Ground Rents Income Fund PLC (GRIO) Fair Value & Analysis
Real Estate · GB · Market cap 16.3M GBX
Fair value as of: Jul 14, 2026
From 5 valuation models · updated 27 days ago
Fair value updated Jul 14, 2026, revised from £0.4190 to £0.4200 (+0.2%) since Jun 26, 2026. Share price +2.9% over the past month.
A solid business, screening 147% undervalued on our models.
What matters now
- The price is below even our cautious bear case (£0.3100). The market is more pessimistic than our downside scenario.
- Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 14, 2026.
How to read this chart
60‑month range £0.1603 – £0.6879 · fair‑value band £0.3100 – £0.5400 · the £0.1700 price screens below the £0.4200 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 14, 2026.
Analysis
Ground Rents Income Fund PLC (GRIO) currently trades at £0.1700, while our model-based Fair Value estimate is £0.4200, implying the stock looks roughly 147.1% undervalued 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: medium), always confirm before acting.
Over the trailing twelve months, Ground Rents Income Fund PLC generated revenue of £6.0M at a net margin of -72.5%. Revenue declined 14.3% year over year. It earns a return on equity of -8.0%. Net debt stands at £3.9M. Fundamentals as of Jul 14, 2026
Our scenario range runs from £0.3100 (bear case) to £0.5400 (bull case); at £0.1700, the current price sits below 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 147%, GRIO 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.
All 5 models by family
Widest divergence: Asset-Based (£0.3700) versus DCF Models (£0.0200). Highest evidence: Rev-Margin DCF (74).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 14, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 56 · Market factors (momentum, volatility) 36
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
Ground Rents Income Fund PLC is a closed-ended real estate investment trust, listed on The International Stock Exchange and traded on the SETSqx platform of the London Stock Exchange.
Full company description
Ground Rents Income Fund PLC is a closed-ended real estate investment trust, listed on The International Stock Exchange and traded on the SETSqx platform of the London Stock Exchange. Schroder Real Estate Investment Management Limited (the Manager) was appointed as the Company Alternative Investment Fund Manager in May 2019 to support the Company Board with the headwinds related to building safety and leasehold reform. In 2023, the Board and Manager carried out an extensive shareholder consultation on proposals to change the Continuation Vote mechanism included in the Articles dating from 2012, as well as proposed changes to the Investment Policy. These proposals received strong support from shareholders and resulted in a new Continuation Resolution and Investment Policy. The new Investment Policy adopts a strategy of realising the Company assets in a controlled, orderly and timely manner for shareholders, whilst continuing to deliver best-in-class residential asset management including fairness, transparency, and affordability for leaseholders. In November 2023 the previous Government published a consultation on restricting existing residential ground rents payable, without compensation to freeholders (the Consultation). This represented a significant shift in the Government approach to leasehold reform and led the Company independent valuer, Savills, in conjunction with other valuers and the Royal Institution of Chartered Surveyors, to adopt a Material Valuation Uncertainty Clause (MUC) across the entire residential ground rent market. Ground Rents Income Fund PLC was incorporated in 2012 in United Kingdom.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Ground Rents Income Fund PLC reported revenue of £6.0M in FY2025 versus −£129K in FY2021. Reported net income was −£4.3M in FY2025.
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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.
Valuation Multiples vs REIT - Diversified median · lower = cheaper
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
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 14, 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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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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