BYG

Big Yellow Group PLC

Real Estate First-pass screen £1.8bn

450/1000 Overall fit

AI beneficiary 35% 18

Operating leverage 25% 62

Valuation 25% 57

Downside protection 15% 60

First-pass take

Self-storage operator with structural tailwinds (online retail, work-from-home driving B2B and domestic demand; occupancy 85.2%, up 4.5ppts). Zero AI exposure: mentions digital tools (90% of enquiries online) and paperless processes, but no AI/ML products or enterprise AI spending exposure. Leveraged (£325m net debt, 10x interest cover) and capital-intensive (£73m capex, £294m pipeline remaining). Valuation fair but not cheap (5.9% property yield; NAV 889.2p post-placing).

Flags

no-ai-exposurenet-leveragecapital-intensiveno-price-datacyclicalexpanding-pipeline