reports
Raven Property Group (RAV): Increasing rents and property valuations
Edison Investment Research Limited Raven Property Group (RAV): Increasing rents and property valuations 10-Sep-2021 / 07:00 GMT/BST London, UK, 10 September 2021 Raven Property Group (RAV): Increasing rents and property valuations With the Russian economy recovering to pre-pandemic levels and e commerce activity continuing its strong pace of growth, the Russian warehouse market, in which Raven Property Group is a leading long-term investor, is performing strongly. Low vacancy, a lack of new supply and increased construction costs are driving accelerated rental growth, and th...
- Martyn King
Raven Property Group - Increasing rents and property valuations
With the Russian economy recovering to pre-pandemic levels and e commerce activity continuing its strong pace of growth, the Russian warehouse market, in which Raven Property Group is a leading long-term investor, is performing strongly. Low vacancy, a lack of new supply and increased construction costs are driving accelerated rental growth, and this is supporting capital values, despite a significant rise in interest rates.
- Martyn King
Raven Property Group - Increasing rents and property valuations
With the Russian economy recovering to pre-pandemic levels and e commerce activity continuing its strong pace of growth, the Russian warehouse market, in which Raven Property Group is a leading long-term investor, is performing strongly. Low vacancy, a lack of new supply and increased construction costs are driving accelerated rental growth, and this is supporting capital values, despite a significant rise in interest rates.
- Martyn King
Raven Property Group - Logistics growth amid the pandemic
As a growing and essential part of the supply chain, all of Raven’s warehouses continued to operate throughout the year, occupancy increased and more than 99% of rents were collected. In FY20, rouble weakness obscured this strong operational progress. However, strong demand for space, especially driven by e-commerce activity, combined with low vacancy, a lack of new supply and increased construction, are positive indicators for increased rents and valuations.
Edison Investment Research Limited: Edison issues outlook on Raven Pro...
Edison Investment Research Limited Edison Investment Research Limited: Edison issues outlook on Raven Property Group (RAV) 10-Sep-2020 / 12:26 GMT/BST Â London, UK, 10 September 2020 Edison issues outlook on Raven Property Group (RAV) While headline figures are again affected by FX movements, underlying performance was robust in H120 against the backdrop of a challenging operating environment. As a growing and essential part of the supply chain, all of Raven's warehouse properties continued to operate during COVID-19, occupancy increased and more than 99% of rents were collected...
- Martyn King
Raven Property Group - Positive developments obscured by FX
While headline figures are again affected by FX movements, underlying performance was robust in H120 against the backdrop of a challenging operating environment. As a growing and essential part of the supply chain, all of Raven’s warehouse properties continued to operate during COVID-19, occupancy increased and more than 99% of rents were collected. Although the pandemic continues to cloud the economic outlook, warehouse demand-supply fundamentals continue to be robust.
- Martyn King
Raven Property Group - Strongly growing NAV
Raven Property Group made further operational and strategic progress in H119 against the background of a strengthening operating environment and firming market rents. Leasing progress is maintaining improved levels of occupancy, while rental income and property values increased. With positive currency effects (stronger rouble versus sterling), NAV per share grew strongly. The now completed 14.8% share repurchase, primarily from Woodford Investment Management, both eliminates any perceived stock ...
- Andrew Keeley
- Kirill Rogachev
Raven Russia - ОÑвещение прекращено
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- Martyn King
Raven Property Group - Good underlying progress
Raven Property Group (Raven) made good underlying progress in H118 against the backdrop of a modestly growing Russian economy and improving supply-demand conditions in the warehouse sector. Occupancy and operating income were up, although headline results are affected by unrealised FX movements. Not reflected in our forecasts, further acquisitions are likely, funded by a strong cash position (almost $200m), with the potential to more than offset rent reversion to market levels and return the com...
- Martyn King
Raven Property Group - Accretive acquisition agreed
Raven Property Group has conditionally agreed terms on the acquisition of a Grade A warehouse in Moscow. The all-cash acquisition is expected to complete by late September and should have a positive effect on earnings and cash flow. Management hopes to announce further accretive acquisitions during the year. We will review our estimates with the interim results, due for publication on 28 August 2018. Despite economic sanctions, the Russian economy has continued to grow and real estate agents for...
- Martyn King
Raven Russia - Growing into an improving market
Raven has announced a second significant acquisition for the current year, a large, modern Grade A warehouse complex north of Moscow. The acquisition (maximum consideration c $120m) is initially funded from Raven’s existing strong cash position and immediately enhances earnings with the potential for further upside from lettings and higher rents. With the Russian economy continuing to improve, and occupier demand running well in excess of falling new warehouse supply, management comments that it...
Positioned for cash-generative acquisition
The Russian economy continues to improve, a good level of occupier demand is running well in excess of falling new warehouse supply and FX markets have been relatively calm. Against this backdrop, Raven produced a solid H1 performance and the balance sheet is strongly positioned for further significant acquisition of yielding assets. These have the potential to materially lift our reduced near-term forecasts for earnings and distributions and mitigate the negative effect on current portfolio ren...
- Julian Roberts
Emerging opportunities
Management’s outlook is cautiously optimistic and market conditions have improved since the start of 2016. Raven’s FY16 results show an IFRS profit of $7.7m or $55.4m on an EPRA basis. An opportunistic acquisition of three assets in St Petersburg announced since the year-end and expected to close in Q217 vindicates Raven’s strategy of strengthening the balance sheet in anticipation of the market changing. The defence of occupancy levels kept vacancies at 19% on average with leases covering 22% o...
- Julian Roberts
An opportune acquisition
Raven has announced the conditional acquisition of three properties in St Petersburg for RUB4.9bn (c $82m), below their replacement cost, which will generate rent of $13m in the first year of ownership (c 16% initial yield). The acquisition will be funded from existing cash reserves and is expected to be complete by the end of February. We maintain our previous forecasts pending the completion of the acquisition and the publication of Raven’s FY16 results on 13 March 2017.
Carpe Diem
​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 is using its financial muscle to seize the opportunity to acquire prime assets in St Petersburg on a yield of 16%. We have referred repeatedly to the group’s defensive qualities in wha...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
- Martyn King
Robust performance and financial strength
Market conditions, echoing economic developments, show signs of stabilising and occupancy levels have held at 82% over the period, in line with our forecast. The company’s active leasing efforts, aimed at defending income and cash flow, have dealt with the majority of the 2016 lease maturities. Costs are being contained and the cash balance has remained strong even before July’s £109m issue of convertible preference shares. Raven is well placed to navigate current market conditions and seize opp...
Cash is King
​Raven Russia's Interim results, for the 6 months to end June, released this morning, show IFRS earnings after tax $8.8 million (30 June 2015: loss of $20.6 million), and basic underlying earnings per share 4.8 cents (30 June 2015: 5.0 cents). These results were better than anticipated. Given the trying Russian market background over the last couple of years, Raven Russia's performance has been very resilient. As is always the case, management of the completed portfolio has been very tight.At ...
Update: Robustly facing a difficult environment
Raven worked hard in 2015 to mitigate the impact of a harsh trading environment. Management focused on maintaining income at the best level achievable, in whatever currency the market will allow, while protecting cash balances. It ended the year with $202m in cash, a significant share of the current market cap. Underlying profits provided management the room for continued distributions while maintaining the balance sheet prudence necessary for Raven to participate in the upside when conditions i...
Resilient in a tough market - and cash rich
​Raven Russia's statement is predictably downbeat, given the background of a troubled Russian economy (on the latest numbers, for calendar 2015 Russian GDP fell by 3.7%, and is forecast by the IMF to contract by a further 1.0% in 2016) and a weak rouble, but the company has displayed its strengths in the 2015 Final results published today.Property net operating income is only 6.8% down, partly because of timing impacts from rouble devaluation. The non-cash revaluation of the property portfolio...
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