Big Yellow (BYG)

Company name:	Big Yellow Group Plc
EPIC:	BYG	Trading Currency:	GBX
Market Sector:	F25F	ISIN:	GB0002869419
Market Segment:	STMM	Share Type:	DE
WWW Address:	http://www.thebigyellow.co.uk/	Description:	ORD 10P
Industry Sector:	REAL ESTATE INVESTMENT TRUSTS

Price	Price Change [%]	Bid	Offer	Open	High	Low	Volume
1,100.00	22.0 [2.04]	1,099.00	1,102.00	1,065.00	1,100.00	1,062.00	255,195
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
1,932.71	175.70	0.05	55.80	33.80	19.71	3.07	1,245.00 - 630.00

Big Yellow Key Figures

(at previous day's close)
Market Cap.	1,932.71	m
Shares In Issue	175.70	m
Prev. Close	1,078.00
PE Ratio	19.71
Dividend Yield	3.07	%
EPS - basic	55.80	p
Dividend PS	33.80	p
Dividend Cover	1.65
Cash Flow PS	41.90	p
Return On Equity (ROE)	7.95	%
Operating Margin	72.26	%
PEG Factor	-0.69
EPS Growth Rate	-28.74	%
Dividends PS Growth Rate	1.81	%
Net Debt	401.03	m
Gross Gearing	27.99	%
Quick Assets	77.79	m
Net Working Capital	40.28	m
Intangibles / Fixed Assets	0.09	%
Turnover PS	73.60	p
Pre-Tax Profit PS	53.19	p
Retained Profit PS	20.98	p
Cash PS	29.26	p
Net Cash PS	7.68	p
Net Tangible Asset Value PS *	661.60	p
Net Asset Value PS	662.42	p
Spread	3.00 (0.27%)
* Calculation based on Ordinary Capital figure as contained in last annual report, and the most recent shares in issue figure. Therefore the ratio might be exposed to inaccuracies.

Big Yellow Balance Sheet

Share Price Performance

Sample Period ^†	High	Low
1 week	1,162.00	1,062.00
4 weeks	1,162.00	1,012.00
12 weeks	1,162.00	991.50
1 year	1,245.00	630.00

Share Price Chart (5 years)

Big Yellow Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	1,120.00	-20.00	-1.79	1,062.00	0.30		1,111.13
4 weeks	1,044.00	56.00	5.36	1,012.00	0.26		1,076.87
12 weeks	1,002.00	98.00	9.78	991.50	0.29		1,058.44
26 weeks	1,090.00	10.00	0.92	905.00	0.32		1,026.97
1 year	1,125.00	-25.00	-2.22	630.00	0.34		1,046.36
3 years	781.50	318.50	40.75	630.00	0.31		975.08
5 years	744.50	355.50	47.75	629.50	0.30		891.93
† periods calculated are whole weeks rather than calendar months

Big Yellow Key Management Ratios

Big Yellow Investment Ratios

(Market value analysis) at previous day's close
PQ Ratio	7.36
PE Ratio	19.71
Tobin's Q Ratio	1.23
Tobin's Q Ratio (excl. intangibles)	1.23
Dividend Yield	3.07	%
Market-to-Book Ratio	1.66
Price-to-Pre-Tax Profit PS	20.68
Price-to-Retained Profit PS	52.42
Price-to-Cash Flow PS	26.25
Price-to-Sales PS	14.95
Price-to-Net Tangible Asset Value PS	1.66
Price-to-Cash PS	37.59
Net Working Capital PS	22.92
Price Pct to Working Capital PS	47.99	%
Earnings Yield	5.07	%
Average PE	12.59
Years in average	5
PE to PE average	156.58	%

Big Yellow Financial Ratios

(Leverage Ratios)
Debt Ratio	26.26	%
Debt-to-Equity Ratio	0.36
Debt-to-Equity Ratio (excl. Intgbl)	0.36
Debt-to-Equity Market Value	0.21
Net Gearing	24.81	%
Net Gearing (excl. Intangibles)	24.83	%
Gross Gearing	27.99	%
Gross Gearing (excl. Intangibles)	28.02	%
Gearing Under 1 Year	2.35	%
Gearing Under 1 Year (excl. Intgbl)	2.35	%
Assets/Equity	1.39
Cash/Equity	4.42
(Liquidity Ratios)
Net Working Capital to Total Assets	2.49	%
Current Ratio	2.06
Quick Ratio (Acid Test)	2.05
Liquidity Ratio	1.36
Cash & Equiv/Current Assets	65.75	%
(Solvency Ratios)
Enterprise Value	2,295.81	m
CFO/Sales	0.57
CFO/Attributable Profit	0.80
CFO/Assets	0.05
CFO/Debt	0.16
Total Debt/Equity Market Value	0.23
Total Debt/Sales	3.50
Total Debt/Pre-Tax Profit	4.84
Total Debt	452.45	m
Total Debt/Net Current Assets	11.23	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	-	%
5 yr Compound Earnings Growth	-	%
10 yr Compound Earnings Growth	26.45	%
Earn drops > 5% in 10yrs	10

Beta (60-Mnth)	Beta (36-Mnth)
0.0548	-0.0171

Big Yellow Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	5.92	%
Return On Assets (ROA)	5.90	%
Net Profit Margin	71.59	%
Assets Turnover	0.08
Return On Equity (ROE)	7.95	%
Return On Investment (ROI)	6.07	%
Dividend Payout Ratio	60.57	%
Plowback Ratio	39.43	%
Growth from Plowback Ratio	3.19	%
Net Income Of Revenues	28.51	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	0.11
Fixed Assets Turnover	0.09
Current Assets Turnover	2.19
Net Working Capital Turnover
Inventory Turnover	372.66
(Other Operating Ratios)
Total Assets-to-Sales	12.13
Debtors-to-Sales	18.58	%
Debt Collection Period	67.83	Days

Big Yellow Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
09 Jun 2020	Final	GBX	16.70	31/03/2019	31/03/2020	18/06/2020	19/06/2020	10/08/2020	33.80
19 Nov 2019	Interim	GBX	17.10	30/03/2019	30/09/2019	05/12/2019	06/12/2019	10/01/2020	-
21 May 2019	Final	GBX	16.50	31/03/2018	31/03/2019	20/06/2019	21/06/2019	26/07/2019	33.20
20 Nov 2018	Interim	GBX	16.70	30/03/2018	30/09/2018	06/12/2018	07/12/2018	07/01/2019	-
22 May 2018	Final	GBX	15.50	31/03/2017	31/03/2018	21/06/2018	22/06/2018	27/07/2018	30.80
21 Nov 2017	Interim	GBX	15.30	30/03/2017	30/09/2017	07/12/2017	08/12/2017	05/01/2018	-
23 May 2017	Final	GBX	14.10	31/03/2016	31/03/2017	22/06/2017	23/06/2017	27/07/2017	27.60
22 Nov 2016	Interim	GBX	13.50	30/03/2016	30/09/2016	08/12/2016	09/12/2016	06/01/2017	-
24 May 2016	Final	GBX	12.80	31/03/2015	31/03/2016	16/06/2016	17/06/2016	28/07/2016	24.90
17 Nov 2015	Interim	GBX	12.10	30/03/2015	30/09/2015	10/12/2015	11/12/2015	07/01/2016	-
19 May 2015	Final	GBX	11.30	31/03/2014	31/03/2015	11/06/2015	12/06/2015	23/07/2015	21.70
19 Nov 2014	Interim	GBX	10.40	30/03/2014	30/09/2014	11/12/2014	12/12/2014	08/01/2015	-
20 May 2014	Final	GBX	8.40	31/03/2013	31/03/2014	11/06/2014	13/06/2014	24/07/2014	16.40
19 Nov 2013	Interim	GBX	8.00	30/03/2013	30/09/2013	11/12/2013	13/12/2013	09/01/2014	-
21 May 2013	Final	GBX	6.00	31/03/2012	31/03/2013	12/06/2013	14/06/2013	24/07/2013	11.00
20 Nov 2012	Interim	GBX	5.00	30/03/2012	30/09/2012	05/12/2012	07/12/2012	04/01/2013	-
22 May 2012	Final	GBX	5.50	31/03/2011	31/03/2012	06/06/2012	08/06/2012	20/07/2012	10.00
22 Nov 2011	Interim	GBX	4.50	30/03/2011	30/09/2011	07/12/2011	09/12/2011	05/01/2012	-
24 May 2011	Final	GBX	5.00	31/03/2010	31/03/2011	08/06/2011	10/06/2011	20/07/2011	9.00
22 Nov 2010	Interim	GBX	4.00	30/09/2009	30/09/2010	08/12/2010	10/12/2010	30/12/2010	-
17 May 2010	Final	GBX	4.00	31/03/2009	31/03/2010	09/06/2010	11/06/2010	14/07/2010	4.00
18 May 2009	Final	GBX	-	31/03/2008	31/03/2009	-	-	-	-
19 May 2008	Final	GBX	5.50	31/03/2007	31/03/2008	11/06/2008	13/06/2008	16/07/2008	9.50
27 Nov 2007	Interim	GBX	4.00	30/03/2007	30/09/2007	05/12/2007	07/12/2007	28/12/2007	-
21 May 2007	Final	GBX	5.50	28/02/2006	28/02/2007	13/06/2007	15/06/2007	18/07/2007	9.00
23 Nov 2006	Interim	GBX	3.50	30/03/2006	30/09/2006	29/11/2006	01/12/2006	22/12/2006	-
15 May 2006	Final	GBX	3.00	28/02/2005	28/02/2006	07/06/2006	09/06/2006	12/07/2006	5.00
15 Nov 2005	Interim	GBX	2.00	30/03/2005	30/09/2005	23/11/2005	25/11/2005	19/12/2005	-
09 May 2005	Final	GBX	1.50	31/03/2004	31/03/2005	01/06/2005	03/06/2005	01/07/2005	2.00
09 Nov 2004	Interim	GBX	0.50	30/03/2004	30/09/2004	17/11/2004	19/11/2004	20/12/2004	-
05 May 2004	Final	GBX	1.05	31/03/2003	31/03/2004	02/06/2004	04/06/2004	02/07/2004	1.50
07 May 2003	Final	GBX	1.00	31/03/2002	31/03/2003	04/06/2003	06/06/2003	04/07/2003	1.00

Big Yellow Fundamentals

	31 Mar 2017 (GBP)		31 Mar 2018 (GBP)		31 Mar 2019 (GBP)		31 Mar 2020 (GBP)
turnover	109.07	100.00%	116.66	100.00%	125.41	100.00%	129.31	100.00%	m
pre tax profit	99.78	91.49%	134.14	114.98%	126.86	101.15%	93.45	72.26%	m
attributable profit	99.51	91.24%	133.54	114.47%	126.50	100.87%	92.58	71.59%	m
retained profit	58.35	53.50%	87.36	74.88%	74.44	59.36%	36.87	28.51%	m
eps - basic (p)	63.60		85.00		78.30		55.80
eps - diluted (p)	63.10		84.40		78.00		55.60
dividends per share	27.60		30.80		33.20		33.80

Big Yellow Balance Sheet

	31 Mar 2017 (GBP)		31 Mar 2018 (GBP)		31 Mar 2019 (GBP)		31 Mar 2020 (GBP)


	31 Mar 2017 (GBP)		31 Mar 2018 (GBP)		31 Mar 2019 (GBP)		31 Mar 2020 (GBP)
ASSETS
fixed assets	3.22	0.26%	3.09	0.23%	2.94	0.19%	4.01	0.25%	m
intangibles	1.43	0.11%	1.43	0.10%	1.43	0.09%	1.43	0.09%	m
fixed investments	1,221.56	97.29%	1,337.21	97.62%	1,475.95	97.09%	1,532.68	94.83%	m
current assets - other	-	-%	-	-%	-	-%	-	-%	m
stocks	0.28	0.02%	0.28	0.02%	0.28	0.02%	0.41	0.03%	m
debtors	22.13	1.76%	20.97	1.53%	21.69	1.43%	26.37	1.63%	m
cash & securities	6.91	0.55%	6.85	0.50%	17.90	1.18%	51.42	3.18%	m

TOTAL	1,255.53	100%	1,369.84	100%	1,520.20	100%	1,616.32	100%	m

LIABILITIES
creditors - short	41.30	3.29%	41.36	3.02%	45.87	3.02%	37.93	2.35%	m
creditors - long	323.88	25.80%	347.33	25.36%	350.43	23.05%	414.52	25.65%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	365.18	29.09%	388.69	28.37%	396.30	26.07%	452.45	27.99%	m

EQUITY
ord cap, reserves	890.35	70.91%	981.15	71.63%	1,123.90	73.93%	1,163.88	72.01%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	890.35	70.91%	981.15	71.63%	1,123.90	73.93%	1,163.88	72.01%	m

OTHER
NAV Basic	-		-		-		-
NAV Diluted	-		-		-		-

Big Yellow Cash Flow Statement

	31 Mar 2017 (GBP)	31 Mar 2018 (GBP)	31 Mar 2019 (GBP)	31 Mar 2020 (GBP)
Operating CF	55.97	62.98	71.81	73.62	m
Pre-Financing CF	39.01	24.00	-8.81	25.85	m
Retained CF	-10.30	-0.05	11.05	33.52	m

Big Yellow Brokers

Name	Activity	Type	Mnemonic	Code
J.P. Morgan Cazenove Limited	Market Maker(MME)	Broker/Dealer	CAZR	CAZEGB2L
CREDIT SUISSE SEC (EUROPE) LTD	Market Maker(MME)	Broker/Dealer	CSFB	CSFBGB2L
Goldman Sachs International	Market Maker(MME)	Broker/Dealer	GSCO	GSILGB2X
J.P. Morgan Securities Ltd	Market Maker(MME)	Broker/Dealer	JPMS	JPMSGB2L
Citigrp Global Mkt UK Equities	Market Maker(MME)	Broker/Dealer	CITI	SBUKGB21
Merrill Lynch International	Market Maker(MME)	Broker/Dealer	MLSB	SNCSGB2LBIC
UBS AG	Market Maker(MME)	Broker/Dealer	UBS.	UBSWGB2LEQU
Winterflood Securities Ltd	Market Maker(MME)	Broker/Dealer	WINS	WNTSGB2LBIC