Grainger has proposed meaningful action: targeting >£850m PRS investment by 2020 and investigating material cost savings. Management is focussing on recurring rental income and subsequent dividend growth. Evidence that investment is being deployed will be a key price catalyst. A £100m build-to-rent development has already been secured. Current operational performance is in-line. We revise forecasts for new investment and disposals. The shares trade at a substantial 22% discount to our FY16e NNNA ....