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Urban Logistics REIT LSE:SHED Stock Report

Last Price


Market Cap







07 Aug, 2022


Company Financials +
SHED fundamental analysis
Snowflake Score
Future Growth1/6
Past Performance4/6
Financial Health5/6

SHED Stock Overview

Urban Logistics REIT plc (the "Company") and its subsidiaries (the "Group") carry on the business of property lettings throughout the United Kingdom.

Urban Logistics REIT Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Urban Logistics REIT
Historical stock prices
Current Share PriceUK£1.79
52 Week HighUK£2.00
52 Week LowUK£1.54
1 Month Change13.29%
3 Month Change7.19%
1 Year Change1.70%
3 Year Change38.76%
5 Year Change44.36%
Change since IPO70.48%

Recent News & Updates

Shareholder Returns


Return vs Industry: SHED exceeded the UK REITs industry which returned -11.7% over the past year.

Return vs Market: SHED exceeded the UK Market which returned -6.8% over the past year.

Price Volatility

Is SHED's price volatile compared to industry and market?
SHED volatility
SHED Average Weekly Movement4.5%
REITs Industry Average Movement3.6%
Market Average Movement5.4%
10% most volatile stocks in GB Market10.7%
10% least volatile stocks in GB Market2.7%

Stable Share Price: SHED is not significantly more volatile than the rest of UK stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: SHED's weekly volatility (5%) has been stable over the past year.

About the Company

n/an/aJohn Moffitt

Urban Logistics REIT plc (the "Company") and its subsidiaries (the "Group") carry on the business of property lettings throughout the United Kingdom. The Company is a public limited company incorporated and domiciled in England and Wales and listed on AIM, part of the London Stock Exchange. The registered office address is 124 Sloane Street, London, SW1X 9BW.

Urban Logistics REIT Fundamentals Summary

How do Urban Logistics REIT's earnings and revenue compare to its market cap?
SHED fundamental statistics
Market CapUK£844.84m
Earnings (TTM)UK£171.77m
Revenue (TTM)UK£37.81m


P/E Ratio


P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
SHED income statement (TTM)
Cost of RevenueUK£1.26m
Gross ProfitUK£36.55m
Other Expenses-UK£135.22m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date


Earnings per share (EPS)0.36
Gross Margin96.66%
Net Profit Margin454.29%
Debt/Equity Ratio26.8%

How did SHED perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio
We’ve recently updated our valuation analysis.


Is SHED undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 4/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SHED?

Other financial metrics that can be useful for relative valuation.

SHED key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue25.5x
Enterprise Value/EBITDA36.6x
PEG Ratio-0.3x

Price to Earnings Ratio vs Peers

How does SHED's PE Ratio compare to its peers?

SHED PE Ratio vs Peers
The above table shows the PE ratio for SHED vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average3.3x
WHR Warehouse REIT
LMP LondonMetric Property
BBOX Tritax Big Box REIT
SHED Urban Logistics REIT

Price-To-Earnings vs Peers: SHED is expensive based on its Price-To-Earnings Ratio (4.9x) compared to the peer average (3.3x).

Price to Earnings Ratio vs Industry

How does SHED's PE Ratio compare vs other companies in the GB REITs Industry?

Price-To-Earnings vs Industry: SHED is good value based on its Price-To-Earnings Ratio (4.9x) compared to the UK REITs industry average (7.5x)

Price to Earnings Ratio vs Fair Ratio

What is SHED's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SHED PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio4.9x
Fair PE Ratio10.7x

Price-To-Earnings vs Fair Ratio: SHED is good value based on its Price-To-Earnings Ratio (4.9x) compared to the estimated Fair Price-To-Earnings Ratio (10.7x).

Share Price vs Fair Value

What is the Fair Price of SHED when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SHED (£1.79) is trading below our estimate of fair value (£3.49)

Significantly Below Fair Value: SHED is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Future Growth

How is Urban Logistics REIT forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

Future Growth Score


Future Growth Score 1/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: SHED's earnings are forecast to decline over the next 3 years (-17.1% per year).

Earnings vs Market: SHED's earnings are forecast to decline over the next 3 years (-17.1% per year).

High Growth Earnings: SHED's earnings are forecast to decline over the next 3 years.

Revenue vs Market: SHED's revenue (18.1% per year) is forecast to grow faster than the UK market (4.1% per year).

High Growth Revenue: SHED's revenue (18.1% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: SHED's Return on Equity is forecast to be low in 3 years time (3.6%).

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Past Performance

How has Urban Logistics REIT performed over the past 5 years?

Past Performance Score


Past Performance Score 4/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: SHED has a large one-off gain of £149.7M impacting its March 31 2022 financial results.

Growing Profit Margin: SHED's current net profit margins are higher than last year .

Past Earnings Growth Analysis

Earnings Trend: SHED's earnings have grown significantly by 63.8% per year over the past 5 years.

Accelerating Growth: SHED's earnings growth over the past year (260.9%) exceeds its 5-year average (63.8% per year).

Earnings vs Industry: SHED earnings growth over the past year (260.9%) exceeded the REITs industry 103.4%.

Return on Equity

High ROE: SHED's Return on Equity (19.2%) is considered low.

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Financial Health

How is Urban Logistics REIT's financial position?

Financial Health Score


Financial Health Score 5/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: SHED's short term assets (£148.3M) exceed its short term liabilities (£32.8M).

Long Term Liabilities: SHED's short term assets (£148.3M) do not cover its long term liabilities (£253.6M).

Debt to Equity History and Analysis

Debt Level: SHED's net debt to equity ratio (12.5%) is considered satisfactory.

Reducing Debt: SHED's debt to equity ratio has reduced from 72% to 26.8% over the past 5 years.

Debt Coverage: SHED's debt is well covered by operating cash flow (24.2%).

Interest Coverage: SHED's interest payments on its debt are well covered by EBIT (6.3x coverage).

Balance Sheet

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What is Urban Logistics REIT current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: SHED's dividend (4.86%) is higher than the bottom 25% of dividend payers in the UK market (1.87%).

High Dividend: SHED's dividend (4.86%) is low compared to the top 25% of dividend payers in the UK market (5.13%).

Stability and Growth of Payments

Stable Dividend: SHED has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: SHED's dividend payments have increased, but the company has only paid a dividend for 6 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (37.5%), SHED's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its reasonable cash payout ratio (71.1%), SHED's dividend payments are covered by cash flows.

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How experienced are the management team and are they aligned to shareholders interests?


Average board tenure


John Moffitt (58 yo)

no data


Mr. John Richard Moffitt serves as Chief Executive Officer of Urban Logistics REIT plc and had been its Non-Executive Director since April 7, 2016. He serves as Non-Independent Director at Urban Logistics...

Board Members

Experienced Board: SHED's board of directors are considered experienced (6.1 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 45.3%.

Top Shareholders

Company Information

Urban Logistics REIT plc's employee growth, exchange listings and data sources

Key Information

  • Name: Urban Logistics REIT plc
  • Ticker: SHED
  • Exchange: LSE
  • Founded: NaN
  • Industry: Industrial REITs
  • Sector: Real Estate
  • Implied Market Cap: UK£844.836m
  • Shares outstanding: 471.98m
  • Website:


  • Urban Logistics REIT plc
  • 124 Sloane Street
  • London
  • East Lothian
  • SW1X 9BW
  • United Kingdom


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/08/07 00:00
End of Day Share Price2022/08/05 00:00
Annual Earnings2022/03/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.