# Supermarket Income REIT (SUPR.LSE)

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

Analysis as of: 2026-10-16T07:42:44.610Z. Financial observations: FY2018–FY2026.

Listing currency: GBX. Reporting currency: GBP.

## 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 82.55 per share; close as of 2026-10-15.

Estimated value: low GBX 61.21 per share, central GBX 69.29 per share, high GBX 80.06 per share. Buy at or below the central value GBX 69.29 per share. Valuation as of 2026-10-16T07:42:44.610Z; scenarios are not confidence intervals.

Expected annual return: 8.8% at the stated quote. About 8.8% 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: pass

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

- Financial history: 9 years

- Years with declining revenue: 2

- Years with a net loss: 2

- Operating margin variation: 0.19×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.82×

- FY2019: 1.12×

- FY2020: 0.79×

- FY2021: 0.78×

- FY2022: 1.07×

- FY2023: 0.90×

- FY2024: 0.57×

- FY2025: 0.70×

- FY2026: 0.81×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 3.8%

- ROIC, second-lowest year: 2.7%

- Typical minus recent gross margin: -2.4 pp

- Typical gross margin (annual median): 87.9%

- Recent gross margin (lower of latest and 3-year median): 90.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.2%

- ROIC including acquisitions, ten-year median: 4.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 1.8%

- FY2019: 3.8%

- FY2020: 3.6%

- FY2021: 3.0%

- FY2022: 6.5%

- FY2023: 4.8%

- FY2024: 2.7%

- FY2025: 4.9%

- FY2026: 5.2%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: -1.05×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: GBP -96M

- Net income, five-year total: GBP 92M

- Return on incremental invested capital: 19.7%

- Working capital / revenue, annual change: 11.6 pp

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

- FY2022: 1.00×

- FY2023: 2.32×

- FY2024: 1.45×

- FY2025: 1.20×

- FY2026: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2018 to 2026 (8 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 3.6% vs 4.9%

- Per-share earnings: 0.04 to 0.05 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 7.3%

- Market cap gain: GBP 909M

- Cumulative retained earnings: GBP 123M

- Diluted shares, 5-year annual growth: 7.3%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 4.9%

- Per-share value change: GBP 0.01

- Per-share value, starting three-year median: GBP 0.04

- Per-share value, ending three-year median: GBP 0.05

- Buybacks concentrated in cheaper years (correlation): 0.80

- Average buyback yield: 30.7%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: 3.6%

- ROIC, last three-year median: 4.9%

Chart: Earnings per share; fiscal year observations.

- FY2018: GBP 0.04

- FY2019: GBP 0.04

- FY2020: GBP 0.06

- FY2021: GBP 0.09

- FY2022: GBP 0.09

- FY2023: GBP -0.12

- FY2024: GBP -0.02

- FY2025: GBP 0.05

- FY2026: GBP 0.07

### accounting: pass

- Sloan accruals: 1.4%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.69×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -0.1%

- FY2019: -0.9%

- FY2020: 1.6%

- FY2021: 3.4%

- FY2022: 3.2%

- FY2023: -10.7%

- FY2024: -6.1%

- FY2025: -0.3%

- FY2026: 1.4%

## Holders

## Price story

Down 36% since May 2022 · sales -0.5%

Story as of 2026-10-16T10:00:12.477Z; price observation 2026-10-15.

Price needs cash profits to grow 3.2% a year for ten years

### Sales · FY2025–2026

sales -0.5%; source https://filings.xbrl.org/2138007FOINJKAM7L537/2025-06-30/ESEF/GB/0/2138007FOINJKAM7L537-2025-06-30/reports/2138007FOINJKAM7L537-2025-06-30-T01.xhtml; observed 2025-10-21.

- FY2018: GBP 8.9M 

- FY2019: GBP 12M 

- FY2020: GBP 26M 

- FY2021: GBP 49M 

- FY2022: GBP 115M 

- FY2023: GBP 125M 

- FY2024: GBP 107M 

- FY2025: GBP 115M 

- FY2026: GBP 114M 

### Gross margin · FY2026

gross margin 90.3%; source https://filings.xbrl.org/2138007FOINJKAM7L537/2025-06-30/ESEF/GB/0/2138007FOINJKAM7L537-2025-06-30/reports/2138007FOINJKAM7L537-2025-06-30-T01.xhtml; observed 2025-10-21.

- FY2018: 87.9% 

- FY2020: 87.7% 

- FY2021: 85.1% 

- FY2022: 54.3% 

- FY2023: 86.5% 

- FY2026: 90.3% 

## Owner memo

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

### How it makes money

Operates in property rentals; annual sales are GBP 114.3 million.

- Source: https://eodhd.com/api/fundamentals/SUPR.LSE.json#2026-06-30 (filed 2025-10-21); FY2026: revenue 114253000; grossProfit 103183000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 90.3% to 100% during 2024–26; it earns 3.8% on its capital.

- Source: https://eodhd.com/api/fundamentals/SUPR.LSE.json#2024-06-30 (filed 2025-10-21); FY2024: grossProfit / revenue = 100%.

- Source: https://eodhd.com/api/fundamentals/SUPR.LSE.json#2025-06-30 (filed 2025-10-21); FY2025: grossProfit / revenue = 100%.

- Source: https://eodhd.com/api/fundamentals/SUPR.LSE.json#2026-06-30 (filed 2025-10-21); FY2026: grossProfit / revenue = 90.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-21); 9-year return on capital observations [[2018,0.018104690296489798],[2019,0.03821604845192153],[2020,0.035767710362766214],[2021,0.030104287645223816],[2022,0.06519954340873704],[2023,0.04816720697512056],[2024,0.027044560666745165],[2025,0.04906757036627493],[2026,0.051863731225358416]]; median 0.03821604845192153. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 1.2% of cash earnings; earns 19.7% on new investment.

- Source: https://eodhd.com/api/fundamentals/SUPR.LSE.json#2019-06-30 (filed 2025-10-21); FY2019: growth capex 1197000; upkeep -1112000; owner earnings 10593000. Growth capex / owner earnings = 0.11299915038232795.

- Source: https://eodhd.com/api/fundamentals/SUPR.LSE.json#2020-06-30 (filed 2025-10-21); FY2020: growth capex 0; upkeep 85000; owner earnings 45495000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SUPR.LSE.json#2021-06-30 (filed 2025-10-21); FY2021: growth capex 0; upkeep 85000; owner earnings 96398000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SUPR.LSE.json#2022-06-30 (filed 2025-10-21); FY2022: growth capex 52714000; upkeep -52706000; owner earnings 110303000. Growth capex / owner earnings = 0.47790177964334607.

- Source: https://eodhd.com/api/fundamentals/SUPR.LSE.json#2025-06-30 (filed 2025-10-21); FY2025: growth capex 0; upkeep 32000; cash acquisitions 0; owner earnings 73658000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SUPR.LSE.json#2026-06-30 (filed 2025-10-21); FY2026: growth capex 0; upkeep 212000; cash acquisitions 1029000; owner earnings 85886000. Growth capex plus acquisitions / owner earnings = 0.011980998067205366.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-21); Incremental return on capital 0.1966927827200322, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-21); Dividend observations: [[2018,4562000],[2019,10850000],[2020,19600000],[2021,34933000],[2022,51084000],[2023,67963000],[2024,75335000],[2025,73820000],[2026,76838000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SUPR.LSE SharesStats.PercentInsiders = 0.24 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-10-21); Ten-year compound average after fade. Initial solved rate 0.03234484408989935. Price 82.55; FX 100; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2017-06: GBX 98.00 per share

- 2017-07: GBX 101.00 per share

- 2017-08: GBX 95.50 per share

- 2017-09: GBX 99.50 per share

- 2017-10: GBX 100.13 per share

- 2017-11: GBX 100.75 per share

- 2017-12: GBX 100.50 per share

- 2018-01: GBX 101.00 per share

- 2018-02: GBX 100.00 per share

- 2018-03: GBX 101.00 per share

- 2018-04: GBX 101.00 per share

- 2018-05: GBX 103.00 per share

- 2018-06: GBX 102.50 per share

- 2018-07: GBX 103.00 per share

- 2018-08: GBX 102.00 per share

- 2018-09: GBX 103.00 per share

- 2018-10: GBX 100.50 per share

- 2018-11: GBX 100.50 per share

- 2018-12: GBX 95.50 per share

- 2019-01: GBX 100.00 per share

- 2019-02: GBX 102.00 per share

- 2019-03: GBX 102.00 per share

- 2019-04: GBX 102.50 per share

- 2019-05: GBX 103.00 per share

- 2019-06: GBX 105.00 per share

- 2019-07: GBX 104.50 per share

- 2019-08: GBX 106.00 per share

- 2019-09: GBX 104.50 per share

- 2019-10: GBX 104.50 per share

- 2019-11: GBX 106.50 per share

- 2019-12: GBX 109.50 per share

- 2020-01: GBX 107.27 per share

- 2020-02: GBX 105.00 per share

- 2020-03: GBX 109.50 per share

- 2020-04: GBX 106.75 per share

- 2020-05: GBX 108.50 per share

- 2020-06: GBX 111.25 per share

- 2020-07: GBX 110.25 per share

- 2020-08: GBX 110.00 per share

- 2020-09: GBX 105.50 per share

- 2020-10: GBX 103.00 per share

- 2020-11: GBX 105.00 per share

- 2020-12: GBX 106.50 per share

- 2021-01: GBX 107.00 per share

- 2021-02: GBX 109.50 per share

- 2021-03: GBX 108.50 per share

- 2021-04: GBX 113.50 per share

- 2021-05: GBX 114.50 per share

- 2021-06: GBX 117.50 per share

- 2021-07: GBX 120.00 per share

- 2021-08: GBX 120.50 per share

- 2021-09: GBX 116.50 per share

- 2021-10: GBX 118.00 per share

- 2021-11: GBX 122.00 per share

- 2021-12: GBX 122.00 per share

- 2022-01: GBX 119.00 per share

- 2022-02: GBX 125.00 per share

- 2022-03: GBX 126.50 per share

- 2022-04: GBX 125.50 per share

- 2022-05: GBX 129.00 per share

- 2022-06: GBX 119.50 per share

- 2022-07: GBX 129.00 per share

- 2022-08: GBX 121.00 per share

- 2022-09: GBX 107.00 per share

- 2022-10: GBX 102.50 per share

- 2022-11: GBX 103.50 per share

- 2022-12: GBX 102.50 per share

- 2023-01: GBX 96.20 per share

- 2023-02: GBX 91.40 per share

- 2023-03: GBX 86.60 per share

- 2023-04: GBX 87.50 per share

- 2023-05: GBX 79.70 per share

- 2023-06: GBX 73.00 per share

- 2023-07: GBX 76.30 per share

- 2023-08: GBX 77.20 per share

- 2023-09: GBX 76.10 per share

- 2023-10: GBX 72.60 per share

- 2023-11: GBX 81.30 per share

- 2023-12: GBX 86.90 per share

- 2024-01: GBX 81.00 per share

- 2024-02: GBX 75.70 per share

- 2024-03: GBX 77.60 per share

- 2024-04: GBX 72.20 per share

- 2024-05: GBX 74.80 per share

- 2024-06: GBX 72.50 per share

- 2024-07: GBX 74.40 per share

- 2024-08: GBX 74.10 per share

- 2024-09: GBX 75.00 per share

- 2024-10: GBX 70.40 per share

- 2024-11: GBX 71.30 per share

- 2024-12: GBX 68.10 per share

- 2025-01: GBX 67.50 per share

- 2025-02: GBX 70.70 per share

- 2025-03: GBX 76.60 per share

- 2025-04: GBX 77.60 per share

- 2025-05: GBX 82.10 per share

- 2025-06: GBX 84.90 per share

- 2025-07: GBX 80.00 per share

- 2025-08: GBX 78.30 per share

- 2025-09: GBX 78.40 per share

- 2025-10: GBX 79.10 per share

- 2025-11: GBX 81.80 per share

- 2025-12: GBX 81.50 per share

- 2026-01: GBX 83.30 per share

- 2026-02: GBX 88.60 per share

- 2026-03: GBX 79.20 per share

- 2026-04: GBX 83.70 per share

- 2026-05: GBX 83.40 per share

- 2026-06: GBX 87.90 per share

- 2026-07: GBX 85.95 per share

- 2026-08: GBX 85.80 per share

- 2026-09: GBX 83.25 per share

- 2026-10: GBX 82.55 per share

## Annual estimated value (GBX per share)

- FY2022: low GBX 101.05 per share, central GBX 114.44 per share, high GBX 132.27 per share

- FY2023: low GBX 107.55 per share, central GBX 121.99 per share, high GBX 141.22 per share

- FY2024: low GBX 92.82 per share, central GBX 105.21 per share, high GBX 121.71 per share

- FY2025: low GBX 72.06 per share, central GBX 80.97 per share, high GBX 92.82 per share

- FY2026: low GBX 67.00 per share, central GBX 75.85 per share, high GBX 87.63 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 2026-10-15T06:48:39.156Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/2138007FOINJKAM7L537/2025-06-30/ESEF/GB/0/2138007FOINJKAM7L537-2025-06-30/reports/2138007FOINJKAM7L537-2025-06-30-T01.xhtml); period 2025-06-30, filed 2025-10-21.

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.

## Reported holder observations