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Big Yellow - Trading on 33% discount to NAV

July 2012

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • BYG
  • Price:
  • 288p
Big Yellow was a victim of the Budget's widening of full rate (20%) VAT onto its self-storage services but unlike the Cornish pasty and caravan brigades it couldn't persuade the Chancellor into a U-turn. This change, if it comes into effect on 10 October, will reduce its store portfolio valuation by £51m or 6%. Budget issues aside, Big Yellow's results for the year to 31 March, in which adjusted pretax profit rose 17% to £23.6m, showed its resilience given the tough times for consumers and reflects two factors. 58 out of its 66 stores are situated in the stronger London and the South, while it also has a sound asset base as out of its 66 stores and four development sites, 59 are freehold, four long leasehold and only seven are s ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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