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Big Yellow Group (BYG) Fair Value & Analysis

Real Estate · GB · Market cap 1.7B GBX

BY Big Yellow Group BYG · LSE
Price£8.85
Fair Value£9.01
Upside+1.8%
Quality49/100
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Expensive Growth
Highly profitable · 59.7% net margin
Low debt · generates free cash flow
5.39% dividend yield
Mixed vs. peers (6/15)
Moderate moat 62/100
Evidence: High Range £6.13 – £10.31 Share as image

Fair value as of: Jul 17, 2026

From 14 valuation models · updated 24 days ago

Share price +3.7% over the past month.

Below-average quality, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

£13.94 £7.72 Fair Value £9.01 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range £7.72 – £13.94 · fair‑value band £6.13 – £10.31 · the £8.85 price screens below the £9.01 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

Big Yellow Group (BYG) currently trades at £8.85, while our model-based Fair Value estimate is £9.01, implying the stock looks roughly 1.8% fairly valued today. The Quality Score stands at 49/100 (below-average quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Big Yellow Group generated revenue of £209M at a net margin of 59.7%. Revenue grew 2.5% year over year. It earns a return on equity of 4.8%. Net debt stands at £493M. Fundamentals as of Jul 17, 2026

Our scenario range runs from £6.13 (bear case) to £10.31 (bull case); at £8.85, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Real Estate peers we cover trades at -45% fair-value upside, at 2%, BYG screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income £9.62 £9.63 £8.64 76
Rev-Margin DCF £0.9200 £4.02 £7.92 74
Gordon GGM £3.70 £6.66 £9.17 70
All 14 models by family
DCF Models
5Y Revenue Exit £0.9200 £4.17 £8.66 39
5Y EBITDA Exit £2.64 £7.64 £13.96 41
10Y Revenue Exit £2.15 £6.12 36
10Y EBITDA Exit £0.8000 £4.44 £10.09 37
Dividend Discount
Gordon GGM £3.70 £6.66 £9.17 70
DDM Multi-Stage £3.70 £6.08 £7.11 61
Multiples
P/S Multiple £5.20 £6.93 £8.67 58
P/B Multiple £8.13 £10.83 £13.54 55
EV/EBIT £8.59 £12.25 £15.92 53
EV/EBITDA £6.25 £9.13 £12.01 54
EV/Revenue £2.83 £5.07 £7.31 43
Asset-Based
NCAV (Graham) £6.63 £8.88 £13.26 50
Growth DCF
Rev-Margin DCF £0.9200 £4.02 £7.92 74
Economic Profit
Residual Income £9.62 £9.63 £8.64 76

Widest divergence: Economic Profit (£9.63) versus Growth DCF (£4.02). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 209M GBX
Revenue growth (YoY) +2.5%
Net margin 59.7%
Return on equity 4.8%
Free cash flow 8.0M GBX FY2026
P/E ratio 14.0
More key figures
Operating margin 61.8%
EPS (TTM) £0.6300
Dividend yield 5.4%
EPS growth (YoY) -10.1%
Net debt 493M GBX FY2026

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 49/100

Of which business quality 47 · Market factors (momentum, volatility) 45

Profitability 35
Margins and returns on capital today
Quality Growth 29
Are margins and returns improving?
Cashflow 39
Earnings quality: real cash, not paper profit
Fin. Strength 62
Balance sheet, leverage, solvency risk
Investment 49
Disciplined investing over empire-building
Low Volatility 68
Calm price path (market factor)
Momentum 36
Price trend over the last 3–12 months (market factor)
52W Momentum 34
Distance to the 52-week high (market factor)
Net Issuance 69
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Big Yellow Group Plc is the UK's brand leader in self-storage and operates from a platform of 111 stores. We have a pipeline of 0.9 million sq ft comprising 13 proposed self-storage facilities. The current maximum lettable area of the existing platform is 6.6 million sq ft.

Full company description

Big Yellow Group Plc is the UK's brand leader in self-storage and operates from a platform of 111 stores. We have a pipeline of 0.9 million sq ft comprising 13 proposed self-storage facilities. The current maximum lettable area of the existing platform is 6.6 million sq ft. When fully built out the portfolio will provide approximately 7.5 million sq ft of flexible storage space. 99% of our stores and sites by value are held freehold and long leasehold, with the remaining 1% short leasehold. Currently by revenue 75% of our stores are in London and its commuter towns, with the balance in larger regional conurbations. Our stores utilize state of the art technology for our digital and operating platforms including security, and we focus on locating our stores in high profile, accessible, main road locations. We also focus on providing excellent customer service, a highly engaged employee culture, and with a significant investment in sustainability. Big Yellow Group Plc was incorporated in 1998 in United Kingdom.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Big Yellow Group reported revenue of £209M in FY2026 versus £171M in FY2022, a compound +5.1%/yr. Reported net income was £125M in FY2026, compounding −34.9%/yr from FY2022.

Growth Quality 58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
£209M
Latest YoY
+2.2%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+3.5%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+9.1%
Avg. growth/yr (27Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+29.8%
Revenue +5.1%/yr
FY22 £171M
FY23 £189M
FY24 £200M
FY25 £204M
FY26 £209M
Net income −34.9%/yr
FY22 £697M
FY23 £73.3M
FY24 £240M
FY25 £202M
FY26 £125M
Character of growth · EPS growth decomposed (2015-2026) +3.9 % p.a.
Revenue per share +5.5 pp

of which total revenue +8.3 pp · buybacks/dilution −2.8 pp

EBIT margin +0.6 pp
Tax rate −0.1 pp
Residual (interest, one-offs) −2.1 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Big Yellow Group Fair Value". https://www.fairvalue-calculator.com/stock/BYG

Peer Group

REIT - Industrial · 63 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 48 · Below median
Fair Value upside +2% · Top 25%
Return on equity (TTM) 5% · Below median
Return on assets 3% · Below median
Net margin (TTM) 60% · Above median
Operating margin (TTM) 62% · Below median
Revenue growth 3% · Below median
Dividend yield (TTM) 5.4% · Below median
Debt / equity 0.18× · Lower than 75% of peers

Valuation Multiples vs REIT - Industrial median · lower = cheaper

P/E (TTM) 14.0× · Cheaper than median
P/B 0.90× · Cheaper than median
P/S (TTM) 11.19× · Pricier than 75% of peers
P/FCF 290.9× · Pricier than 75% of peers
EV/EBITDA 21.5× · Pricier than 75% of peers
PEG 2.40× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 36 · sector 5
FUTURE 13 · sector 19
PAST 19 · sector 27
HEALTH 91 · sector 76
DIVIDEND 100 · sector 100

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more REIT - Industrial stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
Prologis, Inc PLD $143.42 $61.28 -57%
Public Storage, a member of the S&P 500, PSA $322.48 $172.80 -46%
Extra Space Storage Inc EXR $147.71 $78.38 -47%
EastGroup Properties, Inc EGP $213.10 $81.41 -62%
Lineage, Inc LINE $41.42 $47.91 +16%
CapitaLand Ascendas REIT (CLAR) A17U 2.51 SGD 2.00 SGD -20%
CubeSmart CUBE $42.09 $25.06 -40%
First Industrial Realty Trust, Inc FR $66.99 $21.48 -68%
Rexford Industrial Realty, Inc REXR $39.00 $21.35 -45%
STAG Industrial, Inc STAG $41.11 $24.31 -41%

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Frequently asked questions

Is Big Yellow Group (BYG) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of £9.01 versus a price of £8.85, about +2% (fairly valued).
What is the fair value of BYG?
Our model-based fair value for Big Yellow Group is £9.01 (as of Jul 17, 2026), built from audited fundamentals. The current price is £8.85.
What is the quality score of BYG?
Big Yellow Group has a Quality Score of 49/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Big Yellow Group (BYG)?
Big Yellow Group reported trailing-twelve-month revenue of about £209M (latest available figure, as of Jul 17, 2026).
What is the net profit margin of BYG?
The net profit margin of Big Yellow Group is about 59.7%, meaning it keeps roughly 59.7% of revenue as net income. Based on the latest reported figures.
Does Big Yellow Group pay a dividend?
Big Yellow Group currently shows a dividend yield of about 5.76% relative to its recent price (as of Jul 17, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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