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Supermarket Income REIT (LSE: SUPR)

Last close As at 11/09/2024

GBP0.77

▲ 0.80 (1.06%)

Market capitalisation

GBP954m

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.

The broad commercial property market is showing increasing signs of stabilisation. 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 2.8 4.7 0.8
Relative 2.4 4.7 (8.5)
52 week high/low 88.5p/70.3p

Financials

Despite strong growth in UK grocery sector sales, supermarket property yields continued to widen in H124 and, anticipating a turn in the interest cycle, SUPR had identified attractive opportunities to resume accretive portfolio growth. It has since acquired one store in the UK and has made its first investment in France, acquiring a portfolio of 17 omnichannel stores, operated by Carrefour, for €75m. Earnings accretion has been locked in with seven-year, fixed rate, unsecured euro-denominated borrowing. The acquisition adds another very strong tenant covenant and opens up significant further opportunities for growth in the large European market, with a continued focus on structural growth in online grocery shopping.

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 13.0 11.8
2023A 93.3 79.8 57.2 4.6 16.6 11.3
2024E 104.6 92.4 75.2 6.0 12.8 11.0
2025E 114.1 101.5 77.4 6.2 12.3 9.5

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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