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Supermarket Income REIT (LSE: SUPR)

Last close As at 19/07/2024

GBP0.75

▲ 0.10 (0.13%)

Market capitalisation

GBP939m

Supermarket Income REIT (SUPR), listed on the premium segment of the LSE, invests in supermarket property, let to leading UK supermarket operators, on long, RPI-linked leases. The investment objective is to provide an attractive level of income, with the potential for capital growth.

Across all main sectors, the market continues to adjust to an increased cost of capital. The company’s supermarket assets have the benefit of visible income from long, mostly indexed, leases, a strong occupier covenant and the non-cyclical nature of grocery retailing. Investment volumes in supermarket property have been significantly more resilient than for the wider market.

Latest Insights

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Real Estate | Update

Supermarket Income REIT — The next stage of growth

Real Estate | Outlook

Supermarket Income REIT — Progressive dividend policy remains in place

Real Estate | Update

Supermarket Income REIT — Maintaining returns, with accretive opportunities

Investment Companies | Update

Supermarket Income REIT — Reducing NAV but focusing on income
Supermarket Income REIT_resized
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Sector

Real Estate

Equity Analyst

Martyn King

Martyn King

Director, Financials

Key Management

  • Chris McMahon

    Investor relations

  • Michael Perkins

    Finance director

  • Rob Abraham

    Managing director

  • Steven Noble

    Chief investment officer

Balance Sheet

Forecast net debt (£m)

658.4

Forecast gearing ratio (%)

58

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 5.3 4.7 (4.0)
Relative 5.3 0.6 (10.9)
52 week high/low 88.5p/70.3p

Financials

Supermarket Income REIT’s (SUPR’s) high-quality, omnichannel-focused portfolio is very well positioned to benefit from strong growth trends in the grocery sector. Moreover, with supermarket property yields remaining elevated and interest rates widely forecast to decline, SUPR has begun to deploy available debt capital into accretive acquisitions to support further fully covered DPS growth. This includes a first investment in France, where, like the UK, online grocery sales are growing strongly.

Y/E Jun Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2022A 69.7 58.2 57.4 5.9 12.8 11.7
2023A 93.3 79.8 57.2 4.6 16.4 11.1
2024E 104.6 92.4 75.2 6.0 12.6 10.8
2025E 114.1 101.5 77.4 6.2 12.1 9.4

Research

Outlook

Real Estate

Supermarket Income REIT — Progressive dividend policy remains in place

Update

Real Estate

Supermarket Income REIT — Maintaining returns, with accretive opportunities

Real Estate

Update

Supermarket Income REIT — The next stage of growth
View All

Thematics

thematic

Real Estate

South African industrial property fundamentals are strong

thematic

Real Estate

South African retail property funds remain resilient

thematic

Consumer

IPO apocalypse

thematic

TMT

ESG, moving beyond the box tick
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