olivLaw · European equity research
abrdn European Logistics Income plc ASLI.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
abrdn European Logistics Income plc is a UK investment trust in managed wind-down, selling its portfolio of European logistics warehouses and returning capital to shareholders. Some 25 of the original 27 assets have now been sold, while the final sales take place against a tense geopolitical backdrop. For 2025 the audited NAV per Ordinary Share was 33.5 euro cents, and 39 pence per share was returned to shareholders through the B share scheme.
At the close of 06 Nov 2026, abrdn European Logistics Income plc (ASLI.L) stock was 0.11 GBP (+0.00% on the day), with beta 0.11, 52-week range 0.10–0.36 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)
- 46.5
- neutral
- Bollinger (20, 2)
- 0.10 – 0.11
- in the upper half of the band · %B 0.71 · band width 4.5%
- SMA 50 / 200
- 0.11 / 0.20
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / -0.00
- 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 | +2.3% | −0.6% | +2.9 pp | — |
| 3 months | −42.9% | −4.2% | −38.7 pp | — |
| 6 months | −55.6% | +4.3% | −59.9 pp | — |
| Year to date | −59.4% | +7.5% | −66.9 pp | — |
| 1 year | −69.7% | +9.9% | −79.6 pp | +5.4% |
| 3 years | −79.2% | +49.8% | −129.0 pp | +24.5% |
| 5 years | −90.4% | +42.8% | −133.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
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 | 42.1 m | 40.1 m | 28.0 m |
| Revenue YoY | unavailable | −4.7% | −30.2% |
| Net income | -81.8 m | 3.0 m | -33.3 m |
| Net income YoY | unavailable | unavailable | −1,197.8% |
| Diluted EPS | -0.20 | 0.01 | -0.08 |
| Diluted EPS YoY | unavailable | unavailable | −1,257.1% |
| net % | -194.4% | 7.6% | -118.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 47.8 m EUR
- Financial debt
- 0 EUR
- Net debt
- -47.8 m EUR
- Equity
- 138.3 m EUR
- Total assets
- 235.4 m EUR
- Debt / equity
- 0.00x
- Current ratio
- 2.08x
- ROE
- -13.0%
- ROA
- -7.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 42.1 m | 40.1 m | 28.0 m | esef· 25 Jun 2026verified |
| Interest expense | 8.1 m | 9.3 m | 3.3 m | esef· 25 Jun 2026verified |
| Pre-tax income | -93.9 m | 5.2 m | -32.9 m | esef· 25 Jun 2026verified |
| Income tax | -12.1 m | 2.2 m | 371.0 k | esef· 25 Jun 2026verified |
| Net income | -81.8 m | 3.0 m | -33.3 m | esef· 25 Jun 2026verified |
| Diluted EPS | -0.20 | 0.01 | -0.08 | esef· 25 Jun 2026verified |
| Dividend per share | 0.06 | 0.01 | 0.04 | esef· 25 Jun 2026derived |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 18.1 m | 25.0 m | 47.8 m | esef· 25 Jun 2026verified |
| Receivables | 14.7 m | 17.0 m | 6.9 m | esef· 25 Jun 2026verified |
| Current assets | 52.8 m | 160.9 m | 201.9 m | esef· 25 Jun 2026verified |
| Total assets | 693.9 m | 661.2 m | 235.4 m | esef· 25 Jun 2026verified |
| Long-term debt | 256.5 m | 96.3 m | 0 | esef· 25 Jun 2026verified |
| Current liabilities | 17.0 m | 160.3 m | 97.2 m | esef· 25 Jun 2026verified |
| Total liabilities | 309.0 m | 287.1 m | 97.2 m | esef· 25 Jun 2026verified |
| Equity | 384.9 m | 374.1 m | 138.3 m | esef· 25 Jun 2026verified |
| Shares outstanding at year end | 413.1 m | — | 410.7 m | esef· 25 Jun 2026derived |
Cash flow · EUR
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: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
10% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.55 – 0.75 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)0.55 – 0.75 (Mid 0.63)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -118.9% | 6 (vs peers) | 60% |
| 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 | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 40% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial6/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 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
ABRDN EUROPEAN LOGISTICS INCOME PLC (ASLI.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 28.0 m EUR in 2025; YoY growth -30.2%; net margin -118.9%; ROE -13.0%.
The estimated value range is 0.55–0.75 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.1x
What contradicts it
- Net margin: -118.9%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), 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. | 101.0 bn | 13.1 | 16.5% | 30.3% | −1.0% | +3% / +82% |
| ABF.LAssociated British Foods PLC | 14.4 bn | 14.1 | 9.2% | 5.3% | −3.1% | −7% / −16% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.0 bn | 24.4 | 34.7% | 4.1% | +7.2% | −11% / +155% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.3 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.3 bn | 16.4 | 23.2% | 2.8% | +15.2% | +21% / +162% |
| ABDN.LAberdeen Group PLC | 4.0 bn | 10.6 | 8.0% | 28.9% | −2.1% | +8% / +37% |
| BKG.LThe Berkeley Group Holdings PLC | 3.5 bn | 11.1 | 8.8% | 13.4% | −4.2% | −2% / −24% |
| BME.LB&M European Value Retail PLC | 2.8 bn | 17.2 | 21.2% | 2.8% | +3.7% | +66% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.6 | 49.9% | 33.1% | +18.0% | +7% / +126% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.7 | 13.1% | 71.6% | −0.1% | +27% / +16% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 757.3 m | 35.9 | 41.2% | 19.7% | +24.2% | +70% / unavailable |
| BAG.LA.G. Barr P.L.C. | 660.8 m | 14.2 | 14.4% | 10.8% | +4.0% | −9% / +24% |
| ASC.LAsos PLC | 496.9 m | — | -81.3% | -12.0% | −14.7% | +72% / +9% |
| ALFA.LAlfa Financial Software Holdings PLC | 480.3 m | 16.0 | 61.5% | 23.8% | +15.3% | −29% / +8% |
| AML.LAston Martin Lagonda Global Holdings PLC | 341.3 m | — | -93.4% | -39.2% | −20.6% | −46% / −85% |
| APTD.LAptitude Software Group PLC | 112.5 m | 28.7 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| BMS.LBraemar PLC | 77.7 m | 38.8 | 2.7% | 1.7% | −4.4% | +12% / −12% |
| AMGO.LAmigo Holdings PLC | 10.3 m | — | — | — | −81.9% | +340% / +878% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −11% / +154% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +61% / +64% |
1- and 3-year price returns: for ASLI.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
Scenarios are not available. input data missing
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
abrdn European Logistics Income plc is a UK investment trust in managed wind-down, selling its portfolio of European logistics warehouses and returning capital to shareholders. Some 25 of the original 27 assets have now been sold, while the final sales take place against a tense geopolitical backdrop. For 2025 the audited NAV per Ordinary Share was 33.5 euro cents, and 39 pence per share was returned to shareholders through the B share scheme 1.
SWOT
Strengths
- Most of the portfolio has been sold, with several completed disposals at prices the Board regards as broadly in line with original value expectations 1.
- Borrowings have been substantially reduced, and gearing remains below the maximum permitted under the prospectus 1.
- The manager has experienced real estate research and portfolio management teams 1.
Weaknesses
- Operating income has fallen as assets are sold, and costs are increasingly paid from capital 1.
- The total NAV return for 2025 was negative in both currencies, and shares trade at a discount to NAV 1.
- Dependence on one large shareholder who can influence general meeting outcomes is a structural weakness 1.
Opportunities
- Completing the final sales could allow faster return of capital and liquidation in the second half of the year 1.
- Reducing costs by renegotiating service provider contracts could improve the final value returned 1.
- Approval of the capital reserve cancellation could facilitate further distributions after new sales 1.
Threats
- Geopolitical conflict and market volatility could delay the sale of the last asset and reduce buyer interest 1.
- Latent capital gains tax could reduce the amount returned to shareholders, depending on how remaining sales are structured 1.
- Conflict with the major shareholder and any challenge to investment trust status could add costs and delays 1.
Risks
- Major shareholder influencehigh
The largest shareholder holds a significant share of voting rights, which could block special resolutions needed for liquidation or reserve cancellation if turnout is low 1.
- Geopolitical riskhigh
The ongoing conflict could affect the timing and prices of remaining sales if buyers defer larger transactions 1.
- Rising operating costsmedium
As income falls, running costs could become a growing share of net assets, reducing amounts available to shareholders 1.
- Investment trust tax statusmedium
Tax status could be affected during the wind-down if proposed resolutions are not supported, potentially triggering tax penalties 1.
- Latent capital gains taxmedium
Latent tax could be payable depending on the structure and pricing of remaining sales, reducing the final value per share 1.
Investment thesis
What would need to be true (bull case)
- Most assets have already been sold, and the Board considers the wind-down broadly in line with original value expectations 1.
- Borrowings have been largely repaid, reducing financial risk as the remaining assets are sold 1.
- Shareholders already received significant capital in 2025 through the B share scheme, and further returns could follow after new sales 1.
What would break the thesis
What to watch
- Completion of the sale of the asset currently under offerQ2 2026
- Sale of the last remaining asset and possible liquidation of the Companysecond half of 2026
- Outcome of the AGM and the capital reserve cancellation resolution1 June 2026
- Developments in the relationship with the largest shareholder and any proposal to take over managementnext 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
The Company, admitted to the Official List of the Financial Conduct Authority and traded on the main market of the London Stock Exchange, is a UK investment trust incorporated in England and Wales in October 2017 1. Its revised objective, approved by shareholders in July 2024, is to realise all existing portfolio assets in an orderly manner, with no new commercial real estate acquisitions 1. Day-to-day management is delegated to abrdn Fund Managers Limited as AIFM, which has delegated portfolio management to a Danish branch of abrdn Investments Ireland Limited 1.
Revenue has fallen as assets are sold, and quarterly dividends can no longer be maintained at earlier levels; distributions are made mainly to preserve investment trust status and to return disposal proceeds 1. Operating costs are increasingly met from capital as the disposal programme advances 1. The Company has no employees 1.
The Company took no new borrowings in 2025 and does not expect to do so during the rest of the wind-down, with debt reduced as assets are sold 1. The Berlin Hyp loan was repaid in full after the March 2026 sale of Waddinxveen, leaving only the facility secured on the Den Hoorn property 1.
Segments
Disposals during 2025
In 2025 the Company sold two multi-let warehouses in Flörsheim and Erlensee (Germany), the Gavilanes Madrid portfolio with two further Spanish assets, three Dutch warehouses, three estates in Krakow, Lodz and Warsaw (Poland), and two French warehouses to Dachser France 1. Aggregate proceeds ran into hundreds of millions of euros 1.
Market context
The European logistics warehouse market has been affected by geopolitical uncertainty, including the situation involving Iran, which has weakened buyer confidence and delayed timetables for larger asset purchases 1. Management warns that export-led logistics demand could be weighed on by prolonged trade tensions and weaker consumer sentiment 1.
Property valuations were not affected by the conflict at 31 December 2025, but market outlook remains volatile and is being monitored by the Board 1. Income for 2025 fell significantly as assets were sold, while shareholders focus on completing the wind-down 1.
Trends
- Geopolitical uncertaintyheadwind
The conflict involving Iran has caused global market disruption, which could extend the timetable for remaining sales if buyers defer larger transactions 1.
- Trade tensions and weak consumer sentimentheadwind
Prolonged trade tensions and weaker consumer sentiment could weigh on demand for export-led logistics 1.
- Running costs met from capitalheadwind
As income falls, operating costs of the Company and its SPVs are increasingly met from capital, reducing amounts available for return 1.
- Debt repayment and lower gearingmixed
Repaying borrowings as assets are sold reduces interest exposure, although the remaining debt carries different fixed and floating terms 1.
Competitive position
The supplied regulatory sources do not identify direct competitors, as the Company's activity is limited to winding down an existing portfolio 1. The relevant competition is for buyers of European logistics warehouses, which sets the price and timing of remaining sales 1.
The timing of each sale depends on buyer interest in individual assets, so the secondary market for European logistics properties directly influences the final value returned to shareholders 1.
- Potential buyers of European logistics warehouses
The sources do not name specific competitors; buyer interest in individual assets drives the timing and price of remaining sales 1.
- DL Invest Group ISR SARL
The largest shareholder, which requisitioned a general meeting and proposed changing the objective and the manager, but its resolutions did not pass 1.
- Other UK-listed real estate trusts in wind-down
The sources do not explicitly name other competing entities; the comparison is limited to the general logistics property market 1.
- Aberdeen Group plc
The parent group of the manager, which also provides the registered office and the promotional programme for the Company 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202525 Jun 2026
- Annual report 202429 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / abrdn European Logistics Income plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.