Broker Peel Hunt has reiterated its hold rating on Supermarket Income REIT PLC (LSE:SUPR, OTC:SUPIF) after it reported its 2024 financial results, which Peel Hunt said came in “broadly as expected”.
The real estate investment trust posted an adjusted earnings per share (EPS) of 6.08p, slightly ahead of Peel Hunt's forecast of 5.98p. The consensus EPS stood at 6p.
Supermarket REIT’s EPRA net tangible assets (NTA) per share reached 87p, above Peel Hunt's forecast of 85.3p but below the consensus of 89.2p.
Dividends for the year totaled 6.06p, fully covered by the adjusted EPS, and the REIT is targeting a dividend of 6.12p for 2025, reflecting a year-on-year increase of 1%.
The portfolio expanded to £1.78 billion, with a net initial yield of 5.9%. Peel Hunt noted that acquisitions, including 17 Carrefour stores in France, helped to improve the yield profile.
Peel Hunt has a target price of 80p on the stock, noting the stock's 8% yield and a 12% discount to the 2025 estimated EPRA NTA per share.
Shares were trading at 75.13p in late Thursday trades.