Analyst Research Report Snapshot

Title:

BIG YELLOW - SLOW RECOVERY UNDERWAY

Price:

$10.00

Provider:

Edison Investment Research

Date:

19 Nov 2009

Pages:

2

Type:

AcrobatPDF

Companies referenced:

BYG.L

Available for Immediate Download
Summary:

The first half saw patchy recovery in letting, although self-storage is yet to show a pick-up in value in line with other classes of commercial property. The statement reported occupancy rates stabilising, but BYG’s rating already builds in growth from current levels and recovery in NAV. The shares are broadly up with events, on just a 5% discount to EPRA NAV/share of 436.6p, although NAV/share declined 4% after May’s share placing (11.55m shares at 285p). The H1 external appraisal actually showed a modest reversal of recent valuation declines. Additionally, the assumptions behind the valuation of the investment portfolio look defensive, with an 8.59% yield, based upon a relatively lengthy 41 months until the portfolio reaches stabilised occupancy levels. FOR MORE INFORMATION ON THE ATTACHED RESEARCH PLEASE CALL 020 3077 5700, EMAIL RESEARCH@EDISONINVESTMENTRESEARCH.CO.UK OR VISIT WWW.EDISONINVESTMENTRESEARCH.CO.UK

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