olivLaw · European equity research
NewRiver REIT plc NRR.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
NewRiver REIT owns and manages UK retail property focused on Essential Everyday Destinations, places with frequent visits for daily shopping and services. In fiscal 2026 the company integrated the Capital & Regional acquisition, refinanced its unsecured debt and now aims to grow, in an economy that remains uncertain.
At the close of 05 Nov 2026, NewRiver REIT plc (NRR.L) stock was 0.81 GBP (−2.07% on the day), with market capitalisation 359.4 m GBP, P/E 11.3 on diluted EPS of 0.07 GBP over the last 12 months, dividend yield 7.74%, beta 0.44, 52-week range 0.67–0.83 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)
- 53.6
- neutral
- Bollinger (20, 2)
- 0.77 – 0.83
- in the upper half of the band · %B 0.58 · band width 7.3%
- SMA 50 / 200
- 0.78 / 0.77
- uptrend (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 | +6.8% | −0.6% | +7.4 pp | — |
| 3 months | −1.7% | −4.2% | +2.5 pp | — |
| 6 months | +5.1% | +4.3% | +0.8 pp | — |
| Year to date | +16.5% | +7.5% | +9.0 pp | — |
| 1 year | +14.2% | +9.9% | +4.3 pp | +5.8% |
| 3 years | −1.7% | +49.8% | −51.6 pp | +26.3% |
| 5 years | +3.5% | +42.8% | −39.4 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.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 9.8, median 11.0, max 80.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 65.0 m | 90.5 m | 131.0 m |
| Revenue YoY | unavailable | +39.2% | +44.8% |
| Net income | 3.0 m | 23.7 m | 31.7 m |
| Net income YoY | unavailable | +690.0% | +33.8% |
| Diluted EPS | 0.01 | 0.06 | 0.07 |
| Diluted EPS YoY | unavailable | +530.0% | +12.7% |
| net % | 4.6% | 26.2% | 24.2% |
| Free cash flow | unavailable | 28.4 m | 36.0 m |
Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 115.5 m GBP
- Financial debt
- 438.3 m GBP
- Net debt
- 322.8 m GBP
- Equity
- 457.6 m GBP
- Total assets
- 1.0 bn GBP
- Debt / equity
- 0.96x
- Current ratio
- 2.86x
- ROE
- 6.7%
- ROA
- 3.1%
- FCF margin
- 27.5%
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 65.0 m | 90.5 m | 131.0 m | esef· 07 Jul 2026verified |
| Operating income | 12.9 m | 39.0 m | 48.7 m | esef· 07 Jul 2026verified |
| Interest expense | 15.3 m | 17.6 m | 20.3 m | esef· 07 Jul 2026verified |
| Pre-tax income | 3.0 m | 26.7 m | 31.3 m | esef· 07 Jul 2026verified |
| Income tax | 0 | 3.0 m | -400.0 k | esef· 07 Jul 2026verified |
| Net income | 3.0 m | 23.7 m | 31.7 m | esef· 07 Jul 2026verified |
| Diluted EPS | 0.01 | 0.06 | 0.07 | esef· 07 Jul 2026verified |
| Dividend per share | — | 0.06 | 0.06 | esef· 07 Jul 2026derived |
Balance sheet · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Cash | 132.8 m | 61.3 m | 115.5 m | esef· 07 Jul 2026verified |
| Receivables | 11.4 m | 22.1 m | 23.9 m | esef· 07 Jul 2026verified |
| Current assets | 144.2 m | 83.4 m | 139.4 m | esef· 07 Jul 2026verified |
| Property, plant & equipment, net | 300.0 k | 3.8 m | 4.2 m | esef· 07 Jul 2026verified |
| Goodwill | 0 | 3.6 m | 3.6 m | esef· 07 Jul 2026verified |
| Intangibles (excl. goodwill) | 0 | 900.0 k | 500.0 k | esef· 07 Jul 2026verified |
| Total assets | 759.6 m | 1.1 bn | 1.0 bn | esef· 07 Jul 2026verified |
| Accounts payable | 26.3 m | 53.4 m | 46.9 m | esef· 07 Jul 2026verified |
| Long-term debt | 296.6 m | 437.0 m | 438.3 m | esef· 07 Jul 2026verified |
| Current liabilities | 26.7 m | 55.2 m | 48.7 m | esef· 07 Jul 2026verified |
| Equity | 361.1 m | 490.1 m | 457.6 m | esef· 07 Jul 2026verified |
| Shares outstanding at year end | — | 376.2 m | 446.5 m | esef· 07 Jul 2026derived |
Cash flow · GBP
| Line | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 22.7 m | 28.4 m | 37.2 m | esef· 07 Jul 2026verified |
| Capex | — | 0 | 1.2 m | esef· 07 Jul 2026verified |
| Free cash flow | — | 28.4 m ≈ | 36.0 m ≈ | esef· 07 Jul 2026derived |
| Investing cash flow | 23.6 m | -67.8 m | 85.1 m | esef· 07 Jul 2026verified |
| Financing cash flow | -22.1 m | -32.1 m | -68.1 m | esef· 07 Jul 2026verified |
| Dividends paid | 18.7 m | 21.8 m | 27.8 m | esef· 07 Jul 2026verified |
| Share repurchases | 3.0 m | 0 | 2.3 m | esef· 07 Jul 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
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
Score: 69 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 359.4 m GBP
Key indicators
Coverage and freshness
Score by group
- Returns84
- Balance sheet48
- Valuation85
- Quality60
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
Neutral profile · Score 69/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.0% | 25 (vs peers) | 17% |
| Net margin · Quality | 24.2% | 77 (vs peers) | 10% |
| FCF conversion · Quality | 113.6% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.4x | 14 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 2.9x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 11.3x | 72 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 10.0% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 8.4% | 100 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 77.2% | 61 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet48/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality60/100 · 3/3 factors with a value
- Returns84/100 · 2/2 factors with a value
- Valuation85/100 · 2/3 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
NEWRIVER REIT PLC (NRR.L). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 131.0 m GBP in 2026; YoY growth 44.8%; net margin 24.2%; ROE 6.7%.
The estimated value range is 0.80–1.24 GBP per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 1.02 GBP, the price of 0.81 GBP leaves a potential of 27.2% (value / price − 1) and a margin of safety of 21.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 69/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 24.2%
- FCF conversion: 113.6%
- Current ratio: 2.9x
- P/E (TTM): 11.3x
- FCF yield: 10.0%
- Shareholder yield (distributions): 8.4%
What contradicts it
- ROIC: 5.0%
- Interest coverage: 2.4x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
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. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| NRR.LNewriver REIT PLC | 359.4 m | 11.3 | 6.7% | 24.2% | +44.8% | +11% / −5% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| 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% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for NRR.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 | 0.53 Total return -28% · Per year -28% | 0.93 Total return 24% · Per year 24% | 1.39 Total return 83% · Per year 83% |
| 3 years | 0.62 Total return -0% · Per year -0% | 1.22 Total return 83% · Per year 22% | 2.00 Total return 187% · Per year 42% |
| 5 years | 0.74 Total return 32% · Per year 6% | 1.62 Total return 161% · Per year 21% | 2.88 Total return 337% · Per year 34% |
- Exit P/E± 0.31
- Net margin± 0.21
- Annual revenue growth± 0.16
- Annual dilution± 0.02
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
NewRiver REIT owns and manages UK retail property focused on Essential Everyday Destinations, places with frequent visits for daily shopping and services. In fiscal 2026 the company integrated the Capital & Regional acquisition, refinanced its unsecured debt and now aims to grow, in an economy that remains uncertain 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Uncertain external environmenthigh
Geopolitical risks, the path of inflation and the cost of capital could influence investor sentiment and asset prices 1.
- Debt transitionmedium
Refinancing debt could have a temporary effect on income, which the company says it is managing 1.
- Struggling tenantsmedium
Retail restructurings could lead to vacancies and rent losses in certain locations 1.
- Physical and transition climate risksmedium
Climate events and energy efficiency rules could bring added adaptation costs and changes to valuations 1.
- Dependence on consumer spendinglow
A fall in discretionary spending could affect footfall and tenant sales, with effects on rents 1.
Investment thesis
What would need to be true (bull case)
- A portfolio concentrated on essential locations and London could support long-term rental growth if demand stays focused in the best locations 1.
- Integration of Capital & Regional and the unsecured refinancing could give the company more flexibility for investment 1.
- If the earnings per share trend is confirmed, the dividend could continue to be supported by solid operating results 1.
What to watch
- Evolution of rents and occupancy in London and major citiesnext 10-K
- Progress of asset disposals and the reduction of LTV2027
- Evolution of the dividend and earnings per share after refinancingFY27
- Results of capital partnerships and management fee income2027
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
NewRiver REIT plc owns and manages retail assets in the UK, concentrated on essential consumer destinations where customers return frequently for everyday shopping and services 1. The strategy targets densely populated catchments with constrained supply, where tenant demand concentrates in fewer strong locations. In fiscal 2026 the company sold assets worth 110 million GBP at book value and refinanced its unsecured debt with 240 million GBP 1. The company also operates through capital partnerships, which bring management fee income without major equity commitment 1.
Segments
London Retail
London is the largest part of the portfolio, reaching 43% of balance sheet assets at the end of fiscal 2026 after integrating Capital & Regional 1. The company views these densely populated catchments as having reliable demand and the most dependable rental growth 1.
Market context
UK retail has been supported by spending on groceries and everyday goods, alongside high employment and positive real wage growth over the past two years 1. However, total retail and supermarket spend grew 2.9% in the period to March 2026, while rising costs for utilities and taxes are squeezing household budgets 1. Tenant demand is concentrating in better locations, and vacancy rates are falling in the strongest areas 1.
Trends
- Concentration of demand in prime locationstailwind
Retailers are directing expansion to locations with strong sales and reliable footfall, so the company's portfolio could benefit from rental growth faster than the average 1.
- Consumer cost pressureheadwind
Rising costs for water, council tax and energy reduce available budgets and could weigh on discretionary spending in shopping centres if the pressure persists 1.
- Cost of capital and refinancingmixed
Inflation and financing costs influence property values, and the company has already refinanced on improved terms, but the cost of capital remains a variable to monitor 1.
- Digital and omnichannel retailmixed
Retailers look for locations that support online order fulfilment alongside physical stores, and suitable assets could capture more demand 1.
Competitive position
The company competes with other UK shopping centre and retail park owners for grocery, service and value retail tenants 1. Its advantage rests on focus on high-frequency locations and active portfolio management 1. The provided sources do not identify listed competitors in detail.
- Other UK shopping centre owners
Compete for the same grocery and service tenants, especially in major cities 1.
- Retail park owners
Compete for value retail tenants, where location and occupancy cost are decisive 1.
- Food retailers with own property
Can take demand for space in good locations, influencing rent levels 1.
- Institutional commercial property investors
Compete for assets and capital, which influences purchase prices and yields 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202607 Jul 2026
- Annual report 202607 Jul 2026
- Annual report 202501 Jul 2025
- Annual report 202501 Jul 2025
Sources
- [1] Annual report, fiscal year ended 2026-03-31 (ESEF) · SEC / NewRiver REIT plc · 31 Mar 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.