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Allreal Holding AG

ALLN.SW
54
Real Estate - Development · Real Estate
Also trades as: 0QPD.L GBP 1.86 (-0.60%)
Price
CHF 186.00
-0.40 (-0.21%)
Market Cap
CHF 3.07B
Exchange
SIX Swiss Exchange
Winston Score
54
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 8, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
19/30
Growth
Mixed
6/20
Cash Flow
Good
6/10
Stability
Good
5/10
Valuation
Good
5/10
Ownership
Good
10/15
Dividends
Good
3/5

54 of 100 counted points = Winston Score 54.

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Share count rising — dilution

+3.3% over 4y

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

Diluted shares outstanding: 16.0M (2021) → 16.5M (2025)

§Winston Score History

The full picture

Allreal Holding AG is a Swiss real estate company that owns and manages a large portfolio of properties, mostly office buildings and apartment complexes. Its main customers are businesses that rent office space and individuals or families who rent homes. The company is based in Zurich and is one of the larger diversified real estate groups listed on the Swiss stock exchange.

Allreal makes money in two main ways: collecting rent from tenants across its investment properties, and earning fees from its real estate development and construction services business. It operates almost entirely in Switzerland, particularly in the greater Zurich area, which gives it deep local market knowledge but also concentrates its risk in one region. The company's main challenge going forward is navigating rising interest rates, which increase borrowing costs and can pressure property valuations, potentially weighing on returns for shareholders.

Growth Profile

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

Revenue Growth

+1.0% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-9.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

CHF 0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

15.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

CHF 5.5B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth context

Allreal Holding AG is growing revenue at 1% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
55.3%
Premium pricing power — 55.3% gross margin
Profit after running costs
Operating Margin
43.9%
Excellent — 43.9% operating margin
Return on the money invested
ROCE
3.3%
Weak — 3.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
+2.6%
Nearly flat sales (+2.6% YoY)
Profit growth
EPS YoY
-20.3%
Earnings shrinking (-20.3% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

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
46%
Weak — only 46% of profit becomes cash
Spare cash per sale
FCF Margin
21.6%
Converts sales into free cash efficiently (21.6%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
1.03
Elevated debt (1.03)
Covers its interest
Interest Cover
5.69x
Adequate interest coverage (5.7x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
14.8x
Attractive valuation — P/E 14.8

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
-9.5
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
3.59%
Moderate income — 3.59% yield

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

Dividend record
Dividend Growth
+3.7%
Dividend growing modestly (3.7% YoY)

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