Custodian REIT PLC (CREI) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Custodian REIT PLC stock £0.86, price £0.83, upside +3.6%, quality 62 out of 100. Rating: fairly valued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 2, 2026.
How to read this chart
60‑month range £0.5278 – £0.8767 · fair‑value band £0.4600 – £1.22 · the £0.8300 price screens below the £0.8600 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 2, 2026.
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Custodian Property Income REIT plc is a UK real estate investment trust, which listed on the main market of the London Stock Exchange on 26 March 2014.
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Its portfolio comprises properties predominantly let to institutional grade tenants throughout the UK and is principally characterised by smaller, regional, core/core-plus properties.
The Company offers investors the opportunity to access a diversified portfolio of UK commercial real estate through a closed-ended fund.
By principally targeting smaller, regional, core/core-plus properties, the Company seeks to provide investors with an attractive level of income with the potential for capital growth. Custodian Capital Limited is the discretionary investment manager of the Company.
Custodian Property Income REIT plc was established on January 01, 2014.
Stock analysis
Custodian REIT PLC (CREI) currently trades at £0.8300, while our model-based Fair Value estimate is £0.8600, so the stock looks roughly fairly valued today (gap 3.5%).
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Valuation
Bull case: the Economic Profit group reads highest at a median of £0.9200 per share, and 7 of the 16 models we run sit above the £0.8300 price.
Bear case: the Asset-Based group reads lowest at £0.6700, and 9 of the 16 models stay below the price. Data coverage for this calculation is high.
Scenario range: £0.4600 (bear) to £1.22 (bull), the price of £0.8300 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 62/100 (solid quality), in the Real Estate sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Custodian REIT PLC reported revenue of £52.4M in FY2026 versus £39.9M in FY2022, a compound +7.0%/yr. Reported net income was £48.3M in FY2026, compounding −20.7%/yr from FY2022.
Key figures
Market cap £383M Small · P/E ratio 8.3 · P/S ratio 7.31 · EPS (TTM) £0.1000 · Dividend yield 7.2% · Net margin 92.3% · Return on equity 10.6% · Return on assets (EBIT) 4.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 69 out of 100 (low confidence).
What moves the price
The share trades about 5% below its 52-week high and 14% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 5% fair-value upside, at 4%, CREI screens richer than that median.
Fair Value models
Bear£0.4600Fair Value £0.8600Bull£1.22
Price £0.8300 · Upside +3.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then (£0.0243 per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.76/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+5.3%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+5.8%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+5.8%
Start year 2021 (pandemic). Over 10 years: +10.7% a year
Revenue growth 11 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+15.9%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
≈ +70.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year≈ +63.6%
Dividend (yield on the price)7.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.base effect: 63.6% / 5.8%
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.72% → 68%
⚠ Base effect: the rate starts in the earnings trough around 2021 (starting value 0.009 per share, median 0.071 in 2016 to 2019). It measures the recovery from the trough, not lasting growth.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+13.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (UK: IMF forecast 2.3% a year to 2030, 3.3% from 2016 to 2025) that is about +10.6% a year for the price.
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.REIT - Diversified · 138 stocks
Beats the industry median on 10/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score62 · Above median
Fair Value upside+3.6% · Above median
Profitability
Return on equity (12 months)10.6% · Top 25%
Return on assets7.0% · Top 25%
Net margin (12 months)92.3% · Top 25%
Operating margin (12 months)61.6% · Above median
Growth and dividend
Revenue growth (quarter YoY)14.7% · Top 25%
Dividend yield (12 months)7.2% · Above median
Balance sheet
Debt / equity0.29× · Below median
Valuation Multiplesvs REIT - Diversified median · lower = cheaper
P/E (12 months)8.3× · Cheaper than median
P/B0.79× · Pricier than median
P/S (12 months)7.31× · Pricier than median
Price / free cash flow (fiscal year)13.7× · Pricier than median
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Is Custodian REIT PLC (CREI) overvalued or undervalued?
As of Nov 2, 2026, our model estimates a fair value of £0.8600 versus a price of £0.8300, about +4% upside (fairly valued).
What is the fair value of CREI?
Our model-based fair value for Custodian REIT PLC is £0.8600 (as of Nov 2, 2026), built from audited fundamentals. The current price: £0.8300.
What is the quality score of CREI?
Custodian REIT PLC has a Quality Score of 62/100. 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 price target for Custodian REIT PLC (CREI)?
Our model-based price target is the fair value of £0.8600 (as of Nov 2, 2026) from 16 valuation models. Cautious scenario £0.4600, optimistic scenario £1.22. It is a calculation from audited fundamentals, not an analyst target.
What is the Custodian REIT PLC stock forecast for 2026?
Our models put fair value at £0.8600, about +4% upside versus a price of £0.8300 (fairly valued). Cautious scenario £0.4600, optimistic scenario £1.22. The calculation is refreshed regularly with new filings.
What is the revenue of Custodian REIT PLC (CREI)?
Custodian REIT PLC reported trailing-twelve-month revenue of about £52.4M (latest available figure, as of Nov 2, 2026).
Does Custodian REIT PLC pay a dividend?
Custodian REIT PLC currently shows a dividend yield of 7.23% relative to its recent price (as of Nov 2, 2026).
How much is the dividend of Custodian REIT PLC (CREI) and when is the ex-dividend date?
Custodian REIT PLC pays a dividend of £0.06 per share a year, a dividend yield of 7.2%. The last ex-dividend date was Aug 6, 2026. A dividend has been paid every year since at least 2014. The payout ratio is 60.0% of earnings. Free cash flow covers the dividend 0.95 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Custodian REIT PLC (CREI)?
For today's price to be fair in a discounted-cash-flow model, Custodian REIT PLC would have to grow free cash flow by +13.1 % per year for five years (discount rate 10.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.8 % per year. As of Nov 2, 2026.
What discount rate (WACC) does the fair value of CREI use?
Our models discount Custodian REIT PLC at 10.3 %: a base by market capitalisation (small), damped by beta 0.43, country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Custodian REIT PLC that is +13.1 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.3 %) and the same formula as our fair value.
How much growth has Custodian REIT PLC (CREI) delivered so far?
Over the past 5 years revenue at Custodian REIT PLC grew +5.8 % a year. The price currently implies free-cash-flow growth of +13.1 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Custodian REIT PLC (CREI) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Custodian REIT PLC (+13.1 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Custodian REIT PLC (CREI)?
The free-cash-flow yield on the price is 7.28 %: that much free cash flow Custodian REIT PLC produces per unit of market value. When it exceeds the discount rate of our models (10.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Custodian REIT PLC (CREI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Custodian REIT PLC it is £0.8600 per share (as of Nov 2, 2026), against a price of £0.8300. It is the blended result of 16 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Custodian REIT PLC stock overvalued or undervalued in 2026?
As of Nov 2, 2026, CREI trades below its calculated fair value: price £0.8300, fair value £0.8600, a gap of about +4% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CREI?
No. The price is what the market pays today (£0.8300); the fair value is what the company's own numbers justify (£0.8600). For Custodian REIT PLC the two are £0.0300 per share apart. That gap is exactly why we show both numbers side by side.
How much is Custodian REIT PLC worth?
The market values Custodian REIT PLC at about £383M (market capitalisation, as of Nov 2, 2026). Per share that is £0.8300; our models calculate a fair value of £0.8600 per share.
What do the bullish and bearish scenarios say about CREI?
Our models span a range for Custodian REIT PLC: cautious scenario £0.4600, base £0.8600, optimistic £1.22 per share (as of Nov 2, 2026, price £0.8300). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CREI?
Custodian REIT PLC trades at a price-to-earnings ratio of 8.3 (as of Nov 2, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of £0.8600 is built from several models across several years. Other multiples: P/B 0.8, P/S 7.3, EV/EBITDA 15.3.
How solid is the balance sheet of Custodian REIT PLC (CREI)?
Balance-sheet figures for Custodian REIT PLC (as of Nov 2, 2026): return on equity 10.6%, debt of 0.29 per unit of equity. They feed the Quality Score of 62/100, which measures business quality independently of the share price.
How far is CREI from its 52-week high?
Custodian REIT PLC trades at £0.8300, about 5% below its 52-week high of £0.8767 and 14% above the low of £0.7258 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of £0.8600 is for.
Which stocks are comparable to Custodian REIT PLC?
From the same area (Real Estate) we also value Goodman Group, VICI Properties Inc, W. P. Carey Inc, Charter Hall Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Custodian REIT PLC stock attractive at the current price?
The data as of Nov 2, 2026: price £0.8300, calculated fair value £0.8600 (+4%), Quality Score 62/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CREI calculated?
We run Custodian REIT PLC through 16 models from 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of £0.8600 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Custodian REIT PLC currently trades 3% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Custodian REIT PLC (CREI)?
The closing price on Nov 6, 2026 was £0.8300. Our model-based fair value is £0.8600, about +4% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Custodian REIT PLC right now?
The model range is unusually wide (£0.4600 to £1.22). The outcome hinges heavily on assumptions, so read the point estimate with caution. 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.
Key figures of Custodian REIT PLC
How large is the market capitalisation of Custodian REIT PLC (CREI)?
The market capitalisation of Custodian REIT PLC is £383M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Custodian REIT PLC (CREI)?
The price-to-sales ratio of Custodian REIT PLC is 7.31 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Custodian REIT PLC (CREI)?
Earnings per share at Custodian REIT PLC are £0.1000 (price ÷ EPS = P/E 8.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Custodian REIT PLC (CREI)?
The dividend yield of Custodian REIT PLC is 7.2% (payout 60.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Custodian REIT PLC (CREI)?
The net margin of Custodian REIT PLC is 92.3% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Custodian REIT PLC (CREI)?
The return on equity (ROE) of Custodian REIT PLC is 10.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Custodian REIT PLC (CREI)?
On an EBIT basis the return on assets of Custodian REIT PLC is 4.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Custodian REIT PLC (CREI)?
The operating margin of Custodian REIT PLC is 61.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Custodian REIT PLC (CREI)?
Revenue at Custodian REIT PLC is growing +14.7% versus a year earlier (3y avg +5.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Custodian REIT PLC (CREI)?
Earnings per share at Custodian REIT PLC are growing −17.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Custodian REIT PLC (CREI) carry?
The net debt of Custodian REIT PLC is £171M (fiscal year 2026, ≈ 6.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 2, 2026