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AEW UK REIT plc (AEWU) Fair Value & Analysis

Real Estate · GB · Market cap 167M GBX

AU AEW UK REIT plc AEWU · LSE
Price£1.05
Fair Value£1.06
Upside+0.6%
Quality66/100
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Weak Growth
Highly profitable · 43.3% net margin
Low debt · generates free cash flow
7.60% dividend yield
Ranks above peers (9/14)
Moderate moat 63/100
Evidence: High Range £0.8100 – £1.33 Share as image

Fair value as of: Jul 18, 2026

From 16 valuation models · updated 23 days ago

Fair value updated Jul 18, 2026, revised from £1.92 to £1.06 (−44.8%) since Jun 26, 2026. Share price −2.2% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

£1.08 £0.6259 Fair Value £1.06 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range £0.6259 – £1.08 · fair‑value band £0.8100 – £1.33 · the £1.05 price screens below the £1.06 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

AEW UK REIT plc (AEWU) currently trades at £1.05, while our model-based Fair Value estimate is £1.06, implying the stock looks roughly 0.6% fairly valued today. The Quality Score stands at 66/100 (solid quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, AEW UK REIT plc generated revenue of £22.3M at a net margin of 57.1%. Revenue declined 3.5% year over year. It earns a return on equity of 7.4%. Net debt stands at £44.9M. Fundamentals as of Jul 18, 2026

Our scenario range runs from £0.8100 (bear case) to £1.33 (bull case); at £1.05, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Real Estate peers we cover trades at -22% fair-value upside, at 1%, AEWU screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF £0.7700 £1.33 £2.21 80
Residual Income £0.7800 £0.7800 £0.7100 76
Rev-Margin DCF £0.7700 £1.43 £2.79 74
All 16 models by family
DCF Models
FCF DCF £0.8300 £1.22 £2.37 38
5Y Revenue Exit £0.6900 £1.25 £2.41 39
5Y EBITDA Exit £0.9400 £1.75 £3.35 41
10Y Revenue Exit £0.7100 £1.60 £2.12 36
10Y EBITDA Exit £0.8900 £2.05 £4.04 37
Dividend Discount
Gordon GGM £0.5600 £0.9300 £1.21 70
DDM Multi-Stage £0.5600 £0.8800 £1.00 61
Multiples
P/S Multiple £0.7100 £0.9400 £1.18 58
P/B Multiple £0.8000 £1.06 £1.33 55
EV/EBIT £1.32 £1.81 £2.30 53
EV/EBITDA £1.00 £1.38 £1.76 54
EV/Revenue £0.5600 £0.8600 £1.17 43
Asset-Based
NCAV (Graham) £0.5400 £0.7300 £1.08 50
Growth DCF
Growth DCF £0.7700 £1.33 £2.21 80
Rev-Margin DCF £0.7700 £1.43 £2.79 74
Economic Profit
Residual Income £0.7800 £0.7800 £0.7100 76

Widest divergence: DCF Models (£1.60) versus Asset-Based (£0.7300). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 23.0M GBX
Revenue growth (YoY) +5.6%
Net margin 43.3%
Return on equity 5.7%
Free cash flow 13.1M GBX FY2026
P/E ratio 17.6
More key figures
Operating margin 57.9%
EPS (TTM) £0.0600
Dividend yield 7.6%
EPS growth (YoY) -35.0%
Net debt 44.9M GBX FY2026

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 66/100

Of which business quality 65 · Market factors (momentum, volatility) 63

Profitability 37
Margins and returns on capital today
Quality Growth 27
Are margins and returns improving?
Cashflow 89
Earnings quality: real cash, not paper profit
Fin. Strength 66
Balance sheet, leverage, solvency risk
Investment 97
Disciplined investing over empire-building
Low Volatility 97
Calm price path (market factor)
Momentum 45
Price trend over the last 3–12 months (market factor)
52W Momentum 56
Distance to the 52-week high (market factor)
Net Issuance 81
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

AEW UK REIT plc is one of the world's largest real estate asset managers, with 73.4billion pounds of assets under management as at 30 September 2025.

Full company description

AEW UK REIT plc is one of the world's largest real estate asset managers, with 73.4billion pounds of assets under management as at 30 September 2025. AEW has over 830 employees, with its main offices located in Boston, London, Paris and Singapore and offers a wide range of real estate investment products including comingled funds, separate accounts and securities mandates across the full spectrum of investment strategies. AEW represents the real estate asset management platform of Natixis Investment Managers, one of the largest asset managers in the world. As at 30 September 2025, AEW managed 35.6bn euros of real estate assets in Europe on behalf of a number of strategies and separate accounts. AEW has over 515 employees based in 12 offices across Europe and has a long track record of implementing core, value-add and opportunistic investment strategies on behalf of its clients. In the last five years, AEW has invested and divested a total volume of circa 14.0billion pounds of real estate across European markets. AEW UK REIT plc was incorporated in 2015 in United Kingdom.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

AEW UK REIT plc reported revenue of £23.0M in FY2026 versus £54.3M in FY2022, a compound −19.4%/yr. Reported net income was £9.9M in FY2026, compounding −32.1%/yr from FY2022.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2026)
£23.0M
Latest YoY
−26.7%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−3.8%
Avg. growth/yr (10Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+11.3%
Revenue −19.4%/yr
FY22 £54.3M
FY23 −£2.9M
FY24 £24.3M
FY25 £31.3M
FY26 £23.0M
Net income −32.1%/yr
FY22 £46.7M
FY23 −£11.3M
FY24 £9.0M
FY25 £24.3M
FY26 £9.9M
Character of growth · EPS growth decomposed (2016-2026) +8.1 % p.a.
Revenue per share +12.7 pp

of which total revenue +14.7 pp · buybacks/dilution −2.0 pp

EBIT margin −1.8 pp
Tax rate +9.9 pp
Residual (interest, one-offs) −12.8 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "AEW UK REIT plc Fair Value". https://www.fairvalue-calculator.com/stock/AEWU

Peer Group

REIT - Diversified · 165 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 66 · Top 25%
Fair Value upside +1% · Above median
Return on equity (TTM) 6% · Above median
Return on assets 4% · Top 25%
Net margin (TTM) 43% · Above median
Operating margin (TTM) 58% · Above median
Revenue growth 6% · Above median
Dividend yield (TTM) 7.6% · Top 25%
Debt / equity 0.23× · Lower than 75% of peers

Valuation Multiples vs REIT - Diversified median · lower = cheaper

P/E (TTM) 17.6× · Pricier than median
P/B 1.31× · Pricier than 75% of peers
P/S (TTM) 9.83× · Pricier than 75% of peers
P/FCF 17.2× · Pricier than median
EV/EBITDA 21.1× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 34 · sector 13
FUTURE 28 · sector 13
PAST 23 · sector 20
HEALTH 89 · sector 72
DIVIDEND 100 · sector 97

Insider activity: 35/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more REIT - Diversified stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
Goodman Group GMG A$29.11 A$7.37 -75%
VICI Properties Inc VICI $26.73 $41.74 +56%
W. P. Carey Inc WPC $76.69 $35.59 -54%
Charter Hall Group CHC A$21.90 A$11.46 -48%
Fibra Uno FUNO11 31.10 MXN 63.56 MXN +104%
COV COV €52.55 €62.39 +19%
The GPT Group GPT A$4.89 A$3.49 -29%
Mirvac Group MGR A$1.70 A$0.5700 -66%
KLCC Property Holdings 5235SS 8.85 MYR 6.91 MYR -22%
CRRUN CRRUN C$17.65 C$17.89 +1%

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Frequently asked questions

Is AEW UK REIT plc (AEWU) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of £1.06 versus a price of £1.05, about +1% (fairly valued).
What is the fair value of AEWU?
Our model-based fair value for AEW UK REIT plc is £1.06 (as of Jul 18, 2026), built from audited fundamentals. The current price is £1.05.
What is the quality score of AEWU?
AEW UK REIT plc has a Quality Score of 66/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of AEW UK REIT plc (AEWU)?
AEW UK REIT plc reported trailing-twelve-month revenue of about £22.3M (latest available figure, as of Jul 18, 2026).
What is the net profit margin of AEWU?
The net profit margin of AEW UK REIT plc is about 57.1%, meaning it keeps roughly 57.1% of revenue as net income. Based on the latest reported figures.
Does AEW UK REIT plc pay a dividend?
AEW UK REIT plc currently shows a dividend yield of about 7.58% relative to its recent price (as of Jul 18, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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