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Big Yellow Group

LSE:BYG
Snowflake Description

Adequate balance sheet second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BYG
LSE
£2B
Market Cap
  1. Home
  2. GB
  3. Real Estate
Company description

Big Yellow is the UK's brand leader in self storage. The last earnings update was 30 days ago. More info.


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BYG Share Price and Events
7 Day Returns
-2.5%
LSE:BYG
-0.1%
GB REITs
0.2%
GB Market
1 Year Returns
3.5%
LSE:BYG
-6.9%
GB REITs
-2%
GB Market
BYG Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Big Yellow Group (BYG) -2.5% 0.9% -1.4% 3.5% 40.4% 95.9%
GB REITs -0.1% 1% -1.5% -6.9% -0.4% 4.6%
GB Market 0.2% 1.3% 0.1% -2% 11.2% 6.3%
1 Year Return vs Industry and Market
  • BYG outperformed the REITs industry which returned -6.9% over the past year.
  • BYG outperformed the Market in United Kingdom of Great Britain and Northern Ireland which returned -2% over the past year.
Price Volatility
BYG
Industry
5yr Volatility vs Market

Value

 Is Big Yellow Group undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Big Yellow Group to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Big Yellow Group.

LSE:BYG Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 7 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.5%
Perpetual Growth Rate 10-Year GB Government Bond Rate 1.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for LSE:BYG
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year GB Govt Bond Rate 1.2%
Equity Risk Premium S&P Global 6.7%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.48
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.476 (1 + (1- 19%) (21.23%))
0.704
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.23% + (0.8 * 6.65%)
6.55%

Discounted Cash Flow Calculation for LSE:BYG using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Big Yellow Group is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Big Yellow Group is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

LSE:BYG DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (GBP, Millions) Source Present Value
Discounted (@ 6.55%)
2020 71.55 Analyst x2 67.15
2021 76.30 Analyst x2 67.21
2022 81.90 Analyst x2 67.71
2023 87.55 Est @ 6.89% 67.93
2024 92.09 Est @ 5.19% 67.07
2025 95.78 Est @ 4% 65.47
2026 98.82 Est @ 3.17% 63.39
2027 101.38 Est @ 2.59% 61.04
2028 103.59 Est @ 2.18% 58.54
2029 105.55 Est @ 1.89% 55.98
Present value of next 10 years cash flows £641.50
LSE:BYG DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= £105.55 × (1 + 1.23%) ÷ (6.55% – 1.23%)
£2,008.32
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= £2,008.32 ÷ (1 + 6.55%)10
£1,065.17
LSE:BYG Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= £641.50 + £1,065.17
£1,706.67
Equity Value per Share
(GBP)
= Total value / Shares Outstanding
= £1,706.67 / 165.58
£10.31
LSE:BYG Discount to Share Price
Calculation Result
Value per share (GBP) From above. £10.31
Current discount Discount to share price of £10.09
= -1 x (£10.09 - £10.31) / £10.31
2.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Big Yellow Group is available for.
Intrinsic value
2%
Share price is £10.09 vs Future cash flow value of £10.31
Current Discount Checks
For Big Yellow Group to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Big Yellow Group's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Big Yellow Group's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Big Yellow Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Big Yellow Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
LSE:BYG PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in GBP £0.78
LSE:BYG Share Price ** LSE (2019-07-19) in GBP £10.09
United Kingdom of Great Britain and Northern Ireland REITs Industry PE Ratio Median Figure of 43 Publicly-Listed REITs Companies 12.88x
United Kingdom of Great Britain and Northern Ireland Market PE Ratio Median Figure of 792 Publicly-Listed Companies 16.31x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Big Yellow Group.

LSE:BYG PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= LSE:BYG Share Price ÷ EPS (both in GBP)

= 10.09 ÷ 0.78

12.88x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Big Yellow Group is good value based on earnings compared to the GB REITs industry average.
  • Big Yellow Group is good value based on earnings compared to the United Kingdom of Great Britain and Northern Ireland market.
Price based on expected Growth
Does Big Yellow Group's expected growth come at a high price?
Raw Data
LSE:BYG PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 12.88x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
8.7%per year
United Kingdom of Great Britain and Northern Ireland REITs Industry PEG Ratio Median Figure of 23 Publicly-Listed REITs Companies 0.93x
United Kingdom of Great Britain and Northern Ireland Market PEG Ratio Median Figure of 573 Publicly-Listed Companies 1.47x

*Line of best fit is calculated by linear regression .

LSE:BYG PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 12.88x ÷ 8.7%

1.49x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Big Yellow Group is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Big Yellow Group's assets?
Raw Data
LSE:BYG PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in GBP £6.79
LSE:BYG Share Price * LSE (2019-07-19) in GBP £10.09
United Kingdom of Great Britain and Northern Ireland REITs Industry PB Ratio Median Figure of 54 Publicly-Listed REITs Companies 0.91x
United Kingdom of Great Britain and Northern Ireland Market PB Ratio Median Figure of 1,377 Publicly-Listed Companies 1.51x
LSE:BYG PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= LSE:BYG Share Price ÷ Book Value per Share (both in GBP)

= 10.09 ÷ 6.79

1.49x

* Primary Listing of Big Yellow Group.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Big Yellow Group is overvalued based on assets compared to the GB REITs industry average.
X
Value checks
We assess Big Yellow Group's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Big Yellow Group has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Big Yellow Group expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
8.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Big Yellow Group expected to grow at an attractive rate?
  • Big Yellow Group's earnings growth is expected to exceed the low risk savings rate of 1.2%.
Growth vs Market Checks
  • Big Yellow Group's earnings growth is positive but not above the United Kingdom of Great Britain and Northern Ireland market average.
  • Big Yellow Group's revenue growth is expected to exceed the United Kingdom of Great Britain and Northern Ireland market average.
Annual Growth Rates Comparison
Raw Data
LSE:BYG Future Growth Rates Data Sources
Data Point Source Value (per year)
LSE:BYG Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 8.7%
LSE:BYG Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 5.4%
United Kingdom of Great Britain and Northern Ireland REITs Industry Earnings Growth Rate Market Cap Weighted Average 16.8%
United Kingdom of Great Britain and Northern Ireland REITs Industry Revenue Growth Rate Market Cap Weighted Average 3%
United Kingdom of Great Britain and Northern Ireland Market Earnings Growth Rate Market Cap Weighted Average 10.9%
United Kingdom of Great Britain and Northern Ireland Market Revenue Growth Rate Market Cap Weighted Average 4.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
LSE:BYG Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in GBP Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
LSE:BYG Future Estimates Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-03-31 162 1
2023-03-31 155 1
2022-03-31 151 95 173 5
2021-03-31 140 85 149 7
2020-03-31 132 79 158 7
LSE:BYG Past Financials Data
Date (Data in GBP Millions) Revenue Cash Flow Net Income *
2019-03-31 126 72 127
2018-12-31 124 70 121
2018-09-30 121 68 116
2018-06-30 119 65 125
2018-03-31 117 63 134
2017-12-31 115 62 127
2017-09-30 113 61 120
2017-06-30 111 59 110
2017-03-31 110 56 100
2016-12-31 108 55 105
2016-09-30 106 54 110
2016-06-30 104 55 111

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Big Yellow Group's earnings are expected to grow by 8.7% yearly, however this is not considered high growth (20% yearly).
  • Big Yellow Group's revenue is expected to grow by 5.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
LSE:BYG Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from Big Yellow Group Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:BYG Future Estimates Data
Date (Data in GBP Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-03-31
2023-03-31
2022-03-31 1.31 1.80 0.82 2.00
2021-03-31 0.65 0.77 0.47 3.00
2020-03-31 0.95 1.09 0.80 2.00
LSE:BYG Past Financials Data
Date (Data in GBP Millions) EPS *
2019-03-31 0.78
2018-12-31 0.76
2018-09-30 0.74
2018-06-30 0.79
2018-03-31 0.85
2017-12-31 0.81
2017-09-30 0.77
2017-06-30 0.70
2017-03-31 0.64
2016-12-31 0.67
2016-09-30 0.70
2016-06-30 0.71

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Big Yellow Group is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Big Yellow Group's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United Kingdom of Great Britain and Northern Ireland market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Big Yellow Group has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Big Yellow Group performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Big Yellow Group's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Big Yellow Group's year on year earnings growth rate has been positive over the past 5 years.
  • Big Yellow Group's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Big Yellow Group's 1-year earnings growth is negative, it can't be compared to the GB REITs industry average.
Earnings and Revenue History
Big Yellow Group's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Big Yellow Group Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

LSE:BYG Past Revenue, Cash Flow and Net Income Data
Date (Data in GBP Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 126.14 126.50 15.90
2018-12-31 123.77 121.40 15.79
2018-09-30 121.39 116.30 15.68
2018-06-30 119.36 124.92 15.20
2018-03-31 117.33 133.54 14.72
2017-12-31 115.06 127.00 15.34
2017-09-30 112.78 120.45 15.96
2017-06-30 111.25 109.98 14.77
2017-03-31 109.71 99.51 13.59
2016-12-31 107.89 104.76 13.25
2016-09-30 106.07 110.01 12.92
2016-06-30 103.93 111.00 12.84
2016-03-31 101.79 112.00 12.76
2015-12-31 99.81 120.87 12.59
2015-09-30 97.83 129.73 12.41
2015-06-30 92.81 117.66 12.17
2015-03-31 87.79 105.59 11.94
2014-12-31 82.40 82.94 9.87
2014-09-30 77.01 60.30 7.80
2014-06-30 74.69 59.92 7.71
2014-03-31 72.38 59.55 7.62
2013-12-31 71.25 49.35 7.53
2013-09-30 70.11 39.16 7.43
2013-06-30 70.20 35.52 7.58
2013-03-31 70.29 31.88 7.72
2012-12-31 68.82 8.57 7.82
2012-09-30 67.35 -14.75 7.92

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Big Yellow Group has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Big Yellow Group used its assets more efficiently than the GB REITs industry average last year based on Return on Assets.
  • Big Yellow Group's use of capital has not improved over the past 3 years (Return on Capital Employed).
X
Past performance checks
We assess Big Yellow Group's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Big Yellow Group has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Big Yellow Group's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Big Yellow Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Big Yellow Group's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Big Yellow Group's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Big Yellow Group's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Big Yellow Group Company Filings, last reported 3 months ago.

LSE:BYG Past Debt and Equity Data
Date (Data in GBP Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,123.90 335.88 17.90
2018-12-31 1,123.90 335.88 17.90
2018-09-30 1,084.83 274.53 6.05
2018-06-30 1,084.83 274.53 6.05
2018-03-31 981.15 328.94 6.85
2017-12-31 981.15 328.94 6.85
2017-09-30 948.63 309.01 5.48
2017-06-30 948.63 309.01 5.48
2017-03-31 890.35 304.64 6.91
2016-12-31 890.35 304.64 6.91
2016-09-30 868.25 312.47 5.86
2016-06-30 868.25 312.47 5.86
2016-03-31 829.39 312.45 17.21
2015-12-31 829.39 312.45 17.21
2015-09-30 794.48 281.04 4.60
2015-06-30 794.48 281.04 4.60
2015-03-31 750.91 286.55 8.19
2014-12-31 750.91 286.55 8.19
2014-09-30 619.12 236.49 8.12
2014-06-30 619.12 236.49 8.12
2014-03-31 594.06 230.89 3.30
2013-12-31 594.06 230.89 3.30
2013-09-30 579.51 232.69 1.71
2013-06-30 579.51 232.69 1.71
2013-03-31 552.63 242.38 7.85
2012-12-31 552.63 242.38 7.85
2012-09-30 517.56 281.70 8.23
  • Big Yellow Group's level of debt (31.6%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (42.9% vs 31.6% today).
  • Debt is well covered by operating cash flow (20.2%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 7x coverage).
X
Financial health checks
We assess Big Yellow Group's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Big Yellow Group has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Big Yellow Group's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.29%
Current annual income from Big Yellow Group dividends. Estimated to be 3.71% next year.
If you bought £2,000 of Big Yellow Group shares you are expected to receive £66 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Big Yellow Group's pays a higher dividend yield than the bottom 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (1.95%).
  • Big Yellow Group's dividend is below the markets top 25% of dividend payers in United Kingdom of Great Britain and Northern Ireland (5.43%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
LSE:BYG Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
United Kingdom of Great Britain and Northern Ireland REITs Industry Average Dividend Yield Market Cap Weighted Average of 49 Stocks 4.3%
United Kingdom of Great Britain and Northern Ireland Market Average Dividend Yield Market Cap Weighted Average of 706 Stocks 4.2%
United Kingdom of Great Britain and Northern Ireland Minimum Threshold Dividend Yield 10th Percentile 1%
United Kingdom of Great Britain and Northern Ireland Bottom 25% Dividend Yield 25th Percentile 2%
United Kingdom of Great Britain and Northern Ireland Top 25% Dividend Yield 75th Percentile 5.4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

LSE:BYG Future Dividends Estimate Data
Date (Data in £) Dividend per Share (annual) Avg. No. Analysts
2024-03-31
2023-03-31
2022-03-31 0.40 9.00
2021-03-31 0.38 13.00
2020-03-31 0.35 13.00
LSE:BYG Past Annualized Dividends Data
Date (Data in £) Dividend per share (annual) Avg. Yield (%)
2019-07-19 0.332 3.290
2018-11-20 0.334 3.444
2018-10-15 0.334 3.756
2018-06-20 0.310 3.299
2018-05-22 0.310 3.267
2017-11-21 0.306 3.538
2017-10-16 0.306 3.939
2017-06-20 0.282 3.637
2017-05-23 0.282 3.553
2016-11-22 0.270 3.790
2016-10-17 0.270 3.918
2016-07-22 0.256 3.447
2015-11-17 0.242 3.102
2015-07-21 0.226 3.206
2014-11-19 0.208 3.275
2014-05-21 0.168 3.264
2013-05-21 0.110 2.370
2012-05-30 0.100 2.956
2012-05-22 0.100 3.570
2011-05-24 0.100 3.617
2011-05-23 0.100 2.931
2010-11-19 0.080 2.420
2010-06-07 0.040 1.286
2009-11-17 0.000 0.000
2009-10-15 0.000 0.000
2009-05-15 0.000 0.000
2008-11-18 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Big Yellow Group has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Big Yellow Group only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Big Yellow Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (197.6x coverage).
X
Income/ dividend checks
We assess Big Yellow Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Big Yellow Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Big Yellow Group has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Big Yellow Group's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jim Gibson
COMPENSATION £1,182,482
AGE 58
TENURE AS CEO 20.8 years
CEO Bio

Mr. James Gibson Co-founded of Big Yellow Group PLC in September 1998 and has been its Chief Executive Officer and Executive Director since September 1998. Mr. Gibson was Finance Director of Heron Property Corporation Limited and then Edge Properties plc which he joined in 1994. He serves as a Non-Executive Director of AnyJunk Limited. He serves as Non-Executive Director of CityStasher Limited. He also serves as a Non-Executive Director of Moby Self Storage. He is a Trustee of the London Children’s Ballet. Mr. Gibson is a Chartered Accountant by background having trained with Arthur Andersen & Co. where he specialised in the property and construction sectors, before leaving in 1989.

CEO Compensation
  • Jim's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Jim's remuneration is about average for companies of similar size in United Kingdom of Great Britain and Northern Ireland.
Management Team Tenure

Average tenure and age of the Big Yellow Group management team in years:

12.1
Average Tenure
53
Average Age
  • The average tenure for the Big Yellow Group management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Nick Vetch

TITLE
Executive Chairman of the Board
COMPENSATION
£1M
AGE
58
TENURE
20.8 yrs

Jim Gibson

TITLE
CEO & Director
COMPENSATION
£1M
AGE
58
TENURE
20.8 yrs

John Trotman

TITLE
CFO & Director
COMPENSATION
£872K
AGE
41
TENURE
12.1 yrs

Adrian Lee

TITLE
Operations Director & Director
COMPENSATION
£863K
AGE
53

Todd Morgan

TITLE
Investor Relations Professional
TENURE
11.8 yrs

Anthony Chenery

TITLE
Head of Marketing & E-Commerce
AGE
47

Cheryl Hathaway

TITLE
Head of Human Resources
AGE
53

Stuart Grinnall

TITLE
Head of IT
AGE
44
TENURE
3.4 yrs

David Knight

TITLE
Head of Facilities
AGE
55

Tom Wilcockson

TITLE
Head of New Business Development & Director of International Franchise
AGE
62
Board of Directors Tenure

Average tenure and age of the Big Yellow Group board of directors in years:

10.3
Average Tenure
55
Average Age
  • The average tenure for the Big Yellow Group board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Nick Vetch

TITLE
Executive Chairman of the Board
COMPENSATION
£1M
AGE
58
TENURE
15.3 yrs

Jim Gibson

TITLE
CEO & Director
COMPENSATION
£1M
AGE
58
TENURE
20.8 yrs

John Trotman

TITLE
CFO & Director
COMPENSATION
£872K
AGE
41
TENURE
11.8 yrs

Adrian Lee

TITLE
Operations Director & Director
COMPENSATION
£863K
AGE
53
TENURE
19.2 yrs

Richard Cotton

TITLE
Senior Independent Director
COMPENSATION
£45K
AGE
64

Georgina Harvey

TITLE
Non-Executive Director
COMPENSATION
£45K
AGE
54
TENURE
6 yrs

Vince Niblett

TITLE
Non-Executive Director
COMPENSATION
£45K
TENURE
2.1 yrs

Steve Johnson

TITLE
Non-Executive Director
COMPENSATION
£40K
AGE
55
TENURE
8.8 yrs

Anna Keay

TITLE
Non-Executive Director
COMPENSATION
£40K
TENURE
1.3 yrs
Who owns this company?
Recent Insider Trading
  • Information is not available.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (£) Value (£)
18. Jun 19 Sell Richard Cotton Individual 14. Jun 19 14. Jun 19 -3,763 £10.24 £-38,533
18. Jun 19 Buy Richard Cotton Individual 14. Jun 19 14. Jun 19 3,763 £10.24 £38,533
18. Mar 19 Sell Nicholas Vetch Individual 15. Mar 19 15. Mar 19 -375,407 £9.84 £-3,695,807
06. Mar 19 Sell Nicholas Vetch Individual 05. Mar 19 05. Mar 19 -490,829 £9.88 £-4,848,065
12. Sep 18 Buy Adrian Lee Individual 12. Sep 18 12. Sep 18 4,301 £9.30 £39,999
12. Sep 18 Buy John Trotman Individual 12. Sep 18 12. Sep 18 4,301 £9.30 £39,999
12. Sep 18 Buy Richard Cotton Individual 12. Sep 18 12. Sep 18 3,763 £9.30 £34,996
12. Sep 18 Buy Georgina Harvey Individual 12. Sep 18 12. Sep 18 3,225 £9.30 £29,992
12. Sep 18 Buy James Gibson Individual 12. Sep 18 12. Sep 18 5,376 £9.30 £49,997
12. Sep 18 Buy Nicholas Vetch Individual 12. Sep 18 12. Sep 18 7,526 £9.30 £69,992
X
Management checks
We assess Big Yellow Group's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Big Yellow Group has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Announcing: Big Yellow Group (LON:BYG) Stock Increased An Energizing 107% In The Last Five Years

During five years of share price growth, Big Yellow Group achieved compound earnings per share (EPS) growth of 13% per year. … As well as measuring the share price return, investors should also consider the total shareholder return (TSR). … As it happens, Big Yellow Group's TSR for the last 5 years was 146%, which exceeds the share price return mentioned earlier.

Simply Wall St -

Is Big Yellow Group (LON:BYG) A Risky Investment?

LSE:BYG Historical Debt, June 27th 2019 How Healthy Is Big Yellow Group's Balance Sheet? … Either way, since Big Yellow Group does have more debt than cash, it's worth keeping an eye on its balance sheet. … Over the last three years, Big Yellow Group recorded free cash flow worth a fulsome 89% of its EBIT, which is stronger than we'd usually expect.

Simply Wall St -

Income Investors Should Know That Big Yellow Group Plc (LON:BYG) Goes Ex-Dividend Soon

Check out our latest analysis for Big Yellow Group If a company pays out more in dividends than it earned, then the dividend might become unsustainable - hardly an ideal situation. … Big Yellow Group is paying out a bit over half its earnings, which suggests the company is striking a balance between reinvesting in growth, and paying dividends. … However, we'd also note that Big Yellow Group is paying out more than half of its earnings and cash flow as profits, which could limit the dividend growth if earnings growth slows.

Simply Wall St -

Is Big Yellow Group Plc's (LON:BYG) CEO Salary Justified?

First, this article will compare CEO compensation with compensation at similar sized companies. … Check out our latest analysis for Big Yellow Group How Does Jim Gibson's Compensation Compare With Similar Sized Companies? … We compared the total CEO remuneration paid by Big Yellow Group Plc, and compared it to remuneration at a group of similar sized companies.

Simply Wall St -

Is Big Yellow Group Plc's (LON:BYG) ROE Of 11% Impressive?

The formula for return on equity is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Big Yellow Group: 11% = UK£116m ÷ UK£1.1b (Based on the trailing twelve months to September 2018.) It's easy to understand the 'net profit' part of that equation, but 'shareholders' equity' requires further explanation. … Does Big Yellow Group Have A Good Return On Equity? … Combining Big Yellow Group's Debt And Its 11% Return On Equity Although Big Yellow Group does use debt, its debt to equity ratio of 0.27 is still low.

Simply Wall St -

Should You Buy Big Yellow Group Plc (LON:BYG) For Its Dividend?

Dividend paying stocks like Big Yellow Group Plc (LON:BYG) tend to be popular with investors, and for good reason - some research shows that a significant amount of all stock market returns come from reinvested dividends. … Yet sometimes, investors buy a stock for its dividend and lose money because the share price falls by more than they earned in dividend payments. … In this case, Big Yellow Group likely looks attractive to dividend investors, given its 3.2% dividend yield and nine-year payment history.

Simply Wall St -

What Do Investors Need To Know About Big Yellow Group Plc's (LON:BYG) Growth?

Looking at Big Yellow Group Plc's (LON:BYG) earnings update in September 2018,. … Currently with a trailing-twelve-month profit of UK£134m, the consensus growth rate suggests that earnings will drop to. … In this article, I've outline a few earnings growth rates to give you a sense of the market sentiment for Big Yellow Group in the longer term

Simply Wall St -

Is Big Yellow Group Plc (LON:BYG) A Healthy REIT?

real estate investment trust (REIT) based in Bagshot, United Kingdom. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent

Simply Wall St -

Does Big Yellow Group's Share Price Gain of 67% Match Its Business Performance?

For example, the Big Yellow Group Plc (LON:BYG) share price is up 67% in the last 5 years, clearly besting than the market return of around 25%. … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … During five years of share price growth, Big Yellow Group achieved compound earnings per share (EPS) growth of 25% per year.

Simply Wall St -

Should Big Yellow Group Plc (LON:BYG) Be Your Next Stock Pick?

Help shape the future of investing tools and you could win a $250 gift card! … By this I mean, I look at stocks holistically, from their financial health to their future outlook. … that has been able to sustain great financial health over the past.

Simply Wall St -

Company Info

Description

Big Yellow is the UK's brand leader in self storage. Big Yellow now operates from a platform of 99 stores, including 24 stores branded as Armadillo Self Storage, in which the Group has a 20% interest. We own a further 12 Big Yellow self storage development sites of which three have planning consent. The current maximum lettable area of the existing platform (including Armadillo) is 5.7 million sq ft. When fully built out the portfolio will provide approximately 6.5 million sq ft of flexible storage space. Of the Big Yellow stores and sites, 97% by value are held freehold and long leasehold, with the remaining 3% short leasehold. The Group has pioneered the development of the latest generation of self storage facilities, which utilise state of the art technology and are located in high profile, accessible, main road locations. Our focus on the location and visibility of our Big Yellow stores, coupled with our excellent customer service and our market leading online platform, has created the most recognised brand name in the UK self storage industry.

Details
Name: Big Yellow Group Plc
BYG
Exchange: LSE
Founded: 1998
£1,670,681,576
165,577,956
Website: http://www.bigyellow.co.uk
Address: Big Yellow Group Plc
Unit 2, The Deans,
Bridge Road, Bagshot,
Bagshot,
East Lothian, GU19 5AT,
United Kingdom
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
LSE BYG Ordinary Shares London Stock Exchange GB GBP 08. May 2000
OTCPK BYLO.F Ordinary Shares Pink Sheets LLC US USD 08. May 2000
DB B9Y Ordinary Shares Deutsche Boerse AG DE EUR 08. May 2000
BATS-CHIXE BYGL Ordinary Shares BATS 'Chi-X Europe' GB GBP 08. May 2000
Number of employees
Current staff
Staff numbers
395
Big Yellow Group employees.
Industry
Specialized REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/20 20:41
End of day share price update: 2019/07/19 00:00
Last estimates confirmation: 2019/07/19
Last earnings filing: 2019/06/20
Last earnings reported: 2019/03/31
Last annual earnings reported: 2019/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.