Raven reports a solid set of Finals with NAVps 7% ahead of our forecast at 76p/share. On a prudent approach, there is material upside. We appreciate that Russia offers a different set of risks, however, with blue chip tenants in high quality warehouse space with annual indexation, there is scope for performance even before we consider potential for lower cap rates (currently 10-12%) to unlock value. Raven is well positioned to drive NAV and trades on a deep 58% discount.
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FY19 NAV 7% ahead, abundance of hidden value
- Published:
16 Mar 2020 -
Author:
Andrew Watson -
Pages:
3
Raven reports a solid set of Finals with NAVps 7% ahead of our forecast at 76p/share. On a prudent approach, there is material upside. We appreciate that Russia offers a different set of risks, however, with blue chip tenants in high quality warehouse space with annual indexation, there is scope for performance even before we consider potential for lower cap rates (currently 10-12%) to unlock value. Raven is well positioned to drive NAV and trades on a deep 58% discount.