Raven Property Group


£242.9m market cap

40.45p last close

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.

Investment summary

FY18 operational performance showed strong improvement against the backdrop of a strengthening Russian economy and warehouse market, with high levels of demand. Warehouse occupancy increased from 81% to 89% over the year, and reached 90% soon after, and acquisitions are making a significant contribution to income while prime rents are firming. In underlying rouble terms, rental income grew from RUB7.2bn to RUB7.7bn and the portfolio value increased by 8%. Although both were lower in sterling terms, as currency moves continued to have a negative impact (the rouble weakened 13% versus sterling), much progress has been made in eliminating the mismatch between increasingly rouble-denominated rents and legacy US dollar debt. The company has repurchased 24.5m ordinary shares by way of a previously declared 2018 final distribution of 1.75p (two shares in every 51 at 45p).

Y/E Dec
Revenue (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2017A 129.7 N/A 68.3 6.54 6.2 2.7
2018A 118.3 N/A (114.9) 3.12 13.0 2.7
2019E N/A N/A N/A N/A N/A N/A
2020E N/A N/A N/A N/A N/A N/A
Industry outlook

Russian economic growth continues but at a slower pace, while the increased VAT rate has put some upward pressure inflation. A continuing positive demand-supply balance is forecast in warehouse sector, a positive indicator for rents and vacancy.

Last updated on 25/07/2019
Share price graph
Balance sheet
Forecast net debt (£m) N/A
Forecast gearing ratio (%) N/A
Price performance
Actual 8.3 (3.9) (8.8)
Relative* 7.1 (4.4) (6.3)
52-week high/low 49.9p/36.4p
*% relative to local index
Key management
Glyn Hirsch CEO
Mark Sinclair CFO

Content on Raven Property Group