olivLaw · European equity research
Supermarket Income REIT plc SUPR.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
Supermarket Income REIT owns supermarkets in the UK and France, leased to major grocers such as Tesco and Sainsbury's. In the year to June 2025 it internalised management and formed a joint venture with Blue Owl, steps that could support income and dividend growth in coming years.
At the close of 05 Nov 2026, Supermarket Income REIT plc (SUPR.L) stock was 0.84 GBP (−0.71% on the day), with market capitalisation 1.1 bn GBP, P/E 17.1 on diluted EPS of 0.05 GBP over the last 12 months, dividend yield 7.00%, beta 0.26, 52-week range 0.77–0.89 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)
- 54.4
- neutral
- Bollinger (20, 2)
- 0.81 – 0.85
- in the upper half of the band · %B 0.71 · band width 5.8%
- SMA 50 / 200
- 0.83 / 0.84
- mixed trend
- 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 | +4.0% | −0.6% | +4.7 pp | — |
| 3 months | −2.8% | −4.2% | +1.4 pp | — |
| 6 months | +1.6% | +4.3% | −2.7 pp | — |
| Year to date | +3.1% | +7.5% | −4.4 pp | — |
| 1 year | +4.5% | +9.9% | −5.4 pp | +6.7% |
| 3 years | +6.5% | +49.8% | −43.4 pp | +24.8% |
| 5 years | −29.4% | +42.8% | −72.2 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 0 percentile of its own 1-quarter history (min 17.3, median 17.3, max 17.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -144.9 m | -21.2 m | 61.5 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.12 | -0.02 | 0.05 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | 92.1 m | 66.1 m |
Balance sheet & financial health
Fiscal year 2025 · 30 Jun 2025
- Cash
- 95.3 m GBP
- Financial debt
- 603.6 m GBP
- Net debt
- 508.3 m GBP
- Equity
- 1.1 bn GBP
- Total assets
- 1.8 bn GBP
- Debt / equity
- 0.55x
- Current ratio
- 5.28x
- ROE
- 5.5%
- ROA
- 3.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | -133.1 m | 26.2 m | 106.5 m | esef· 21 Oct 2025verified |
| Interest expense | 39.3 m | 40.0 m | 46.7 m | esef· 21 Oct 2025verified |
| Pre-tax income | -144.9 m | -21.3 m | 60.7 m | esef· 21 Oct 2025verified |
| Income tax | 0 | -140.0 k | -871.0 k | esef· 21 Oct 2025verified |
| Net income | -144.9 m | -21.2 m | 61.5 m | esef· 21 Oct 2025verified |
| Diluted EPS | -0.12 | -0.02 | 0.05 | esef· 21 Oct 2025verified |
| Dividend per share | 0.05 | 0.06 | 0.06 | esef· 21 Oct 2025derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 37.5 m | 38.7 m | 95.3 m | esef· 21 Oct 2025verified |
| Receivables | 142.2 m | 11.9 m | 119.6 m | esef· 21 Oct 2025verified |
| Current assets | 200.0 m | 66.3 m | 223.0 m | esef· 21 Oct 2025verified |
| Property, plant & equipment, net | — | 0 | 32.0 k | esef· 21 Oct 2025verified |
| Total assets | 1.9 bn | 1.9 bn | 1.8 bn | esef· 21 Oct 2025verified |
| Accounts payable | 27.0 m | 22.0 m | 22.6 m | esef· 21 Oct 2025verified |
| Short-term debt | 61.9 m | 96.5 m | 0 | esef· 21 Oct 2025verified |
| Long-term debt | — | 597.7 m | 603.6 m | esef· 21 Oct 2025verified |
| Current liabilities | 110.4 m | 143.2 m | 42.2 m | esef· 21 Oct 2025verified |
| Total liabilities | 716.0 m | 741.9 m | 647.5 m | esef· 21 Oct 2025verified |
| Equity | 1.2 bn | 1.1 bn | 1.1 bn | esef· 21 Oct 2025verified |
| Shares outstanding at year end | 1.2 bn | 1.2 bn | 1.3 bn | esef· 21 Oct 2025derived |
Cash flow · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 84.3 m | 92.1 m | 66.1 m | esef· 21 Oct 2025verified |
| Capex | — | 0 | 32.0 k | esef· 21 Oct 2025verified |
| Free cash flow | — | 92.1 m ≈ | 66.1 m ≈ | esef· 21 Oct 2025derived |
| Investing cash flow | -273.7 m | -18.7 m | 180.6 m | esef· 21 Oct 2025verified |
| Financing cash flow | 175.7 m | -72.2 m | -190.1 m | esef· 21 Oct 2025verified |
| Dividends paid | 68.0 m | 75.3 m | 73.8 m | esef· 21 Oct 2025verified |
≈ 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 weight coverage: 56.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.1 bn GBP
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
56% · 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: score weight coverage: 56.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.3% | 24 (vs peers) | 19% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 107.4% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.3x | 12 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 5.3x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 17.1x | 37 (vs peers) | 19% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.3% | 78 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | 7.0% | 100 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | 111.7% | 12 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet47/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality53/100 · 2/3 factors with a value
- Returns65/100 · 2/2 factors with a value
- Valuation55/100 · 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
SUPERMARKET INCOME REIT PLC (SUPR.L). Latest full fiscal year: 2025; data up to 2025-06-30.
Figures computed from the financial statements: ROE 5.5%.
The estimated value range is 0.58–0.88 GBP per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 0.69 GBP, the price of 0.84 GBP leaves a potential of -17.3% (value / price − 1) and a margin of safety of -20.9% (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 (score weight coverage: 56.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 107.4%
- Current ratio: 5.3x
- FCF yield: 6.3%
- Shareholder yield (distributions): 7.0%
What contradicts it
- ROIC: 5.3%
- Interest coverage: 2.3x
- Payout ratio (FCF): 111.7%
Not assessed (insufficient data or a ratio without meaning): Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 40 companies
Multiples and returns vs the median
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% |
| 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% |
| BMS.LBraemar PLC | 78.3 m | 39.2 | 2.7% | 1.7% | −4.4% | +13% / −11% |
| 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 SUPR.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
Supermarket Income REIT owns supermarkets in the UK and France, leased to major grocers such as Tesco and Sainsbury's. In the year to June 2025 it internalised management and formed a joint venture with Blue Owl, steps that could support income and dividend growth in coming years.
SWOT
Strengths
- A portfolio of critical assets with large tenants and long leases with inflation-linked reviews.
- A Fitch investment grade rating and access to long-dated finance at attractive costs, according to the report.
- Specialist sector experience and an internal team following the internalisation of management.
Weaknesses
- Earnings per share declined slightly in fiscal 2025 due to temporarily uninvested capital.
- High exposure to a few tenants could increase concentration risk.
- The French business is still limited compared with the UK portfolio.
Opportunities
- Redeploying capital released through the joint venture could add assets with attractive yields.
- Cost reductions after internalisation could improve dividend cover.
- Growth in online sales could strengthen the role of stores as delivery hubs.
Threats
- Higher financing costs could reduce margins if refinancing becomes more expensive.
- Competitive pressure for acquisitions could compress yields.
- Financial difficulty at a major tenant could affect income.
Risks
- Tenant concentrationhigh
A small number of operators generate a large share of income; difficulties at one of them could affect results.
- Cost of debtmedium
Refinancing at higher rates could reduce earnings and the dividend.
- Property valuationsmedium
Falling asset values could affect net asset value and loan to value.
- Climate and environmental riskmedium
Physical and transition risks, such as flooding or energy efficiency requirements, could create additional costs.
- Execution of acquisitionslow
If the acquisition pipeline does not materialise quickly, capital could stay uninvested for longer.
Investment thesis
What would need to be true (bull case)
- If internalisation and the joint venture deliver the savings and yields announced, the company could raise its dividend and earnings.
- Omnichannel assets tied to large tenants could provide stable income even during economic uncertainty.
- A falling loan to value could create room to borrow for acquisitions that add value.
What would break the thesis
- If reinvestment of capital takes longer than announced, earnings could remain under pressure.
- Dependence on a few large tenants could become a vulnerability if the grocery market shifts.
- Higher financing costs could narrow the spread between asset yields and the cost of debt.
What to watch
- Progress in redeploying joint venture capital and new acquisitions2026
- Achievement of the EPRA cost ratio target below 9%FY26
- Coverage of the minimum target dividend of 6.18 penceFY26
- Trend in loan to value and refinancing costs of debtnext 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
Supermarket Income REIT plc is a real estate investment trust listed in London (LSE: SUPR), with a secondary listing in Johannesburg. The company holds a portfolio of 82 omnichannel supermarkets let to large operators under triple net leases with inflation-linked reviews. Its strategy targets mission-critical assets for national food infrastructure that could generate stable income over time. 1
In fiscal 2025 the company completed internalisation of its management function, a step that according to the annual report could reduce costs and better align management with shareholders. It set a minimum target dividend for FY26 and kept a Fitch investment grade rating. 1
Capital recycling included the sale of a Tesco store in Newmarket and the creation of a £403 million joint venture with funds managed by Blue Owl Capital, in which SUPR holds 50%. These transactions released capital for new acquisitions and generated management fee income. 1
Segments
Omnichannel supermarkets
Most assets are omnichannel supermarkets combining in-store shopping, click and collect and home delivery from stores. The report states that 93% of supermarket assets by value are of this type. 1
Tenant portfolio
Exposure is concentrated on Tesco and Sainsbury's, which together account for a large part of portfolio value. Tenants are large operators on long leases, providing a predictable income base. 1
Market context
The report describes the UK non-discretionary grocery market as growing and resilient, with rising sales and a combined market share for Tesco and Sainsbury's that increased in the year. Online sales are expanding, supporting the role of physical stores as delivery hubs. 1
The French market shows steady growth, with Carrefour gaining market share and online among the fastest-growing channels. Supermarket asset valuations rose and limited transaction volumes could keep upward pressure on values. 1
Trends
- Growth of online grocerytailwind
The omnichannel model turns stores into delivery hubs, which could lower operator costs and support demand for these assets. 1
- Inflation and rent reviewsmixed
Most rents are linked to RPI or CPI, which could protect real income but could also strain tenants if their costs rise. 1
- Cost of financingmixed
The company fixed long-dated debt with a sterling bond, which could limit interest rate pressure, though refinancing costs remain a watch point. 1
- Limited transaction supplymixed
Sellers choosing to hold assets could constrain acquisition opportunities, while also supporting existing valuations. 1
Competitive position
The report does not name listed competitors, but the company operates in a commercial property segment where other funds and institutional investors seek supermarket assets. Competition for acquisitions can affect yields and prices. 1
The company's advantage lies in relationships with large tenants and sector specialism, which could ease access to new deals. If the market becomes more competitive, this advantage could narrow. 1
- Other supermarket property funds
The report names no competitors; other funds bidding for supermarket assets are rivals in acquisitions.
- UK institutional investors
Pension funds and insurers compete for the same grocery assets offering stable income.
- French property investors
Local investors compete for French supermarket portfolios, where the company has a smaller presence.
- Joint venture partners
Partnerships such as the one with Blue Owl could also become competitors for the same transactions.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2025
- Annual report 202521 Oct 2025
- Annual report 202403 Oct 2024
- Annual report 202403 Oct 2024
Sources
- [1] Annual report, fiscal year ended 2025-06-30 (ESEF) · SEC / Supermarket Income REIT plc · 30 Jun 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.