Big Yellow Share Discussion Threads

[the_doctor] 21/5/2007 14:33

I dont know, but BYG may have far better sites?

[bluebelle] 21/5/2007 14:31

Yes but, as we've seen today it's invariably worth paying a premium for a company with highly rated management with a proven track record at both the strategic and tactical level as well as the benefit of being on the main market rather than AIM.

[vassily] 24/4/2007 11:53

Food for thought...

Tempus from the Times



LOK sites are valued at 80 pound a sq ft, which is one third the valuation of BYG.. and half that of Safestore(SAFE)

[vassily] 18/4/2007 15:52

Barclay's aren't stupid.

[eire voyager] 18/4/2007 10:36

Barclay,s just off loaded a million of these, however, they stil have another 4 mil. I Think these could crack seven if the market conditions were right.

[vassily] 14/4/2007 02:55

Less than 600p would be much fairer. Examine the pricing of the similar companies. BYG way off NAV.

[notanewmember] 13/4/2007 22:34

3 failed atempts - almost to break 700p.

600p is fair

[moscowtrader] 19/3/2007 08:10

Half page article in yesterday's Midas column in the financial section of the Mail on Sunday, here are some snippets:

Mentions the fact that "Big Yellow Group has 43 sites and is valued at £700m ... Safestore has 100 sites and valued at £450m ... whilst Lok is the minnow with 21 sites and a value of £62m."

Says that "in the US there is 5 sq ft of storage per person, whilst the UK currently has just 0.3 sq ft ... and suggests that the industry has potential for massive growth".

Says "Intriguingly property company Town Centre Properties has just amassed a 4.85% stake"

Final comment is "Midas verdict: Lok shares are trading at 237p, a significant discount of Big Yellow and Safestore on some measures. Supporters believe that there is substantial upside and bid action is a possibility. BUY."

[vassily] 15/3/2007 16:01

Lower lows and lower highs. Uhmmm.

[wan] 12/3/2007 08:02

Apologies I posted the above on here in error (should have been on the LOK thread), there is some relevance here, but I can remove it if people wish.

[wan] 12/3/2007 06:46

Interesting week ahead, with dealing in Safestore commencing 8.00am on the 14th March. This makes me consider that LOK could become 'the differenece' i.e. a gap widener, or a gap closer for 'one' of the other two. If nothing else the race between BYG & SAFE for growth and the top slot should put a floor under LOK's price/nav. In the meantime LOK will continue at some pace to ramp up, which includes increasing its market share.

I note we had another round of large trades in LOK last week, so we may get an RNS this week.

[vassily] 11/3/2007 03:27

scurbs:

That's why the chart up top looks the way it does. Even some of the hot money is put off BYG at these prices (and the directors start selling). And the dividend is very very low for what is essentially a real estate company. A sure sign of too much liquidity raising a share price.

BYG will fall further at some point in time. This will be healthy as is the entry of Safestore (to accompany Lok 'n' Store). There will be a better time to buy BYG. I wait patiently.

[scburbs] 10/3/2007 14:33

Safestore float price makes BYG look rather expensive (or Safestore cheap). BYG enterprise value is nearly 50% higher, but turnover is lower and lettable area is lower, although property value is higher. BYG's development pipeline is stronger so that may support a premium, but the current premium looks a bit large.

BYG:

Annualised Revenue £50m.

"The Group's investment properties have been valued by Cushman and Wakefield
(C&W). At 30 September 2006 the total value of the Group's properties was £581.0 million, comprising £489.8 million for the 41 storage centres which were open at the period end, £72.2 million for sites held for development and £19.0 million of surplus land held for sale. The properties held for development and sale are held at historical cost less provision for impairment and have not been externally valued."

"There are now 19 stores in the pipeline which when fully developed will
represent an additional 1.2 million square feet and when open will provide the
Group with a total of 61 stores and 3.73 million square feet. We have planning
permissions on four of the 19 pipeline stores and are in negotiations on the
remaining 15.61% of our total stores and sites are located within the M25 and 52 are freehold or long leasehold. Our storage centre in Gloucester is due to open in December bringing to six the expected number of openings this financial year."

[scburbs] 10/3/2007 14:25

"Safestore today announces that the offer price for its initial public offering
(the 'Global Offer') has been set at 240 pence per ordinary share, implying a
market capitalisation of approximately £449 million and an enterprise value of
£661 million."

"For the year ended 31 October 2006, Safestore recorded a 22% increase in
revenues to £64.3 million (2005: £52.9 million) with EBITDA before
exceptional items growing 24% to £33.5 million (2005: £27.0 million), all
under IFRS. As at 31 October 2006, the Group's property portfolio had an
estimated value of £475.2 million."

"The Group has a maximum lettable area of approximately 4 million square
feet and a current lettable area of approximately 3.6 million square feet.
The 12 expansion stores will add approximately 0.7 million square feet of
which the majority will be available to let by the end of the second
quarter of 2008."

[kievtrader] 09/3/2007 17:09

safestore price 240p which was at the lower end of expectations.

[kievtrader] 06/3/2007 15:51

Safestore float in a week or so and will be institutional offer. Will be big interest in this and perhaps rotation out of Big Yellow into Safestore depending on relative valuations. LOK (Lok'n Store big volume today of neary 600,000 and up ahead of safestore float and results - aproaching all time high on good volume.

[randolph and mortimer] 20/2/2007 20:25

Double top, which is not normally a good sign.

[amazelondon] 16/2/2007 10:51

They do charge VAT to there customers it is all built into the price.

[3vav] 15/2/2007 22:26

New to the thread...Does anyone know of the how Big Yellow can get away with not chargin VAT? Is this robust?

[handycam] 13/2/2007 15:54

Thames River doing the right thing.

[irenekent] 09/2/2007 16:05

Maybe selling to a stakebuilder in anticipation of a takeover.

[willower] 09/2/2007 15:48

directors selling - price keeps rising - most unusual

[kievtrader] 09/2/2007 13:45

scburbs.

No idea of size of float - statement from Safestore was only out yesterday. We will know within the next few weeks. Interesting they mention acquisitions if necessary so good for BYG and LOK as potential targets. BYG and LOK going higher imho.

[johne1] 09/2/2007 10:52

irenekent - 9 Feb'07 - 10:15 - 207 of 207

I had similar thoughts. However, there can be many reasons for directors selling.

It would be prudent to keep check on this. There has been a string of sales of late.

All in my opinion - DYOR

[irenekent] 09/2/2007 10:15

Directors all selling - do they know something?