We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Supermarket Income Reit Plc | SUPR | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -0.80 | -1.10% | 72.00 | 10:53:34 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 72.40 | 71.40 | 72.40 | 72.80 |
| Industry Sector |
|---|
| REAL ESTATE INVESTMENT TRUSTS |
| Announcement Date | Type | Currency | Dividend Amount | Ex Date | Record Date | Payment Date |
|---|---|---|---|---|---|---|
| 04/01/2024 | Interim | GBP | 0.01515 | 11/01/2024 | 12/01/2024 | 14/02/2024 |
| 05/10/2023 | Interim | GBP | 0.01515 | 12/10/2023 | 13/10/2023 | 16/11/2023 |
| 06/07/2023 | Interim | GBP | 0.015 | 13/07/2023 | 14/07/2023 | 04/08/2023 |
| 11/04/2023 | Interim | GBP | 0.015 | 20/04/2023 | 21/04/2023 | 26/05/2023 |
| 12/01/2023 | Interim | GBP | 0.015 | 19/01/2023 | 20/01/2023 | 23/02/2023 |
| 21/09/2022 | Interim | GBP | 0.015 | 06/10/2022 | 07/10/2022 | 16/11/2022 |
| 08/07/2022 | Interim | GBP | 0.01485 | 14/07/2022 | 15/07/2022 | 22/08/2022 |
| Interim | GBP | 0.01485 | 21/04/2022 | 22/04/2022 | 27/05/2022 | |
| 23/09/2021 | Interim | GBP | 0.01485 | 07/10/2021 | 08/10/2021 | 16/11/2021 |
| 08/07/2021 | Interim | GBP | 0.01465 | 15/07/2021 | 16/07/2021 | 20/08/2021 |
| 08/04/2021 | Interim | GBP | 0.01465 | 15/04/2021 | 16/04/2021 | 21/05/2021 |
| 08/01/2021 | Interim | GBP | 0.01465 | 21/01/2021 | 22/01/2021 | 26/02/2021 |
| 17/09/2020 | Interim | GBP | 0.01465 | 24/09/2020 | 25/09/2020 | 16/10/2020 |
| 08/07/2020 | Interim | GBP | 0.0146 | 16/07/2020 | 17/07/2020 | 07/08/2020 |
| 08/04/2020 | Interim | GBP | 0.0146 | 30/04/2020 | 01/05/2020 | 22/05/2020 |
| 03/09/2019 | Interim | GBP | 0.0146 | 16/01/2020 | 17/01/2020 | 07/02/2020 |
| 12/03/2019 | Interim | GBP | 0.01419 | 17/10/2019 | 18/10/2019 | 07/11/2019 |
| 12/03/2019 | Interim | GBP | 0.01419 | 18/07/2019 | 19/07/2019 | 07/08/2019 |
| Top Posts |
|---|
Posted at 12/4/2024 16:12 by spectoacc It's an interesting view. I don't know enough about the rental values..For me, SUPR can't be compared to Linkers, because Linkers pay out the inflationary rise - we've just had a classic period when SUPR (& the rest) didn't. But if inflation's say 10%, max rent rise 4%, I'd have thought that represented slippage and better reversion. The note seems to be arguing that (say) 4% rises are leading to over-renting instead. Be surprised if that's the case - the value of money falls 10%, your rent compounds at 4%. Where's the surplus property to set the lower rents? This isn't Retail or Offices. |
Posted at 12/4/2024 13:23 by flyer61 The spread trade experiment is over and our focus stock is SUPR, which we cut from Buy to Unpf on -33% PT to 60p (90p) on DCF vs. NAV basis. Indexation continues to push rents in excess of the levels the market will likely support, latterly with the high-yield Stoke-on-Trent acquisition, there is a lack of equivalent yield data, as well as a new investment advisory agreement.I would say it is the opposite....with caps on the RPI linked rents around the 4% mark. For the stores SUPR has it could easily be higher rentals at renewal. Lack of equivalent yield data??? really The new investment advisory agreement is just a clarification exercise by the BOD? |
Posted at 12/4/2024 13:15 by m_kerr At 60p the overall NIY is 7.3%, but the supermarket yield would be slightly lower at 7%.The maths is that the equity is discounted by approx 32% (60/88), and the equity comprises around 64% (LTV around 36% taking into account acquisitions) discount that by 32% gives you a 20% discount on the property. the transactional evidence (per supr acquisitions) for tesco / sbry properties of around 11-12 year leases is around 7-7.5%. at the end of this FY SUPR will be at around 12 year WAULT. so really 60p is not far off in terms of asset value. but as said previously the cash flow is secure as long as tesco or SBRY don't take on huge debts, and the assets should not be trading at this valuation IMV. |
Posted at 12/4/2024 11:25 by orinocor LOL!!!!Supermarket REIT rated a 'buy' on robust balance sheet and dividend guidance Published: 15:49 14 Mar 2024 GMT Tesco store Supermarket Income REIT PLC (LSE:SUPR, OTC:SUPIF) has been given a positive evaluation from Jefferies following the fund's half-year 2024 earnings report. Jefferies maintained a ‘buy’ recommendation on the stock, with a price target of 90p. Commenting on the 6.06p dividend per share (DPS) target laid out by Supermarket REIT, analysts said: “We forecast the dividend to be fully covered by the financial year 2024 due to continued rental uplifts for the group as mentioned by management with DPS increasing year on year by a moderate 1%. “Additionally, we forecast a slowdown in both acquisitions and disposals for FY 24-26 with acquisitions being made on an opportunistic basis.” Supermarket REIT’s balance sheet remains “relatively robust”, said Jefferies, “with LTV (loan to value) of 33% as of 31 Dec 2023”. Its shares were swapping for 74.5p in Thursday afternoon trade. |
Posted at 12/4/2024 11:20 by jpatara3 This is the same Jefferies a month back put out a BUY recommendation on SUPR. "Supermarket REIT rates are 'buy' in robust balance sheet and dividend guidance"I would not make investment decisions based on advisors that chop and change faster than the British weather. I have more faith in the met office getting the weather forecasts right. |
Posted at 12/4/2024 09:25 by killing_time Nice round number. would also put SUPR on a dividend of 10.1% |
Posted at 18/3/2024 07:57 by spectoacc Or buy GABI, then buy SUPR ;) And/or buy SUPR with the ongoing proceeds from GABI.But GABI was just an example - are many others on high returns out there. I still largely reject the inflation/Linkers point ;) Future inflation might be 2%, it might be 20%, but only Linkers protect against that. |
Posted at 18/3/2024 07:52 by chucko1 PDMR purchases yet again.Nickrl, it was hardly "subtly" mentioned. It is and was pretty clear, and they indicated, rightly, that long term inflation was just under 4% if looking at inflation swaps of medium tenors. What was even clearer was that the longer term reversionary values were what led to their 12% IRR thing with feathers, and that was in the context of comparing with the TSCO bond - again instruments of medium and long tenors (2029 and 2039). In the longer term, the idea of this being inflation linked remains a reasonable statement, other things being equal. That said, they had not expected a spike in inflation, and it is notable that they are increasingly using the term "inflation correlation". But one must think longer term to achieve this, as the average lease length is long. This is perhaps why: A 13% peak inflation rate implies an average of about 9.5% over the two years surrounding that individual print. Specifically with SUPR, with a cited WAULT of 13 years, then the 55 leases suffer a lower rent by some 11.0%, and for an average period of roughly 6 years. That is a heck of a lot of foregone rent, as it is a cumulative opportunity loss. OUCH! BUT, and this is such a huge BUT, they are 100% fixed, and likely will be between 50% and 100% fixed over the long term. When they refinance, they refinance at, say, 4.5%, a one off expense increase of (50% x LTV) in the refi costs (versus 3.1% currently). Is the rent (50% x LTV = 16.5%) higher? At an average 3% (for 13 years) increase, quite clearly (being 47%). During that 13 years, the average increase is 23.5%. But after 13 years, the reversion is likely to be uncapped inflation or thereabouts. Including the experienced spike, this would average 4.5% to give a rent uplift over this longer term of 77%. So, in the short term, there will be deficits followed by medium term catch ups, depending on the from time-to-time refinancings. In the longer term, when average inflation is greater than the average refi rate increase (adjusted for LTV), the company is able to increase its dividend, and likely pretty substantially. In fact, it is still better for inflation to bust the cap, so long as you have a decent proportion of rates fixed. Further, having 100% fixed as they currently do is pretty aggressive given the nature of the underlying revenue. In theory, and over a very long time horizon, they should have close to zero fixed. But with such low rates as was the case upon starting this off, that would cause considerable short term deficits, if not long term value. All we see are projections from analysts of no more than 3 years hence, and showing divi cover of 0.98x to 1.00x etc., and still a cohort of investors who see an NAV of whatever, and therefore a discount relative to market of some other whatever. This is such a small part of a much more interesting story, and whose relevance is much overstated. The problem with a 13+ year view of things is that in general, there are so many potential confounding parameters. In the case of SUPR, these parameters are less likely to be influential - e.g. regulation and changing market trends. Another significant problem is that the success or otherwise depends on the cashflows over 13+ years, and modelling these depends on many inputs which can only be estimated, not knowing the granularity of the relettings timetable (though an average likely suffices) and making certain assumptions using the forward rates curves and inflation swaps. Concerning IRRs and other better opportunities, a 12% IRR for 13 years is equivalent to a 20% IRR for 2 years followed by a 10.6% IRR for 11 years. So if you buy GABI, you need to still be able to reinvest the proceeds at 10.6%, which may or may not be available upon realisation. Hence a portfolio with at least these two! |
Posted at 15/3/2024 13:15 by spectoacc Perhaps SUPR is suffering from nothing other than Opportunity Cost - why pay for the likely SUPR return when there's eg the GABI return, or ADIG, or for more perpetual - AGR (hold your nose for the debt level tho). |
Posted at 15/3/2024 12:49 by chucko1 SUPR just did 45 minutes on an Investor Meets call. They explained why they could buy sites at 7% NIY although their own portfolio is valued at 5.8% - which in itself, appears historically anomalous, relative to other property classes.Additionally, they explained why they were becomingly increasingly bullish on future rent levels for omni-channel supermarkets - in particular of SBRY and TSCO. Dividend increases in the medium term are a function of this, of course. But they are also a function of leverage, and with significant debt headroom with 7% NIYs available, it is not tricky to see a pathway to a higher dividend. They hinted strongly at moving in this direction. Once again, they mentioned TSCO bonds yielding 6% or so, whereas their own expectations of their own long term IRR at current prices was closer to 12%. Not surprisingly, Atrato folk have been buying the stock PA. As for the analysts, think of it this way: do you prefer to listen to them, or to GS alumni who own a seven figure amount of stock and are adding? Additionally, fund managers who are buying/selling are little better, if at all, than the analysts. There are risks - being higher interest rates from here and for an extended period, say 10 years. Additionally, as previously mentioned, the idea that SBRY or TSCO goes wild on leverage via PE. But even then, the quality of the sites they have would survive that. That said, where will rents be in 10 years? A lot higher, so it is not a grave danger - it would just suppress the share price for a long time. |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
