Company Valuation: Ground Rents Income Fund PLC

Data adjusted to current consolidation scope
Fiscal Period: September 2020 2021 2022 2023 2024 2025
Market Cap 1 78.58 71.35 47.79 35.49 23.92 24.87
Change - -9.19% -33.03% -25.73% -32.61% 4%
Enterprise Value (EV) 1 95.12 89.34 66.6 54.74 37.72 28.75
Change - -6.08% -25.45% -17.8% -31.09% -23.78%
P/E -49.4x 62.5x -6.37x -31.6x -0.8x -5.76x
PBR 0.77x 0.72x 0.54x 0.41x 0.42x 0.48x
PEG - -0x 0x 0.4x -0x 0.1x
Capitalization / Revenue 13x 12.5x 8.54x 6.2x 3.8x 4.18x
EV / Revenue 15.7x 15.7x 11.9x 9.56x 6x 4.83x
EV / EBITDA - - - - - -
EV / EBIT 25.3x 23.5x 18.8x 21.9x 16.2x 14.2x
EV / FCF 37x 54.7x 34.3x 347x 23.7x -589x
FCF Yield 2.7% 1.83% 2.91% 0.29% 4.22% -0.17%
Dividend per Share 2 0.0396 0.0372 0.03 0.005 - -
Rate of return 4.89% 5.04% 6.01% 1.35% - -
EPS 2 -0.0164 0.0118 -0.0784 -0.0118 -0.3106 -0.0451
Distribution rate -241% 315% -38.3% -42.5% - -
Net sales 1 6.066 5.694 5.596 5.724 6.291 5.953
EBITDA - - - - - -
EBIT 1 3.762 3.798 3.55 2.498 2.334 2.028
Net income 1 -1.586 1.193 -7.52 -1.125 -29.71 -4.319
Net Debt 1 16.54 17.99 18.81 19.25 13.81 3.881
Reference price 2 0.8100 0.7375 0.4995 0.3710 0.2500 0.2600
Nbr of stocks (in thousands) 97,006 96,746 95,668 95,668 95,668 95,668
Announcement Date 3/3/21 A 12/17/21 A 6/6/23 A 7/4/24 A 1/15/25 A 12/10/25 A
1GBP in Million2GBP
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 21.99M
22.95x13.28x15.56x5.42% 15.75B
7.88x13.4x17.3x6.67% 6.32B
21.87x13.88x15.57x4.41% 6.23B
11.47x14.06x14.99x5.57% 6.03B
9.44x16.35x19.7x8.5% 5.67B
9.54x14.33x15.31x7.24% 5.64B
8.08x13.51x17.34x6.16% 5.53B
12.04x11x12.61x5.75% 4.97B
Average 12.91x 13.73x 16.05x 6.21% 6.24B
Weighted average by Cap. 14.76x 13.68x 16.00x 6.06%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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