olivLaw · European equity research
Residential Secure Income plc RESI.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
ReSI is a UK residential real estate investment company focused on retirement homes, shared ownership and social housing, now moving toward a managed wind-down of its portfolio. Bank borrowings of £160.6m and equity of £134.2m at the end of fiscal 2025 frame the scale of that strategy.
At the close of 30 Oct 2026, Residential Secure Income plc (RESI.L) stock was 0.06 GBP (+0.00% on the day), with market capitalisation 11.9 m GBP, dividend yield 64.38%, beta 0.34, 52-week range 0.06–0.59 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 30.9
- weak (30–45)
- Bollinger (20, 2)
- 0.06 – 0.07
- in the lower half of the band · %B 0.19 · band width 17.5%
- SMA 50 / 200
- 0.07 / 0.40
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −12.6% | −2.2% | −10.4 pp | — |
| 3 months | −76.7% | −3.6% | −73.2 pp | — |
| 6 months | −87.9% | +4.2% | −92.2 pp | — |
| Year to date | −88.9% | +5.8% | −94.7 pp | — |
| 1 year | −88.9% | +7.6% | −96.5 pp | +9.8% |
| 3 years | −88.1% | +51.0% | −139.0 pp | +32.4% |
| 5 years | −93.6% | +44.2% | −137.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 33.6 m | 30.5 m | 29.8 m |
| Revenue YoY | unavailable | −9.2% | −2.0% |
| Net income | -23.2 m | -10.0 m | -9.1 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.13 | -0.05 | -0.05 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -69.0% | -33.0% | -30.6% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 13.3 m GBP
- Financial debt
- 160.6 m GBP
- Net debt
- 147.3 m GBP
- Equity
- 134.2 m GBP
- Total assets
- 333.6 m GBP
- Debt / equity
- 1.20x
- Current ratio
- unavailable
- ROE
- -6.4%
- ROA
- -2.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 33.6 m | 30.5 m | 29.8 m | esef· 24 Mar 2026verified |
| Cost of revenue | 15.0 m | 11.5 m | 11.2 m | esef· 24 Mar 2026verified |
| Gross profit | 18.5 m | 19.0 m | 18.7 m | esef· 24 Mar 2026verified |
| Operating income | -16.7 m | -3.3 m | -3.6 m | esef· 24 Mar 2026verified |
| Interest expense | 6.7 m | 7.0 m | 5.8 m | esef· 24 Mar 2026verified |
| Pre-tax income | -23.2 m | -10.0 m | -9.1 m | esef· 24 Mar 2026verified |
| Income tax | 0 | 0 | 0 | esef· 24 Mar 2026verified |
| Net income | -23.2 m | -10.0 m | -9.1 m | esef· 24 Mar 2026verified |
| Diluted EPS | -0.13 | -0.05 | -0.05 | esef· 24 Mar 2026verified |
| Dividend per share | 0.05 | 0.04 | 0.04 | esef· 24 Mar 2026verified |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 8.8 m | 11.1 m | 13.3 m | esef· 24 Mar 2026verified |
| Receivables | 3.5 m | 3.8 m | 3.5 m | esef· 24 Mar 2026verified |
| Inventories | 431.0 k | 0 | — | esef· 21 Aug 2025verified |
| Total assets | 389.4 m | 369.3 m | 333.6 m | esef· 24 Mar 2026verified |
| Short-term debt | 23.3 m | 17.9 m | 2.8 m | esef· 24 Mar 2026verified |
| Long-term debt | 158.4 m | 161.8 m | 157.8 m | esef· 24 Mar 2026verified |
| Current liabilities | 31.2 m | 27.8 m | 11.9 m | esef· 24 Mar 2026verified |
| Total liabilities | 220.8 m | 218.3 m | 199.4 m | esef· 24 Mar 2026verified |
| Equity | 168.7 m | 151.0 m | 134.2 m | esef· 24 Mar 2026verified |
| Shares outstanding at year end | 185.2 m | 186.1 m | 186.3 m | esef· 24 Mar 2026derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 16.8 m | 17.9 m | 14.2 m | esef· 24 Mar 2026verified |
| Investing cash flow | -7.1 m | 8.4 m | 20.6 m | esef· 24 Mar 2026verified |
| Financing cash flow | -16.9 m | -24.1 m | -32.6 m | esef· 24 Mar 2026verified |
| Dividends paid | 9.6 m | 7.6 m | 7.6 m | esef· 24 Mar 2026verified |
| Share repurchases | 484.0 k | 346.0 k | 308.0 k | esef· 24 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 29.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
30 Oct 2026Source: olivLaw, closing series
Market cap: 11.9 m GBP
Key indicators
Coverage and freshness
Score by group
29% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -1.0% | 17 (vs peers) | 36% |
| Net margin · Quality | -30.6% | 17 (vs peers) | 21% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -0.6x | 0 (on a fixed band) | 21% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 66.5% | 100 (on a fixed band) | 21% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality17/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
RESIDENTIAL SECURE INCOME PLC (RESI.L). Latest full fiscal year: 2025; data up to 2025-09-30.
Figures computed from the financial statements: revenue 29.8 m GBP in 2025; YoY growth -2.0%; net margin -30.6%; ROE -6.4%.
The estimated value range is 0.40–0.50 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.45 GBP, the price of 0.06 GBP leaves a potential of 598.0% (value / price − 1) and a margin of safety of 85.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 66.5%
- The price is below the estimated value range
What contradicts it
- ROIC: -1.0%
- Net margin: -30.6%
- Interest coverage: -0.6x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 101.6 bn | 13.2 | 16.5% | 30.3% | −1.0% | +18% / +87% |
| ABF.LAssociated British Foods PLC | 13.9 bn | 13.6 | 9.2% | 5.3% | −3.1% | −16% / −5% |
| 0EV1.LCarnival PLC | 5.4 bn | 4.0 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.8 | 34.7% | 4.1% | +7.2% | −16% / +162% |
| AUTO.LAutotrader Group PLC | 4.6 bn | 15.8 | 60.2% | 47.1% | +3.9% | −31% / −13% |
| BBY.LBalfour Beatty PLC | 4.3 bn | 16.5 | 23.2% | 2.8% | +15.2% | +28% / +177% |
| ABDN.LAberdeen Group PLC | 4.0 bn | 10.4 | 8.0% | 28.9% | −2.1% | +9% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.3 bn | 10.5 | 8.8% | 13.4% | −4.2% | −14% / −17% |
| BME.LB&M European Value Retail PLC | 2.8 bn | 16.9 | 21.2% | 2.8% | +3.7% | +53% / −48% |
| AJB.LAj Bell PLC | 2.4 bn | 22.7 | 49.9% | 33.1% | +18.0% | +8% / +129% |
| ASHM.LAshmore Group PLC | 1.5 bn | 14.9 | 13.1% | 71.6% | −0.1% | +19% / +32% |
| BCG.LBaltic Classifieds Group PLC | 1.1 bn | 21.6 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 736.0 m | 34.9 | 41.2% | 19.7% | +24.2% | +70% / unavailable |
| BAG.LA.G. Barr P.L.C. | 647.4 m | 13.9 | 14.4% | 10.8% | +4.0% | −13% / +18% |
| ASC.LAsos PLC | 513.0 m | — | -81.3% | -12.0% | −14.7% | +69% / +9% |
| ALFA.LAlfa Financial Software Holdings PLC | 493.3 m | 16.5 | 61.5% | 23.8% | +15.3% | −27% / +11% |
| AML.LAston Martin Lagonda Global Holdings PLC | 375.9 m | — | -93.4% | -39.2% | −20.6% | −39% / −83% |
| APTD.LAptitude Software Group PLC | 112.5 m | 28.7 | 7.2% | 6.2% | −7.3% | −32% / −12% |
| RESI.LResidential Secure Income PLC | 11.9 m | — | -6.4% | -30.6% | −2.0% | −89% / −88% |
| AMGO.LAmigo Holdings PLC | 11.6 m | — | — | — | −81.9% | +560% / +519% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 269.5 k | 0.2 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −6% / +129% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +29% / +80% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +50% / +48% |
1- and 3-year price returns: for RESI.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
ReSI is a UK residential real estate investment company focused on retirement homes, shared ownership and social housing, now moving toward a managed wind-down of its portfolio. Bank borrowings of £160.6m and equity of £134.2m at the end of fiscal 2025 frame the scale of that strategy 1.
SWOT
Strengths
- Long-term management and letting agreements plus a long remaining lease term provide relatively predictable rental flows.
- Debt is primarily fixed-rate or inflation-linked, which reduces exposure to changes in interest rates.
- The board is made up entirely of independent non-executive directors with relevant financial and property experience.
Weaknesses
- The persistent discount to net asset value has been a long-standing concern for shareholders.
- The company has no employees of its own and relies entirely on external providers for day-to-day management.
- The annual report shows a loss for the year ended 30 September 2025, pointing to pressure on earnings.
Opportunities
- A gradual realisation of assets could unlock value for shareholders if sales occur close to book value.
- Demand for retirement housing could support the value of some assets in the portfolio.
- Debt reduction through disposals could improve the ratio of borrowings to equity over time.
Threats
- Weak market conditions could push down sale prices and delay the wind-down process.
- Changes to social housing rules or REIT tax status could raise costs or affect the tax position.
- If the company lost its REIT status, rental income and gains could become subject to UK corporation tax.
Risks
- Property valuationhigh
Economic changes, competition and obsolescence could affect valuations and rents achieved, with a direct effect on results.
- Debt refinancingmedium
Substantial bank debt must be managed through the wind-down, and refinancing terms could become more costly.
- Realisation riskhigh
Selling assets below book value could reduce the amount returned to shareholders.
- Social housing regulationmedium
Requirements from the Regulator of Social Housing and grant obligations may create compliance costs and restrictions.
- Reliance on external providerslow
Day-to-day management is outsourced, so the company's performance depends on the quality of these providers.
Investment thesis
What would need to be true (bull case)
- If the wind-down runs in an orderly way, the value returned to shareholders could approach net asset value.
- Long lease terms and fixed-rate debt structure could reduce the volatility of cash flows.
- An ageing population could support long-term demand for retirement homes.
What would break the thesis
- If the UK property market weakens, sales could be made below book value.
- The discount to net asset value could persist if the realisation process is delayed.
- The loss for 2025 and significant debt could limit flexibility in sale or refinancing negotiations.
What to watch
- Shareholder approval of the managed wind-down proposalAGM 4 March 2026
- Pace and prices achieved on asset sales2026
- Trend in the loan to value ratio against the 50% targetnext 10-K
- Net asset value and the level of interim dividendsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
According to the annual report for the year ended 30 September 2025, ReSI is an externally managed investment company that owns UK residential properties through subsidiaries, including ReSI Housing, registered as a social housing provider. All day-to-day operations are outsourced and the group has no employees of its own 1.
In October 2024 the board proposed changing the investment objective to a managed wind-down and return of capital to shareholders, subject to shareholder approval. The stated aim is to address the persistent discount to net asset value 1.
The business relies on long-term management and letting agreements, so that a fall in the property market should not, in management's view, lead to significant impairment of rental cash flows, with an average unexpired lease length of 141 years 1.
Segments
Retirement homes
The group holds retirement housing through The Retirement Housing Partnership, a property investment entity based in Taunton, covering part of the UK market for residential homes aimed at older people 1.
Shared ownership
Through ReSI Housing, registered with and regulated by the Regulator of Social Housing, the company invests in shared ownership properties supported by grants, which can require grant recycling or repayment on staircasing or disposal 1.
Local authority housing
Beyond these two areas, the group also operates in local authority housing, a segment the report covers alongside its other residential assets without separate income detail 1.
Market context
The group operates only in the UK residential market for retirement homes, shared ownership and local authority housing, so it is not exposed to currency risk. Market risks include general economic changes, competition from available properties and changes in planning, environmental and tax rules 1.
Interest rate sensitivity is limited because debt is primarily fixed-rate or inflation-linked, and management intends to match debt cash flows to those of the underlying assets without speculative derivatives 1.
Trends
- Managed portfolio wind-downmixed
A gradual sale of assets and return of capital to shareholders could help narrow the discount to net asset value, if disposals proceed without major losses.
- Interest rates and inflationmixed
Fixed-rate and inflation-linked debt limits exposure to rate rises, but refinancing costs on any floating-rate debt remain a source of uncertainty in coming years.
- Social housing regulationheadwind
Requirements from the Regulator of Social Housing and grant obligations raise compliance costs, while also reinforcing governance standards at ReSI Housing.
- Demand for retirement housingtailwind
An ageing UK population could support demand for retirement homes, which may sustain occupancy and asset values in this segment over the longer term.
Competitive position
Competition comes from other residential properties available in the UK market and from other institutional investors in retirement, shared ownership or social housing. The report does not name specific competitors, so the list below is limited to what the documents disclose.
Competitive pressure shows up mainly in demand for quality stock and in the terms on which assets can be bought and sold, which affects both portfolio value and the timing of the wind-down.
- Schroders plc
Significant shareholder of ReSI at 30 September 2025 with a holding of almost 12%; not presented as a direct competitor in the documents reviewed.
- BlackRockBLK
Shareholder of ReSI with a holding below 4% at the report date; its presence on the register does not by itself indicate a competitive relationship.
- Gravis Capital Management
Significant shareholder of the company with a holding above 6% at 30 September 2025.
- CG Asset Management
Important shareholder of ReSI with a holding above 7%, giving it notable influence over wind-down decisions.
News & filings
In the press
- JUST IN - Japan has increased the fee for foreigners applying for permanent resi…Telegram — Insider Paper (EN, defense leaks) · 01 Oct 2026 · EN
Annual reports (ESEF)
- Annual report 202524 Mar 2026
- Annual report 202421 Aug 2025
- Annual report 202321 Aug 2025
Sources
- [1] Annual report, fiscal year ended 2025-09-30 (ESEF) · SEC / Residential Secure Income plc · 30 Sept 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.