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NewRiver REIT
(LSE:NRR)
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Rating:60Neutral
Price Target:
79.00 p
▼(-2.35% Downside)
Action:Downgraded
Date:10/02/26
The score is driven primarily by improving (but still uneven) financial performance with moderate leverage risk. Technical indicators are the main drag due to weak momentum and trading below key moving averages. Valuation helps offset some risk, supported by a low P/E and a high dividend yield.
Positive Factors
Profitability recovery
The return to meaningful profitability and stronger margins improves the company’s ability to fund operations, support distributions, and reinvest in its retail portfolio. Although the recovery follows weaker years, the improved earnings base is a durable positive if rental income and asset performance remain stable.
Negative Factors
Elevated leverage
Debt remains meaningful relative to equity, reducing financial flexibility during property-market or financing stress. Leverage can constrain capital allocation, increase sensitivity to asset values and funding costs, and make it harder to pursue acquisitions or absorb weaker portfolio performance.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability recovery
The return to meaningful profitability and stronger margins improves the company’s ability to fund operations, support distributions, and reinvest in its retail portfolio. Although the recovery follows weaker years, the improved earnings base is a durable positive if rental income and asset performance remain stable.
Read all positive factors
NewRiver REIT (NRR) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£353.27M
Dividend Yield8.26%
Average Volume (3M)708.18K
Price to Earnings (P/E)11.4
Beta (1Y)1.16
Revenue Growth44.75%
EPS Growth13.02%
CountryUK
Employees270
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.07
Shares Outstanding435,595,340
10 Day Avg. Volume835,544
30 Day Avg. Volume708,184
Financial Highlights & Ratios
PEG Ratio0.78
Price to Book (P/B)0.68
Price to Sales (P/S)2.39
P/FCF Ratio15.88
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£90.00Price Target Upside11.25% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.08
Revenue Forecast (FY)£90.83M
NewRiver REIT Business Overview & Revenue Model
Company Description
NewRiver REIT plc (NewRiver) is a prominent UK-based Real Estate Investment Trust that specializes in the acquisition, management, and enhancement of essential retail and leisure properties throughout the country. The company oversees a substantia...
How the Company Makes Money
NewRiver REIT makes money primarily through rental income generated from leasing space in its property portfolio to tenants. This includes base rents under lease agreements and may also include contracted uplifts and index-linked rent reviews wher...
NewRiver REIT Earnings Call Summary
Earnings Call Date:Dec 02, 2025
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 19, 2026
Earnings Call Sentiment Positive
The earnings call highlighted significant achievements in integration and operational performance, along with successful asset disposals and strong financial positioning. However, challenges such as share price underperformance, income disruption from retailer restructurings, and upcoming refinancing needs were noted. Despite these challenges, the overall outlook remains optimistic with potential for future growth.Positive Updates
Integration and Synergies Achieved
Successfully completed the integration of the Capital & Regional portfolio, unlocking net annual synergies of GBP 6.2 million.
Negative Updates
Share Price Underperformance
The share price does not reflect the underlying progress, causing frustration among shareholders.
Read all updates
Q2-2026 Updates
Positive
Negative
Integration and Synergies Achieved
Successfully completed the integration of the Capital & Regional portfolio, unlocking net annual synergies of GBP 6.2 million.
Read all positive updates
Company Guidance
In the call, NewRiver's leadership provided robust guidance on the company's financial and operational performance for the first half of fiscal year 2026. Key metrics highlighted include a 31% increase in cash profits and net annual synergies of GBP 6.2 million achieved through the integration of the Capital & Regional portfolio. The company also reported a 3.1p per share dividend, which is fully covered by the first half's UFFO per share of 3.3p. NewRiver maintained strong occupancy with double-digit increases in new rents, enhancing its leasing activity. The balance sheet remains healthy with a loan-to-value (LTV) ratio starting at 42% and later adjusted to 38% after asset disposals totaling over GBP 70 million. The company's refinancing plans are underway, and the first phase is expected to commence soon. NewRiver has identified a promising pipeline of investment opportunities and is optimistic about future rental growth driven by a resilient consumer base and improving occupational demand. The company also reported a total accounting return of 5.4% for the first half.NewRiver REIT Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
58
Neutral
Cash Flow
61
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 130.10M | 90.50M | 65.80M | 73.70M | 75.00M |
| Gross Profit | 66.40M | 56.20M | 44.90M | 46.40M | 47.10M |
| EBITDA | 54.90M | 44.80M | 18.60M | 36.00M | 37.50M |
| Net Income | 31.70M | 23.70M | 3.00M | -16.80M | 7.00M |
Balance Sheet | |||||
| Total Assets | 1.02B | 1.05B | 759.60M | 781.50M | 819.10M |
| Cash, Cash Equivalents and Short-Term Investments | 115.50M | 61.30M | 132.80M | 108.60M | 82.80M |
| Total Debt | 517.30M | 510.60M | 372.20M | 373.40M | 371.50M |
| Total Liabilities | 564.20M | 564.00M | 398.50M | 402.90M | 405.00M |
| Stockholders Equity | 457.60M | 490.10M | 361.10M | 378.60M | 414.10M |
Cash Flow | |||||
| Free Cash Flow | 19.60M | 18.70M | 16.60M | 24.00M | 34.90M |
| Operating Cash Flow | 37.20M | 28.40M | 22.70M | 27.00M | 47.50M |
| Investing Cash Flow | 85.10M | -67.80M | 23.60M | 18.80M | 239.80M |
| Financing Cash Flow | -68.10M | -32.10M | -22.10M | -20.00M | -355.00M |
NewRiver REIT Technical Analysis
Positive
80.90
Price Trends
78.46
Positive
78.95
Positive
75.02
Positive
Market Momentum
0.89
Negative
65.72
Neutral
76.80
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:NRR, the sentiment is Positive. The current price of 80.9 is above the 20-day moving average (MA) of 78.52, above the 50-day MA of 78.46, and above the 200-day MA of 75.02, indicating a bullish trend. The MACD of 0.89 indicates Negative momentum. The RSI at 65.72 is Neutral, neither overbought nor oversold. The STOCH value of 76.80 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:NRR.
NewRiver REIT Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | £163.12M | 16.40 | 5.76% | 7.72% | -3.39% | -59.21% | |
68 Neutral | £2.07B | 8.64 | 11.84% | 5.15% | 92.40% | 184.37% | |
67 Neutral | £403.76M | 7.88 | 10.24% | 7.26% | 9.07% | 21.13% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | £1.14B | 12.12 | 7.76% | 7.44% | -7.38% | 39.47% | |
60 Neutral | £353.27M | 11.44 | 6.98% | 8.26% | 44.75% | 13.02% |
* Real Estate Sector Average
GB:NRR
NewRiver REIT
81.10
16.93
26.38%
GB:AEWU
AEW UK REIT
102.80
3.55
3.58%
GB:CREI
Custodian REIT
82.70
8.91
12.07%
GB:HMSO
Hammerson plc R.E.I.T.
354.20
63.62
21.89%
GB:SUPR
Supermarket Income REIT Plc
83.50
9.72
13.17%
NewRiver REIT Corporate Events
Regulatory Filings and Compliance
NewRiver REIT Updates Market on Total Voting Rights
Neutral
Oct 1, 2026
NewRiver REIT plc has confirmed that as of 1 October 2026 its issued share capital comprises 435,969,704 ordinary shares of one penny each, with 374,375 of these held in an employee benefit trust. After excluding the trust‑held shares, the c...
Business Operations and StrategyM&A Transactions
NewRiver REIT Forms Retail Park Partnership and Buys Leeds Asset
Positive
Sep 29, 2026
NewRiver REIT has launched a new retail park-focused capital partnership with Singapore real estate investors Soilbuild Group Holdings and United Engineers, creating a scalable vehicle to expand its exposure to one of its highest conviction sector...
Business Operations and StrategyExecutive/Board Changes
NewRiver REIT Executives Exercise Performance Share Options Without Issuing New Shares
Positive
Sep 9, 2026
NewRiver REIT has reported the exercise of nil-cost share options by Chief Executive Officer Allan Lockhart and Chief Financial Officer Will Hobman under its 2016 Performance Share Plan. Lockhart exercised 454,123 options and sold 214,511 shares t...
Business Operations and StrategyFinancial Disclosures
Fitch Affirms Investment Grade Ratings for NewRiver REIT
Positive
Sep 9, 2026
Fitch Ratings has affirmed NewRiver REIT plc’s investment grade credit profile, maintaining the company’s Long‑Term Issuer Default Rating at BBB with a Stable Outlook, its senior unsecured rating at BBB+, and its Short‑Term...
Regulatory Filings and Compliance
NewRiver REIT Updates Total Voting Rights for Shareholders
Neutral
Sep 2, 2026
NewRiver REIT plc has confirmed that as of 1 September 2026 its issued share capital comprises 435,969,704 ordinary shares of one penny each with voting rights, of which 1,347,085 shares are held in an Employee Benefit Trust. This results in a tot...
Business Operations and StrategyDividendsRegulatory Filings and Compliance
NewRiver REIT Issues New Shares Under Scrip Dividend Scheme
Neutral
Aug 3, 2026
NewRiver REIT plc has applied to the London Stock Exchange for the admission of 2,916,262 new ordinary shares of 1p each, with trading expected to commence on 7 August 2026. The shares are being issued to shareholders who elected to receive their ...
Regulatory Filings and Compliance
NewRiver REIT Updates Market on Total Voting Rights
Neutral
Aug 3, 2026
NewRiver REIT has reported that, as of 31 July 2026, its issued share capital comprised 433,053,442 ordinary shares, including 1,580,558 shares held in an Employee Benefit Trust. After excluding those trust-held shares, the company confirmed it ha...
Business Operations and StrategyExecutive/Board Changes
NewRiver REIT bolsters board with senior financial and operational appointments
Positive
Jul 29, 2026
NewRiver REIT has strengthened its board with the appointment of Sarah Williams as an independent non-executive director and Edith Monfries as an executive director, effective 1 August 2026. Williams, a chartered accountant with a 35-year career a...
Business Operations and StrategyStock BuybackDividendsFinancial DisclosuresShareholder Meetings
NewRiver REIT Shareholders Back All AGM Resolutions, Approve Dividend and Capital Flexibility
Positive
Jul 29, 2026
NewRiver REIT plc reported that all resolutions proposed at its annual general meeting on 28 July 2026 were approved by shareholders on a poll. The votes confirmed the company’s financial statements for the year to 31 March 2026, the directo...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
NewRiver REIT boosts leasing performance, secures Sheffield asset and new debt facility
Positive
Jul 28, 2026
NewRiver REIT reported a strong start to FY27, highlighting continued leasing outperformance, rising occupancy to 95.4 per cent and tenant retention at 96 per cent across its largely core retail portfolio. Leasing deals delivered double-digit upli...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.