Goldman Sachs maintains a Sell rating on Big Yellow (BYG.L), citing increased competition from the container storage sector and slower-than-expected lease-up times for new developments. The firm lowered its EPS estimates and price target to 810p due to these headwinds.
Key Takeaways
- 1.Increased competition from the container storage sector is creating pressure on vacancy and pricing.
- 2.EPS estimates cut by 3-7% through FY30 due to slower lease-up of the development pipeline.
- 3.Maintain Sell rating with a lowered 12-month price target of 810p.
Table of Contents
- Container storage an increasing competitor
- Weak occupancy and moderating rate growth amid softer demand
- Stabilised occupancy to take longer in the development pipeline
- Soft UK macroeconomic environment
- Valuation
- Changes to estimates
- Financials
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Authors
Rebecca ParkerJonathan KownatorKuber Sood
Securities
BYG.L
Themes
Increased market competition from container storageDevelopment pipeline execution riskWeak UK macroeconomic environment
Regions
EuropeUnited Kingdom