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Supermarket Income REIT PLC (SUPR) Fair Value & Analysis

Real Estate · GB · Market cap 1.1B GBX · ISIN GB00BF345X11

What is Supermarket Income REIT PLC really worth?

SI Supermarket Income REIT PLC SUPR · LSE
Price£0.8375
Fair Value£0.7200
Upside−14.0%
Quality61/100

A solid business, but trading 16% above our fair value of £0.7200.

As of Aug 30, 2026, the fair value of Supermarket Income REIT PLC is £0.7200 per share against a price of £0.8375, so the fair value sits 14% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Highly profitable · 56.5% net margin
Low debt · generates free cash flow

Risks

!Mixed Growth (revenue 5y +34.2 %/yr)
!Trails peers (5/15)
!Moderate moat 62/100
!Weak on valuation: 15 out of 100
!Weak on past: 22 out of 100

For context

·7.40% dividend yield
Evidence: High Range £0.4800 – £1.00

Fair value as of: Aug 30, 2026

From 16 valuation models · updated 7 days ago

Share price −3.5% over the past month.

What runs behind every stock

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

What matters now

  • Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (£0.4800 to £1.00) 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.

Price vs Fair Value (5 years)

£0.9706 £0.5444 Fair Value £0.7200 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 30, 2026.

How to read this chart

60‑month range £0.5444 – £0.9706 · fair‑value band £0.4800 – £1.00 · the £0.8375 price screens above the £0.7200 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 30, 2026.

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Analysis

Supermarket Income REIT PLC (SUPR) currently trades at £0.8375, while our model-based Fair Value estimate is £0.7200, implying the stock looks roughly 16.3% overvalued today. The Quality Score stands at 61/100 (solid quality), in the Real Estate sector. Bull case: the DCF Models group reads highest at a median of £0.9800 per share, and 7 of the 16 models we run sit above the £0.8375 price. Bear case: the Asset-Based group reads lowest at £0.5900, and 9 of the 16 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Supermarket Income REIT PLC generated revenue of £108M at a net margin of 56.5%. Revenue declined 10.9% year over year. It earns a return on equity of 5.5%. Net debt stands at £508M. Fundamentals as of Aug 30, 2026

Our scenario range runs from £0.4800 (bear case) to £1.00 (bull case); at £0.8375, 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 −51% fair-value upside, at −14%, SUPR screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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
Residual Income best evidence £0.6600 £0.6700 £0.6300 76
FCF DCF £0.4700 £0.8000 £1.79 74
Growth DCF £0.4200 £0.8700 £1.69 74
All 16 models by family
DCF Models
FCF DCF £0.4700 £0.8000 £1.79 74
5Y Revenue Exit £0.3100 £0.6900 £1.49 67
5Y EBITDA Exit £0.5600 £1.20 £2.44 70
10Y Revenue Exit £0.3500 £0.9800 £1.37 65
10Y EBITDA Exit £0.5300 £1.47 £3.11 63
Dividend Discount
Gordon GGM £0.4600 £0.8300 £1.14 68
DDM Multi-Stage £0.4600 £0.7600 £0.8900 67
Multiples
P/S Multiple £0.4500 £0.6000 £0.7500 58
P/B Multiple £0.6300 £0.8400 £1.05 55
EV/EBIT £0.8100 £1.16 £1.52 65
EV/EBITDA £0.5900 £0.8700 £1.16 66
EV/Revenue £0.2000 £0.3900 £0.5900 51
Asset-Based
NCAV (Graham) £0.4400 £0.5900 £0.8900 54
Growth DCF
Growth DCF £0.4200 £0.8700 £1.69 74
Rev-Margin DCF £0.3100 £0.8200 £1.74 67
Economic Profit
Residual Income best evidence £0.6600 £0.6700 £0.6300 76

Widest divergence: DCF Models (£0.9800) versus Asset-Based (£0.5900). Highest evidence: Residual Income (76).

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Key figures & financial health

P/E ratio 16.8
P/S ratio 8.98 P/E × margin
EPS (TTM) £0.0500 price ÷ EPS = P/E 16.8
Dividend yield 7.4% payout 124%
Net margin 53.6% FY2025
Return on equity 5.5% TTM
More key figures
Profitability
Return on assets (EBIT) 4.7% avg 5y
Operating margin 92.6% TTM
Growth
Revenue (TTM) £108M TTM
Revenue growth (YoY) −10.9% 3y avg −0.2%
Balance sheet & cash flow
Free cash flow 66.1M GBX FY2025
Net debt 508M GBX FY2025 · ≈ 7.7 yrs of FCF

Figures from reported company fundamentals · as of Aug 30, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 61/100

Of which business quality 60 · Market factors (momentum, volatility) 66

Profitability 36
Margins and returns on capital today
Quality Growth 59
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 97
Calm price path (market factor)
Momentum 49
Price trend over the last 3–12 months (market factor)
52W Momentum 60
Distance to the 52-week high (market factor)
Net Issuance 40
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Supermarket Income REIT plc, a FTSE 250 company, is the only LSE listed company dedicated to investing in grocery properties which are an essential part of national food infrastructure.

Full company description

Supermarket Income REIT plc, a FTSE 250 company, is the only LSE listed company dedicated to investing in grocery properties which are an essential part of national food infrastructure. The Company focuses on grocery stores which are predominantly omnichannel, fulfilling online and in-person sales and are let to leading supermarket operators in the UK and Europe. The portfolio was valued at 1.6 billion as of 30 June 2025. The Company's properties earn long-dated, secure, inflation-linked, growing rental income. SUPR targets a progressive dividend and the potential for long term capital growth. The Company's shares are traded on the LSE's Main Market and on the Main Board of the JSE Limited in South Africa. Supermarket Income REIT plc was incorporated in 2017 in South Africa.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Supermarket Income REIT PLC reported revenue of £115M in FY2025 versus £49.0M in FY2021, a compound +23.7%/yr. Reported net income was £61.5M in FY2025, compounding −6.9%/yr from FY2021.

Growth Quality 95/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
£115M
Latest YoY
+7.0%
Avg. revenue 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.
−0.2%
Avg. revenue 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.
+34.2%
Avg. revenue growth/yr (7Y) 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.
+44.0%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−5.4% · in GBP
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share−12.8%
Dividend yield7.4%
Operating margin (EBIT) 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.79.2% (2020) → 69.9% (2025) · falling
Worst earnings drop192% (2023) (loss year, drop beyond 100%) · in GBP
Revenue +23.7%/yr
FY21 £49.0M
FY22 £115M
FY23 £125M
FY24 £107M
FY25 £115M
Net income −6.9%/yr
FY21 £82.0M
FY22 £110M
FY23 −£145M
FY24 −£21.2M
FY25 £61.5M

SUPR screens 16% overvalued. Compare with Simon Property Group →

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Cite: Fair Value Calculator (2026). "Supermarket Income REIT PLC Fair Value". https://www.fairvalue-calculator.com/stock/SUPR.LSE

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

REIT - Retail · 94 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 62 · Top 25%
Fair Value upside −14% · Below median
Return on equity (TTM) 6% · Below median
Return on assets 3% · Below median
Net margin (TTM) 57% · Above median
Operating margin (TTM) 93% · Top 25%
Revenue growth −11% · Bottom 25%
Dividend yield (TTM) 7.4% · Top 25%
Debt / equity 0.37× · Lower than 75% of peers

Valuation Multiples vs REIT - Retail median · lower = cheaper

P/E (TTM) 16.8× · Pricier than median
P/B 1.30× · Pricier than median
P/S (TTM) 13.27× · Pricier than 75% of peers
P/FCF 21.8× · Pricier than 75% of peers
EV/EBITDA 17.8× · Pricier than median
PEG 15.09× · Pricier than 75% of peers

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE15 · sector 15
FUTURE0 · sector 22
PAST22 · sector 30
HEALTH81 · sector 67
DIVIDEND100 · sector 100

Insider activity: 35/100

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

Similar stocks

10 more REIT - Retail stocks, each showing price versus our Fair Value estimate (as of Aug 30, 2026).

Stock Price Fair Value vs Fair Value
Simon Property Group SPG $212.32 $84.26 −60%
Realty Income Corporation O $61.98 $30.45 −51%
Unibail-Rodamco-Westfield SE URW €103.40 €98.09 −5%
Kimco Realty Corporation KIM $23.71 $12.49 −47%
CapitaLand Integrated Commercial Trust (CICT or the Trust) C38U 2.38 SGD 0.9100 SGD −62%
Scentre Group SCG A$3.56 A$3.34 −6%
Regency Centers Corporation REG $75.92 $33.37 −56%
Link Real Estate Investment Trust (Link REIT) 0823 HK$39.76 HK$41.98 +6%
Federal Realty Investment Trust FRT $116.75 $41.47 −64%
Brixmor Property Group BRX $29.50 $12.34 −58%

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Frequently asked questions

Is Supermarket Income REIT PLC (SUPR) overvalued or undervalued?
As of Aug 30, 2026, our model estimates a fair value of £0.7200 versus a price of £0.8375, about −14% upside (overvalued).
What is the fair value of SUPR?
Our model-based fair value for Supermarket Income REIT PLC is £0.7200 (as of Aug 30, 2026), built from audited fundamentals. The current price: £0.8375.
What is the quality score of SUPR?
Supermarket Income REIT PLC has a Quality Score of 61/100. 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 Supermarket Income REIT PLC (SUPR)?
Our model-based price target is the fair value of £0.7200 (as of Aug 30, 2026) from 16 valuation models. Cautious scenario £0.4800, optimistic scenario £1.00. It is a calculation from audited fundamentals, not an analyst target.
What is the Supermarket Income REIT PLC stock forecast for 2026?
Our models put fair value at £0.7200, about −14% upside versus a price of £0.8375 (overvalued). Cautious scenario £0.4800, optimistic scenario £1.00. The calculation is refreshed regularly with new filings.
What is the revenue of Supermarket Income REIT PLC (SUPR)?
Supermarket Income REIT PLC reported trailing-twelve-month revenue of about £108M (latest available figure, as of Aug 30, 2026).
What is the net profit margin of SUPR?
The net profit margin of Supermarket Income REIT PLC is about 56.5%, meaning it keeps roughly 56.5% of revenue as net income. Based on the latest reported figures.
Does Supermarket Income REIT PLC pay a dividend?
Supermarket Income REIT PLC currently shows a dividend yield of about 7.40% relative to its recent price (as of Aug 30, 2026).
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