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Real Estate Investors Plc (RLE) Fair Value & Analysis

Real Estate · GB · Market cap 54.6M GBX

RE Real Estate Investors Plc RLE · LSE
Price£0.3120
Fair Value£0.3200
Upside+2.6%
Quality59/100
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Mixed Growth
Loss-making · -9.0% net margin
Low debt · generates free cash flow
5.08% dividend yield
Mixed vs. peers (7/13)
Narrow moat 39/100
Evidence: High Range £0.2000 – £0.4400 Share as image

Fair value as of: Jul 16, 2026

From 13 valuation models · updated 25 days ago

Share price −1.9% 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 (£0.2000 to £0.4400) 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)

£0.3304 £0.2286 Fair Value £0.3200 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range £0.2286 – £0.3304 · fair‑value band £0.2000 – £0.4400 · the £0.3120 price screens below the £0.3200 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Real Estate Investors Plc (RLE) currently trades at £0.3120, while our model-based Fair Value estimate is £0.3200, implying the stock looks roughly 2.6% 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.

Over the trailing twelve months, Real Estate Investors Plc generated revenue of £9.4M at a net margin of -9.0%. Revenue declined 12.4% year over year. It earns a return on equity of -1.0%. Net debt stands at £28.1M. Fundamentals as of Jul 16, 2026

Our scenario range runs from £0.2000 (bear case) to £0.4400 (bull case); at £0.3120, 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 3%, RLE 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 £0.1200 £0.1500 £0.1800 80
Rev-Margin DCF £0.2100 £0.3200 £0.4500 74
Gordon GGM £0.1100 £0.1900 £0.2500 70
All 13 models by family
DCF Models
FCF DCF £0.1200 £0.1500 £0.1900 38
5Y Revenue Exit £0.2100 £0.3200 £0.4700 39
5Y EBITDA Exit £0.2500 £0.4000 £0.5700 41
10Y Revenue Exit £0.1600 £0.2500 £0.3600 36
10Y EBITDA Exit £0.1900 £0.2900 £0.4200 37
Dividend Discount
Gordon GGM £0.1100 £0.1900 £0.2500 70
DDM Multi-Stage £0.1100 £0.1600 £0.2100 61
Multiples
EV/EBIT £0.5000 £0.6600 £0.8100 53
EV/EBITDA £0.4000 £0.5200 £0.6400 54
EV/Revenue £0.2900 £0.4000 £0.5100 43
Asset-Based
NCAV (Graham) £0.2500 £0.3300 £0.4900 50
Growth DCF
Growth DCF £0.1200 £0.1500 £0.1800 80
Rev-Margin DCF £0.2100 £0.3200 £0.4500 74

Widest divergence: Multiples (£0.5200) versus Growth DCF (£0.1500). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 9.4M GBX
Revenue growth (YoY) -12.4%
Net margin -9.0%
Return on equity -1.0%
Free cash flow 1.9M GBX FY2025
Operating margin 54.5%
More key figures
Dividend yield 5.1%
EPS growth (YoY) -42.6%
Net debt 28.1M GBX FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 59/100

Of which business quality 58 · Market factors (momentum, volatility) 62

Profitability 8
Margins and returns on capital today
Quality Growth 47
Are margins and returns improving?
Cashflow 85
Earnings quality: real cash, not paper profit
Fin. Strength 53
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 42
Price trend over the last 3–12 months (market factor)
52W Momentum 55
Distance to the 52-week high (market factor)
Net Issuance 79
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

Real Estate Investors Plc is a publicly quoted, internally managed property investment company and REIT with a portfolio of mixed-use commercial property. It is managed by a highly experienced property team with over 100 years of combined experience of operating in the Midlands property market across all sectors.

Full company description

Real Estate Investors Plc is a publicly quoted, internally managed property investment company and REIT with a portfolio of mixed-use commercial property. It is managed by a highly experienced property team with over 100 years of combined experience of operating in the Midlands property market across all sectors. The portfolio has no material reliance on a single asset or occupier. On 1st January 2015, the Company converted to a REIT. Real Estate Investment Trusts are listed property investment companies or groups not liable to corporation tax on their rental income or capital gains from their qualifying activities. The Company announced in January 2024 that it would be undertaking an orderly strategic sale of the Company's portfolio over three years, disposing of assets individually or collectively, at or above book value, to optimise returns to shareholders. The pace of the disposal program will be dictated by market conditions, with an initial focus on repaying the Company's debt. In the meantime, it is the Board's intention to continue paying a fully covered quarterly dividend. Real Estate Investors Plc was incorporated in 2004 in United Kingdom.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Real Estate Investors Plc reported revenue of £9.4M in FY2025 versus £16.0M in FY2021, a compound −12.5%/yr. Reported net income was −£839K in FY2025.

Growth Quality 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
£9.4M
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.
−12.3%
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.
−8.3%
Avg. growth/yr (20Y) 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.
+21.6%
Revenue −12.5%/yr
FY21 £16.0M
FY22 £13.3M
FY23 £11.5M
FY24 £10.8M
FY25 £9.4M
Net income
FY21 £13.9M
FY22 £10.9M
FY23 −£9.4M
FY24 −£2.4M
FY25 −£839K
Character of growth · EPS growth decomposed (2012-2023) +19.4 % p.a.
Revenue per share +8.8 pp

of which total revenue +9.2 pp · buybacks/dilution −0.3 pp

EBIT margin +8.6 pp
Tax rate +5.1 pp
Residual (interest, one-offs) −3.0 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). "Real Estate Investors Plc Fair Value". https://www.fairvalue-calculator.com/stock/RLE

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 61 · Above median
Fair Value upside +3% · Above median
Return on assets 2% · Above median
Net margin (TTM) -9% · Bottom 25%
Operating margin (TTM) 55% · Above median
Revenue growth -12% · Bottom 25%
Dividend yield (TTM) 5.1% · Above median

Valuation Multiples vs REIT - Diversified median · lower = cheaper

P/B 0.86× · Pricier than median
P/S (TTM) 7.86× · Pricier than median
P/FCF 39.8× · Pricier than 75% of peers
EV/EBITDA 13.6× · Cheaper 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 37 · sector 13
FUTURE 0 · sector 13
PAST 0 · sector 20
HEALTH 100 · sector 72
DIVIDEND 100 · sector 97

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 16, 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 Real Estate Investors Plc (RLE) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of £0.3200 versus a price of £0.3120, about +3% (fairly valued).
What is the fair value of RLE?
Our model-based fair value for Real Estate Investors Plc is £0.3200 (as of Jul 16, 2026), built from audited fundamentals. The current price is £0.3120.
What is the quality score of RLE?
Real Estate Investors 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 Real Estate Investors Plc (RLE)?
Real Estate Investors Plc reported trailing-twelve-month revenue of about £9.4M (latest available figure, as of Jul 16, 2026).
What is the net profit margin of RLE?
The net profit margin of Real Estate Investors Plc is about -9.0%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does Real Estate Investors Plc pay a dividend?
Real Estate Investors Plc currently shows a dividend yield of about 5.14% relative to its recent price (as of Jul 16, 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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