STORAGE KING GROUP (SKG)
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SKG

SKG - STORAGE KING GROUP

FNArena Sector : REITs
Year End: June
GICS Industry Group : NONE
Debt/EBITDA: 11.38
Index: ASX300 | ALL-ORDS

Storage King Group is an Australian real estate investment trust that owns and operates self-storage properties across Australia and New Zealand under the Storage King brand.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$1.145

20 Aug
2026

0.000

OPEN

$1.15

0.000

HIGH

$1.15

1,808,127

LOW

$1.13

TARGET
$1.333 16.4% upside
OTHER COMPANIES IN THE SAME SECTOR
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FNARENA'S MARKET CONSENSUS FORECASTS
SKG: 1
Title FY25
Actual		 FY26
Actual		 FY27
Forecast		 FY28
Forecast
EPS (cps) xxx 11.7 5.0 xxx
DPS (cps) xxx 6.2 4.8 xxx
EPS Growth xxx - 46.6% - 57.4% xxx
DPS Growth xxx 0.0% - 23.4% xxx
PE Ratio xxx N/A 22.6 xxx
Dividend Yield xxx N/A 4.2% xxx
Div Pay Ratio(%) xxx 52.8% 95.0% xxx

Dividend yield today if purchased 3 years ago: 5.12%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 5.49

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages
HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 2023202420252026
EPS Basic xxxxxxxxx11.7
DPS All xxxxxxxxx6.2
Sales/Revenue xxxxxxxxx247.4 M
Book Value Per Share xxxxxxxxx181.8
Net Operating Cash Flow xxxxxxxxx78.9 M
Net Profit Margin xxxxxxxxx62.37 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 2023202420252026
Return on Capital Employed xxxxxxxxx6.54 %
Return on Invested Capital xxxxxxxxx4.25 %
Return on Assets xxxxxxxxx4.10 %
Return on Equity xxxxxxxxx6.54 %
Return on Total Capital xxxxxxxxx3.19 %
Free Cash Flow ex dividends xxxxxxxxx-12.4 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 2023202420252026
Short-Term Debt xxxxxxxxx1 M
Long Term Debt xxxxxxxxx1,392 M
Total Debt xxxxxxxxx1,393 M
Goodwill - Gross xxxxxxxxx-
Cash & Equivalents - Generic xxxxxxxxx111 M
Price To Book Value xxxxxxxxx0.74

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 2023202420252026
Capex xxxxxxxxx6.8 M
Capex % of Sales xxxxxxxxx2.76 %
Cost of Goods Sold xxxxxxxxx61 M
Selling, General & Admin. Exp & Other xxxxxxxxx71 M
Research & Development xxxxxxxxx-
Investments - Total xxxxxxxxx3,610 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.0

No. Of Recommendations

3
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

17/08/2026

3

Hold

$1.15

0.44%

Storage King reported FY26 funds from operations down -3.6% on FY25. Distributions were flat on FY25, in line with guidance. However, the REIT has cut its distribution for FY27, Ord Minnett notes, effectively rebasing its earnings lower as well.

Gearing is a concern for the broker, especially given the large development pipeline of 16 stores planned for delivery plus expansions in the medium-term, together equivalent to around 18% of portfolio net lettable area.

These developments detract from earnings in the early years until they can be leased and occupied. The shares trade at a very wide discount to NTA, but in Ord Minnett's view there are few catalysts for a re-rating in the near-term, unless corporate interest in the name is revived.

Target falls to $1.15 from $1.45, Hold retained.

FORECAST
Ord Minnett forecasts a full year FY27 dividend of 5.00 cents and EPS of 5.00 cents.
Ord Minnett forecasts a full year FY28 dividend of 5.00 cents and EPS of 6.00 cents.

Bell Potter

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

3

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

xx/xx/xxxx

3

xxxxxxx xx xxxxxxx xxxx xxxxxxxxxxx

$xx.xx

xx.xx%

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Moelis

17/08/2026

1

Buy

$1.50

31.00%

Moelis maintains a Buy rating for Storage King with its target price decreased to $1.50 from $1.63 following the release of FY27 distribution guidance and full-year results.

The analyst notes management set FY27 distribution guidance at 4.5c per unit, implying funds from operations will decline -20% to 5.0c per unit amid an 80%-100% payout ratio target.

The broker's estimates suggest earnings face a material near-term drag driven by rising debt costs and the accelerated delivery of 50,000 square metres of new store developments requiring multi-year operational ramp-ups.

The Australian portfolio delivered a 2.7% lift in revenue per available metre, while New Zealand performance dropped -12% amid an ongoing refurbishment program.

The analyst highlights shares currently trade at a -34% discount to net tangible assets, representing a 15-month low and an implied capitalisation rate of 7.0%.

FORECAST
Moelis forecasts a full year FY27 dividend of 4.50 cents and EPS of 5.00 cents.
Moelis forecasts a full year FY28 dividend of 4.80 cents and EPS of 5.30 cents.

Shaw and Partners

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Access Extra Coverage Research History >

SKG STOCK CHART

FNArena News on SKG

1
In Case You Missed It – BC Extra Upgrades & Downgrades – 21-08-26

Aug 21 2026 - Weekly Reports
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Aug 19 2026 - Rudi's View
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Australian Broker Call *Extra* Edition – Aug 18, 2026

Aug 18 2026 - Daily Market Reports
4
Australian Broker Call *Extra* Edition – Aug 17, 2026

Aug 17 2026 - Daily Market Reports
5
FNArena Corporate Results Monitor – 14-08-2026

Aug 14 2026 - Australia

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