Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

<p>Management&rsquo;s outlook is cautiously optimistic and market conditions have improved since the start of 2016. Raven&rsquo;s FY16 results show an IFRS profit of $7.7m or $55.4m on an EPRA basis. An opportunistic acquisition of three assets in St Petersburg announced since the year-end and expected to close in Q217 vindicates Raven&rsquo;s strategy of strengthening the balance sheet in anticipation of the market changing. The defence of occupancy levels kept vacancies at 19% on average with leases covering 22% of gross lettable area (GLA) extended and replaced. This has helped maintain cash flow and leaves Raven well-placed to benefit from an upturn.</p>

Management&rsquo;s outlook is cautiously optimistic and market conditions have improved since the start of 2016. Raven&rsquo;s FY16 results show an IFRS profit of $7.7m or $55.4m on an EPRA basis. An opportunistic acquisition of three assets in St Petersburg announced since the year-end and expected to close in Q217 vindicates Raven&rsquo;s strategy of strengthening the balance sheet in anticipation of the market changing. The defence of occupancy levels kept vacancies at 19% on average with leases covering 22% of gross lettable area (GLA) extended and replaced. This has helped maintain cash flow and leaves Raven well-placed to benefit from an upturn.

<p>Raven has announced the conditional acquisition of three properties in St Petersburg for RUB4.9bn (c&nbsp;$82m), below their replacement cost, which will generate rent of $13m in the first year of ownership (c&nbsp;16% initial yield). The acquisition will be funded from existing cash reserves and is expected to be complete by the end of February. We maintain our previous forecasts pending the completion of the acquisition and the publication of Raven&rsquo;s FY16 results on 13 March 2017.</p>

Raven has announced the conditional acquisition of three properties in St Petersburg for RUB4.9bn (c&nbsp;$82m), below their replacement cost, which will generate rent of $13m in the first year of ownership (c&nbsp;16% initial yield). The acquisition will be funded from existing cash reserves and is expected to be complete by the end of February. We maintain our previous forecasts pending the completion of the acquisition and the publication of Raven&rsquo;s FY16 results on 13 March 2017.

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Raven Russia (RUS LN)

Emerging opportunities

Management’s outlook is cautiously optimistic and market conditions have improved since the start of 2016. Raven’s FY16 results show an IFRS profit...

Edison Investment Research

An opportune acquisition

Raven has announced the conditional acquisition of three properties in St Petersburg for RUB4.9bn (c $82m), below their replacement cost, which...

Edison Investment Research

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