Research on Grainger plc (GRI:LON) from Progressive Equity Research
Grainger’s 20 November FY results and today’s AGM trading update, in our view, showed the UK’s largest listed residential landlord in strong form to continue executing its long-term growth strategy, now as a real estate investment trust (REIT). The group’s advantage to deliver and grow through the cycle has been further highlighted by its earnings guidance of 50% growth over five years to FY29 against a backdrop of slowing housing supply more widely. Meanwhile, the group’s Sheffield development, which we recently visited, exemplifies its distinct approach.