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NewRiver REIT
(LSE:NRR)
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Rating:72Outperform
Price Target:
86.00 p
▲(13.16% Upside)
Action:Upgraded
Date:07/02/26
Overall score is driven by improving financial performance but tempered by historically uneven earnings, moderate-to-elevated leverage, and only fair cash conversion. Technicals are constructive with a clear uptrend and positive momentum, and valuation/income appeal is supported by a modest P/E and high dividend yield.
Positive Factors
Revenue & profit recovery
FY2026 shows a meaningful recovery with net income £31.7m, revenue +8.6% YoY and net margin near ~24%. This demonstrates renewed operating momentum and margin improvement across core rental and pub operations, supporting more durable earnings capacity over the medium term.
Negative Factors
Moderate-to-elevated leverage
Debt-to-equity around 1.13 (and a historical range ~0.90–1.55) means balance sheet flexibility is limited if property values or financing conditions worsen. Elevated leverage increases interest-rate exposure and constrains capacity for large acquisitions or shock-absorbing losses over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & profit recovery
FY2026 shows a meaningful recovery with net income £31.7m, revenue +8.6% YoY and net margin near ~24%. This demonstrates renewed operating momentum and margin improvement across core rental and pub operations, supporting more durable earnings capacity over the medium term.
Read all positive factors
NewRiver REIT (NRR) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£344.54M
Dividend Yield9.66%
Average Volume (3M)992.66K
Price to Earnings (P/E)11.5
Beta (1Y)1.07
Revenue Growth44.75%
EPS Growth13.02%
CountryUK
Employees48
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.07
Shares Outstanding430,676,670
10 Day Avg. Volume1,104,326
30 Day Avg. Volume992,660
Financial Highlights & Ratios
PEG Ratio0.78
Price to Book (P/B)0.68
Price to Sales (P/S)2.39
P/FCF Ratio15.88
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£92.75Price Target Upside22.04% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.08
Revenue Forecast (FY)£79.32M
NewRiver REIT Business Overview & Revenue Model
Company Description
NewRiver REIT plc (NewRiver) is a prominent UK-based Real Estate Investment Trust that specializes in the acquisition, management, and enhancement of essential retail and leisure properties throughout the country. The company oversees a substantia...
How the Company Makes Money
NewRiver REIT makes money primarily by generating rental income from tenants across its UK property portfolio (e.g., occupiers in community shopping centres and retail parks). This income is earned through lease agreements and is influenced by occ...
NewRiver REIT Earnings Call Summary
Earnings Call Date:Dec 02, 2025
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 19, 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
72
Positive
Balance Sheet
58
Neutral
Cash Flow
61
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 130.10M | 90.50M | 65.80M | 73.70M | 75.00M |
| Gross Profit | 66.40M | 56.20M | 44.90M | 46.40M | 47.10M |
| EBITDA | 52.50M | 44.80M | 18.60M | 37.80M | 37.50M |
| Net Income | 31.70M | 23.70M | 3.00M | -16.80M | 7.00M |
Balance Sheet | |||||
| Total Assets | 1.02B | 1.05B | 759.60M | 781.50M | 819.10M |
| Cash, Cash Equivalents and Short-Term Investments | 115.50M | 61.30M | 132.80M | 108.60M | 82.80M |
| Total Debt | 517.30M | 510.60M | 372.20M | 373.40M | 371.50M |
| Total Liabilities | 564.20M | 564.00M | 398.50M | 402.90M | 405.00M |
| Stockholders Equity | 457.60M | 490.10M | 361.10M | 378.60M | 414.10M |
Cash Flow | |||||
| Free Cash Flow | 19.60M | 18.70M | 16.60M | 24.00M | 34.90M |
| Operating Cash Flow | 37.20M | 28.40M | 22.70M | 27.00M | 47.50M |
| Investing Cash Flow | 85.10M | -67.80M | 23.60M | 18.80M | 239.80M |
| Financing Cash Flow | -68.10M | -32.10M | -22.10M | -20.00M | -355.00M |
NewRiver REIT Technical Analysis
Positive
76.00
Price Trends
74.88
Positive
73.03
Positive
69.54
Positive
Market Momentum
1.70
Negative
70.19
Negative
83.74
Negative
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 76 is below the 20-day moving average (MA) of 77.46, above the 50-day MA of 74.88, and above the 200-day MA of 69.54, indicating a bullish trend. The MACD of 1.70 indicates Negative momentum. The RSI at 70.19 is Negative, neither overbought nor oversold. The STOCH value of 83.74 is Negative, 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 | £434.29M | 8.50 | 11.57% | 7.17% | 9.07% | 21.13% | |
72 Outperform | £344.54M | 11.48 | 6.98% | 9.66% | 44.75% | 13.02% | |
71 Outperform | £1.11B | 18.07 | 5.56% | 7.70% | -4.33% | -11.83% | |
70 Outperform | £169.78M | 17.07 | 7.33% | 7.43% | -3.39% | -59.21% | |
69 Neutral | £1.98B | 9.82 | 11.77% | 4.33% | 73.32% | ― | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
60 Neutral | £295.89M | 98.68 | 0.80% | 8.16% | 5.75% | ― |
* Real Estate Sector Average
GB:NRR
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NewRiver REIT Corporate Events
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
NewRiver REIT Publishes 2026 Annual Report and Sets July AGM
Positive
Jun 25, 2026
NewRiver REIT plc has published its 2026 Annual Report and Accounts along with the notice of its upcoming Annual General Meeting, making both documents available on its website and via the UK’s National Storage Mechanism in line with listing...
Business Operations and StrategyDividends
NewRiver REIT Sets Scrip Dividend Reference Price for 2026 Final Payout
Neutral
Jun 25, 2026
NewRiver REIT has set the scrip dividend reference price at 74.25 pence per ordinary share for shareholders choosing shares instead of cash for the final dividend for the year to 31 March 2026, with the scrip treated as a property income distribut...
Executive/Board Changes
NewRiver REIT Grants Performance-Linked Share Awards to Top Executives
Positive
Jun 19, 2026
NewRiver REIT has granted new awards under its 2025 Long Term Incentive Plan to senior executives, including Chief Executive Officer Allan Lockhart and Chief Financial Officer Will Hobman. The conditional share awards are subject to total sharehol...
Business Operations and StrategyDividends
NewRiver REIT Offers Scrip Option on Final 3.6p Dividend
Positive
Jun 5, 2026
NewRiver REIT has declared a final dividend of 3.6 pence per share for the year ended 31 March 2026, to be paid as a Property Income Distribution on 7 August 2026 to shareholders on the register as of 19 June. Investors may opt to receive the payo...
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
NewRiver REIT lifts earnings, dividends and London exposure after Capital & Regional integration
Positive
Jun 2, 2026
NewRiver REIT reported a stronger FY26 after its first full year consolidating Capital Regional, with UFFO rising to £37.2m and UFFO per share edging up to 8.3p, supporting a 3% increase in the total dividend to 6.7p. The group completed a 1...
Business Operations and StrategyFinancial Disclosures
NewRiver REIT sets June investor briefings around full-year results
Positive
Jun 1, 2026
NewRiver REIT will release its full-year results for the year to 31 March 2026 on 2 June and host a live analyst and institutional investor presentation in London, supported by a webcast to mitigate disruption from planned tube strikes. The compan...
Business Operations and StrategyFinancial Disclosures
NewRiver REIT sets date for full-year results and investor presentation
Positive
May 20, 2026
NewRiver REIT will publish its full-year results for the year ended 31 March 2026 on 2 June 2026 and host a live presentation with QA for analysts and investors in London, supported by a simultaneous audio webcast. The planned disclosure will give...
Business Operations and StrategyStock BuybackFinancial DisclosuresPrivate Placements and Financing
NewRiver REIT boosts London retail exposure and balance sheet after Capital & Regional integration
Positive
May 1, 2026
NewRiver REIT reported that its first full year owning Capital Regional has met strategic goals, with the acquired assets fully integrated, £6.2 million of annual cost synergies realised and London retail exposure lifted to 43% of the portfo...
Business Operations and StrategyPrivate Placements and Financing
NewRiver REIT Secures £240m Unsecured Facilities and Extends Debt Maturities
Positive
Apr 17, 2026
NewRiver REIT has secured a new £240 million unsecured debt package, split between a £120 million term facility and a £120 million revolving credit facility, enabling the company to move back to a fully unsecured balance sheet and e...
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.