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Supermarket Income REIT Plc
(LSE:SUPR)
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Rating:64Neutral
Price Target:
87.00 p
▲(1.81% Upside)
Action:Reiterated
Date:10/05/26
The score is driven mainly by acceptable but uneven financial performance (stable revenue and strong free cash flow offset by past earnings volatility and rising leverage) and a constructive earnings-call outlook (cost savings, strong operating metrics, liquidity and acquisition capacity). These positives are tempered by weak current technical momentum, while valuation is a supportive offset due to the moderate P/E and high dividend yield.
Positive Factors
Recurring rental income and occupancy
Full occupancy and complete rent collection support dependable recurring cash flow, while 7.3% rental income growth shows the portfolio can expand earnings through acquisitions and like-for-like increases. This strengthens dividend funding and provides durable visibility over the next several quarters.
Negative Factors
Rising balance-sheet leverage
The sustained increase in debt relative to equity makes returns more sensitive to property values, financing costs, and operating setbacks. Although the balance sheet remains serviceable, higher leverage can restrict capital allocation flexibility and increase downside risk during real-estate cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring rental income and occupancy
Full occupancy and complete rent collection support dependable recurring cash flow, while 7.3% rental income growth shows the portfolio can expand earnings through acquisitions and like-for-like increases. This strengthens dividend funding and provides durable visibility over the next several quarters.
Read all positive factors
Supermarket Income REIT Plc (SUPR) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£1.14B
Dividend Yield7.41%
Average Volume (3M)3.97M
Price to Earnings (P/E)12.2
Beta (1Y)0.78
Revenue Growth-7.38%
EPS Growth39.47%
CountryUK
Employees19
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.07
Shares Outstanding1,366,721,100
10 Day Avg. Volume2,460,358
30 Day Avg. Volume3,967,400
Financial Highlights & Ratios
PEG Ratio0.32
Price to Book (P/B)0.98
Price to Sales (P/S)9.59
P/FCF Ratio18.49
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£96.67Price Target Upside13.13% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)0.06
Revenue Forecast (FY)£130.63M
Supermarket Income REIT Plc Business Overview & Revenue Model
Company Description
Supermarket Income REIT plc (LSE: SUPR) is a property investment vehicle primarily focused on acquiring food retail assets throughout the United Kingdom. These properties are considered crucial to the nation's fundamental food supply infrastructur...
How the Company Makes Money
SUPR makes money primarily by earning rental income from tenants that operate supermarkets and other grocery-led retail assets within its property portfolio. Its key revenue stream is contracted rent under long-term leases, often with contractual ...
Supermarket Income REIT Plc Earnings Call Summary
Earnings Call Date:Sep 16, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Mar 03, 2027
Earnings Call Sentiment Positive
The call was strongly positive, with management characterizing the year as transformational and highlighting rental growth, full occupancy and rent collection, cost-reduction progress, improved financing, a successful joint venture and bond issuance, and a substantial acquisition pipeline. The main challenges were lower EPRA earnings per share, higher financing costs, a broadly flat EPRA NTA, historical NAV pressure, weaker performance from certain grocery operators, and potential regulatory and business-rate pressures. Management nevertheless presented these issues as manageable and emphasized its objective of deploying capital into accretive opportunities and achieving a fully covered, growing dividend.Positive Updates
Transformational Year and Strategic Delivery
Management described the year as transformational, citing delivery against key strategic objectives including lease renewals, internalization, a strategic joint venture, debut bond issuance, capital recycling, and listing changes.
Negative Updates
EPRA Earnings per Share Decline
EPRA earnings per share declined slightly to 6p for the year from the prior year, principally due to disposals made close to the year-end.
Read all updates
Q4-2026 Updates
Positive
Negative
Transformational Year and Strategic Delivery
Management described the year as transformational, citing delivery against key strategic objectives including lease renewals, internalization, a strategic joint venture, debut bond issuance, capital recycling, and listing changes.
Read all positive updates
Company Guidance
Management is targeting an EPRA cost ratio of below 9%, which they estimate equates to approximately 35% reduction in costs versus FY '24, with the full benefit of savings coming through in FY '26 and beyond; they expect to target a WAULT in the medium term of between 10 to 12 years, operate with leverage between 30% to 40%, and, where there are accretive acquisitions, take leverage to the low 40s with a clear pathway back to 30% to 40%; they have GBP 350 million of undrawn liquidity headroom, a good couple of hundred million of capacity to deploy, an aspiration to grow the joint venture to GBP 1 billion over time, and would typically expect a five to seven years exit horizon for the joint-venture partner; by the end of this financial year, they are targeting a fully covered and growing dividend.Supermarket Income REIT Plc Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
58
Neutral
Cash Flow
67
Positive
| Breakdown | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 114.25M | 114.77M | 107.23M | 124.58M | 115.41M |
| Gross Profit | 103.18M | 114.77M | 107.23M | 107.77M | 62.71M |
| EBITDA | 125.28M | 88.97M | 101.49M | 112.66M | 57.88M |
| Net Income | 85.93M | 61.53M | -21.18M | -144.87M | 110.30M |
Balance Sheet | |||||
| Total Assets | 1.88B | 1.75B | 1.86B | 1.93B | 1.81B |
| Cash, Cash Equivalents and Short-Term Investments | 37.39M | 95.28M | 38.69M | 37.48M | 51.20M |
| Total Debt | 710.59M | 603.60M | 694.17M | 667.47M | 348.55M |
| Total Liabilities | 764.98M | 647.52M | 741.95M | 716.00M | 375.58M |
| Stockholders Equity | 1.11B | 1.10B | 1.12B | 1.22B | 1.43B |
Cash Flow | |||||
| Free Cash Flow | 59.24M | 66.10M | 92.06M | 335.60M | 53.16M |
| Operating Cash Flow | 59.45M | 66.13M | 92.06M | 61.91M | 53.17M |
| Investing Cash Flow | -144.37M | 180.58M | -18.67M | -273.69M | -402.85M |
| Financing Cash Flow | 27.02M | -190.12M | -72.18M | 175.65M | 371.46M |
Supermarket Income REIT Plc Technical Analysis
Positive
85.45
Price Trends
81.59
Positive
82.73
Positive
80.97
Positive
Market Momentum
0.54
Negative
66.97
Neutral
66.03
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:SUPR, the sentiment is Positive. The current price of 85.45 is above the 20-day moving average (MA) of 80.85, above the 50-day MA of 81.59, and above the 200-day MA of 80.97, indicating a bullish trend. The MACD of 0.54 indicates Negative momentum. The RSI at 66.97 is Neutral, neither overbought nor oversold. The STOCH value of 66.03 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:SUPR.
Supermarket Income REIT Plc Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | £400.83M | 7.83 | 10.24% | 7.31% | 9.07% | 21.13% | |
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% | |
64 Neutral | £1.14B | 12.16 | 7.76% | 7.41% | -7.38% | 39.47% | |
60 Neutral | £350.22M | 11.34 | 6.98% | 8.33% | 44.75% | 13.02% | |
53 Neutral | £51.56M | -38.04 | -1.25% | 4.08% | 1.78% | 60.68% |
* Real Estate Sector Average
GB:SUPR
Supermarket Income REIT Plc
83.75
10.15
13.79%
GB:CREI
Custodian REIT
82.10
8.49
11.54%
GB:NRR
NewRiver REIT
80.40
15.95
24.76%
GB:TOWN
Town Centre Securities
122.50
-7.15
-5.52%
GB:SRE
Sirius Real Estate
98.20
4.44
4.73%
Supermarket Income REIT Plc Corporate Events
Regulatory Filings and Compliance
Supermarket Income REIT Director Increases Shareholding in Market-Compliant Transaction
Positive
Sep 29, 2026
Supermarket Income REIT Plc has disclosed that executive director Michael Perkins has purchased 18,284 ordinary shares in the company on the London Stock Exchange. The transaction, completed on 28 September 2026 at a price of £0.843046 per sh...
Regulatory Filings and Compliance
Supermarket Income REIT Director Boosts Shareholding with Market Purchase
Positive
Sep 16, 2026
Supermarket Income REIT Plc reported that executive director and PDMR Robert Abraham purchased 30,387 ordinary shares in the company on 16 September 2026. The transaction, executed on the London Stock Exchange at a price of £0.82275 per share...
Business Operations and StrategyDividendsFinancial DisclosuresPrivate Placements and Financing
Supermarket Income REIT scales £2bn grocery portfolio and sets dividend growth target
Positive
Sep 16, 2026
Supermarket Income REIT reported annual results showing its grocery-focused property portfolio grew from £1.6 billion to £2.0 billion in the year to 30 June 2026, supported by £454 million of acquisitions in the U.K. and France. The...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Supermarket Income REIT completes deployment of £100m equity with six-asset grocery acquisition
Positive
Sep 11, 2026
Supermarket Income REIT plc has acquired six high-quality grocery assets in the UK for £104 million, including supermarkets, an MS-anchored retail park, a Co-op store, an MS scheme in Glasgow and a Sainsbury’s grocery distribution centr...
Regulatory Filings and Compliance
Supermarket Income REIT Confirms Total Voting Rights at 1.37 Billion Shares
Neutral
Sep 1, 2026
Supermarket Income REIT has confirmed that as of 1 September 2026 its issued share capital stands at 1,366,721,113 ordinary shares of £0.01 each, with no shares held in treasury, giving the company an equal number of total voting rights. This...
Regulatory Filings and Compliance
Supermarket Income REIT Non-Executive Director Executes Bed and ISA Share Transfer
Neutral
Aug 14, 2026
Supermarket Income REIT Plc has disclosed a personal share dealing by non-executive director Roger Blundell, who sold 50,000 ordinary shares at 85.625p from his General Investment Account and immediately repurchased the same number of shares at th...
Business Operations and StrategyFinancial Disclosures
Supermarket Income REIT Sets September Date for Full-Year Results and Investor Presentations
Positive
Aug 13, 2026
Supermarket Income REIT plc, a FTSE 250 real estate investment trust listed in London and Johannesburg, specialises in owning omnichannel grocery properties that support essential food infrastructure. Its portfolio of £2.1 billion in UK and E...
Delistings and Listing ChangesPrivate Placements and FinancingRegulatory Filings and Compliance
Supermarket Income REIT Expands Share Capital with New LSE Admission
Positive
Aug 5, 2026
Supermarket Income REIT Plc has admitted 120,481,928 new ordinary shares to trading on the London Stock Exchange’s Main Market, following a placing, South African placing and retail offer. This increases the company’s total issued shar...
Business Operations and StrategyPrivate Placements and FinancingShareholder Meetings
Supermarket Income REIT Raises £100m to Expand Grocery Property Portfolio
Positive
Aug 3, 2026
Supermarket Income REIT plc has secured shareholder approval at a general meeting for a non-pre-emptive equity issue, paving the way for the admission of 120,481,928 new ordinary shares to trading in London and Johannesburg. The gross £100 mi...
Private Placements and FinancingRegulatory Filings and Compliance
Supermarket Income REIT Directors Boost Stakes in Post-Issue Share Purchases
Positive
Jul 17, 2026
Supermarket Income REIT Plc has disclosed that six board members participated in its recent equity issuance, acquiring new ordinary shares at £0.83 each on the London Stock Exchange. Executive directors Robert Abraham and Michael Perkins, non...
Business Operations and StrategyPrivate Placements and FinancingShareholder Meetings
Supermarket Income REIT Sets General Meeting to Approve New Share Issue
Neutral
Jul 16, 2026
Supermarket Income REIT has published a shareholder circular and notice of general meeting detailing its proposed share issue, with the documents now available on the company’s website and being posted to investors. The issue remains conditi...
Business Operations and StrategyPrivate Placements and FinancingShareholder Meetings
Supermarket Income REIT Raises £100m to Fund Nine-Asset Grocery Property Pipeline
Positive
Jul 15, 2026
Supermarket Income REIT has raised £100 million through an issue of 120,481,928 new ordinary shares at 83 pence each, representing about 10 per cent of its existing share capital. The raise was executed via a UK placing, a South African placi...
Business Operations and StrategyM&A Transactions
Supermarket Income REIT buys three UK grocery stores for £118m
Positive
Jul 15, 2026
Supermarket Income REIT has agreed to acquire a portfolio of three established supermarkets in Manchester, Edinburgh and Halifax for a total consideration of £118 million, at an average net initial yield of 6.9%, with completion expected in S...
Business Operations and StrategyPrivate Placements and Financing
Supermarket Income REIT launches retail share offer to fund new supermarket acquisitions
Positive
Jul 15, 2026
Supermarket Income REIT has launched a conditional retail offer of new ordinary shares via the RetailBook platform, open to eligible UK-based retail investors alongside an institutional UK placing and a South African placing. The offer, with a min...
Business Operations and StrategyPrivate Placements and Financing
Supermarket Income REIT to Raise £100m for Earnings-Accretive Grocery Acquisitions
Positive
Jul 15, 2026
Supermarket Income REIT plans to raise about £100 million through a new share issue, combining an institutional placing, a South African placing for qualifying investors, and a UK retail offer to fund a £216 million pipeline of grocery a...
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.