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)
2016A 195.3 N/A 62.3 6.81 9.1 3.0
2017A 228.1 N/A 73.0 7.41 8.4 3.5
2018E 209.6 N/A 43.5 4.92 12.6 3.2
2019E 204.1 N/A 40.0 4.78 13.0 3.1

Last updated on 26/03/2018

Latest research

Strong results with improving outlook

Update | Property | 12/03/2018

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 summary

2017 underlying profit after tax of $56.8m (2016: $47.1m) positively surprised. A lower FX gain was more than offset by a ($20m) realised gain on non-core legacy UK land holdings. Excluding this, underlying earnings were broadly as we had expected, with warehouse occupancy at a similar level (81% vs 80%) and much of the negative rent reversion (to lower, rouble-denominated market rents) offset by a part-year ($10m) contribution from acquisitions. RosLogistics continues to show good growth. Revaluation gains of $38.2m benefitted NAV per share (80c fully diluted or c 60p at year end), and a 3p final distribution (4p for the year vs 2.5p) by way of a tender offer buyback, reflects management confidence in the outlook as well as the land sale gains.

Last updated on 06/04/2018

Industry outlook

The Russian economy grew for the first time in three years in 2017, by 1.5%, despite losing momentum in H217 and continuing sanctions. Inflation has fallen sharply and interest rates are following. Occupier demand for warehouse space is outstripping new supply and agents are indicating a stabilisation of rents and expect vacancies to decline.

Last updated on 06/04/2018

Key management

Glyn Hirsch, CEO
Mark Sinclair, CFO

Company address

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