Announcement • Jul 22
Big Yellow Group plc Announces Termination of James Ernest Gibson from Director Role, Effective July 20, 2026 BIG YELLOW GROUP PLC reported that Mr. James Ernest Gibson terminated to be a director, effective July 20, 2026. Upcoming Dividend • Jun 25
Upcoming dividend of UK£0.23 per share Eligible shareholders must have bought the stock before 02 July 2026. Payment date: 24 July 2026. Trailing yield: 5.2%. Lower than top quartile of British dividend payers (5.6%). Higher than average of industry peers (3.9%). Reported Earnings • Jun 19
Full year 2026 earnings: EPS and revenues miss analyst expectations Full year 2026 results: EPS: UK£0.64 (down from UK£1.03 in FY 2025). Revenue: UK£209.2m (up 2.3% from FY 2025). Net income: UK£124.9m (down 38% from FY 2025). Profit margin: 60% (down from 99% in FY 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 28%. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Global Specialized REITs industry. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 6% per year. Major Estimate Revision • May 25
Consensus EPS estimates fall by 23% The consensus outlook for earnings per share (EPS) in fiscal year 2027 has deteriorated. 2027 revenue forecast decreased from UK£224.2m to UK£218.8m. EPS estimate also fell from UK£1.00 per share to UK£0.77 per share. Net income forecast to grow 44% next year vs 8.9% growth forecast for Specialized REITs industry in the United Kingdom. Consensus price target down from UK£11.72 to UK£11.18. Share price was steady at UK£8.25 over the past week. Announcement • May 21
Big Yellow Group Plc Recommends Final Dividend for the Year Ended 31 March 2026, Payable on 24 July 2026 The Board of Big Yellow Group Plc recommending the payment of a final dividend of 23.4 pence per share for the year ended March 31, 2026 (2025: 23.8 pence) in addition to the interim dividend of 23.8 pence, giving a total dividend for the year of 47.2 pence, an increase of 2% from the prior year. The Group's policy is to distribute a minimum of 80% of its adjusted earnings per share in each reporting period. REIT regulatory requirements determine the level of Property Income Distribution ("PID") payable by the Group. Based on the full year distributable reserves for PID purposes, a PID of 47.2 pence pence per share is payable (31 March 2025: 46.4 pence). The PID for the year to 31 March 2026 accounts for all of the declared dividend. The table below summarises the declared dividend for the year: Subject to approval by shareholders at the Annual General Meeting to be held on 20 July 2026, the final dividend will be paid on 24 July 2026. The ex-div date is 2 July 2026 and the record date is 3 July 2026. Announcement • May 20
Big Yellow Group Plc Appoints Helen Gordon as Senior Independent Non-Executive Director, Effective June 1, 2027 Grainger PLC announced that Helen Gordon, Chief Executive Officer, has been appointed as Senior Independent Non-Executive Director of Big Yellow Group Plc with effect from June 1, 2027. Helen is a highly experienced, proven and well-regarded real estate investor, with significant experience working across a wide range of real estate asset classes. She is a chartered surveyor and before joining Grainger was global head of Real Estate Asset Management of Royal Bank of Scotland plc. She previously held senior property positions at Legal & General Investment Management, Railtrack and John Laing Developments. Helen was also a member of the UK Government's New Towns Taskforce and former President of the British Property Federation and board member for ten years. Declared Dividend • May 20
Final dividend of UK£0.23 announced Shareholders will receive a dividend of UK£0.23. Ex-date: 2nd July 2026 Payment date: 24th July 2026 Dividend yield will be 5.7%, which is higher than the industry average of 4.0%. Announcement • May 19
Big Yellow Group Plc, Annual General Meeting, Jul 20, 2026 Big Yellow Group Plc, Annual General Meeting, Jul 20, 2026. Reported Earnings • May 19
Full year 2026 earnings: EPS and revenues miss analyst expectations Full year 2026 results: EPS: UK£0.64 (down from UK£1.03 in FY 2025). Revenue: UK£209.2m (up 2.3% from FY 2025). Net income: UK£124.9m (down 38% from FY 2025). Profit margin: 60% (down from 99% in FY 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) also missed analyst estimates by 28%. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Global Specialized REITs industry. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Announcement • Apr 14
Big Yellow Group Plc to Report Fiscal Year 2026 Results on May 18, 2026 Big Yellow Group Plc announced that they will report fiscal year 2026 results After-Market on May 18, 2026 Announcement • Jan 16
Big Yellow Group Plc to Report Q3, 2026 Results on Jan 20, 2026 Big Yellow Group Plc announced that they will report Q3, 2026 results at 7:00 AM, Coordinated Universal Time on Jan 20, 2026 Upcoming Dividend • Dec 26
Upcoming dividend of UK£0.24 per share Eligible shareholders must have bought the stock before 02 January 2026. Payment date: 23 January 2026. Trailing yield: 4.6%. Lower than top quartile of British dividend payers (5.6%). In line with average of industry peers (4.3%). Buy Or Sell Opportunity • Dec 03
Now 20% undervalued Over the last 90 days, the stock has risen 19% to UK£10.78. The fair value is estimated to be UK£13.49, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years. Earnings per share has declined by 17%. For the next 3 years, revenue is forecast to grow by 5.8% per annum. Earnings are also forecast to grow by 9.4% per annum over the same time period. Major Estimate Revision • Nov 24
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from UK£0.943 to UK£0.831 per share. Revenue forecast steady at UK£213.5m. Net income forecast to grow 54% next year vs 8.1% growth forecast for Specialized REITs industry in the United Kingdom. Consensus price target broadly unchanged at UK£12.58. Share price was steady at UK£10.88 over the past week. Reported Earnings • Nov 19
First half 2026 earnings released: EPS: UK£0.38 (vs UK£0.74 in 1H 2025) First half 2026 results: EPS: UK£0.38 (down from UK£0.74 in 1H 2025). Revenue: UK£105.1m (up 2.1% from 1H 2025). Net income: UK£74.3m (down 49% from 1H 2025). Profit margin: 71% (down from 142% in 1H 2025). Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Global Specialized REITs industry. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Declared Dividend • Nov 19
First half dividend of UK£0.24 announced Shareholders will receive a dividend of UK£0.24. Ex-date: 2nd January 2026 Payment date: 23rd January 2026 Dividend yield will be 4.4%, which is higher than the industry average of 4.0%. Announcement • Nov 19
Big Yellow Group plc Approves Interim Dividend, Payable on 23 January 2026 Big Yellow Group plc announced that the Board has approved an interim dividend of 23.8 pence per share, an increase of 5% on the prior period (2024: 22.6 pence). The interim dividend will be paid on 23 January 2026. The ex-dividend date is 2 January 2026, and the record date is 5 January 2026. New Risk • Nov 18
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 63% Last year net profit margin: 131% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (172% cash payout ratio). Profit margins are more than 30% lower than last year (63% net profit margin). Buy Or Sell Opportunity • Nov 14
Now 20% undervalued Over the last 90 days, the stock has risen 20% to UK£10.90. The fair value is estimated to be UK£13.63, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.0% over the last 3 years. Earnings per share has declined by 41%. For the next 3 years, revenue is forecast to grow by 5.3% per annum. Earnings are also forecast to grow by 4.9% per annum over the same time period. Announcement • Nov 10
Big Yellow Group Plc Announces Extension of PUSU Deadline On 13 October 2025, Blackstone Europe LLP ("Blackstone") announced that one or more of the investment funds advised by Blackstone or any of its affiliates (the "Blackstone Funds") were considering their position in relation to the Company, which could include a cash offer for the entire issued, and to be issued, share capital of Big Yellow Group Plc (LSE:BYG) the Company (the "Announcement"). Pursuant to the Announcement, Blackstone Funds are required by no later than 5.00 p.m. (London time) on 10 November 2025 (the "PUSU Deadline") either to announce a firm intention to make an offer for Big Yellow in accordance with Rule 2.7 of the Code or to announce that they do not intend to make such an offer, in which case the announcement would be treated as a statement to which Rule 2.8 of the Code applies. The Announcement also stated that Blackstone Funds' evaluation of Big Yellow was at a preliminary stage and that Blackstone was considering, amongst other factors, the macro-economic environment including the potential impact of the upcoming UK budget as it relates to the self-storage sector. In light of the above, Blackstone Funds have requested additional time for their evaluation of Big Yellow. Accordingly, the Board of Big Yellow has requested, and the Panel on Takeovers and Mergers (the "Panel") has consented to, an extension of the PUSU Deadline in accordance with Rule 2.6(c) of the Code. In accordance with Rule 2.6(a) of the Code, Blackstone Funds are required either to announce a firm intention to make an offer for Big Yellow in accordance with Rule 2.7 of the Code or to announce that it does not intent to make an offer, until 5.00 p.m. (London time) on 8 December 2025 (the "Revised PUSU Deadline"). The Revised PUSU Deadline may only be extended with the agreement of Big Yellow and the Panel in accordance with Rule 2.6(c) of the Code. There can be no certainty that a firm offer will be made for Big Yellow nor as to the terms on which any such firm offer might be made. A further announcement will be made as and when appropriate. Buy Or Sell Opportunity • Oct 28
Now 20% undervalued Over the last 90 days, the stock has risen 22% to UK£11.46. The fair value is estimated to be UK£14.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.0% over the last 3 years. Earnings per share has declined by 41%. For the next 3 years, revenue is forecast to grow by 5.3% per annum. Earnings are also forecast to grow by 5.1% per annum over the same time period. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to UK£11.18, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 19x in the Specialized REITs industry globally. Total returns to shareholders of 24% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at UK£14.38 per share. Announcement • Oct 15
Blackstone Europe LLP Confirms Preliminary Stages of Evaluating A Potential Cash Offer for Big Yellow Group Blackstone Europe LLP confirmed on October 13, 2025 it is in the preliminary stages of evaluating a potential cash offer for Big Yellow Group Plc (LSE:BYG). In a regulatory filing, Blackstone stated that investment funds advised by the firm or its affiliates are "considering its position" regarding Big Yellow, which could lead to an offer for the entire issued and to be issued share capital of the company. The announcement follows recent media speculation about a possible takeover bid. Blackstone emphasized that its evaluation remains at an early stage and noted it is considering various factors including "the macro-economic environment and the potential impact of the upcoming UK budget as it relates to the self-storage sector." Under UK takeover rules, Blackstone must either announce a firm intention to make an offer or declare it will not pursue a bid by 5:00 pm London time on November 10, 2025. This deadline can only be extended with approval from the UK Takeover Panel. The statement stressed there is no certainty that an offer will materialize or what terms might be proposed. Announcement • Oct 09
Big Yellow Group Plc to Report First Half, 2026 Results on Nov 17, 2025 Big Yellow Group Plc announced that they will report first half, 2026 results on Nov 17, 2025 Announcement • Jul 18
Big Yellow Group plc Declares Final Dividend, Payable on 25 July 2025 Big Yellow Group PLC announced at the Annual General Meeting held on 17 July 2025 that a final dividend of 23.8 pence per Ordinary Share will be paid on 25 July 2025. Announcement • Jul 15
Big Yellow Group Plc to Report Q1, 2026 Results on Jul 17, 2025 Big Yellow Group Plc announced that they will report Q1, 2026 results at 6:00 AM, Coordinated Universal Time on Jul 17, 2025 Upcoming Dividend • Jun 26
Upcoming dividend of UK£0.24 per share Eligible shareholders must have bought the stock before 03 July 2025. Payment date: 25 July 2025. Trailing yield: 4.7%. Lower than top quartile of British dividend payers (5.5%). Higher than average of industry peers (3.8%). New Risk • Jun 23
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 166% Dividend yield: 4.8% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (166% cash payout ratio). Large one-off items impacting financial results. Reported Earnings • Jun 18
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: UK£1.03 (down from UK£1.27 in FY 2024). Revenue: UK£204.5m (up 2.4% from FY 2024). Net income: UK£201.9m (down 16% from FY 2024). Profit margin: 99% (down from 120% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 13%. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Global Specialized REITs industry. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Declared Dividend • May 21
Final dividend of UK£0.24 announced Shareholders will receive a dividend of UK£0.24. Ex-date: 3rd July 2025 Payment date: 25th July 2025 Dividend yield will be 4.7%, which is higher than the industry average of 4.0%. Announcement • May 20
Big Yellow Group Plc, Annual General Meeting, Jul 17, 2025 Big Yellow Group Plc, Annual General Meeting, Jul 17, 2025. Reported Earnings • May 20
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: UK£1.03 (down from UK£1.27 in FY 2024). Revenue: UK£204.5m (up 2.4% from FY 2024). Net income: UK£201.9m (down 16% from FY 2024). Profit margin: 99% (down from 120% in FY 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 19%. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Global Specialized REITs industry. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • May 15
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 9.6% to UK£10.12. The fair value is estimated to be UK£8.33, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.5% over the last 3 years. Earnings per share has declined by 44%. For the next 3 years, revenue is forecast to grow by 5.2% per annum. Earnings are forecast to decline by 2.8% per annum over the same time period. Announcement • Apr 30
Big Yellow Group Plc to Report Fiscal Year 2025 Results on May 19, 2025 Big Yellow Group Plc announced that they will report fiscal year 2025 results After-Market on May 19, 2025 Announcement • Jan 15
Big Yellow Group Plc to Report Q3, 2025 Results on Jan 17, 2025 Big Yellow Group Plc announced that they will report Q3, 2025 results at 7:00 AM, Coordinated Universal Time on Jan 17, 2025 Upcoming Dividend • Dec 26
Upcoming dividend of UK£0.23 per share Eligible shareholders must have bought the stock before 02 January 2025. Payment date: 24 January 2025. Trailing yield: 4.7%. Lower than top quartile of British dividend payers (5.8%). Higher than average of industry peers (3.9%). Major Estimate Revision • Nov 25
Consensus EPS estimates increase by 18%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from UK£209.1m to UK£206.7m. EPS estimate rose from UK£0.943 to UK£1.11. Net income forecast to shrink 13% next year vs 0.1% growth forecast for Specialized REITs industry in the United Kingdom . Consensus price target down from UK£13.35 to UK£13.02. Share price fell 6.1% to UK£10.84 over the past week. Declared Dividend • Nov 20
First half dividend of UK£0.23 announced Dividend of UK£0.23 is the same as last year. Ex-date: 2nd January 2025 Payment date: 24th January 2025 Dividend yield will be 4.3%, which is higher than the industry average of 4.0%. Announcement • Nov 19
Big Yellow Group Plc Approves Interim Dividend, Payable on January 24, 2025 The Board of Big Yellow Group Plc has approved an interim dividend of 22.6 pence per share in line with the prior period. This first half dividend has all been declared as Property Income Distribution ("PID"). The interim dividend will be paid on24 January 2025. The ex-dividend date is 2 January 2025, and the record date is 3 January 2025. Announcement • Oct 22
Big Yellow Group Plc to Report First Half, 2025 Results on Nov 18, 2024 Big Yellow Group Plc announced that they will report first half, 2025 results on Nov 18, 2024 Recent Insider Transactions Derivative • Sep 18
Co-Founder exercised options and sold UK£1.2m worth of stock On the 16th of September, James Gibson exercised options to acquire 94k shares at no cost and sold these for an average price of UK£13.25 per share. This trade did not impact their existing holding. For the year to March 2018, James' total compensation was 37% salary and 63% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since December 2023, James has owned 1.85m shares directly. Company insiders have collectively sold UK£4.2m more than they bought, via options and on-market transactions in the last 12 months. Buy Or Sell Opportunity • Sep 17
Now 20% undervalued Over the last 90 days, the stock has risen 11% to UK£12.94. The fair value is estimated to be UK£16.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 33%. For the next 3 years, revenue is forecast to grow by 5.3% per annum. Earnings are forecast to decline by 1.2% per annum over the same time period. Buy Or Sell Opportunity • Jul 22
Now 20% undervalued Over the last 90 days, the stock has risen 8.5% to UK£11.80. The fair value is estimated to be UK£14.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 33%. For the next 3 years, revenue is forecast to grow by 5.3% per annum. Earnings are forecast to decline by 1.2% per annum over the same time period. Announcement • Jul 19
Big Yellow Group plc Approves Final Dividend, Payable on 26 July 2024 Big Yellow Group Plc at the Annual General Meeting held on 18 July 2024 approved final dividend of 22.6 pence per Ordinary Share will be paid on 26 July 2024. Announcement • Jul 15
Big Yellow Group Plc to Report Q1, 2025 Results on Jul 18, 2024 Big Yellow Group Plc announced that they will report Q1, 2025 results on Jul 18, 2024 New Risk • Jun 12
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: UK£301k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.8% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (6.6% increase in shares outstanding). Significant insider selling over the past 3 months (UK£301k sold). Buy Or Sell Opportunity • Jun 11
Now 21% undervalued Over the last 90 days, the stock has risen 13% to UK£11.92. The fair value is estimated to be UK£15.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 33%. For the next 3 years, revenue is forecast to grow by 5.6% per annum. Earnings are forecast to decline by 2.8% per annum over the same time period. Recent Insider Transactions Derivative • Jun 10
Co-Founder exercised options and sold UK£715k worth of stock On the 7th of June, James Gibson exercised options to acquire 58k shares at no cost and sold these for an average price of UK£12.41 per share. This trade did not impact their existing holding. For the year to March 2018, James' total compensation was 30% salary and 70% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since September 2023, James' direct individual holding has increased from 1.82m shares to 1.85m. Company insiders have collectively sold UK£1.3m more than they bought, via options and on-market transactions in the last 12 months. Major Estimate Revision • May 28
Consensus EPS estimates fall by 18% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from UK£1.00 to UK£0.818 per share. Revenue forecast steady at UK£205.1m. Net income forecast to shrink 26% next year vs 3.6% decline forecast for Specialized REITs industry in the United Kingdom. Consensus price target up from UK£12.10 to UK£12.42. Share price was steady at UK£12.42 over the past week. Announcement • May 23
Big Yellow Group Plc, Annual General Meeting, Jul 18, 2024 Big Yellow Group Plc, Annual General Meeting, Jul 18, 2024. Declared Dividend • May 22
Final dividend of UK£0.23 announced Shareholders will receive a dividend of UK£0.23. Ex-date: 4th July 2024 Payment date: 26th July 2024 Dividend yield will be 3.7%, which is lower than the industry average of 4.0%. Reported Earnings • May 21
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: UK£1.27 (up from UK£0.40 in FY 2023). Revenue: UK£199.6m (up 5.7% from FY 2023). Net income: UK£239.8m (up 227% from FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 169%. Revenue is forecast to grow 5.8% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Global Specialized REITs industry. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • May 03
Big Yellow Group Plc to Report Fiscal Year 2024 Results on May 20, 2024 Big Yellow Group Plc announced that they will report fiscal year 2024 results After-Market on May 20, 2024 Board Change • Apr 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. Additional Independent Non-Executive Director Michael O'Donnell was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Jan 17
Now 20% undervalued Over the last 90 days, the stock is up 20%. The fair value is estimated to be UK£13.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has declined by 4.6%. Revenue is forecast to grow by 11% in 2 years. Earnings is forecast to grow by 0.8% in the next 2 years. Announcement • Jan 10
Big Yellow Group Plc to Report Q3, 2024 Results on Jan 11, 2024 Big Yellow Group Plc announced that they will report Q3, 2024 results on Jan 11, 2024 Upcoming Dividend • Dec 28
Upcoming dividend of UK£0.23 per share at 3.7% yield Eligible shareholders must have bought the stock before 04 January 2024. Payment date: 26 January 2024. Trailing yield: 3.7%. Lower than top quartile of British dividend payers (5.8%). In line with average of industry peers (3.9%). Major Estimate Revision • Nov 27
Consensus EPS estimates have been upgraded. The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from UK£198.0m to UK£201.1m. Forecast to become profitable, with EPS estimate increasing from -UK£0.224 to UK£0.942 per share. Specialized REITs industry in the United Kingdom expected to see average net income growth of 3.7% next year. Consensus price target broadly unchanged at UK£11.75. Share price was steady at UK£10.92 over the past week. Reported Earnings • Nov 23
First half 2024 earnings released: EPS: UK£0.65 (vs UK£0.033 in 1H 2023) First half 2024 results: EPS: UK£0.65 (up from UK£0.033 in 1H 2023). Revenue: UK£99.6m (up 6.1% from 1H 2023). Net income: UK£119.6m (up UK£113.5m from 1H 2023). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Global Specialized REITs industry. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 1% per year. New Risk • Nov 21
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.3% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (96% net profit margin). Shareholders have been diluted in the past year (6.5% increase in shares outstanding). Announcement • Nov 21
Big Yellow Group Plc Proposes Interim Dividend, Payable on 26 January 2024 Big Yellow Group Plc proposed total interim dividend of 22.6 pence per share representing a 1% increase from 22.3 pence per share for the same period last year. The interim dividend will be paid on 26 January 2024. The ex-dividend date is 4 January 2024, and the record date is 5 January 2024. Announcement • Nov 07
Big Yellow Group Plc to Report First Half, 2024 Results on Nov 20, 2023 Big Yellow Group Plc announced that they will report first half, 2024 results on Nov 20, 2023 Major Estimate Revision • Oct 20
Consensus EPS estimates fall by 44% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from UK£0.654 to UK£0.364 per share. Revenue forecast steady at UK£198.0m. Net income forecast to grow 163% next year vs 3.0% growth forecast for Specialized REITs industry in the United Kingdom. Consensus price target broadly unchanged at UK£11.69. Share price was steady at UK£9.27 over the past week. Announcement • Oct 12
Big Yellow Group Plc has completed a Follow-on Equity Offering in the amount of £110.000003 million. Big Yellow Group Plc has completed a Follow-on Equity Offering in the amount of £110.000003 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 11,470,212
Price\Range: £9.45
Security Features: Income Trust
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 170,000
Price\Range: £9.45
Security Features: Income Trust
Transaction Features: Regulation S; Subsequent Direct Listing New Risk • Oct 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.5% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (39% net profit margin). Shareholders have been diluted in the past year (6.5% increase in shares outstanding). Announcement • Jul 23
Big Yellow Group plc Approves Final Dividend, Payable on 28 July 2023 Big Yellow Group Plc at its Annual General Meeting held on 20 July 2023 approved A final dividend of 22.9 pence per Ordinary Share will be paid on 28 July 2023. Buying Opportunity • Jul 10
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 18%. The fair value is estimated to be UK£12.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 31%. For the next 3 years, revenue is forecast to grow by 4.9% per annum. Earnings is also forecast to grow by 31% per annum over the same time period. Announcement • Jul 06
Big Yellow Group Plc to Report Q1, 2024 Results on Jul 10, 2023 Big Yellow Group Plc announced that they will report Q1, 2024 results on Jul 10, 2023 Upcoming Dividend • Jun 29
Upcoming dividend of UK£0.23 per share at 4.2% yield Eligible shareholders must have bought the stock before 06 July 2023. Payment date: 28 July 2023. Trailing yield: 4.2%. Lower than top quartile of British dividend payers (6.0%). In line with average of industry peers (4.0%). Reported Earnings • Jun 23
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: UK£0.40 (down from UK£3.85 in FY 2022). Revenue: UK£188.8m (up 7.9% from FY 2022). Net income: UK£73.3m (down 90% from FY 2022). Profit margin: 39% (down from 399% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 60%. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Global Specialized REITs industry. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 22
Full year 2023 earnings released: EPS: UK£0.40 (vs UK£3.85 in FY 2022) Full year 2023 results: EPS: UK£0.40 (down from UK£3.85 in FY 2022). Revenue: UK£188.8m (up 7.9% from FY 2022). Net income: UK£73.3m (down 90% from FY 2022). Profit margin: 39% (down from 399% in FY 2022). Revenue is forecast to grow 4.2% p.a. on average during the next 2 years, compared to a 5.3% growth forecast for the Global Specialized REITs industry. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Jan 10
Big Yellow Group Plc to Report Q3, 2023 Results on Jan 12, 2023 Big Yellow Group Plc announced that they will report Q3, 2023 results on Jan 12, 2023 Upcoming Dividend • Dec 29
Upcoming dividend of UK£0.22 per share Eligible shareholders must have bought the stock before 05 January 2023. Payment date: 26 January 2023. Trailing yield: 3.9%. Lower than top quartile of British dividend payers (5.8%). Lower than average of industry peers (4.6%). Major Estimate Revision • Dec 09
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate fell from UK£0.92 to UK£0.46. Revenue forecast unchanged from UK£186.9m at last update. Net income forecast to shrink 76% next year vs 48% decline forecast for REITs industry in the United Kingdom. Consensus price target broadly unchanged at UK£12.73. Share price fell 2.1% to UK£11.25 over the past week. Major Estimate Revision • Dec 02
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 EPS estimate increased from UK£0.55 to UK£0.92. Revenue forecast steady at UK£186.9m. Net income forecast to shrink 68% next year vs 38% decline forecast for REITs industry in the United Kingdom. Consensus price target of UK£12.80 unchanged from last update. Share price rose 2.7% to UK£11.49 over the past week. Reported Earnings • Nov 22
First half 2023 earnings released: EPS: UK£0.033 (vs UK£1.42 in 1H 2022) First half 2023 results: EPS: UK£0.033 (down from UK£1.42 in 1H 2022). Revenue: UK£93.8m (up 9.8% from 1H 2022). Net income: UK£6.04m (down 98% from 1H 2022). Profit margin: 6.4% (down from 297% in 1H 2022). Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the REITs industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Recent Insider Transactions • Oct 03
Co-Founder recently bought UK£250k worth of stock On the 28th of September, James Gibson bought around 26k shares on-market at roughly UK£9.76 per share. This transaction amounted to 1.4% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. James has been a buyer over the last 12 months, purchasing a net total of UK£500k worth in shares. Recent Insider Transactions • Sep 29
Key Executive recently bought UK£249k worth of stock On the 22nd of September, Nicholas Vetch bought around 22k shares on-market at roughly UK£11.34 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Nicholas has been a net seller over the last 12 months, reducing personal holdings by UK£2.7m. Major Estimate Revision • Sep 17
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in 2023 has improved. 2023 revenue forecast increased from UK£183.5m to UK£186.6m. EPS estimate increased from UK£1.10 to UK£1.25 per share. Net income forecast to shrink 70% next year vs 15% decline forecast for REITs industry in the United Kingdom. Consensus price target broadly unchanged at UK£14.36. Share price fell 2.7% to UK£12.15 over the past week. Buying Opportunity • Aug 20
Now 20% undervalued Over the last 90 days, the stock is up 10%. The fair value is estimated to be UK£17.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 65%. For the next 3 years, revenue is forecast to grow by 6.5% per annum. Earnings is forecast to decline by 55% per annum over the same time period. Buying Opportunity • Aug 05
Now 22% undervalued Over the last 90 days, the stock is up 4.9%. The fair value is estimated to be UK£17.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 65%. For the next 3 years, revenue is forecast to grow by 6.5% per annum. Earnings is forecast to decline by 55% per annum over the same time period. Upcoming Dividend • Jun 30
Upcoming dividend of UK£0.21 per share Eligible shareholders must have bought the stock before 07 July 2022. Payment date: 29 July 2022. Trailing yield: 3.3%. Lower than top quartile of British dividend payers (5.2%). In line with average of industry peers (3.6%). Buying Opportunity • Jun 30
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be UK£16.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 65%. For the next 3 years, revenue is forecast to grow by 4.6% per annum. Earnings is forecast to decline by 56% per annum over the same time period. Major Estimate Revision • Jun 23
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 revenue forecast fell from UK£181.7m to UK£178.7m. EPS estimate rose from UK£1.21 to UK£1.42. Net income forecast to shrink 61% next year vs 3.8% growth forecast for REITs industry in the United Kingdom . Consensus price target of UK£15.02 unchanged from last update. Share price was steady at UK£12.75 over the past week. Buying Opportunity • Jun 05
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.4%. The fair value is estimated to be UK£16.46, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has grown by 65%. For the next 3 years, revenue is forecast to grow by 6.1% per annum. Earnings is forecast to decline by 56% per annum over the same time period. Reported Earnings • May 24
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: UK£3.85 (up from UK£1.52 in FY 2021). Revenue: UK£171.3m (up 26% from FY 2021). Net income: UK£697.3m (up 163% from FY 2021). Net asset value (NAV) per share: UK£11.95 (up 44% from FY 2021). The current share price is 9.6% higher than NAV per share. Revenue exceeded analyst estimates by 6.8%. Earnings per share (EPS) also surpassed analyst estimates by 91%. Over the next year, revenue is forecast to grow 4.0% while the reits industry in the United Kingdom is not expected to grow. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Buying Opportunity • May 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be UK£16.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has grown by 41%. For the next 3 years, revenue is forecast to grow by 8.7% per annum. Earnings is forecast to decline by 36% per annum over the same time period. Major Estimate Revision • Apr 13
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate increased from UK£1.78 to UK£2.01. Revenue forecast steady at UK£160.4m. Net income forecast to shrink 35% next year vs 22% growth forecast for REITs industry in the United Kingdom . Consensus price target broadly unchanged at UK£16.01. Share price fell 2.0% to UK£14.91 over the past week. Recent Insider Transactions • Dec 11
Executive Chairman of the Board recently sold UK£2.9m worth of stock On the 10th of December, Nicholas Vetch sold around 175k shares on-market at roughly UK£16.70 per share. This was the largest sale by an insider in the last 3 months. Nicholas has been a seller over the last 12 months, reducing personal holdings by UK£8.4m. Upcoming Dividend • Nov 25
Upcoming dividend of UK£0.21 per share Eligible shareholders must have bought the stock before 02 December 2021. Payment date: 07 January 2022. Trailing yield: 2.5%. Lower than top quartile of British dividend payers (4.1%). In line with average of industry peers (2.7%). Reported Earnings • Nov 24
First half 2022 earnings: EPS and revenues exceed analyst expectations First half 2022 results: EPS: UK£1.42 (up from UK£0.34 in 1H 2021). Revenue: UK£85.5m (up 29% from 1H 2021). Net income: UK£254.1m (up 325% from 1H 2021). Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 160%. Earnings per share (EPS) surpassed analyst estimates by 160%. Over the next year, revenue is forecast to grow 8.5%, compared to a 2.2% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Price Target Changed • Sep 16
Price target increased to UK£14.53 Up from UK£13.55, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of UK£14.46. Stock is up 37% over the past year. Recent Insider Transactions • Sep 01
Executive Chairman of the Board recently sold UK£1.7m worth of stock On the 27th of August, Nicholas Vetch sold around 109k shares on-market at roughly UK£15.57 per share. In the last 3 months, there was an even bigger sale from another insider worth UK£4.3m. This was Nicholas' only on-market trade for the last 12 months. 
