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 8,950 - -
Change - -27.41% 15.3% -7.02% -15.17% 8.87% - -
Enterprise Value (EV) 1 15,653 12,029 13,339 12,606 11,618 12,431 12,566 12,789
Change - -23.15% 10.88% -5.49% -7.84% 7% 1.09% 1.78%
P/E 52.2x 31.2x 25.5x 24.9x 24.7x 25.8x 25.6x 25x
PBR 4.48x 3.2x 3.73x 3.4x 3.01x 3.51x 3.75x 4.03x
PEG - 1.7x 0.6x -4.53x -1.6x 4.84x 23.39x 10.9x
Capitalization / Revenue 15.1x 8.95x 9.92x 9.09x 7.32x 7.89x 7.65x 7.39x
EV / Revenue 19x 11.9x 12.7x 11.8x 10.3x 11x 10.7x 10.6x
EV / EBITDA 29.9x 18.2x 19.1x 18.3x 16.4x 17.5x 17.3x 17x
EV / EBIT 53.9x 34.3x 26.8x 26.1x 25.9x 26.6x 26x 24.8x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 1.45 1.78 1.98 2.05 2.09 2.13 2.181 2.223
Rate of return 2.55% 4.42% 4.27% 4.78% 5.8% 5.36% 5.49% 5.59%
EPS 2 1.09 1.29 1.82 1.72 1.46 1.538 1.555 1.59
Distribution rate 133% 138% 109% 119% 143% 138% 140% 140%
Net sales 1 822.6 1,010 1,050 1,066 1,123 1,134 1,170 1,211
EBITDA 1 522.7 661.7 698.5 688.8 707 708.9 728.1 751.5
EBIT 1 290.6 351.1 497.3 483.1 448.9 468.1 483.5 514.9
Net income 1 223.5 291.3 410.8 391.2 333.8 348.3 356.7 364
Net Debt 1 3,200 2,990 2,916 2,915 3,397 3,480 3,615 3,839
Reference price 2 56.91 40.25 46.35 42.85 36.05 39.75 39.75 39.75
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
25.66x10.9x17.44x5.4% 8.88B
30.07x13.6x19.19x3.99% 56.29B
30.26x14.34x17.36x4.65% 29.56B
-53.31x3.06x12.95x5.51% 8.83B
13.2x8.61x15.2x5.14% 2.66B
12.55x9.98x16.05x5.66% 2.22B
51.52x9.15x17.16x4.94% 1.8B
10.85x9.17x16.66x5.44% 1.7B
13.23x12.05x22.63x4.04% 1.07B
Average 14.89x 10.10x 17.18x 4.97% 12.56B
Weighted average by Cap. 22.41x 12.42x 17.89x 4.49%

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