27 May 2016
Strong NNNAV growth, strategic progress evident
Grainger reported interim results (19/5) which highlighted strong 8% NNNAV growth from revaluation gains. Underlying OPBVM was in line with expectations on net rental growth (+10%). The pipeline of PRS opportunities is growing with £268m now committed. Further cost savings of £5m have been identified while a revised dividend policy will provide a link to rental returns. We increase our FY16e NNNAV to 290p, capturing the strong valuation gains in H1. We believe that Grainger should be valued at l ....
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Strong NNNAV growth, strategic progress evident
Grainger plc (GRI:LON) | 252 2.5 0.4% | Mkt Cap: 1,869m
- Published:
27 May 2016 -
Author:
Andrew Watson -
Pages:
11
Grainger reported interim results (19/5) which highlighted strong 8% NNNAV growth from revaluation gains. Underlying OPBVM was in line with expectations on net rental growth (+10%). The pipeline of PRS opportunities is growing with £268m now committed. Further cost savings of £5m have been identified while a revised dividend policy will provide a link to rental returns. We increase our FY16e NNNAV to 290p, capturing the strong valuation gains in H1. We believe that Grainger should be valued at l ....