410.8 391.2 333.8 349.5 359.1 367.8
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) 218,811 224,575 224,861 226,153 228,036 225,162 - -
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
24.67x10.63x17.03x5.58% 8.59B
28.45x13.06x18.29x4.19% 53.58B
28.59x13.93x16.93x4.87% 28.28B
-46.14x2.97x12.66x5.88% 8.27B
13.12x8.72x15.37x5.08% 2.65B
12.27x9.81x15.78x5.79% 2.13B
50.36x8.94x16.74x5.05% 1.75B
9.99x8.78x15.97x5.91% 1.52B
12.66x11.83x21.85x4.07% 1B
Average 14.88x 9.85x 16.74x 5.16% 11.97B
Weighted average by Cap. 21.71x 12.01x 17.25x 4.7%

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