AEP Plantations

AEP.L

Agricultural Farm Products · Consumer Defensive

Price

192.40 GBp

+1.60 (+0.84%)

Market Cap

£736.4M

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 Dec 31, 2025

How the score breaks down

Quality

Good

Growth

Strong

Cash Flow

Exceptional

Stability

Good

Valuation

Good

Dividends

Strong

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Winston Score History

The full picture

AEP Plantations Plc is a palm oil plantation company based in Malaysia. It grows oil palm trees and sells crude palm oil and palm kernel oil, which are used in food products, cooking oils, and everyday consumer goods. Palm oil is one of the most widely used vegetable oils in the world, and AEP operates across plantation estates in Southeast Asia.

The company makes money by harvesting fresh fruit bunches from its palm trees, processing them into crude palm oil, and selling that oil to refiners and manufacturers. It is a relatively small producer by regional standards, with operations concentrated in Malaysia. Its competitive position depends heavily on land ownership, yield efficiency, and commodity palm oil prices, which it cannot control. The main risk the business faces is volatility in global palm oil prices, which are influenced by weather, competing vegetable oil supplies, and shifting regulations around sustainability and deforestation standards.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+14.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+10.0% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (2%)

Research and development spending

Insider Activity

1.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$250M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

AEP Plantations is a rare growth stock that's already generating positive cash flow while growing at 15%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.9% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 396.4M (2021) → 392.7M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

26.8%

Modest — 26.8% gross margin

Profit after running costs

Operating Margin

22.7%

Excellent — 22.7% operating margin

Return on the money invested

ROCE

19.4%

Strong — 19.4% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+25.3%

Fast-growing sales (+25.3% YoY)

Profit growth

EPS YoY

+37.1%

Earnings growing fast (+37.1% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

128%

Turns 128% of profit into real cash

Spare cash per sale

FCF Margin

18.6%

Converts sales into free cash efficiently (18.6%)

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

N/A

Data not available

Covers its interest

Interest Cover

5905.92x

Comfortably covers interest (5905.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

8.3x

Attractive valuation — P/E 8.3

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-3.1

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

3.38%

Moderate income — 3.38% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+200.5%

Dividend growing fast (200.5% YoY)

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