Edison Investment Research Limited: Edison issues outlook on Raven Property Group (RAV)

London, UK, 3 September 2018

Edison issues outlook on Raven Property Group (RAV)

Raven Property Group (Raven) made good underlying progress in H118 against the backdrop of a modestly growing Russian economy and improving supply-demand conditions in the warehouse sector. Occupancy and operating income were up, although headline results are affected by unrealised FX movements. Not reflected in our forecasts, further acquisitions are likely, funded by a strong cash position (almost $200m), with the potential to more than offset rent reversion to market levels and return the company to growth.

Raven investors have three share classes (in addition to warrants) from which to choose, each offering significant yields. The 2018e ordinary share yield is 6% and shareholders benefit fully from any NAV growth or narrowing of the 28% discount to FY18e NAV/share. The pref. shares (RAVP) yield 8.3% and convertible pref. shares (RAVC) shares have a cash yield of 5.5% plus a premium at redemption.

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