GB : Big Yellow - FY21 results are in line

Big Yellow’s FY21 results are in line with expectations. Underlying EPS increased 0.7% y/y to 42.4p, helped by +4.9% LfL self-storage revenue growth offset by a higher share count following the April 2020 placing. Cash generation remained solid, up 4.2% y/y. Available liquidity of c.£100m is plenty. The £294m pipeline has extended since last year; delivery will expand the group’s lettable area 20% at an attractive 8.8% yield on cost. Searches for ‘Self Storage’ are above the two-year average. With the shares up 39% over the last 12 months, trading on a CY21E P/E 30.2x offering a c.5% 3-year EPS CAGR (vs. SAFE 24.7x for 11%), we retain HOLD.

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