olivLaw · European equity research
Big Yellow Group PLC BYG.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Big Yellow Group PLC is the largest self-storage operator in the United Kingdom, with a national brand and a freehold store portfolio concentrated in London and South East England. The company integrated the regional operator Armadillo in 2021, and its growth capacity rests on a pipeline of 12 sites that could add 16% to current floor space if completed.
At the close of 05 Nov 2026, Big Yellow Group PLC (BYG.L) stock was 9.68 GBP (+1.74% on the day), with market capitalisation 1.8 bn GBP, P/E 2.5 on diluted EPS of 3.84 GBP over the last 12 months, dividend yield 3.92%, beta 0.68, 52-week range 7.96–11.64 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 71.8
- overbought (≥ 70)
- Bollinger (20, 2)
- 8.01 – 10.00
- in the upper half of the band · %B 0.83 · band width 22.1%
- SMA 50 / 200
- 8.55 / 8.98
- mixed trend
- MACD (12, 26, 9)
- 0.30 / 0.26
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +18.0% | −0.6% | +18.6 pp | — |
| 3 months | +6.7% | −4.2% | +10.8 pp | — |
| 6 months | +9.1% | +4.3% | +4.7 pp | — |
| Year to date | −7.5% | +7.5% | −15.0 pp | — |
| 1 year | −13.6% | +9.9% | −23.5 pp | +5.8% |
| 3 years | −4.9% | +49.8% | −54.7 pp | +26.3% |
| 5 years | −36.5% | +42.8% | −79.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 2-quarter history (min 4.0, median 5.7, max 7.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 |
|---|---|---|
| Revenue | 135.2 m | 171.3 m |
| Revenue YoY | unavailable | +26.7% |
| Net income | 265.2 m | 697.3 m |
| Net income YoY | unavailable | +162.9% |
| Diluted EPS | 1.52 | 3.84 |
| Diluted EPS YoY | unavailable | +153.1% |
| net % | 196.1% | 407.0% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2022 · 31 Mar 2022
- Cash
- 8.6 m GBP
- Financial debt
- 418.0 m GBP
- Net debt
- 409.4 m GBP
- Equity
- 2.2 bn GBP
- Total assets
- 2.7 bn GBP
- Debt / equity
- 0.19x
- Current ratio
- 0.32x
- ROE
- 38.3%
- ROA
- 30.9%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Revenue | 135.2 m | 171.3 m | esef· 02 Aug 2022verified |
| Cost of revenue | 41.6 m | 50.4 m | esef· 02 Aug 2022verified |
| Gross profit | 93.7 m | 120.9 m | esef· 02 Aug 2022verified |
| Operating income | 270.8 m | 704.4 m | esef· 02 Aug 2022verified |
| Pre-tax income | 265.8 m | 698.9 m | esef· 02 Aug 2022verified |
| Income tax | 636.0 k | 1.6 m | esef· 02 Aug 2022verified |
| Net income | 265.2 m | 697.3 m | esef· 02 Aug 2022verified |
| Diluted EPS | 1.52 | 3.84 | esef· 02 Aug 2022verified |
| Dividend per share | 0.34 | 0.38 | esef· 02 Aug 2022derived |
Balance sheet · GBP
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Cash | 12.3 m | 8.6 m | esef· 02 Aug 2022verified |
| Receivables | 7.8 m | 7.8 m | esef· 02 Aug 2022verified |
| Inventories | 366.0 k | 483.0 k | esef· 02 Aug 2022verified |
| Current assets | 20.5 m | 16.8 m | esef· 02 Aug 2022verified |
| Property, plant & equipment, net | 3.9 m | 3.9 m | esef· 02 Aug 2022verified |
| Total assets | 1.8 bn | 2.7 bn | esef· 02 Aug 2022verified |
| Short-term debt | 2.9 m | 3.0 m | esef· 02 Aug 2022verified |
| Long-term debt | 332.6 m | 415.0 m | esef· 02 Aug 2022verified |
| Current liabilities | 39.2 m | 52.3 m | esef· 02 Aug 2022verified |
| Total liabilities | 388.4 m | 486.0 m | esef· 02 Aug 2022verified |
| Equity | 1.5 bn | 2.2 bn | esef· 02 Aug 2022verified |
| Shares outstanding at year end | 174.1 m | 180.9 m | esef· 02 Aug 2022derived |
Cash flow · GBP
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.8 bn GBP
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
38% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 32.2% | 79 (vs peers) | 28% |
| Net margin · Quality | 407.0% | 100 (vs peers) | 17% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.3x | 0 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | 2.5x | 94 (vs peers) | 28% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 3.9% | 56 (on a fixed band) | 17% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality87/100 · 2/3 factors with a value
- Returns· partial56/100 · 1/2 factors with a value
- Valuation· partial94/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BIG YELLOW GROUP PLC (BYG.L). Latest full fiscal year: 2022; data up to 2022-03-31.
Figures computed from the financial statements: revenue 171.3 m GBP in 2022; YoY growth 26.7%; net margin 407.0%; ROE 38.3%.
The estimated value range is 43.37–66.89 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 55.42 GBP, the price of 9.68 GBP leaves a potential of 472.9% (value / price − 1) and a margin of safety of 82.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 32.2%
- Net margin: 407.0%
- P/E (TTM): 2.5x
- The price is below the estimated value range
What contradicts it
- Current ratio: 0.3x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| BYG.LBig Yellow Group PLC | 1.8 bn | 2.5 | 38.3% | 407.0% | +26.7% | −17% / −11% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for BYG.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 6.34 Total return -31% · Per year -31% | 11.16 Total return 20% · Per year 20% | 16.74 Total return 78% · Per year 78% |
| 3 years | 7.52 Total return -11% · Per year -4% | 14.76 Total return 68% · Per year 19% | 24.11 Total return 169% · Per year 39% |
| 5 years | 8.92 Total return 13% · Per year 2% | 19.52 Total return 132% · Per year 18% | 34.72 Total return 299% · Per year 32% |
- Exit P/E± 3.69
- Net margin± 2.58
- Annual revenue growth± 1.93
- Annual dilution± 0.22
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Big Yellow Group PLC is the largest self-storage operator in the United Kingdom, with a national brand and a freehold store portfolio concentrated in London and South East England. The company integrated the regional operator Armadillo in 2021, and its growth capacity rests on a pipeline of 12 sites that could add 16% to current floor space if completed.
SWOT
Strengths
- A freehold store portfolio with strong asset valuation and control over buildings, supported by a recognised national brand.
- Strong cash flows and high operating margins that support interest cover well above internal and banking thresholds.
- A digitised operating system, with individual room alarms and online services, that reduces staffing costs and improves customer experience.
Weaknesses
- Geographic concentration in London and South East England exposes the company to regional economic developments.
- A high share of floating-rate debt makes the company sensitive to rises in the base rate.
- The planning process is slow and costly, which limits the pace at which new stores can be added.
Opportunities
- The UK market has room to grow as awareness of self-storage increases among domestic and business customers.
- Integrating Armadillo and expanding into regional areas could bring acquisitions of existing stores, if quality offers become available.
- Investment in renewable energy and decarbonisation could lower long-term costs and position the company favourably with customers.
Threats
- An economic slowdown or fall in disposable incomes could reduce demand and the number of occupied rooms.
- Higher taxation, property rates and compliance costs could weigh on operating margins.
- Entry of institutional investors and compression of capitalisation rates could affect valuations and the cost of acquisitions.
Risks
- Market riskhigh
If the self-storage market does not grow in line with projections or the UK economy falls short of expectations, demand and income could decline.
- Property and planning riskmedium
Failure to acquire sites that meet criteria or to obtain planning consent could limit expansion of the store network.
- Interest rate riskmedium
Rising base rates could increase the cost of floating-rate debt, and banks could seek higher margins from the company.
- Climate and regulatory riskmedium
Physical risks such as flooding and the energy transition could generate extra costs, and tax changes could affect REIT status if compliance lapses.
- Reputation and security risklow
A serious incident at a store or a data breach could damage reputation, income and customer relationships.
Investment thesis
What would need to be true (bull case)
- If the UK self-storage market keeps developing, the company could benefit from its share in London and the large cities, where entry barriers are high.
- A capital structure built on freehold assets and strong cash flows could support dividends and investment in new sites.
- Integrating Armadillo and digitising operations could improve central cost efficiency if these gains are maintained.
What would break the thesis
- If the UK economy slows, demand for storage could fall and room occupancy could be affected.
- Exposure to variable interest rates could raise financing costs if the Bank of England keeps increasing the base rate.
- Valuations could be affected if capitalisation rates rise or if comparable transactions become scarcer.
What to watch
- Trend in occupied rooms and revenue across existing storesQ1 2027
- Progress on the 12-site pipeline and remaining planning consents2027
- Cost of debt and refinancing terms with lendersnext 10-K
- Integration of Armadillo and realisation of central cost savings2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Big Yellow Group PLC operates and develops self-storage facilities, providing space for commercial and personal needs. According to its annual report, the company has around 73,000 rooms occupied across its store portfolio, and its revenue and profit are supported by a business model with strong cash flows. The report for the year ended 31 March 2022 shows adjusted profit before tax of £96.8 million, up 30%.
The company owns a significant part of the buildings it operates on a freehold basis, which gives it control over assets and a basis for valuations. The report notes a revaluation surplus on open stores of £530 million in fiscal 2022, an uplift of 29%, supported by cash flows used in valuations and improved capitalisation rates.
The acquisition of the remaining 80% of Armadillo, completed in July 2021, extended the network into regions where the company would be unlikely to build under the Big Yellow brand, and these stores are managed to the same operating standards. The report states that 24 Armadillo stores were operational at that time.
Segments
Big Yellow branded stores
Big Yellow stores are concentrated in London and the large metropolitan areas of South East England, where demand and competitive barriers are considered strongest. The company runs a digitised network with individually alarmed rooms.
Armadillo portfolio
Armadillo operates as a regional brand, with stores in urban areas smaller than London. Integration has reduced central costs, particularly marketing, and gives employees promotion opportunities across the group.
Development of new sites
The development pipeline includes 12 sites, seven of which have planning consent, and completing them could expand current floor space by 16%. Planning approval can take between eighteen months and three years.
Market context
The report describes the UK self-storage market as relatively immature compared with the United States or Australia, which leaves room for growth but also low awareness of the service outside London. Portfolio acquisitions across Europe have compressed capitalisation rates, and institutional investors are actively seeking such assets.
Demand is seasonal, growing over spring and summer and weaker in winter. The UK economy rebounded after the 2020 contraction, but uncertainty from the war in Ukraine and inflationary pressures could affect consumer spending.
Trends
- Growing demand for self-storagetailwind
The company sees rising awareness of self-storage across the UK, particularly during the pandemic, which supports demand from domestic and business customers.
- Inflation and interest ratesheadwind
Increases in the Bank of England base rate could raise the cost of floating-rate debt, given that a significant share of borrowings is floating.
- Institutional investor interestmixed
Portfolio acquisitions across Europe and institutional interest have reduced capitalisation rates in the sector, which has contributed to higher valuations.
- Climate transition and energy standardsmixed
Rising building standards and emissions taxation could generate retrofit costs, but also opportunities for decarbonisation and renewable energy use.
Competitive position
The report does not name specific competitors, but it stresses that competitive barriers are higher in London and the large cities where the company focuses. Difficulty in acquiring sites at affordable prices and obtaining planning consent limits entry by new operators on main roads.
Competition also shows up in the limited availability of land and in the pressure from institutional investors buying self-storage portfolios. The company considers its national brand and digital strength to be advantages over smaller operators.
- Independent regional operators
Local storage operators in the UK competing in urban markets outside the largest centres, without comparable national presence.
- Institutional self-storage investors
Funds acquiring storage portfolios and competing for assets, influencing capitalisation rates across the sector.
- United States self-storage operators
A more mature market from which experienced operators could enter the UK, though the report sets out no concrete plans.
- Australian self-storage operators
A reference market the company describes as more developed, which could attract operators with similar models.
News & filings
In the press
- Ancora Is Said to Push UK’s Big Yellow Group to Explore SaleBloomberg Markets · 13 Oct 2026 · EN
Annual reports (ESEF)
- Annual report 202202 Aug 2022
- Annual report 202202 Aug 2022
Sources
- [1] Annual report, fiscal year ended 2022-03-31 (ESEF) · SEC / Big Yellow Group PLC · 31 Mar 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.