Edison Investment Research Limited: Edison issues update on Raven Russia (RUS)

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Edison Investment Research Limited

12-March-2018 / 12:42 GMT/BST

London, UK, 12 March 2018

Edison issues update on Raven Russia (RUS)

The Russian economy returned to growth in 2017 and the FX market was relatively calm, creating the conditions for a significant improvement in the warehouse market supply-demand balance, with rents stabilising. Against this backdrop, Raven produced strong headline earnings, including land sale gains, and a solid underlying performance, including a first benefit from 2017 accretive acquisitions. Although not reflected in our forecast, further acquisitions are likely, funded by existing cash resources, with the potential to more than offset rent reversion to market levels and return the company to growth.

Raven investors have three share classes (in addition to warrants) from which to choose. The preference (RUSP) and convertible preference (RUSC) shares yield 8.2% and 5.4%, respectively. The 2017 yield on the ordinary shares is more than 9%, and 7.0% in 2018 assuming a lower distribution excluding realisation gains. The ordinary shares will benefit fully from any NAV growth or narrowing of the 30% discount to FY18e NAV/share.

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All reports published by Edison are available to download free of charge from its website

About Edison: 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, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information please contact Edison:

Martyn King, +44 (0)20 3077 5745
Andrew Mitchell, +44 (0)20 3681 2500

Learn more at www.edisongroup.com and connect with Edison on:
LinkedIn https://www.linkedin.com/company/edison-investment-research
Twitter www.twitter.com/Edison_Inv_Res
YouTube www.youtube.com/edisonitv

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