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NewRiver REIT plc (NRR) Fair Value & Analysis

Real Estate · GB · Market cap 351M GBX

NR NewRiver REIT plc NRR · LSE
Price£0.8130
Fair Value£0.9860
Upside+21.3%
Quality40/100
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Healthy Growth
Highly profitable · 24.3% net margin
Moderate debt · generates free cash flow
8.24% dividend yield
Trails peers (5/14)
Moderate moat 63/100
Evidence: High Range £0.7140 – £1.33 Share as image

Fair value as of: Jul 17, 2026

From 16 valuation models · updated 24 days ago

Share price +2.6% over the past month.

Below-average quality, screening 21% undervalued on our models.

What matters now

  • A fairly wide model range (£0.7140 to £1.33) 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)

£0.8269 £0.4695 Fair Value £0.9860 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range £0.4695 – £0.8269 · fair‑value band £0.7140 – £1.33 · the £0.8130 price screens below the £0.9860 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

NewRiver REIT plc (NRR) currently trades at £0.8130, while our model-based Fair Value estimate is £0.9860, implying the stock looks roughly 21.3% undervalued today. The Quality Score stands at 40/100 (below-average 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, NewRiver REIT plc generated revenue of £121M at a net margin of 24.7%. Revenue grew 95.9% year over year. It earns a return on equity of 6.9%. Net debt stands at £402M. Fundamentals as of Jul 17, 2026

Our scenario range runs from £0.7140 (bear case) to £1.33 (bull case); at £0.8130, 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 -53% fair-value upside, at 21%, NRR 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 £0.2100 £0.8500 80
Residual Income £0.8200 £0.8500 £0.8500 76
Rev-Margin DCF £0.1400 £1.03 £2.28 74
All 16 models by family
DCF Models
FCF DCF £0.1500 £1.01 38
5Y Revenue Exit £0.1400 £1.07 £2.45 39
5Y EBITDA Exit £0.4200 £1.70 £3.45 41
10Y Revenue Exit £0.7900 £2.14 36
10Y EBITDA Exit £0.1800 £1.23 £3.08 37
Dividend Discount
Gordon GGM £0.5000 £0.9000 £1.24 70
DDM Multi-Stage £0.5000 £0.8300 £0.9700 61
Multiples
P/S Multiple £0.9400 £1.25 £1.56 58
P/B Multiple £0.9400 £1.25 £1.56 55
EV/EBIT £1.18 £1.82 £2.46 53
EV/EBITDA £0.8400 £1.37 £1.90 54
EV/Revenue £0.3100 £0.7700 £1.22 43
Asset-Based
NCAV (Graham) £0.5300 £0.7100 £1.06 50
Growth DCF
Growth DCF £0.2100 £0.8500 80
Rev-Margin DCF £0.1400 £1.03 £2.28 74
Economic Profit
Residual Income £0.8200 £0.8500 £0.8500 76

Widest divergence: Multiples (£1.25) versus Growth DCF (£0.2100). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 131M GBX
Revenue growth (YoY) +16.5%
Net margin 24.3%
Return on equity 6.7%
Free cash flow 19.6M GBX FY2026
P/E ratio 11.6
More key figures
Operating margin 42.1%
EPS (TTM) £0.0700
Dividend yield 8.2%
EPS growth (YoY) +13.8%
Net debt 402M GBX FY2026

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 40/100

Of which business quality 40 · Market factors (momentum, volatility) 74

Profitability 36
Margins and returns on capital today
Quality Growth 46
Are margins and returns improving?
Cashflow 59
Earnings quality: real cash, not paper profit
Fin. Strength 43
Balance sheet, leverage, solvency risk
Investment 52
Disciplined investing over empire-building
Low Volatility 88
Calm price path (market factor)
Momentum 62
Price trend over the last 3–12 months (market factor)
52W Momentum 80
Distance to the 52-week high (market factor)
Net Issuance 0
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

NewRiver REIT plc (NewRiver) is a leading Real Estate Investment Trust specializing in buying, managing and developing resilient retail assets throughout the UK.

Full company description

NewRiver REIT plc (NewRiver) is a leading Real Estate Investment Trust specializing in buying, managing and developing resilient retail assets throughout the UK. Following the completion of its acquisition of Capital & Regional in December 2024, NewRiver has a 0.8 billion pounds UK wide portfolio covering 7.0 million sq ft, comprising 24 community shopping centres and 11 conveniently located retail parks occupied by tenants predominately focused on essential goods and services. In addition, we manage 19 shopping centres and 17 retail parks on behalf of Capital Partners, taking our total Assets Under Management to 2.3 billion pounds. Our objective is to own and manage the most resilient retail portfolio in the UK, focused on retail parks, core shopping centres and regeneration opportunities to deliver long-term attractive recurring income returns and capital growth for our shareholders. NewRiver is listed on the Equity shares (commercial companies) category of the Main Market of the London Stock Exchange. NewRiver REIT plc was incorporated in 2009 in United Kingdom.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

NewRiver REIT plc reported revenue of £130M in FY2026 versus £75.0M in FY2022, a compound +14.8%/yr. Reported net income was £31.7M in FY2026, compounding +45.9%/yr from FY2022.

Growth Quality 89/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
£130M
Latest YoY
+43.8%
Avg. growth/yr (3Y) 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.
+20.9%
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.
+11.5%
Avg. growth/yr (16Y) 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.
+45.3%
Revenue +14.8%/yr
FY22 £75.0M
FY23 £73.7M
FY24 £65.8M
FY25 £90.5M
FY26 £130M
Net income +45.9%/yr
FY22 £7.0M
FY23 −£16.8M
FY24 £3.0M
FY25 £23.7M
FY26 £31.7M
Character of growth · EPS growth decomposed (2015-2026) −17.1 % p.a.
Revenue per share −5.1 pp

of which total revenue +3.4 pp · buybacks/dilution −8.6 pp

EBIT margin −7.2 pp
Tax rate −1.6 pp
Residual (interest, one-offs) −3.1 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). "NewRiver REIT plc Fair Value". https://www.fairvalue-calculator.com/stock/NRR

Peer Group

REIT - Retail · 107 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 41 · Bottom 25%
Fair Value upside +21% · Top 25%
Return on equity (TTM) 7% · Below median
Return on assets 3% · Below median
Net margin (TTM) 24% · Below median
Operating margin (TTM) 42% · Below median
Revenue growth 17% · Top 25%
Dividend yield (TTM) 8.2% · Top 25%
Debt / equity 0.96× · Higher than 75% of peers

Valuation Multiples vs REIT - Retail median · lower = cheaper

P/E (TTM) 11.6× · Cheaper than median
P/B 1.04× · Pricier than median
P/S (TTM) 3.62× · Cheaper than median
P/FCF 24.2× · Pricier than 75% of peers
EV/EBITDA 15.8× · Pricier than median

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 62 · sector 9
FUTURE 83 · sector 22
PAST 27 · sector 30
HEALTH 52 · sector 66
DIVIDEND 100 · sector 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 - Retail stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

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Frequently asked questions

Is NewRiver REIT plc (NRR) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of £0.9860 versus a price of £0.8130, about +21% (undervalued).
What is the fair value of NRR?
Our model-based fair value for NewRiver REIT plc is £0.9860 (as of Jul 17, 2026), built from audited fundamentals. The current price is £0.8130.
What is the quality score of NRR?
NewRiver REIT plc has a Quality Score of 40/100. 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 NewRiver REIT plc (NRR)?
NewRiver REIT plc reported trailing-twelve-month revenue of about £121M (latest available figure, as of Jul 17, 2026).
What is the net profit margin of NRR?
The net profit margin of NewRiver REIT plc is about 24.7%, meaning it keeps roughly 24.7% of revenue as net income. Based on the latest reported figures.
Does NewRiver REIT plc pay a dividend?
NewRiver REIT plc currently shows a dividend yield of about 8.57% relative to its recent price (as of Jul 17, 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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