Big Yellow Investors - BYG

Big Yellow Investors - BYG

Stock Name Stock Symbol Market Stock Type
Big Yellow Group Plc BYG London Ordinary Share
  Price Change Price Change % Stock Price Last Trade
-16.00 -1.41% 1,119.00 16:35:10
Open Price Low Price High Price Close Price Previous Close
1,110.00 1,093.00 1,125.00 1,119.00 1,135.00
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Top Posts
Posted at 07/9/2021 06:46 by netcurtains
If you look at this planning update from last year it looks like BIG YELLOW will have continued growth up until at least 2024 and probably a long time after that.

On top of this, from safeStores update this morning it looks like the entire industry is still in a large growth phrase.

BigYellow has a significantly lower PE ratio than SafeStore


Big Yellow announces that it has secured resolutions to grant planning consents for a new 56,000 sq ft net lettable area store in North Kingston and 70,000 sq ft store in Wembley, both of which are in London.

Our new 77,000 sq ft Camberwell store opened in July and is leasing up well with occupancy after 8 weeks of 11.4%. The company has now secured planning consents on eight of the thirteen proposed stores in its development pipeline. These eight stores once constructed will provide approximately 500,000 sq ft of additional capacity.

James Gibson, Chief Executive Officer, commented

"We now have an oven-baked supply of consented sites which will allow us to build a sustainable stream of new stores over the next three to four years. We are progressing planning on our remaining development sites and continue to look to acquire more development land and replenish the pipeline as stores open."

Posted at 03/8/2008 16:26 by hedgehog 100
The IC "Sell" article on Selfstore last month contains quite a bit of info. very relevant to BYG -



* Worsening economic indicators
* Fall in housing transactions
* Short-term rental agreements
* UK self-storage yet to face a big downturn

* Rents and values holding up so far
* Long-term trends


Extracts from article:
* "Both Safestore and its rival, Big Yellow, are now showing signs that trading is weakening."
* " ... occupancy levels at Big Yellow were down from 82 per cent to 79 per cent in the year to end-March. Safestore has looked the more resiliant of the two ... "
* " ... a slew of bad news makes us think the positive trend will end shortly. The group's customers are split 30 per cent businesses and 70 per cent domestic users. The outlook for both groups looks grim."
* "The glum mood suggests that both businesses and consumers will think twice before taking on the cost of self-storage. Meanwhile, business from people moving house must be threatend by the slump in housing transactions ... "
* "Unlike most other types of commercial property, self-storage leases are short-term, which means that changes in conditions have the potential to show up quickly in property valuations ... "
* "So, despite the arguments put forward by the bulls, our instinct is that self-storage is likely to prove cyclical and the developing consumer downturn could be particularly painful because Safestore's leases are so short-term."

Posted at 02/8/2008 16:59 by hedgehog 100
Key BYG business financials for year ended 31 March 2008:
* Revenue £56.9 million
* Adjusted profit before tax £13.3 million
* Adjusted earnings per share 11.2p

Key BYG assets/liabilities for year ended 31 March 2008:
* Property value £854.27 million
* Net debt £282.3 million
* Net assets £580.1 million

Other key BYG fundamentals, 2 August 2008 (share price 324.5p):
* Shares in issue 115,428,399
* Market capitalisation £374.56 million
* Adjusted price earnings ratio 28.97

Extracts from latest BYG finals results, 19 May 2008:
* "Nicholas Vetch, Chairman of Big Yellow commenting on the outlook said: "Trading conditions are likely to remain difficult for some time ...""
* "Since September 2007, 25 of these 39 stores decreased in value, partially due to an increase in exit cap rates and also due to changes of assumptions on operating cash flow performance."
* "This has been a challenging year for the Group, particularly in the second half of the year."
* "The credit crunch, which started in August 2007 has clearly impacted the availability of mortgages to home owners which in turn has caused a significant reduction in housing market activity. This came on top of the additional costs from increasing interest rates over the previous year, and more latterly rising energy, food and transport prices."
* "Approximately 50% of our customers are in some way linked to the housing market, for example with customers renting storage space between house moves or whilst moving within the rental sector."

IC VIEW: "The economic downturn threatens to expose a cyclical side to the UK's fledgling self-storage sector. Although Big Yellow's first quarter results offer some encouragement, high enough at 262p."

The same issue of the IC made Selfstore a "Sell". I would expect IC "Sell" advice on BYG to follow.

Big BYG property value write-downs look very likely to me, based upon worsening business. Because of BYG's net debt, these would have a geared effect upon net assets. E.g. a 30% write-down in property values (£256.28 million) would reduce net assets by 44.18%.

And this is leaving aside the fact that the very basis on which BYG's properties are valued looks very over-generous to me. I.e. a high multiple of net rental income received, considering the high costs (2008: cost of sales £20.792 million on revenue of £56.87 million) which are likely to magnify any fall in rent, and the short-term nature of leases to self-storage customers.

Property is generally only worth what it can be sold for. Because of the fledgling nature of the self-storage sector, there has been little testing of values in the market, leaving far more discretion in setting the valuation rating (i.e. very high). What evidence there is suggests that 'real' values are actually far lower than those claimed.

With the property crash continuing, I believe that net assets could easily halve (to about £290 million), and that BYG could be valued at a 50% discount to those net assets (about £145 million - 126p/share).

And that is assuming that business is not hit too hard, and that the company does not run into debt problems.

Posted at 19/1/2007 21:58 by johne1
I also found this, on another shares web site: -

"18.12.06: +5, (625) an article in the Independent reports: Big Yellow Group rose 32p to 620.25p amid speculation of a bid from a private-equity investor that could value the shares at 700p"

Posted at 03/1/2007 11:31 by sam66
Disappointing to see a fall again today, but after yesterdays expected as worried investors secure their profit there seems to be a large volume traded so far for the few points drop, some big buys and sells plenty of people still picking up the cheap shares hopefully we are starting to settle down. I was much happier with the previous steady few points a day gains instead of 20 points up then 10 back!
Posted at 20/12/2006 14:45 by jaykay1981
The closest we have to a bid is simply rumour...

From the Independent 15/12

"The rumour of the day in the mid-caps was that Big Yellow Group, the self-storage warehouse operator, is in line for a bid from a private-equity investor that could value the shares at up to 700p each, giving the company a value of £800m. Shares in Big Yellow have more than doubled this year, and closed at 620.25p, 32p better."

Posted at 18/12/2006 13:23 by sam66
Topped up with a few more, there was little selling following fridays jump seems investors happy to hold rather than take profit shows confidance, :)
Posted at 14/6/2006 22:26 by woodrowman
Buffeted by the general market volatility, but seems to be holding its own - investor faith in property much stronger than other sectors?
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