On the acquisition trail
Raven Russia is a Guernsey registered property investment company specialising in commercial real estate in Russia, concentrated on the acquisition and development of high quality Class A warehouse complexes in the country’s major cities and their subsequent leasing to Russian and international tenants.Results in H1 2017 (just announced) were in line with our expectation and the Company again emphasises that it is on the acquisition trail and that it has the firepower to do so (net cash today of $237m). Gearing is now down to its lowest level since 2012, thanks to the second issue of convertible preference in July.
The purchase in April 2017 of three unencumbered properties in St Petersburg was earnings and NAV enhancing, and the first two months revenues from it served to cushion the impact of orderly transition to the new market norm of Rouble denominated rents.
Lower forex profits and Conv Pref dividends mean that earnings per share will be lower. Yet the outlook for the Russian economy is encouraging with a return to GDP growth forecast this year, and inflation falling to an all-time low.
We maintain our calculation of Fair Value for the ordinary at 60p per share.
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