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Supermarket Income REIT (LSE: SUPR)

Currency in GBP

Last close As at 30/11/2023

GBP0.81

▲ −1.20 (−1.45%)

Market capitalisation

GBP1,023m

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 is continuing to adjust to higher bond yields and economic uncertainty, although price weakness in 2023 year to date has been much less pronounced than in late 2022. SUPR’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.

Latest Insights

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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

Real Estate | Update

Supermarket Income REIT — SUPR takes majority interest in indirect portfolio
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

  • Haffiz Kala

    Finance director

  • Rob Abraham

    Managing director

  • Steven Noble

    Chief investment officer

Balance Sheet

Forecast net debt (£m)

501.1

Forecast gearing ratio (%)

41

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 12.4 8.8 (23.3)
Relative 9.2 9.4 (22.0)
52 week high/low 106.5p/70.3p

Financials

With its focus on high-quality omnichannel supermarkets, Supermarket Income REIT (SUPR) is very well positioned to benefit from strong growth trends in the grocery sector, supportive of its income proposition and capital values. The company is confident that the targeted FY24 DPS of 6.06p (+1%) will be fully covered as adjusted earnings benefit from rental growth, cost efficiency and fixed debt costs.

Y/E Jun Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2022A 72.1 58.2 57.4 5.9 13.8 12.6
2023A 95.2 79.8 72.4 5.8 14.0 12.0
2024E 106.1 92.5 75.8 6.1 13.3 11.2
2025E N/A N/A N/A N/A N/A N/A

Research

Update

Real Estate

Supermarket Income REIT — Maintaining returns, with accretive opportunities
Supermarket Income REIT_resized

Update

Investment Companies

Supermarket Income REIT — Reducing NAV but focusing on income

Real Estate

Outlook

Supermarket Income REIT — Progressive dividend policy remains in place
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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