Raven Russia (RUS)

Business description

Guernsey-based Raven Russia is listed on the main market of the LSE and invests, for the long term, in modern, high-quality warehouse properties in Russia, with the aim of delivering progressive distributions to shareholders.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2015A 219.7 N/A 64.9 7.94 8.2 3.2
2016A 195.3 N/A 62.3 6.81 9.6 3.6
2017E 195.2 N/A 46.3 4.69 13.9 3.3
2018E 210.0 N/A 52.7 5.50 11.8 4.1

Last updated on 04/12/2017

Latest research

Growing into an improving market

Update | Property | 07/11/2017

Positioned for cash-generative acquisition

Update | Property | 31/08/2017

Emerging opportunities

Outlook | Property | 27/03/2017

An opportune acquisition

Update | Property | 24/01/2017

Robust performance and financial strength

Update | Property | 31/08/2016

Robustly facing a difficult environment

Update | Property | 04/04/2016

Swimming

Update | Property | 08/09/2015

Prepared for the challenge

Update | Property | 19/03/2015

Daily comment

Institutional Comment | Property | 11/12/2014

Well prepared and resilient

Update | Property | 10/12/2014

Daily comment

Institutional Comment | Property | 08/12/2014

Investment for income

Initiation | Property | 22/09/2014

Investment summary

Raven has announced a second significant acquisition for the current year, a 73%-let, large and modern Grade A warehouse complex north of Moscow for a maximum consideration of c $120m. It is initially funded from Raven’s existing strong cash position and immediately enhances earnings with the potential for further upside from lettings and higher rents. With the Russian economy continuing to improve, and with occupier demand running well in excess of falling new warehouse supply, management comments that it feels increasingly like the bottom of the market. Utilising the remaining cash resources and gearing unencumbered assets, we estimate that Raven has the resources to undertake further acquisitions, which have the potential to significantly lift our near-term forecasts and mitigate the negative effect on current portfolio rental income should the market fail to recover over the medium term.

Last updated on 13/12/2017

Industry outlook

The economic recovery is supporting occupier demand for warehouse space as new supply is diminishing. Agents are indicating a stabilisation of rents and expect vacancies to decline.

Last updated on 13/12/2017

Key management

Glyn Hirsch, CEO
Mark Sinclair, CFO

Company address

6th Floor, 10 Nikolskaya St.
Moscow
103012
Russian Federation
+74956444448
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