Raven Property Group


£271.5m market cap

43.55p last close

Raven Property Group (formerly Raven Russia) invests mainly in Class A warehouses in Russia. It also owns three office buildings in St Petersburg, a third-party logistics company in Russia and a residential development company in the UK.

Investment summary

Against a background of improved economic and trading conditions, good progress was made in H118. Acquisitions and increased occupancy (87%) supported increased net operating income (NOI) to $79.3m (H117: $69.9m). Adjusted for FX, underlying earnings increased to $11.9m (H117: $10.6m), despite higher administrative and financing costs. We expect H218 to see further leasing progress, and a mid-year cash balance of $198m was available to support acquisition growth. FX movements were the main driver of a reduction in H118 diluted adjusted NAV per share to $71c, offsetting rouble valuation gains. Since the H118 report, Raven has completed its secondary listings on the Moscow and Johannesburg stock exchanges and the accretive acquisitions of two warehouse assets for an initial consideration of c R5.25bn (c US$80m).

Y/E Dec
Revenue (US$m)
PBT (US$m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2016A 151.7 N/A 62.3 6.81 8.2 2.7
2017A 166.7 N/A 73.0 7.41 7.6 3.2
2018E 155.7 N/A 26.7 2.85 19.7 2.9
2019E 149.9 N/A 35.2 4.39 12.8 3.1
Last updated on 18/02/2019
Industry outlook

Russian economic growth continues, although tax increases may slow the rate in 2019 and increase inflation from current low levels, keeping interest rates on hold. Occupier demand for Moscow warehouse space is outstripping new supply, a positive indicator for rents and vacancy.

Last updated on 18/02/2019
Share price graph
Balance sheet
Forecast net debt (US$m) 1088
Forecast gearing ratio (%) 230
Price performance
Actual (1.9) (5.3) (7.3)
Relative* (5.0) (7.9) (5.9)
52-week high/low 49.9p/37.9p
*% relative to local index
Key management
Glyn Hirsch CEO
Mark Sinclair CFO

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