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Ground Rents Income Fund PLC (GRIO) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Ground Rents Income Fund PLC £0.07, price £0.17, upside -58.8%, quality 59 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
  3. Add to watchlist

Real Estate · GB · ISIN GB00B715WG26

GR Thin data Sep 23, 2026

Ground Rents Income Fund PLC

GRIO · LSE

Stretched ValuationStrong overvaluation with only moderate quality.

!Fair value £0.0700 · Strongly overvalued (−59%)
!Quality 59/100
!Mixed Growth (revenue 5y +7.2 %/yr)
!Loss-making · -72.5% net margin (FY2025)
✓Low debt · generates free cash flow
!Mixed vs. peers (5/12)
!Narrow moat 35/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

£0.7081 £0.1650 Fair Value £0.0700 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

60‑month range £0.1650 – £0.7081 · fair‑value band £0.0700 – £0.0900 · the £0.1700 price screens above the £0.0700 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

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.

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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.

Stock analysis

Ground Rents Income Fund PLC (GRIO) currently trades at £0.1700, while our model-based Fair Value estimate is £0.0700, implying the stock looks roughly 142.8% overvalued today.

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Valuation

Bull case: the Asset-Based group reads highest at a median of £0.3700 per share, and 2 of the 6 models we run sit above the £0.1700 price.

Bear case: the DCF Models group reads lowest at £0.0200, and 4 of the 6 models stay below the price. Evidence for this calculation is low.

Scenario range: £0.0700 (bear) to £0.0900 (bull), the price of £0.1700 sits above 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 59/100 (solid quality), in the Real Estate sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Ground Rents Income Fund PLC reported revenue of £6.0M in FY2025 versus −£129K in FY2021. Reported net income was −£4.3M in FY2025.

Key figures

Market cap 16.3M GBX · P/S ratio 2.93 · EPS (TTM) £−0.2100 · Net margin −72.5% · Return on equity −49.0% · Return on assets (EBIT) −8.1% · Operating margin 20.0% · Revenue (TTM) £5.6M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 37 out of 100 (low confidence).

What moves the price

The share trades about 37% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at 1% fair-value upside, at −59%, GRIO screens richer than that median.

Fair Value models

Bear £0.0700 Fair Value £0.0700 Bull £0.0900
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single 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 ⓘEvidence = 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.
Highest evidence
FCF DCF n/a n/a £0.0400 74
Growth DCF n/a n/a £0.0200 73
5Y Revenue Exit n/a £0.0700 £0.1800 67
All 8 models by family
DCF Models
FCF DCF n/a n/a £0.0400 74
5Y Revenue Exit n/a £0.0700 £0.1800 67
10Y Revenue Exit n/a £0.0200 £0.0800 62
Multiples
EV/EBIT £0.1900 £0.3100 £0.4200 64
EV/Revenue £0.0400 £0.1200 £0.2000 49
Asset-Based
NCAV (Graham) £0.2700 £0.3700 £0.5500 54
Growth DCF
Growth DCF n/a n/a £0.0200 73
Rev-Margin DCF n/a £0.0700 £0.1700 67

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Quality Score breakdown

Overall quality 59/100

Of which business quality 56 · Market factors (momentum, volatility) 38

Profitability 3
Margins and returns on capital today
Quality Growth 80
Are margins and returns improving?
Cashflow 59
Earnings quality: real cash, not paper profit
Fin. Strength 52
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 84
Calm price path (market factor)
Momentum 27
Price trend over the last 3–12 months (market factor)
52W Momentum 2
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 34/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
+7.2%
Start year 2020 (pandemic). Over 10 years: +3.5% a year
Revenue growth 12 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.
+13.3%
Profit margin (trend) ⓘ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.
−37.6% (2020) → 33.7% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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).
+41.9%
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 +38.6% a year for the price.

GRIO screens 143% overvalued. Compare with Goodman Group →

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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 · 155 stocks

Beats the industry median on 5/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 60 · Above median
Fair Value upside −59% · Bottom 25%
Profitability
Return on assets 2% · Above median
Net margin (TTM) −73% · Bottom 25%
Operating margin (TTM) 20% · Below median
Growth and dividend
Revenue growth −13% · Bottom 25%
Balance sheet
Debt / equity 0.37× · Below median

Valuation Multiplesvs REIT - Diversified median · lower = cheaper

P/B 0.41× · Cheapest 25%
P/S (TTM) 3.88× · Cheaper than median
P/FCF 50.4× · Priciest 25%
EV/EBITDA 18.1× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 26
FUTURE (revenue growth)0 · sector 16
PAST (return on equity)0 · sector 19
HEALTH (low debt)82 · sector 76
DIVIDEND (yield)0 · sector 100

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

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

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Stockland SGP A$4.20 A$2.79 −34%
COV COV €47.16 €50.01 +6%
The GPT Group GPT A$4.55 A$3.49 −23%
Mirvac Group MGR A$1.78 A$0.7400 −58%
Broadstone Net Lease, Inc BNL $19.12 $19.39 +1%
KLCC Property Holdings 5235SS 8.35 MYR 6.91 MYR −17%

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Ground Rents Income Fund PLC · Fair Value
£0.0700 −143%Fair Value
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Cite: Fair Value Calculator (2026). "Ground Rents Income Fund PLC Fair Value". https://www.fairvalue-calculator.com/stock/GRIO

Frequently asked questions

Is Ground Rents Income Fund PLC (GRIO) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of £0.0700 versus a price of £0.1700, about −59% upside (overvalued).
What is the fair value of GRIO?
Our model-based fair value for Ground Rents Income Fund PLC is £0.0700 (as of Sep 23, 2026), built from audited fundamentals. The current price: £0.1700.
What is the quality score of GRIO?
Ground Rents Income Fund 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 price target for Ground Rents Income Fund PLC (GRIO)?
Our model-based price target is the fair value of £0.0700 (as of Sep 23, 2026) from 8 valuation models. Cautious scenario £0.0700, optimistic scenario £0.0900. It is a calculation from audited fundamentals, not an analyst target.
What is the Ground Rents Income Fund PLC stock forecast for 2026?
Our models put fair value at £0.0700, about −59% upside versus a price of £0.1700 (overvalued). Cautious scenario £0.0700, optimistic scenario £0.0900. The calculation is refreshed regularly with new filings.
What is the revenue of Ground Rents Income Fund PLC (GRIO)?
Ground Rents Income Fund PLC reported trailing-twelve-month revenue of about £5.6M (latest available figure, as of Sep 23, 2026).
What growth is priced into Ground Rents Income Fund PLC (GRIO)?
For today's price to be fair in a discounted-cash-flow model, Ground Rents Income Fund PLC would have to grow free cash flow by +41.9 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.2 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of GRIO use?
Our models discount Ground Rents Income Fund PLC at 9.0 %: a base by market capitalisation (nano), damped by beta 0.30, 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 Ground Rents Income Fund PLC that is +41.9 % per year a year over ten years, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has Ground Rents Income Fund PLC (GRIO) delivered so far?
Over the past 5 years revenue at Ground Rents Income Fund PLC grew +7.2 % a year. The price currently implies +41.9 % per year free-cash-flow growth a 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 Ground Rents Income Fund PLC (GRIO) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Ground Rents Income Fund PLC (+41.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Ground Rents Income Fund PLC (GRIO)?
The free-cash-flow yield on the price is 2.63 %: that much free cash flow Ground Rents Income Fund PLC produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Ground Rents Income Fund PLC (GRIO)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ground Rents Income Fund PLC it is £0.0700 per share (as of Sep 23, 2026), against a price of £0.1700. It is the blended result of 8 valuation models (cash flow, earnings, asset, dividend).
Is Ground Rents Income Fund PLC stock overvalued or undervalued in 2026?
As of Sep 23, 2026, GRIO trades above its calculated fair value: price £0.1700, fair value £0.0700, a gap of about −59% (overvalued). 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 GRIO?
No. The price is what the market pays today (£0.1700); the fair value is what the company's own numbers justify (£0.0700). For Ground Rents Income Fund PLC the two are £0.1000 per share apart. That gap is exactly why we show both numbers side by side.
How much is Ground Rents Income Fund PLC worth?
The market values Ground Rents Income Fund PLC at about 16.3M GBX (market capitalisation, as of Sep 23, 2026). Per share that is £0.1700; our models calculate a fair value of £0.0700 per share.
What do the bullish and bearish scenarios say about GRIO?
Our models span a range for Ground Rents Income Fund PLC: cautious scenario £0.0700, base £0.0700, optimistic £0.0900 per share (as of Sep 23, 2026, price £0.1700). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Ground Rents Income Fund PLC (GRIO)?
Balance-sheet figures for Ground Rents Income Fund PLC (as of Sep 23, 2026): return on equity −49.0%, debt of 0.37 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is GRIO from its 52-week high?
Ground Rents Income Fund PLC trades at £0.1700, about 37% below its 52-week high of £0.2710 and 3% above the low of £0.1650 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of £0.0700 is for.
Which stocks are comparable to Ground Rents Income Fund 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 Ground Rents Income Fund PLC stock attractive at the current price?
The data as of Sep 23, 2026: price £0.1700, calculated fair value £0.0700 (−59%), Quality Score 59/100, from 8 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 GRIO calculated?
We run Ground Rents Income Fund PLC through 8 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of £0.0700, 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. Ground Rents Income Fund PLC itself currently trades above fair value. 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 Ground Rents Income Fund PLC (GRIO)?
The closing price on Sep 24, 2026 was £0.1700. Our model-based fair value is £0.0700, about −59% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ground Rents Income Fund PLC right now?
The price sits above even our optimistic bull case (£0.0900). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Key figures of Ground Rents Income Fund PLC

How large is the market capitalisation of Ground Rents Income Fund PLC (GRIO)?
The market capitalisation of Ground Rents Income Fund PLC is 16.3M GBX. 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 Ground Rents Income Fund PLC (GRIO)?
The price-to-sales ratio of Ground Rents Income Fund PLC is 2.93 (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 Ground Rents Income Fund PLC (GRIO)?
Earnings per share at Ground Rents Income Fund PLC are £−0.2100. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Ground Rents Income Fund PLC (GRIO)?
The net margin of Ground Rents Income Fund PLC is −72.5% (fiscal year 2025). 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 Ground Rents Income Fund PLC (GRIO)?
The return on equity (ROE) of Ground Rents Income Fund PLC is −49.0% (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 Ground Rents Income Fund PLC (GRIO)?
On an EBIT basis the return on assets of Ground Rents Income Fund PLC is −8.1% (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 Ground Rents Income Fund PLC (GRIO)?
The operating margin of Ground Rents Income Fund PLC is 20.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ground Rents Income Fund PLC (GRIO)?
Revenue at Ground Rents Income Fund PLC is growing −12.7% versus a year earlier. 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 Ground Rents Income Fund PLC (GRIO)?
Earnings per share at Ground Rents Income Fund PLC are growing +8.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Ground Rents Income Fund PLC (GRIO) carry?
The net debt of Ground Rents Income Fund PLC is 3.9M GBX (fiscal year 2025, ≈ 9.1 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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