Real Estate Credit Investments Limited (RECI) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Real Estate Credit Investments Limited £1.01, price £1.15, upside -12.2%, quality 58 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range £0.8501 – £1.22 · fair‑value band £0.6700 – £1.12 · the £1.15 price screens above the £1.01 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Real Estate Credit Investments Limited is a closed-ended fixed income mutual fund launched and managed by Cheyne Capital Management (UK) LLP. The fund invests in the fixed income markets across the globe. It primarily makes its investments in asset backed securities.
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Real Estate Credit Investments Limited is a closed-ended fixed income mutual fund launched and managed by Cheyne Capital Management (UK) LLP. The fund invests in the fixed income markets across the globe. It primarily makes its investments in asset backed securities. The fund considers coupon or cash flows on the tranche relative to the underlying credit to make its investments. It was formerly known as Real Estate Credit Investments PCC Limited. Real Estate Credit Investments Limited was formed in September 6, 2005 and is domiciled in Guernsey, Channel Islands.
Stock analysis
Real Estate Credit Investments Limited (RECI) currently trades at £1.15, while our model-based Fair Value estimate is £1.01, implying the stock looks roughly 13.9% overvalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of £1.86 per share, and 3 of the 6 models we run sit above the £1.15 price.
Bear case: the Multiples group reads lowest at £0.8900, and 3 of the 6 models stay below the price. Evidence for this calculation is high.
Scenario range: £0.6700 (bear) to £1.12 (bull), the price of £1.15 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 58/100 (solid quality), in the Financial Services sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Real Estate Credit Investments Limited reported revenue of £21.5M in FY2026 versus £32.4M in FY2022, a compound −9.7%/yr. Reported net income was £15.2M in FY2026, compounding −11.3%/yr from FY2022.
Key figures
Market cap 255M GBX · P/E ratio 16.4 · P/S ratio 11.6 · EPS (TTM) £0.0700 · Dividend yield 10.4% · Net margin 70.7% · Return on equity 4.9% · Return on assets (EBIT) 5.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 6% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −4% fair-value upside, at −12%, RECI screens richer than that median.
Fair Value models
Bear £0.6700Fair Value £1.01Bull £1.12
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.
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.9/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−28.6%
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.
+5.5%
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.
−13.9%
Start year 2021 (pandemic). Over 10 years: +5.2% a year
Revenue growth 16 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.
+9.1%
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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.
−2.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−12.7%
Dividend (yield on the price)10.4%
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.−13% vs −6%, slowing
Profit margin 2013 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.84% → 71%
Start year 2021 (pandemic)
⚠ Revenue per share shrinking 2.7%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
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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.Asset Management · 656 stocks
Beats the industry median on 5/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score58 · Above median
Fair Value upside−12% · Below median
Profitability
Return on equity (TTM)5% · Below median
Return on assets3% · Above median
Net margin (TTM)58% · Above median
Operating margin (TTM)92% · Top 25%
Growth and dividend
Revenue growth−32% · Bottom 25%
Dividend yield (TTM)10.4% · Top 25%
Valuation Multiplesvs Asset Management median · lower = cheaper
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Is Real Estate Credit Investments Limited (RECI) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of £1.01 versus a price of £1.15, about −12% upside (overvalued).
What is the fair value of RECI?
Our model-based fair value for Real Estate Credit Investments Limited is £1.01 (as of Sep 24, 2026), built from audited fundamentals. The current price: £1.15.
What is the quality score of RECI?
Real Estate Credit Investments Limited has a Quality Score of 58/100. 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 Real Estate Credit Investments Limited (RECI)?
Our model-based price target is the fair value of £1.01 (as of Sep 24, 2026) from 6 valuation models. Cautious scenario £0.6700, optimistic scenario £1.12. It is a calculation from audited fundamentals, not an analyst target.
What is the Real Estate Credit Investments Limited stock forecast for 2026?
Our models put fair value at £1.01, about −12% upside versus a price of £1.15 (overvalued). Cautious scenario £0.6700, optimistic scenario £1.12. The calculation is refreshed regularly with new filings.
What is the revenue of Real Estate Credit Investments Limited (RECI)?
Real Estate Credit Investments Limited reported trailing-twelve-month revenue of about £26.1M (latest available figure, as of Sep 24, 2026).
Does Real Estate Credit Investments Limited pay a dividend?
Real Estate Credit Investments Limited currently shows a dividend yield of about 10.43% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Real Estate Credit Investments Limited (RECI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Real Estate Credit Investments Limited it is £1.01 per share (as of Sep 24, 2026), against a price of £1.15. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Real Estate Credit Investments Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, RECI trades above its calculated fair value: price £1.15, fair value £1.01, a gap of about −12% (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 RECI?
No. The price is what the market pays today (£1.15); the fair value is what the company's own numbers justify (£1.01). For Real Estate Credit Investments Limited the two are £0.1400 per share apart. That gap is exactly why we show both numbers side by side.
How much is Real Estate Credit Investments Limited worth?
The market values Real Estate Credit Investments Limited at about 255M GBX (market capitalisation, as of Sep 24, 2026). Per share that is £1.15; our models calculate a fair value of £1.01 per share.
What do the bullish and bearish scenarios say about RECI?
Our models span a range for Real Estate Credit Investments Limited: cautious scenario £0.6700, base £1.01, optimistic £1.12 per share (as of Sep 24, 2026, price £1.15). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of RECI?
Real Estate Credit Investments Limited trades at a price-to-earnings ratio of 16.4 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of £1.01 is built from several models across several years. Other multiples: P/B 1.1, P/S 12.9, EV/EBITDA 21.0.
How solid is the balance sheet of Real Estate Credit Investments Limited (RECI)?
Balance-sheet figures for Real Estate Credit Investments Limited (as of Sep 24, 2026): return on equity 4.9%. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is RECI from its 52-week high?
Real Estate Credit Investments Limited trades at £1.15, about 6% below its 52-week high of £1.22 and 3% above the low of £1.11 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of £1.01 is for.
Which stocks are comparable to Real Estate Credit Investments Limited?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, KKR & Co, Apollo Global Management, Inc, 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 Real Estate Credit Investments Limited stock attractive at the current price?
The data as of Sep 24, 2026: price £1.15, calculated fair value £1.01 (−12%), Quality Score 58/100, from 6 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 RECI calculated?
We run Real Estate Credit Investments Limited through 6 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 £1.01, 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 14.0 % above its aggregate fair value. Real Estate Credit Investments Limited 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 Real Estate Credit Investments Limited (RECI)?
The closing price on Sep 24, 2026 was £1.15. Our model-based fair value is £1.01, about −12% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Real Estate Credit Investments Limited right now?
The price sits above even our optimistic bull case (£1.12). The favourable scenario is already priced in. Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Real Estate Credit Investments Limited
How large is the market capitalisation of Real Estate Credit Investments Limited (RECI)?
The market capitalisation of Real Estate Credit Investments Limited is 255M 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 Real Estate Credit Investments Limited (RECI)?
The price-to-sales ratio of Real Estate Credit Investments Limited is 11.6 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Real Estate Credit Investments Limited (RECI)?
Earnings per share at Real Estate Credit Investments Limited are £0.0700 (price ÷ EPS = P/E 16.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Real Estate Credit Investments Limited (RECI)?
The dividend yield of Real Estate Credit Investments Limited is 10.4% (payout 171%). 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 Real Estate Credit Investments Limited (RECI)?
The net margin of Real Estate Credit Investments Limited is 70.7% (fiscal year 2026). 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 Real Estate Credit Investments Limited (RECI)?
The return on equity (ROE) of Real Estate Credit Investments Limited is 4.9% (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 Real Estate Credit Investments Limited (RECI)?
On an EBIT basis the return on assets of Real Estate Credit Investments Limited is 5.8% (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 Real Estate Credit Investments Limited (RECI)?
The operating margin of Real Estate Credit Investments Limited is 92.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Real Estate Credit Investments Limited (RECI)?
Revenue at Real Estate Credit Investments Limited is growing −32.3% versus a year earlier (3y avg +5.5%). 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 Real Estate Credit Investments Limited (RECI)?
Earnings per share at Real Estate Credit Investments Limited are growing −39.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Real Estate Credit Investments Limited (RECI) generate?
The free cash flow of Real Estate Credit Investments Limited is −13.3M GBX (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Real Estate Credit Investments Limited (RECI) carry?
The net debt of Real Estate Credit Investments Limited is 99.9M GBX (fiscal year 2026). 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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