NewRiver REIT PLC (GB:NRR)
LSE:NRR
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NewRiver REIT
(LSE:NRR)
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Rating:71Outperform
Price Target:
86.00 p
▲(18.46% Upside)
Action:ReiteratedDate:12/07/25
NewRiver REIT's strong financial performance and attractive valuation are key strengths, supported by positive technical indicators and strategic corporate events. However, high leverage and refinancing needs present potential risks.
Positive Factors
Revenue and Profit Recovery
NewRiver has delivered a pronounced revenue recovery and improved profitability metrics, underpinned by an 84% reported revenue growth and stronger margins. This demonstrates sustainable operational recovery and improved earnings capacity over the medium term, supporting dividend coverage and reinvestment.
Negative Factors
High Leverage and Refinancing Risk
A debt-to-equity ratio around 1.04 and prior notes on refinancing needs mean the company remains materially levered. Upcoming refinancing (Mall facility and corporate debt) at higher borrowing costs could raise interest expense, constrain flexibility and pressure distributable cash flow.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Profit Recovery
NewRiver has delivered a pronounced revenue recovery and improved profitability metrics, underpinned by an 84% reported revenue growth and stronger margins. This demonstrates sustainable operational recovery and improved earnings capacity over the medium term, supporting dividend coverage and reinvestment.
Read all positive factors
NewRiver REIT (NRR) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£309.66M
Dividend Yield9.66%
Average Volume (3M)992.66K
Price to Earnings (P/E)5.8
Beta (1Y)0.99
Revenue Growth84.02%
EPS Growth53.97%
CountryUK
Employees48
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.03
Shares Outstanding430,676,670
10 Day Avg. Volume1,104,326
30 Day Avg. Volume992,660
Financial Highlights & Ratios
PEG Ratio-0.69
Price to Book (P/B)0.67
Price to Sales (P/S)3.70
P/FCF Ratio14.67
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£98.00Price Target Upside34.99% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.08
Revenue Forecast (FY)£83.39M
NewRiver REIT Business Overview & Revenue Model
Company Description
NewRiver REIT plc ('NewRiver') is a leading Real Estate Investment Trust specialising in buying, managing and developing essential retail and leisure assets throughout the UK. Our £1.1 billion portfolio covers 9 million sq ft and comprises 33 comm...
How the Company Makes Money
NewRiver REIT generates revenue primarily through rental income from its portfolio of retail and leisure properties. The company's key revenue streams include long-term leases with a variety of tenants, which provide stable cash flow. Additionally...
NewRiver REIT Earnings Call Summary
Earnings Call Date:Dec 02, 2025
(Q2-2026)
| % Change Since: |
Next Earnings Date:Jun 09, 2026
Earnings Call Sentiment Positive
The earnings call highlighted significant achievements in integration and operational performance, along with successful asset disposals and strong financial positioning. However, challenges such as share price underperformance, income disruption from retailer restructurings, and upcoming refinancing needs were noted. Despite these challenges, the overall outlook remains optimistic with potential for future growth.Positive Updates
Integration and Synergies Achieved
Successfully completed the integration of the Capital & Regional portfolio, unlocking net annual synergies of GBP 6.2 million.
Negative Updates
Share Price Underperformance
The share price does not reflect the underlying progress, causing frustration among shareholders.
Read all updates
Q2-2026 Updates
Positive
Negative
Integration and Synergies Achieved
Successfully completed the integration of the Capital & Regional portfolio, unlocking net annual synergies of GBP 6.2 million.
Read all positive updates
Company Guidance
In the call, NewRiver's leadership provided robust guidance on the company's financial and operational performance for the first half of fiscal year 2026. Key metrics highlighted include a 31% increase in cash profits and net annual synergies of GBP 6.2 million achieved through the integration of the Capital & Regional portfolio. The company also reported a 3.1p per share dividend, which is fully covered by the first half's UFFO per share of 3.3p. NewRiver maintained strong occupancy with double-digit increases in new rents, enhancing its leasing activity. The balance sheet remains healthy with a loan-to-value (LTV) ratio starting at 42% and later adjusted to 38% after asset disposals totaling over GBP 70 million. The company's refinancing plans are underway, and the first phase is expected to commence soon. NewRiver has identified a promising pipeline of investment opportunities and is optimistic about future rental growth driven by a resilient consumer base and improving occupational demand. The company also reported a total accounting return of 5.4% for the first half.NewRiver REIT Financial Statement Overview
Summary
Income Statement
65
Positive
Balance Sheet
58
Neutral
Cash Flow
70
Positive
| Breakdown | TTM | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 119.80M | 90.50M | 73.70M | 75.00M | 75.50M | 146.30M |
| Gross Profit | 63.30M | 56.20M | 46.40M | 47.10M | 49.20M | 90.70M |
| EBITDA | 44.40M | 44.80M | 37.80M | 37.50M | 34.60M | 68.10M |
| Net Income | 29.90M | 23.70M | -16.80M | 7.00M | -122.10M | -121.10M |
Balance Sheet | ||||||
| Total Assets | 1.02B | 1.05B | 781.50M | 819.10M | 1.23B | 1.38B |
| Cash, Cash Equivalents and Short-Term Investments | 88.60M | 61.30M | 108.60M | 82.80M | 150.50M | 80.80M |
| Total Debt | 510.50M | 510.60M | 373.40M | 371.50M | 715.30M | 714.90M |
| Total Liabilities | 565.80M | 564.00M | 402.90M | 405.00M | 765.50M | 767.70M |
| Stockholders Equity | 450.90M | 490.10M | 378.60M | 414.10M | 460.40M | 610.60M |
Cash Flow | ||||||
| Free Cash Flow | 27.50M | 18.70M | 24.00M | 34.90M | -4.40M | 21.40M |
| Operating Cash Flow | 30.70M | 28.40M | 27.00M | 47.50M | 8.90M | 45.60M |
| Investing Cash Flow | 400.00K | -67.80M | 18.80M | 239.80M | 62.90M | -40.50M |
| Financing Cash Flow | -126.90M | -32.10M | -20.00M | -355.00M | -2.10M | 48.60M |
NewRiver REIT Technical Analysis
Positive
72.60
Price Trends
74.09
Negative
71.37
Positive
70.04
Positive
Market Momentum
-1.24
Positive
44.94
Neutral
25.58
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:NRR, the sentiment is Positive. The current price of 72.6 is below the 20-day moving average (MA) of 73.21, below the 50-day MA of 74.09, and above the 200-day MA of 70.04, indicating a neutral trend. The MACD of -1.24 indicates Positive momentum. The RSI at 44.94 is Neutral, neither overbought nor oversold. The STOCH value of 25.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:NRR.
NewRiver REIT Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | £1.00B | 6.99 | 5.54% | 7.70% | 7.57% | ― | |
72 Outperform | £401.64M | 3.34 | 11.57% | 7.17% | 1.60% | 211.81% | |
71 Outperform | £309.66M | 5.78 | 6.35% | 9.66% | 84.02% | 53.97% | |
71 Outperform | £157.72M | 9.16 | 7.33% | 7.43% | -10.95% | -30.09% | |
69 Neutral | £1.61B | 7.17 | 11.77% | 4.33% | 16.30% | ― | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
60 Neutral | £279.36M | 90.71 | 0.80% | 8.16% | -4.24% | -273.62% |
* Real Estate Sector Average
GB:NRR
NewRiver REIT
71.90
11.57
19.17%
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NewRiver REIT Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
NewRiver REIT Sells Cuckoo Bridge Retail Park as Disposals Reach £110m in FY26
Positive
Mar 9, 2026
NewRiver REIT has completed the sale of Cuckoo Bridge Retail Park in Dumfries to an institutional investor for £26.5 million, reflecting a net initial yield of 6.9% and in line with previous guidance. The disposal forms part of a wider capita...
Regulatory Filings and Compliance
NewRiver REIT Updates Total Voting Rights Following Share Capital Confirmation
Neutral
Mar 2, 2026
NewRiver REIT plc has confirmed that its issued share capital comprises 433,053,442 ordinary shares, of which 2,400,974 are held in an Employee Benefit Trust without exercisable voting rights. As a result, the total number of voting rights availab...
Business Operations and StrategyStock BuybackShareholder Meetings
NewRiver REIT Wins Shareholder Approval for Share Buyback Authority
Positive
Feb 25, 2026
NewRiver REIT has secured shareholder approval at a general meeting to grant the board authority to repurchase up to 10 per cent of the company’s issued ordinary share capital on the market. The special resolution passed with 99.92 per cent ...
Business Operations and StrategyStock BuybackShareholder Meetings
NewRiver REIT Seeks Fresh Share Buyback Authority as Shares Trade at Deep Discount
Positive
Feb 5, 2026
NewRiver REIT has called a general meeting for 24 February 2026 to seek shareholder approval for a new authority to buy back up to 10% of its issued ordinary share capital, after the previous authority was fully used to acquire and cancel shares s...
Regulatory Filings and Compliance
NewRiver REIT Updates Market on Total Voting Rights
Neutral
Feb 2, 2026
NewRiver REIT plc has announced that its issued share capital comprises 433,053,442 ordinary shares, of which 2,596,333 are held in an Employee Benefit Trust and do not carry exercisable voting rights. As a result, the company confirmed that it ha...
Business Operations and StrategyDelistings and Listing ChangesDividends
NewRiver REIT Issues New Shares Under Scrip Dividend Scheme
Neutral
Jan 29, 2026
NewRiver REIT has applied to the London Stock Exchange for the admission to trading of 3,083,967 new ordinary shares of 1p each, which are expected to be admitted on 30 January 2026. The new shares are being issued to satisfy shareholder elections...
Business Operations and StrategyDividendsFinancial Disclosures
NewRiver REIT posts strong Q3 as leasing, disposals and regeneration strengthen UK retail portfolio
Positive
Jan 28, 2026
NewRiver REIT reported a strong third quarter, driven by robust leasing momentum, rising occupancy and active capital recycling across its UK retail portfolio. The company completed 234,500 sq ft of new lettings and renewals in the quarter, securi...
Business Operations and StrategyExecutive/Board Changes
NewRiver Chair Lynn Fordham Joins Board of Newly Listed CSG N.V.
Neutral
Jan 23, 2026
NewRiver REIT plc has announced that its Non-Executive Chair, Lynn Fordham, has been appointed as a Non-Executive Director of CSG N.V., which began trading on Euronext Amsterdam on 23 January 2026. The additional board role expands Fordham’s...
Regulatory Filings and Compliance
NewRiver REIT Confirms Total Voting Rights at Year-End
Neutral
Dec 31, 2025
NewRiver REIT has confirmed that its issued share capital comprises 429,969,475 ordinary shares, of which 2,630,275 are held in an Employee Benefit Trust without exercisable voting rights. As a result, the total number of voting rights currently s...
Dividends
NewRiver REIT Sets 67.44p Scrip Reference Price for Interim Dividend
Neutral
Dec 18, 2025
NewRiver REIT plc has set the scrip dividend reference price for its interim dividend for the six months to 30 September 2025 at 67.44 pence per ordinary share, with the scrip alternative to be treated as a property income distribution. Shareholde...
Business Operations and StrategyRegulatory Filings and Compliance
NewRiver REIT CEO Exercises Share Options, Increases Stake
Neutral
Dec 15, 2025
NewRiver REIT announced that its CEO, Allan Lockhart, exercised 357,542 nil-cost options under the company’s Performance Share Plan 2016, with 50% vesting based on performance conditions. Lockhart sold 168,890 shares to cover tax liabilities...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.