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Custodian Property Income REIT plc (CREI) Fair Value & Analysis

Real Estate · GB · Market cap 433M GBX

CP Custodian Property Income REIT plc CREI · LSE
Price£0.8920
Fair Value£0.9100
Upside+2.0%
Quality59/100
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Healthy Growth
Highly profitable · 92.3% net margin
Low debt · generates free cash flow
6.70% dividend yield
Ranks above peers (10/14)
Wide moat 66/100
Evidence: High Range £0.5900 – £1.22 Share as image

Fair value as of: Jul 15, 2026

From 16 valuation models · updated 26 days ago

Fair value updated Jul 15, 2026, revised from £0.8000 to £0.9100 (+13.8%) since Jun 26, 2026. Share price −8.5% 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.
  • A fairly wide model range (£0.5900 to £1.22) leaves room in how you read the outcome.
  • 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)

£0.9876 £0.5947 Fair Value £0.9100 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.

How to read this chart

60‑month range £0.5947 – £0.9876 · fair‑value band £0.5900 – £1.22 · the £0.8920 price screens below the £0.9100 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 15, 2026.

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Analysis

Custodian Property Income REIT plc (CREI) currently trades at £0.8920, while our model-based Fair Value estimate is £0.9100, implying the stock looks roughly 2.0% fairly valued today. The Quality Score stands at 59/100 (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.

Trailing-twelve-month revenue stands at £48.9M. Revenue grew 3.8% year over year. It earns a return on equity of 11.7%. Net debt stands at £171M. Fundamentals as of Jul 15, 2026

Our scenario range runs from £0.5900 (bear case) to £1.22 (bull case); at £0.8920, 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 2%, CREI 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 BearBaseBull Evidence
Highest evidence
Growth DCF £0.2900 £0.5100 £0.7900 80
Residual Income £0.8300 £0.9000 £1.05 76
Rev-Margin DCF £0.2600 £0.5600 £0.8900 74
All 16 models by family
DCF Models
FCF DCF £0.2900 £0.5400 £0.9000 38
5Y Revenue Exit £0.2600 £0.5600 £0.9300 39
5Y EBITDA Exit £0.4600 £0.9400 £1.51 41
10Y Revenue Exit £0.2500 £0.5100 £0.8600 36
10Y EBITDA Exit £0.3800 £0.7600 £1.26 37
Dividend Discount
Gordon GGM £0.4300 £0.7800 £1.08 70
DDM Multi-Stage £0.4300 £0.7000 £0.8400 61
Multiples
P/S Multiple £0.5200 £0.7000 £0.8700 58
P/B Multiple £1.26 £1.68 £2.10 55
EV/EBIT £0.9500 £1.35 £1.76 53
EV/EBITDA £0.6800 £1.00 £1.31 54
EV/Revenue £0.2700 £0.4900 £0.7200 43
Asset-Based
NCAV (Graham) £0.5000 £0.6700 £1.00 50
Growth DCF
Growth DCF £0.2900 £0.5100 £0.7900 80
Rev-Margin DCF £0.2600 £0.5600 £0.8900 74
Economic Profit
Residual Income £0.8300 £0.9000 £1.05 76

Widest divergence: Multiples (£1.00) versus Growth DCF (£0.5100). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 48.9M GBX
Revenue growth (YoY) +3.8%
Net margin 104%
Return on equity 11.7%
Free cash flow 27.9M GBX FY2026
P/E ratio 7.9
More key figures
Operating margin 64.1%
EPS (TTM) £0.1100
Dividend yield 6.8%
EPS growth (YoY) +79.6%
Net debt 171M GBX FY2026

Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 59/100

Of which business quality 58 · Market factors (momentum, volatility) 61

Profitability 41
Margins and returns on capital today
Quality Growth 48
Are margins and returns improving?
Cashflow 76
Earnings quality: real cash, not paper profit
Fin. Strength 53
Balance sheet, leverage, solvency risk
Investment 88
Disciplined investing over empire-building
Low Volatility 94
Calm price path (market factor)
Momentum 45
Price trend over the last 3–12 months (market factor)
52W Momentum 49
Distance to the 52-week high (market factor)
Net Issuance 51
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

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. Its portfolio comprises properties predominantly let to institutional grade tenants throughout the UK and is principally characterised by smaller, regional, core/core-plus properties.

Full company description

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. 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.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Custodian Property Income 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.

Growth Quality 76/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
£52.4M
Latest YoY
+5.3%
Avg. growth/yr (3Y)
+5.8%
Avg. growth/yr (5Y)
+5.8%
Avg. growth/yr (11Y)
+15.9%
Revenue +7.0%/yr
FY22 £39.9M
FY23 £44.1M
FY24 £46.2M
FY25 £49.7M
FY26 £52.4M
Net income −20.7%/yr
FY22 £122M
FY23 −£65.8M
FY24 −£1.5M
FY25 £38.2M
FY26 £48.3M

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Cite: Fair Value Calculator (2026). "Custodian Property Income REIT plc Fair Value". https://www.fairvalue-calculator.com/stock/CREI

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 60 · Above median
Fair Value upside +2% · Above median
Return on equity (TTM) 11% · Top 25%
Return on assets 3% · Above median
Net margin (TTM) 92% · Top 25%
Operating margin (TTM) 62% · Above median
Revenue growth 15% · Top 25%
Dividend yield (TTM) 6.7% · Above median
Debt / equity 0.29× · Lower than median

Valuation Multiples vs REIT - Diversified median · lower = cheaper

P/E (TTM) 8.9× · Cheaper than median
P/B 1.20× · Pricier than 75% of peers
P/S (TTM) 11.17× · Pricier than 75% of peers
P/FCF 21.0× · Pricier than 75% of peers
EV/EBITDA 21.4× · 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 36 · sector 13
FUTURE 74 · sector 13
PAST 42 · sector 20
HEALTH 86 · sector 72
DIVIDEND 100 · sector 97

Insider activity: 30/100

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 15, 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 Custodian Property Income REIT plc (CREI) overvalued or undervalued?
As of Jul 15, 2026, our model estimates a fair value of £0.9100 versus a price of £0.8920, about +2% (fairly valued).
What is the fair value of CREI?
Our model-based fair value for Custodian Property Income REIT plc is £0.9100 (as of Jul 15, 2026), built from audited fundamentals. The current price is £0.8920.
What is the quality score of CREI?
Custodian Property Income REIT plc has a Quality Score of 59/100. 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 Custodian Property Income REIT plc (CREI)?
Custodian Property Income REIT plc reported trailing-twelve-month revenue of about £48.9M (latest available figure, as of Jul 15, 2026).
What is the net profit margin of CREI?
The net profit margin of Custodian Property Income REIT plc is about 104.0%, meaning it keeps roughly 104.0% of revenue as net income. Based on the latest reported figures.
Does Custodian Property Income REIT plc pay a dividend?
Custodian Property Income REIT plc currently shows a dividend yield of about 6.82% relative to its recent price (as of Jul 15, 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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