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Supermarket Income REIT (LSE: SUPR)

Last close As at 20/11/2024

GBP0.69

▲ 0.30 (0.44%)

Market capitalisation

GBP857m

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.

SUPR’s supermarket assets provide visible income from long, mostly indexed, leases, and a strong occupier covenant. The grocery sector is non-cyclical, and SUPR’s mostly omnichannel stores straddle both the largest and fastest-growing segments of the market.

Latest Insights

View More

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 (5.5) (7.7) (18.4)
Relative (2.2) (5.3) (24.5)
52 week high/low 88.5p/67.8p

Financials

In FY24, rent reviews and accretive acquisitions more than offset the prior year contribution from its now divested, highly successful JV. Underlying EPS grew 4% to 6.1p, fully covering DPS. To underline its commitment to progressive dividends, the company targets a modest uplift in the current year to 6.12p. The JV sale allowed SUPR to pay down borrowings as interest rates remained high, but as the rate cycle starts to turn, it has identified attractive opportunities to resume accretive portfolio growth, both in the UK and in France. Earnings accretion on the recent Carrefour stores acquisition has been locked in with long-term, fixed rate, euro-denominated borrowing. With weaker property values, EPRA NTA/share fell to 90p (FY23: 98p) but was fairly stable in H2. Strong store sales growth, increased affordability of rents and falling interest rates suggest valuations may now increase.

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 11.6 10.6
2023A 93.3 79.8 57.2 4.6 14.9 10.1
2024E 104.6 92.4 75.2 6.0 11.5 9.8
2025E 114.1 101.5 77.4 6.2 11.1 8.6

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
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Thematics

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Real Estate

South African industrial property fundamentals are strong

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Real Estate

South African retail property funds remain resilient

thematic

Consumer

IPO apocalypse

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TMT

ESG, moving beyond the box tick
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