Weathering the storm
Raven Russia Limited 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 leasing to Russian and international tenants. The group produced a good performance in 2014, given the turbulence which characterised the Russian economy and the Rouble as their year end approached. The dividend on the ordinary shares, (equivalent pay out through their buy-back tender offer), has been increased by 20% from 5p to 6p. The company is naturally cautious on the outlook for the current year and the significant uncertainties regarding Ukraine, the oil price and the currency. It remains strong financially, and is well-placed to benefit from any economic recovery. Free cash is currently $247m, equivalent to 21p per share. The market's reaction to the geopolitical events and resulting depreciation of the Rouble is wholly understandable. We have lowered our fair value estimate for the ordinary shares to 60p per share, but maintain our fair value estimate for the preference shares at 160p. At the current level of 122p, the Prefs yield 9.8%.Raven Property Group is a property investment group focusing on commercial real estate in Russia. Co. has three operating segments: Property Investment, which acquires, develops and leases commercial property in Russia; Roslogistics, which is engaged in the provision of warehousing, transport, customs brokerage and related services in Russia; and Raven Mount, which sells residential property in the U.K.
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