# Sirius Real Estate (SRE.LSE)

Canonical: https://gigainvestors.com/s/SRE.LSE

Analysis as of: 2026-10-16T07:41:05.495Z. Financial observations: FY2008–FY2026.

Listing currency: GBX. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 91.75 per share; close as of 2026-10-15.

Estimated value: low GBX 139.53 per share, central GBX 177.15 per share, high GBX 203.64 per share. Buy at or below the central value GBX 177.15 per share. Valuation as of 2026-10-16T07:41:05.495Z; scenarios are not confidence intervals.

Expected annual return: 18.2% at the stated quote. About 18.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.40×

Chart: Operating margin; fiscal year observations.

- FY2017: 1.26×

- FY2018: 1.38×

- FY2019: 1.11×

- FY2020: 0.86×

- FY2021: 1.03×

- FY2022: 0.90×

- FY2023: 0.38×

- FY2024: 0.45×

- FY2025: 0.68×

- FY2026: 0.40×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 8.7%

- ROIC, second-lowest year: 4.8%

- Typical minus recent gross margin: -0.3 pp

- Typical gross margin (annual median): 57.7%

- Recent gross margin (lower of latest and 3-year median): 58.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 19.7%

- ROIC including acquisitions, ten-year median: 6.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 9.5%

- FY2018: 9.8%

- FY2019: 13.3%

- FY2020: 9.5%

- FY2021: 11.3%

- FY2022: 7.9%

- FY2023: 4.4%

- FY2024: 5.6%

- FY2025: 7.7%

- FY2026: 4.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.86×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 639M

- Net income, five-year total: EUR 743M

- Return on incremental invested capital: 18.6%

- Working capital / revenue, annual change: 1.2 pp

- Working capital / revenue, change between three-year averages: 8.6 pp

- Working capital / revenue, final three-year average: 6.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.80×

- FY2023: 0.59×

- FY2024: 0.86×

- FY2025: 0.90×

- FY2026: 0.96×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 9.8% vs 5.6%

- Per-share earnings: 0.07 to 0.12 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 6.0%

- Ordinary dilution, 5-year annual growth: 6.0%

- Market cap gain: EUR 1.1B

- Cumulative retained earnings: EUR 1.2B

- Diluted shares, 10-year annual growth: 6.0%

- Diluted shares, 5-year annual growth: 6.0%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 7.1%

- Per-share value change: EUR 0.05

- Per-share value, starting three-year median: EUR 0.07

- Per-share value, ending three-year median: EUR 0.12

- Buybacks concentrated in cheaper years (correlation): -0.62

- Average buyback yield: 0.1%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 259M

- Cumulative net income, 10 years: EUR 1.3B

- ROIC, first three-year median: 9.8%

- ROIC, last three-year median: 5.6%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR 0.07

- FY2018: EUR 0.08

- FY2019: EUR 0.12

- FY2020: EUR 0.09

- FY2021: EUR 0.13

- FY2022: EUR 0.12

- FY2023: EUR 0.07

- FY2024: EUR 0.09

- FY2025: EUR 0.12

- FY2026: EUR 0.15

### accounting: pass

- Sloan accruals: 2.5%

- Receivables to sales index (DSRI): 1.26×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 7.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.61×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 1.9%

- FY2018: 3.6%

- FY2019: 6.3%

- FY2020: 1.9%

- FY2021: 5.0%

- FY2022: 2.8%

- FY2023: -1.4%

- FY2024: -1.5%

- FY2025: 1.4%

- FY2026: 2.5%

## Holders

## Price story

Down 35% since Dec 2021 · sales +9.4%

Story as of 2026-10-16T10:00:11.794Z; price observation 2026-10-15.

Price needs cash profits to shrink 5.5% a year for ten years

### Sales · FY2025–2026

sales +9.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: EUR 69M 

- FY2018: EUR 72M 

- FY2019: EUR 140M 

- FY2020: EUR 150M 

- FY2021: EUR 165M 

- FY2022: EUR 210M 

- FY2023: EUR 270M 

- FY2024: EUR 289M 

- FY2025: EUR 318M 

- FY2026: EUR 348M 

### Gross margin · FY2026

gross margin 58%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 88.0% 

- FY2018: 87.4% 

- FY2019: 54.1% 

- FY2020: 56.9% 

- FY2021: 56.7% 

- FY2022: 58.3% 

- FY2023: 56.8% 

- FY2024: 57.4% 

- FY2025: 58.8% 

- FY2026: 58.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in real estate services; annual sales are EUR 347.5 million.

- Source: https://eodhd.com/api/fundamentals/SRE.LSE.json#2026-03-31 (filed 2026-10-16T07:41:05.495Z); FY2026: revenue 347500000; grossProfit 201400000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 57.4% to 58.8% during 2024–26; it earns 8.7% on its capital.

- Source: https://eodhd.com/api/fundamentals/SRE.LSE.json#2024-03-31 (filed 2026-10-16T07:41:05.495Z); FY2024: grossProfit / revenue = 57.4%.

- Source: https://eodhd.com/api/fundamentals/SRE.LSE.json#2025-03-31 (filed 2026-10-16T07:41:05.495Z); FY2025: grossProfit / revenue = 58.8%.

- Source: https://eodhd.com/api/fundamentals/SRE.LSE.json#2026-03-31 (filed 2026-10-16T07:41:05.495Z); FY2026: grossProfit / revenue = 58%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:05.495Z); 10-year return on capital observations [[2017,0.0950116313115968],[2018,0.09802309063291158],[2019,0.13316375565865107],[2020,0.09482835140264531],[2021,0.11344409189198038],[2022,0.07926065969837737],[2023,0.04428133713722614],[2024,0.056265935165183106],[2025,0.07718198599507747],[2026,0.04752139029289021]]; median 0.08704450555051134. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 58% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:05.495Z); Gross margin observations: [[2021,0.5673647353366271],[2022,0.5827949110770665],[2023,0.5679378008145132]]; range within 2 percentage points.

### Where the cash goes

Spends 21.9% of cash earnings on expansion; earns 18.6% on new investment.

- Source: https://eodhd.com/api/fundamentals/SRE.LSE.json#2017-03-31 (filed 2026-10-16T07:41:05.495Z); FY2017: growth capex 532594.0254519098; upkeep 17530405.97454809; owner earnings 50248594.02545191. Growth capex / owner earnings = 0.010599182639461321.

- Source: https://eodhd.com/api/fundamentals/SRE.LSE.json#2018-03-31 (filed 2026-10-16T07:41:05.495Z); FY2018: growth capex 129218.02487393096; upkeep 20623781.97512607; owner earnings 61734218.02487393. Growth capex / owner earnings = 0.0020931345533828014.

- Source: https://eodhd.com/api/fundamentals/SRE.LSE.json#2019-03-31 (filed 2026-10-16T07:41:05.495Z); FY2019: growth capex 2403729.949570935; upkeep 25416270.050429065; owner earnings 104613729.94957094. Growth capex / owner earnings = 0.022977193822738693.

- Source: https://eodhd.com/api/fundamentals/SRE.LSE.json#2020-03-31 (filed 2026-10-16T07:41:05.495Z); FY2020: growth capex 342449.1547657475; upkeep 33961550.84523425; owner earnings 62442449.15476575. Growth capex / owner earnings = 0.005484236435329043.

- Source: https://eodhd.com/api/fundamentals/SRE.LSE.json#2021-03-31 (filed 2026-10-16T07:41:05.495Z); FY2021: growth capex 506649.44355041906; upkeep 33315350.55644958; owner earnings 113225249.44355042. Growth capex / owner earnings = 0.0044747037082308585.

- Source: https://eodhd.com/api/fundamentals/SRE.LSE.json#2022-03-31 (filed 2026-10-16T07:41:05.495Z); FY2022: growth capex 2019372.8869143762; upkeep 25306627.113085624; cash acquisitions 256500000; owner earnings 118061172.88691437. Growth capex plus acquisitions / owner earnings = 2.189706967713583.

- Source: https://eodhd.com/api/fundamentals/SRE.LSE.json#2023-03-31 (filed 2026-10-16T07:41:05.495Z); FY2023: growth capex 3138603.2735395283; upkeep 30561396.72646047; cash acquisitions 0; owner earnings 46618603.27353953. Growth capex plus acquisitions / owner earnings = 0.06732512458864212.

- Source: https://eodhd.com/api/fundamentals/SRE.LSE.json#2024-03-31 (filed 2026-10-16T07:41:05.495Z); FY2024: growth capex 29779493.32000356; upkeep 12820506.679996438; owner earnings 92519493.32000357. Growth capex / owner earnings = 0.3218726373371195.

- Source: https://eodhd.com/api/fundamentals/SRE.LSE.json#2025-03-31 (filed 2026-10-16T07:41:05.495Z); FY2025: growth capex 46037209.48500786; upkeep 15962790.51499214; owner earnings 160437209.48500785. Growth capex / owner earnings = 0.28694845561565213.

- Source: https://eodhd.com/api/fundamentals/SRE.LSE.json#2026-03-31 (filed 2026-10-16T07:41:05.495Z); FY2026: growth capex 48442481.26223679; upkeep 6257518.737763211; owner earnings 221522481.26223677. Growth capex / owner earnings = 0.21867975198820078.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:05.495Z); Incremental return on capital 0.18559516482682467, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:05.495Z); Dividend observations: [[2017,11685000],[2018,18024000],[2019,23764000],[2020,22844000],[2021,24248000],[2022,30815000],[2023,57800000],[2024,75300000],[2025,84500000],[2026,89900000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/SRE.LSE.json#2026-03-31 (filed 2026-10-16T07:41:05.495Z); FY2026: cash repurchases 1300000 EUR.

### Are managers owners

Insiders own 1.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SRE.LSE SharesStats.PercentInsiders = 1.9040000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 5.5% yearly over ten years; actual growth was 8.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:41:05.495Z); Ten-year compound average after fade. Initial solved rate -0.08986519473872628. Price 91.75; FX 84.48781222921298; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 0.06311201779987241 → FY2026 0.14336626174081785. Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2016-10: GBX 47.14 per share

- 2016-11: GBX 44.58 per share

- 2016-12: GBX 44.60 per share

- 2017-01: GBX 48.96 per share

- 2017-02: GBX 50.38 per share

- 2017-03: GBX 52.00 per share

- 2017-04: GBX 53.50 per share

- 2017-05: GBX 56.25 per share

- 2017-06: GBX 57.25 per share

- 2017-07: GBX 56.50 per share

- 2017-08: GBX 60.00 per share

- 2017-09: GBX 62.25 per share

- 2017-10: GBX 59.50 per share

- 2017-11: GBX 63.50 per share

- 2017-12: GBX 65.75 per share

- 2018-01: GBX 60.00 per share

- 2018-02: GBX 53.60 per share

- 2018-03: GBX 61.60 per share

- 2018-04: GBX 64.00 per share

- 2018-05: GBX 66.40 per share

- 2018-06: GBX 62.40 per share

- 2018-07: GBX 58.40 per share

- 2018-08: GBX 58.00 per share

- 2018-09: GBX 62.20 per share

- 2018-10: GBX 55.80 per share

- 2018-11: GBX 60.00 per share

- 2018-12: GBX 60.00 per share

- 2019-01: GBX 62.80 per share

- 2019-02: GBX 60.00 per share

- 2019-03: GBX 63.40 per share

- 2019-04: GBX 63.50 per share

- 2019-05: GBX 63.80 per share

- 2019-06: GBX 66.60 per share

- 2019-07: GBX 66.60 per share

- 2019-08: GBX 69.70 per share

- 2019-09: GBX 75.80 per share

- 2019-10: GBX 73.50 per share

- 2019-11: GBX 81.00 per share

- 2019-12: GBX 88.50 per share

- 2020-01: GBX 90.40 per share

- 2020-02: GBX 80.60 per share

- 2020-03: GBX 65.90 per share

- 2020-04: GBX 70.50 per share

- 2020-05: GBX 79.40 per share

- 2020-06: GBX 76.20 per share

- 2020-07: GBX 73.50 per share

- 2020-08: GBX 74.40 per share

- 2020-09: GBX 73.00 per share

- 2020-10: GBX 73.50 per share

- 2020-11: GBX 90.10 per share

- 2020-12: GBX 93.40 per share

- 2021-01: GBX 94.90 per share

- 2021-02: GBX 92.50 per share

- 2021-03: GBX 88.80 per share

- 2021-04: GBX 101.60 per share

- 2021-05: GBX 101.20 per share

- 2021-06: GBX 110.60 per share

- 2021-07: GBX 119.20 per share

- 2021-08: GBX 124.80 per share

- 2021-09: GBX 130.80 per share

- 2021-10: GBX 135.20 per share

- 2021-11: GBX 136.40 per share

- 2021-12: GBX 141.40 per share

- 2022-01: GBX 129.20 per share

- 2022-02: GBX 125.60 per share

- 2022-03: GBX 125.40 per share

- 2022-04: GBX 121.40 per share

- 2022-05: GBX 115.80 per share

- 2022-06: GBX 89.20 per share

- 2022-07: GBX 95.50 per share

- 2022-08: GBX 81.30 per share

- 2022-09: GBX 70.70 per share

- 2022-10: GBX 70.50 per share

- 2022-11: GBX 82.40 per share

- 2022-12: GBX 74.00 per share

- 2023-01: GBX 84.50 per share

- 2023-02: GBX 83.90 per share

- 2023-03: GBX 76.70 per share

- 2023-04: GBX 80.55 per share

- 2023-05: GBX 82.00 per share

- 2023-06: GBX 85.35 per share

- 2023-07: GBX 82.55 per share

- 2023-08: GBX 87.10 per share

- 2023-09: GBX 86.15 per share

- 2023-10: GBX 79.80 per share

- 2023-11: GBX 87.85 per share

- 2023-12: GBX 94.30 per share

- 2024-01: GBX 90.80 per share

- 2024-02: GBX 86.50 per share

- 2024-03: GBX 97.95 per share

- 2024-04: GBX 97.40 per share

- 2024-05: GBX 97.50 per share

- 2024-06: GBX 93.80 per share

- 2024-07: GBX 94.20 per share

- 2024-08: GBX 97.85 per share

- 2024-09: GBX 97.60 per share

- 2024-10: GBX 89.30 per share

- 2024-11: GBX 86.65 per share

- 2024-12: GBX 78.50 per share

- 2025-01: GBX 80.15 per share

- 2025-02: GBX 78.70 per share

- 2025-03: GBX 84.50 per share

- 2025-04: GBX 92.45 per share

- 2025-05: GBX 95.35 per share

- 2025-06: GBX 97.50 per share

- 2025-07: GBX 104.10 per share

- 2025-08: GBX 101.60 per share

- 2025-09: GBX 97.75 per share

- 2025-10: GBX 99.85 per share

- 2025-11: GBX 98.20 per share

- 2025-12: GBX 96.30 per share

- 2026-01: GBX 98.25 per share

- 2026-02: GBX 111.90 per share

- 2026-03: GBX 92.60 per share

- 2026-04: GBX 100.10 per share

- 2026-05: GBX 98.30 per share

- 2026-06: GBX 96.70 per share

- 2026-07: GBX 98.95 per share

- 2026-08: GBX 98.00 per share

- 2026-09: GBX 88.90 per share

- 2026-10: GBX 91.75 per share

## Annual estimated value (GBX per share)

- FY2017: low GBX 46.37 per share, central GBX 52.34 per share, high GBX 60.29 per share

- FY2018: low GBX 53.03 per share, central GBX 59.62 per share, high GBX 68.40 per share

- FY2019: low GBX 93.53 per share, central GBX 106.28 per share, high GBX 123.25 per share

- FY2020: low GBX 105.07 per share, central GBX 118.53 per share, high GBX 136.44 per share

- FY2021: low GBX 100.01 per share, central GBX 113.33 per share, high GBX 131.07 per share

- FY2022: low GBX 126.80 per share, central GBX 150.32 per share, high GBX 173.62 per share

- FY2023: low GBX 153.47 per share, central GBX 215.69 per share, high GBX 252.16 per share

- FY2024: low GBX 114.37 per share, central GBX 143.62 per share, high GBX 165.52 per share

- FY2025: low GBX 156.54 per share, central GBX 209.82 per share, high GBX 240.84 per share

- FY2026: low GBX 142.89 per share, central GBX 181.40 per share, high GBX 208.53 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:46:56.239Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.