Raven Property Group

LN: RAV

£260.8m market cap

41.8p 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 backdrop of a strengthening Russian economy and strong warehouse demand with rising rents, Raven Property Group (Raven) delivered strong operational performance gains in 2018. Occupancy showed a strong improvement and, in rouble terms, rental, income and property values increased. Currency moves continued to negatively affect the reported financials (the rouble weakened 13% versus sterling), but much progress has been made in eliminating the mismatch between increasingly rouble-denominated rents and legacy US dollar debt.

Y/E Dec
Revenue (£m)
EBITDA (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2017A 129.7 N/A 68.3 6.54 N/A 0.0
2018A 118.3 N/A (114.9) 3.12 N/A 0.0
2019E N/A N/A N/A N/A N/A N/A
2020E N/A N/A N/A N/A N/A N/A
Last updated on 19/03/2019
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 19/03/2019
Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (2.9) (6.5) (6.3)
Relative* (4.9) (13.9) (9.0)
52-week high/low 49.9p/37.9p
*% relative to local index
Key management
Glyn Hirsch CEO
Mark Sinclair CFO

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