Added to YB: 2026-06-24
Pitch date: 2026-06-22
GRI.L [bullish]
Grainger plc
Author Info
Price to Tangible Bruce is a deep value investor. Buying what most investors don't like across global public markets. Sign up for the newsletter.
Company Info
Grainger plc designs, builds, develops, owns and operates rental homes in the United Kingdom. The company operates through Private rented sector (PRS), Reversionary, and Others segments.
Market Cap
GBP 1.2B
Pitch Price
N/A
Price Target
3.75
Dividend
5.04%
EV/EBITDA
23.71
P/E
9.33
EV/Sales
11.65
Sector
Residential REITs
Category
value
0.55x TBV for a 15% compounder with activists onboard - W.W. Grainger, Inc.
GRI.L: UK's largest BTR landlord at 0.55x TBV (165p vs 290p NTA), down 50%. Net rental income +15% CAGR 5yr, EPRA earnings ~4x. Mispriced as distressed despite 97.5% occupancy & defensive resi. Catalysts: £850m non-core disposals, deleveraging to 30% LTV, Renters Act overhang lifted, Saba Capital 5% & Mike Ashley 4% activist stakes. Risks: rates, leverage, politics. Base case 0.9x = 60% upside; bull 1.3x = 127% to 375p.
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