Edison Investment Research Limited
London, UK, 10 September 2020
Edison issues outlook on Raven Property Group (RAV)
While headline figures are again affected by FX movements, underlying performance was robust in H120 against the backdrop of a challenging operating environment. As a growing and essential part of the supply chain, all of Raven's warehouse properties continued to operate during COVID-19, occupancy increased and more than 99% of rents were collected. Although the pandemic continues to cloud the economic outlook, warehouse demand-supply fundamentals continue to be robust.
Based on the FY21e distribution, the ordinary share yield is 7.6% and benefits fully from any narrowing of the significant discount to NAV/share, while being highly geared to NAV changes. The preference shares (RAVP) yield is c 10%.
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