Big Yellow Group PLC (BYG) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Big Yellow Group PLC stock £7.63, price £9.46, that is 19.3% below the price, quality 49 out of 100. Rating: overvalued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range £7.87 – £14.22 · fair‑value band £3.99 – £11.81 · the £9.46 price screens above the £7.63 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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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.
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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.
Stock analysis
Big Yellow Group PLC (BYG) currently trades at £9.46, while our model-based Fair Value estimate is £7.63, 19% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of £9.98 per share, and 3 of the 14 models we run sit above the £9.46 price.
Bear case: the Growth DCF group reads lowest at £4.60, and 11 of the 14 models stay below the price. Data coverage for this calculation is high.
Scenario range: £3.99 (bear) to £11.81 (bull), the price of £9.46 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 49/100 (below-average quality), in the Real Estate sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Big Yellow Group PLC 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.
Key figures
Market cap £1.9B Mid · P/E ratio 14.8 · P/S ratio 8.94 · EPS (TTM) £0.6376 · Dividend yield 5.0% · Net margin 59.7% · Return on equity 4.8% · Return on assets (EBIT) 4.2% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 63 out of 100 (low confidence).
What moves the price
The share trades about 15% below its 52-week high and 20% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −32% fair-value upside, at −19%, BYG screens cheaper than that median.
Fair Value models
Bear£3.99Fair Value £7.63Bull£11.81
Price £9.46 · Downside -19.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (£0.0941 per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+2.2%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+3.5%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+9.1%
Start year 2021 (pandemic). Over 10 years: +7.5% a year
Revenue growth 25 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+16.9%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
+11.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.7%
Dividend (yield on the price)5.0%
Per share before 2001divided by the spin-off factor 1.0134
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−16.0% vs −1.2%, slowing
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.60% → 62%
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+66.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (UK: IMF forecast 2.3% a year to 2030, 3.3% from 2016 to 2025) that is about +62.2% a year for the price and +2.3% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (68 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: The industrial REIT draws steady cash flows from scarce London sites yet shows limited signals of a durable moat with thin data across categories.
Main risk: The activist investor's demand for a strategic review risks forcing a sale that would disrupt the focused ownership of scarce London sites and their cash flows.
Big Yellow is under pressure from an activist with over 4 percent to open a strategic review that could end in a sale of its self-storage assets. The board says it stays focused on its proven strategy yet keeps evaluating all options after rejecting earlier proposals that fell short of full potential. Our models currently see the stock as overvalued. Will the steady cash flows from its scarce London sites deliver more than a transaction could unlock?
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.REIT - Industrial · 51 stocks
Beats the industry median on 6/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score49 · Bottom 25%
Fair Value upside−19.7% · Below median
Profitability
Return on equity (12 months)4.8% · Below median
Return on assets4.0% · Above median
Net margin (12 months)59.7% · Above median
Operating margin (12 months)61.8% · Below median
Growth and dividend
Revenue growth (quarter YoY)2.5% · Below median
Dividend yield (12 months)5.0% · Below median
Balance sheet
Debt / equity0.18× · Lowest 25%
Valuation Multiplesvs REIT - Industrial median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Big Yellow Group PLC Fair Value". https://www.fairvalue-calculator.com/stock/BYG
Frequently asked questions
Is Big Yellow Group PLC (BYG) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of £7.63 versus a price of £9.46, about 19% lower (overvalued).
What is the fair value of BYG?
Our model-based fair value for Big Yellow Group PLC is £7.63 (as of Nov 7, 2026), built from audited fundamentals. The current price: £9.46.
What is the quality score of BYG?
Big Yellow Group PLC 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 price target for Big Yellow Group PLC (BYG)?
Our model-based price target is the fair value of £7.63 (as of Nov 7, 2026) from 16 valuation models. Cautious scenario £3.99, optimistic scenario £11.81. It is a calculation from audited fundamentals, not an analyst target.
What is the Big Yellow Group PLC stock forecast for 2026?
Our models put fair value at £7.63, about 19% lower versus a price of £9.46 (overvalued). Cautious scenario £3.99, optimistic scenario £11.81. The calculation is refreshed regularly with new filings.
What is the revenue of Big Yellow Group PLC (BYG)?
Big Yellow Group PLC reported trailing-twelve-month revenue of about £209M (latest available figure, as of Nov 7, 2026).
Does Big Yellow Group PLC pay a dividend?
Big Yellow Group PLC currently shows a dividend yield of 5.03% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Big Yellow Group PLC (BYG) and when is the ex-dividend date?
Big Yellow Group PLC pays a dividend of £0.476 per share a year, a dividend yield of 5.0%. The last ex-dividend date was Jul 2, 2026. A dividend has been paid every year since 2010. The payout ratio is 81.7% of earnings (on adjusted earnings, reported 75.6%). Free cash flow covers the dividend 0.09 times. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What growth is priced into Big Yellow Group PLC (BYG)?
For today's price to be fair in a discounted-cash-flow model, Big Yellow Group PLC would have to grow free cash flow by +66.0 % per year for five years (discount rate 10.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.1 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of BYG use?
Our models discount Big Yellow Group PLC at 10.1 %: a base by market capitalisation (mid), damped by beta 0.91, country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Big Yellow Group PLC that is +66.0 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.1 %) and the same formula as our fair value.
How much growth has Big Yellow Group PLC (BYG) delivered so far?
Over the past 5 years revenue at Big Yellow Group PLC grew +9.1 % a year. The price currently implies free-cash-flow growth of +66.0 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Big Yellow Group PLC (BYG) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Big Yellow Group PLC (+66.0 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Big Yellow Group PLC (BYG)?
The free-cash-flow yield on the price is 0.43 %: that much free cash flow Big Yellow Group PLC produces per unit of market value. When it exceeds the discount rate of our models (10.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Big Yellow Group PLC (BYG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Big Yellow Group PLC it is £7.63 per share (as of Nov 7, 2026), against a price of £9.46. It is the blended result of 16 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Big Yellow Group PLC stock overvalued or undervalued in 2026?
As of Nov 7, 2026, BYG trades above its calculated fair value: price £9.46, fair value £7.63, a gap of about −19% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BYG?
No. The price is what the market pays today (£9.46); the fair value is what the company's own numbers justify (£7.63). For Big Yellow Group PLC the two are £1.83 per share apart. That gap is exactly why we show both numbers side by side.
How much is Big Yellow Group PLC worth?
The market values Big Yellow Group PLC at about £1.9B (market capitalisation, as of Nov 7, 2026). Per share that is £9.46; our models calculate a fair value of £7.63 per share.
What do the bullish and bearish scenarios say about BYG?
Our models span a range for Big Yellow Group PLC: cautious scenario £3.99, base £7.63, optimistic £11.81 per share (as of Nov 7, 2026, price £9.46). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BYG?
Big Yellow Group PLC trades at a price-to-earnings ratio of 14.8 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of £7.63 is built from several models across several years. Excluding one-off items of fiscal year 2026 it is 16.0 (reported 14.8). Median P/E at fiscal year-end, 10 fiscal years (2017 to 2026), reported earnings, FY2026 ex one-offs: 10.8. Other multiples: PEG 2.4, P/B 0.7, P/S 8.9, EV/EBITDA 17.9.
What is the PEG ratio of BYG?
The PEG ratio of Big Yellow Group PLC is 2.40 (P/E divided by earnings growth, as of Nov 7, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Big Yellow Group PLC (BYG)?
Balance-sheet figures for Big Yellow Group PLC (as of Nov 7, 2026): return on equity 4.8%, debt of 0.18 per unit of equity. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is BYG from its 52-week high?
Big Yellow Group PLC trades at £9.46, about 15% below its 52-week high of £11.08 and 20% above the low of £7.91 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of £7.63 is for.
Which stocks are comparable to Big Yellow Group PLC?
From the same area (Real Estate) we also value Prologis, Inc, Public Storage, Extra Space Storage Inc, EastGroup Properties, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Big Yellow Group PLC stock attractive at the current price?
The data as of Nov 7, 2026: price £9.46, calculated fair value £7.63 (−19%), Quality Score 49/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BYG calculated?
We run Big Yellow Group PLC through 16 models from 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of £7.63 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Big Yellow Group PLC itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Big Yellow Group PLC (BYG)?
The closing price on Nov 9, 2026 was £9.46. Our model-based fair value is £7.63, about 19% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Big Yellow Group PLC right now?
Weak quality (49/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide (£3.99 to £11.81). The outcome hinges heavily on assumptions, so read the point estimate with caution. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of Big Yellow Group PLC (BYG) come from?
Earnings per share at Big Yellow Group PLC grew +3.9 % a year from 2015 to 2026. Broken into its drivers: revenue per share +5.5 %, EBIT margin +0.6 %, tax rate −0.1 %, residual (interest, one-offs) −2.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Big Yellow Group PLC
How large is the market capitalisation of Big Yellow Group PLC (BYG)?
The market capitalisation of Big Yellow Group PLC is £1.9B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Big Yellow Group PLC (BYG)?
The price-to-sales ratio of Big Yellow Group PLC is 8.94 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Big Yellow Group PLC (BYG)?
Earnings per share at Big Yellow Group PLC are £0.6376 (price ÷ EPS = P/E 14.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Big Yellow Group PLC (BYG)?
The dividend yield of Big Yellow Group PLC is 5.0% (payout 81.7%, on adjusted earnings, reported 75.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Big Yellow Group PLC (BYG)?
The net margin of Big Yellow Group PLC is 59.7% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Big Yellow Group PLC (BYG)?
The return on equity (ROE) of Big Yellow Group PLC is 4.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Big Yellow Group PLC (BYG)?
On an EBIT basis the return on assets of Big Yellow Group PLC is 4.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Big Yellow Group PLC (BYG)?
The operating margin of Big Yellow Group PLC is 61.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Big Yellow Group PLC (BYG)?
Revenue at Big Yellow Group PLC is growing +2.5% versus a year earlier (3y avg +3.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Big Yellow Group PLC (BYG)?
Earnings per share at Big Yellow Group PLC are growing −10.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Big Yellow Group PLC (BYG) carry?
The net debt of Big Yellow Group PLC is £493M (fiscal year 2026, ≈ 61.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 7, 2026