07 Dec 2015
Progress in FY15, proactive PRS investment required
Grainger announced final results (19/11) which surprised on NAV measures but with underlying OPBVM profitability in line with our expectations. We note that there has been positive strategic action by the board through FY15 and FY16 to date but believe that there should be greater urgency to capture PRS/Build to Rent returns while they persist. We retain our 295p 12m Target Price and our BUY recommendation.
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Progress in FY15, proactive PRS investment required
Grainger plc (GRI:LON) | 258 -2.1 (-0.3%) | Mkt Cap: 1,913m
- Published:
07 Dec 2015 -
Author:
Andrew Watson -
Pages:
6
Grainger announced final results (19/11) which surprised on NAV measures but with underlying OPBVM profitability in line with our expectations. We note that there has been positive strategic action by the board through FY15 and FY16 to date but believe that there should be greater urgency to capture PRS/Build to Rent returns while they persist. We retain our 295p 12m Target Price and our BUY recommendation.