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Sirius Real Estate
(LSE:SRE)
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Rating:67Neutral
Price Target:
107.00 p
▲(9.69% Upside)
Action:Downgraded
Date:10/01/26
The score is supported by solid underlying financial performance and an attractive valuation (low P/E and high dividend yield). Offsetting these positives, technicals are weak with the stock trading below major moving averages and negative MACD, and fundamentals carry notable risk from cash-flow volatility and weaker cash conversion versus earnings.
Positive Factors
Revenue Growth
Revenue has grown from 165.4m in 2021 to 347.5m in 2026, including 7.9% growth in the latest year. This sustained expansion indicates a larger operating base and supports recurring rental-income capacity, giving the company more scope to absorb costs and invest in its property portfolio.
Negative Factors
Weak Cash Conversion
Free cash flow fell 34.7% year over year to 85.9m in 2026, while it covered only about 61% of net income; operating cash flow was also relatively low versus reported profitability. This gap can limit internally funded investment and makes earnings quality more dependent on working-capital and capex timing.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Revenue has grown from 165.4m in 2021 to 347.5m in 2026, including 7.9% growth in the latest year. This sustained expansion indicates a larger operating base and supports recurring rental-income capacity, giving the company more scope to absorb costs and invest in its property portfolio.
Read all positive factors
Sirius Real Estate (SRE) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.55B
Dividend Yield5.7%
Average Volume (3M)3.97M
Price to Earnings (P/E)8.0
Beta (1Y)1.17
Revenue Growth12.54%
EPS Growth29.71%
CountryUK
Employees470
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)0.15
Shares Outstanding1,591,588,900
10 Day Avg. Volume5,223,089
30 Day Avg. Volume3,965,452
Financial Highlights & Ratios
PEG Ratio0.28
Price to Book (P/B)0.85
Price to Sales (P/S)4.62
P/FCF Ratio18.69
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£129.50Price Target Upside32.75% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.09
Revenue Forecast (FY)£251.50M
Sirius Real Estate Business Overview & Revenue Model
Company Description
Sirius Real Estate Limited is a property company primarily focused on the acquisition, development, and management of commercial real estate assets throughout Germany. Its diverse portfolio encompasses various property types, including office buil...
How the Company Makes Money
SRE primarily makes money by generating recurring rental income from leasing units and space within its business parks to multiple tenants. Revenue is driven by (i) contracted rent from occupied space under lease agreements, supported by occupancy...
Sirius Real Estate Earnings Call Summary
Earnings Call Date:Nov 17, 2025
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 16, 2026
Earnings Call Sentiment Neutral
The earnings call indicates a strong performance with significant growth in rent roll, income, and acquisitions. However, increased finance costs, foreign exchange losses, and challenges in the U.K. market present notable concerns.Positive Updates
Significant Growth in Rent Roll
The Sirius Group successfully grew the like-for-like rent roll by more than 5% and total rent roll by more than 15% during the period.
Negative Updates
Increased Finance Costs
Finance costs increased from EUR 6.3 million to EUR 9.4 million, creating a headwind for the next 2 to 3 years.
Read all updates
Q2-2026 Updates
Positive
Negative
Significant Growth in Rent Roll
The Sirius Group successfully grew the like-for-like rent roll by more than 5% and total rent roll by more than 15% during the period.
Read all positive updates
Company Guidance
In the recent call discussing Sirius Real Estate's interim results for the period ending September 2025, several key metrics and guidance were highlighted. The group reported a 5.2% increase in like-for-like rent roll, contributing to a 7.7% rise in rental income compared to the previous year. Total rent roll grew by over 15% due to acquisitions, and occupancy in the UK increased by just over 1%. Pricing in both Germany and the UK rose by more than 4%. The company announced a dividend of EUR 0.0318 per share, marking a 4% increase year-on-year. Sirius Real Estate's net operating income increased by 4.9%, with EBITDA up by 9.7% due to operating leverage. Despite a rise in net finance expenses from EUR 6.3 million to EUR 9.4 million, funds from operations (FFO) grew by 6.6% to EUR 64.7 million. The balance sheet reflected a 0.8% increase in reported NAV, while adjusted NAV was slightly down by 0.9%, attributed to foreign exchange effects. The company aims to achieve EUR 150 million in FFO by the end of fiscal year 2028 and has begun planning for a future target of EUR 175 million, with half of the required growth already executed.Sirius Real Estate Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
72
Positive
Cash Flow
58
Neutral
| Breakdown | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 347.50M | 317.50M | 288.80M | 270.10M | 210.18M |
| Gross Profit | 201.40M | 186.70M | 165.80M | 153.40M | 122.49M |
| EBITDA | 252.60M | 235.00M | 140.80M | 110.80M | 187.60M |
| Net Income | 229.60M | 178.10M | 107.80M | 79.60M | 147.90M |
Balance Sheet | |||||
| Total Assets | 3.56B | 3.27B | 2.60B | 2.39B | 2.39B |
| Cash, Cash Equivalents and Short-Term Investments | 410.59M | 571.30M | 214.50M | 99.20M | 127.28M |
| Total Debt | 1.45B | 1.35B | 982.90M | 1.00B | 1.02B |
| Total Liabilities | 1.67B | 1.58B | 1.19B | 1.19B | 1.20B |
| Stockholders Equity | 1.89B | 1.69B | 1.41B | 1.20B | 1.19B |
Cash Flow | |||||
| Free Cash Flow | 85.90M | 71.10M | 103.50M | 79.70M | 54.42M |
| Operating Cash Flow | 140.60M | 133.10M | 146.10M | 113.40M | 81.75M |
| Investing Cash Flow | -368.50M | -207.10M | -66.30M | -41.80M | -429.51M |
| Financing Cash Flow | 47.90M | 429.10M | 42.60M | -98.60M | 431.75M |
Sirius Real Estate Technical Analysis
Positive
97.55
Price Trends
92.62
Positive
94.63
Positive
95.85
Positive
Market Momentum
1.80
Negative
72.81
Negative
93.48
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:SRE, the sentiment is Positive. The current price of 97.55 is above the 20-day moving average (MA) of 92.65, above the 50-day MA of 92.62, and above the 200-day MA of 95.85, indicating a bullish trend. The MACD of 1.80 indicates Negative momentum. The RSI at 72.81 is Negative, neither overbought nor oversold. The STOCH value of 93.48 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:SRE.
Sirius Real Estate Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | £1.34B | 10.13 | 6.53% | 3.20% | -23.35% | 20.53% | |
70 Outperform | £343.11M | 16.86 | 5.05% | 5.97% | -0.42% | -13.35% | |
67 Neutral | £1.55B | 8.01 | 12.69% | 5.70% | 12.54% | 29.71% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | £50.01M | 16.66 | 2.55% | 4.14% | -0.65% | -58.16% | |
48 Neutral | £213.95M | 38.58 | 1.34% | 6.80% | 4.03% | -79.67% | |
45 Neutral | £108.79M | -46.13 | -1.18% | 0.12% | ― | ― |
* Real Estate Sector Average
GB:SRE
Sirius Real Estate
98.20
4.44
4.73%
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Sirius Real Estate Corporate Events
Business Operations and StrategyFinancial Disclosures
Fitch Reaffirms Sirius Real Estate’s BBB Rating and Stable Outlook
Positive
Oct 15, 2026
Fitch Ratings has reaffirmed Sirius Real Estate’s long-term issuer and senior unsecured ratings at BBB with a Stable Outlook, underscoring the company’s position as a leading owner of business and industrial parks in Germany and the U....
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Sirius Real Estate boosts rent roll and doubles down on defence-led growth
Positive
Oct 5, 2026
Sirius Real Estate reported an 11.3% year-on-year increase in rent roll for the half year to 30 September 2026, with 5.1% like-for-like growth driven by similar organic performance in Germany and the U.K. The group says this validates its vertical...
Regulatory Filings and Compliance
Sirius Real Estate CEO Increases Stake with £90,000 Share Purchase
Positive
Sep 28, 2026
Sirius Real Estate has disclosed that its chief executive officer, Andrew Coombs, has purchased 100,000 ordinary shares in the company at a price of £0.90 per share, in a transaction conducted outside a trading venue. Following this acquisiti...
Regulatory Filings and Compliance
Sirius Real Estate Discloses Share Purchase by Non-Executive Director
Neutral
Sep 7, 2026
Sirius Real Estate has disclosed a share transaction involving non-executive director Joanne Kenrick in line with regulatory requirements. The Guernsey-incorporated, dual-listed real estate company reported that Kenrick purchased ordinary shares o...
Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
Sirius Real Estate Trust Buys 1 Million Shares for Incentive Schemes
Positive
Aug 26, 2026
Sirius Real Estate’s employee benefit trust has purchased 1,000,000 ordinary shares on the London Stock Exchange to service existing and future awards under the company’s share incentive schemes. The on-market transaction, executed on ...
Regulatory Filings and Compliance
Sirius Real Estate CEO Increases Stake with £239,875 Share Purchase
Positive
Aug 18, 2026
Sirius Real Estate has disclosed a purchase of 250,000 ordinary shares by its Chief Executive Officer, Andrew Coombs, on the London Stock Exchange at a total value of £239,875. Following this transaction, Coombs and his closely associated per...
Business Operations and StrategyDividendsFinancial Disclosures
Sirius Real Estate Details Shareholder Uptake of Dividend Reinvestment Plan
Positive
Aug 14, 2026
Sirius Real Estate has reported the results of its Dividend Reinvestment Plan linked to the cash dividend for the six months ended 31 March 2026. Shareholders in the UK and South Africa were able to elect to receive their dividend in the form of o...
Business Operations and StrategyStock Buyback
Sirius Real Estate Buys Shares for Employee Plan as Executives Boost Stakes
Positive
Aug 13, 2026
Sirius Real Estate has expanded participation in its Employee Matching Share Plan by acquiring 120,712 ordinary shares on the London Stock Exchange on 12 and 13 August 2026, at prices just below £0.98 per share. These securities, bought for a...
Dividends
Sirius Real Estate Director Reinvests Dividend into Company Shares
Positive
Aug 13, 2026
Sirius Real Estate has disclosed a transaction by Senior Independent Director Ian Watson, who reinvested his cash dividend for the period ended 31 March 2026 into ordinary shares of the company. The trade, executed on 12 August 2026 on the London ...
Regulatory Filings and Compliance
Sirius Real Estate CEO Sells 500,000 Shares in Off-Market Deal
Neutral
Aug 6, 2026
Sirius Real Estate has disclosed that its chief executive officer, Andrew Coombs, has sold 500,000 ordinary shares in the company at a price of £1.02 per share in an off-market transaction. Following the sale, Coombs and his closely associate...
Other
Sirius Real Estate CEO and Associate Increase Shareholdings via Pension Purchases
Positive
Aug 4, 2026
Sirius Real Estate has disclosed share purchases by Chief Executive Officer Andrew Coombs, who acquired 33,000 ordinary shares via a Self-Invested Personal Pension on the London Stock Exchange. Following this transaction, Coombs and his closely as...
DividendsRegulatory Filings and Compliance
Sirius Real Estate Discloses Managerial Share Dealings Under Dividend Reinvestment Plan
Neutral
Aug 3, 2026
Sirius Real Estate has disclosed share transactions by Group General Counsel James Peggie and his closely associated person Joanna Peggie under the company’s dividend reinvestment plan. Both elected to receive recent dividends as Sirius shar...
Regulatory Filings and Compliance
Sirius Real Estate Confirms Total Voting Rights as of 31 July 2026
Neutral
Jul 31, 2026
Sirius Real Estate Limited has confirmed that, as at 31 July 2026, its total issued share capital comprises 1,591,588,877 ordinary shares of no par value, with no shares held in treasury. This means the total number of voting rights in the company...
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.