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
1,223.00	21.0 [1.75]	1,224.00	1,228.00	1,230.00	1,241.00	1,212.00	147,194
Market Cap. [m]	Shares In Issue [m]	Beta	EPS	DPS	PE Ratio	Yield	52-Wks-Range
2,250.39	184.01	0.27	152.30	34.00	8.03	2.78	1,572.00 - 938.50

Big Yellow Key Figures

(at previous day's close)
Market Cap.	2,250.39	m
Shares In Issue	184.01	m
Prev. Close	1,202.00
PE Ratio	8.03
Dividend Yield	2.78	%
EPS - basic	152.30	p
Dividend PS	34.00	p
Dividend Cover	4.48
Cash Flow PS	41.69	p
Return On Equity (ROE)	18.24	%
Operating Margin	196.55	%
PEG Factor	0.05
EPS Growth Rate	172.94	%
Dividends PS Growth Rate	0.59	%
Net Debt	376.08	m
Gross Gearing	21.08	%
Quick Assets	20.25	m
Net Working Capital	-18.56	m
Intangibles / Fixed Assets	0.08	%
Turnover PS	73.50	p
Pre-Tax Profit PS	144.46	p
Retained Profit PS	112.16	p
Cash PS	6.70	p
Net Cash PS	-14.60	p
Net Tangible Asset Value PS *	789.36	p
Net Asset Value PS	790.14	p
Spread	4.00 (0.33%)
* 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	1,241.00	1,162.00
4 weeks	1,241.00	1,140.00
12 weeks	1,250.00	1,085.00
1 year	1,572.00	938.50

Share Price Chart (5 years)

Big Yellow Historic Returns

Period ^†	Open	Change	%	Open Avg.	Avg. Daily Vol [m]	Total Vol [m]	VWAP
1 week	1,173.00	50.00	4.26	1,162.00	0.29		1,186.10
4 weeks	1,190.00	33.00	2.77	1,140.00	0.41		1,181.35
12 weeks	1,111.00	112.00	10.08	1,085.00	0.47		1,155.25
26 weeks	1,371.00	-148.00	-10.80	938.50	0.44		1,163.02
1 year	1,468.00	-245.00	-16.69	938.50	0.47		1,269.73
3 years	1,190.00	33.00	2.77	630.00	0.37		1,231.25
5 years	866.00	357.00	41.22	630.00	0.33		1,145.91
† 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	6.19
PE Ratio	8.03
Tobin's Q Ratio	1.30
Tobin's Q Ratio (excl. intangibles)	1.30
Dividend Yield	2.78	%
Market-to-Book Ratio	1.55
Price-to-Pre-Tax Profit PS	8.47
Price-to-Retained Profit PS	10.90
Price-to-Cash Flow PS	29.34
Price-to-Sales PS	16.64
Price-to-Net Tangible Asset Value PS	1.55
Price-to-Cash PS	182.63
Net Working Capital PS	-10.09
Price Pct to Working Capital PS	-121.22	%
Earnings Yield	12.45	%
Average PE	11.90
Years in average	5
PE to PE average	67.48	%

Big Yellow Financial Ratios

(Leverage Ratios)
Debt Ratio	19.37	%
Debt-to-Equity Ratio	0.24
Debt-to-Equity Ratio (excl. Intgbl)	0.24
Debt-to-Equity Market Value	0.16
Net Gearing	20.41	%
Net Gearing (excl. Intangibles)	20.43	%
Gross Gearing	21.08	%
Gross Gearing (excl. Intangibles)	21.10	%
Gearing Under 1 Year	2.13	%
Gearing Under 1 Year (excl. Intgbl)	2.13	%
Assets/Equity	1.27
Cash/Equity	0.85
(Liquidity Ratios)
Net Working Capital to Total Assets	-1.01	%
Current Ratio	0.53
Quick Ratio (Acid Test)	0.52
Liquidity Ratio	0.31
Cash & Equiv/Current Assets	59.77	%
(Solvency Ratios)
Enterprise Value	2,587.29	m
CFO/Sales	0.57
CFO/Attributable Profit	0.29
CFO/Assets	0.04
CFO/Debt	0.20
Total Debt/Equity Market Value	0.17
Total Debt/Sales	2.87
Total Debt/Pre-Tax Profit	1.46
Total Debt	388.40	m
Total Debt/Net Current Assets	-20.92	%
(Dodds - Graham Ratios)
3 yr Compound Earnings Growth	24.83	%
5 yr Compound Earnings Growth	19.08	%
10 yr Compound Earnings Growth	-	%
Earn drops > 5% in 10yrs	10

Beta (60-Mnth)	Beta (36-Mnth)
0.2698	0.4474

Big Yellow Operating Ratios

(Profitability Ratios)
Return On Capital Employed (ROCE)	14.74	%
Return On Assets (ROA)	15.33	%
Net Profit Margin	196.08	%
Assets Turnover	0.08
Return On Equity (ROE)	18.24	%
Return On Investment (ROI)	15.68	%
Dividend Payout Ratio	22.32	%
Plowback Ratio	77.68	%
Growth from Plowback Ratio	15.74	%
Net Income Of Revenues	152.60	%
(Asset Utilisation Multiples)
Shareholders Equity Turnover	0.10
Fixed Assets Turnover	0.08
Current Assets Turnover	2.74
Net Working Capital Turnover
Inventory Turnover	347.66
(Other Operating Ratios)
Total Assets-to-Sales	12.79
Debtors-to-Sales	12.68	%
Debt Collection Period	46.28	Days

Big Yellow Dividends

Announcement Date	Type	Curr.	Dividend Amount	Period Start	Period End	Ex Date	Record Date	Payment Date	Total Dividend Amount
25 May 2021	Final	GBX	17.00	31/03/2020	31/03/2021	08/07/2021	09/07/2021	30/07/2021	34.00
17 Nov 2020	Interim	GBX	17.10	30/03/2020	30/09/2020	03/12/2020	04/12/2020	08/01/2021	-
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 2018 (GBP)		31 Mar 2019 (GBP)		31 Mar 2020 (GBP)		31 Mar 2021 (GBP)
turnover	116.66	100.00%	125.41	100.00%	129.31	100.00%	135.24	100.00%	m
pre tax profit	134.14	114.98%	126.86	101.15%	93.45	72.26%	265.82	196.55%	m
attributable profit	133.54	114.47%	126.50	100.87%	92.58	71.59%	265.19	196.08%	m
retained profit	87.36	74.88%	74.44	59.36%	36.87	28.51%	206.38	152.60%	m
eps - basic (p)	85.00		78.30		55.80		152.30
eps - diluted (p)	84.40		78.00		55.60		151.80
dividends per share	30.80		33.20		33.80		34.00

Big Yellow Balance Sheet

	31 Mar 2018 (GBP)		31 Mar 2019 (GBP)		31 Mar 2020 (GBP)		31 Mar 2021 (GBP)


	31 Mar 2018 (GBP)		31 Mar 2019 (GBP)		31 Mar 2020 (GBP)		31 Mar 2021 (GBP)
ASSETS
fixed assets	3.09	0.23%	2.94	0.19%	4.01	0.25%	3.91	0.21%	m
intangibles	1.43	0.10%	1.43	0.09%	1.43	0.09%	1.43	0.08%	m
fixed investments	1,337.21	97.62%	1,475.95	97.09%	1,532.68	94.83%	1,816.34	98.59%	m
current assets - other	-	-%	-	-%	-	-%	-	-%	m
stocks	0.28	0.02%	0.28	0.02%	0.41	0.03%	0.37	0.02%	m
debtors	20.97	1.53%	21.69	1.43%	26.37	1.63%	7.93	0.43%	m
cash & securities	6.85	0.50%	17.90	1.18%	51.42	3.18%	12.32	0.67%	m

TOTAL	1,369.84	100%	1,520.20	100%	1,616.32	100%	1,842.30	100%	m

LIABILITIES
creditors - short	41.36	3.02%	45.87	3.02%	37.93	2.35%	39.18	2.13%	m
creditors - long	347.33	25.36%	350.43	23.05%	414.52	25.65%	349.22	18.96%	m
creditors - other	-	-%	-	-%	-	-%	-	-%	m
subordinated loans	-	-%	-	-%	-	-%	-	-%	m
insurance funds	-	-%	-	-%	-	-%	-	-%	m

TOTAL	388.69	28.37%	396.30	26.07%	452.45	27.99%	388.40	21.08%	m

EQUITY
ord cap, reserves	981.15	71.63%	1,123.90	73.93%	1,163.88	72.01%	1,453.90	78.92%	m
prefs, minorities	-	-%	-	-%	-	-%	-	-%	m

TOTAL	981.15	71.63%	1,123.90	73.93%	1,163.88	72.01%	1,453.90	78.92%	m

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

Big Yellow Cash Flow Statement

	31 Mar 2018 (GBP)	31 Mar 2019 (GBP)	31 Mar 2020 (GBP)	31 Mar 2021 (GBP)
Operating CF	62.98	71.81	73.62	76.71	m
Pre-Financing CF	24.00	-8.81	25.85	4.68	m
Retained CF	-0.05	11.05	33.52	-39.10	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