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Opinions Andrew Moffs
StorageVault CanadaSVI.TODON'T BUYNov 25, 2025
Andrew MoffsStock price when the opinion was issued
As of Jun 15, 2026. Market Open.
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SVI operates in a structure relatively similar to a REIT but is much more growth-focussed. It needs to utilize debt in order to be able to grow its portfolio of assets which it rents out. It has also grown primarily via acquisition. The rising rate environment has created cost pressures, however we do think the outlook is positive. As Canada has already begun cutting rates, we think SVI stands to benefit from lower interest expenses (bottom-line expansion) and being able to isse more debt to finance growth (top line expansion). The industry is capital intensive so while high debt is a risk, it is somewhat unavoidable. We like the outlook for SVI.
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Robert McWhirterRobert McWhirter
Storage demand is linked to housing activity which is limited by lack of immigration and sluggish home sales. So, the storage business and rates have come down. The stock has done well despite this, but is in a holding pattern until housing sales rise.