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Raven Property Group (RUS)

Business description

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.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2016A 151.7 N/A 62.3 6.81 8.0 2.6
2017A 166.7 N/A 73.0 7.41 7.4 3.1
2018E 155.7 N/A 26.7 2.85 19.1 2.8
2019E 149.9 N/A 35.2 4.39 12.4 3.0

Last updated on 29/01/2019

Latest research

Good underlying progress

Outlook | Property | 03/09/2018

Accretive acquisition agreed

Flash note | Property | 13/08/2018

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

Investment summary

Against a background of improved economic and trading conditions, good progress was made in H118. Acquisitions and increased occupancy (87%) supported increased net operating income (NOI) to $79.3m (H117: $69.9m). Adjusted for FX, underlying earnings increased to $11.9m (H117: $10.6m), despite higher administrative and financing costs. We expect H218 to see further leasing progress, and a mid-year cash balance of $198m was available to support acquisition growth. FX movements were the main driver of a reduction in H118 diluted adjusted NAV per share to $71c, offsetting rouble valuation gains. Since the H118 report, Raven has completed its secondary listings on the Moscow and Johannesburg stock exchanges and the accretive acquisitions of two warehouse assets for an initial consideration of c R5.25bn (c US$80m).

Last updated on 01/02/2019

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 01/02/2019

Key management

Glyn Hirsch, CEO
Mark Sinclair, CFO

Company address

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