Deep Value: cash covers about 91% of the stock price

This company holds roughly $315M in cash and investments — about 91% of its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

NewRiver REIT

NRR.L

REIT - Retail · Real Estate

Price

81.70 GBp

+1.20 (+1.49%)

Market Cap

£351.9M

Exchange

London Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Exceptional

Stability

Good

Valuation

Good

Dividends

Exceptional

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Share count rising — dilution

+46.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 307.2M (2022) → 448.8M (2026)

Winston Score History

The full picture

NewRiver REIT is a UK property company that owns and manages a portfolio of retail and leisure assets, mainly shopping centres and retail parks across the United Kingdom. Its tenants are everyday retailers, gyms, food and beverage operators, and community services providers. The company focuses on affordable, convenience-led locations rather than luxury high streets, positioning itself as a landlord for value-oriented and essential retail.

NewRiver makes money by collecting rent from its tenants, and it also earns fees from managing properties on behalf of third parties. It operates entirely within the UK, with a market value of around £300 million, making it a smaller player in the British REIT sector. Its focus on community retail parks gives it some resilience compared to traditional shopping centres, since retail parks have held up better against the shift to online shopping. The main risk the business faces is continued pressure on UK retail tenants, which can lead to store closures, rent reductions, and higher vacancy rates across its portfolio.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

53.3%

Healthy — 53.3% gross margin

Profit after running costs

Operating Margin

43.2%

Excellent — 43.2% operating margin

Return on the money invested

ROCE

5.6%

Weak — 5.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

N/A

Data not available

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

117%

Turns 117% of profit into real cash

Spare cash per sale

FCF Margin

15.1%

Converts sales into free cash efficiently (15.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.96

Moderate — manageable debt (0.96)

Covers its interest

Interest Cover

2.48x

Tight — interest eats into profit (2.5x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

11.5x

Attractive valuation — P/E 11.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+0.8

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

8.27%

Healthy income — 8.27% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+11.7%

Dividend growing fast (11.7% YoY)

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