Stock

Ascencio S.A.

0P2J.L
71
REIT - Retail · Real Estate
Price
52.00 GBp
-0.30 (-0.57%)
Market Cap
£343.0M
Exchange
London Stock Exchange
Winston Score
71
Winston is happy
A high-quality business with solid fundamentals.
Data as of Oct 9, 2026 · filings through Mar 31, 2026

§How the score breaks down

Quality
Strong
23/30
Growth
Good
11/20
Cash Flow
Exceptional
9/10
Stability
Strong
7/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Exceptional
5/5

71 of 100 counted points = Winston Score 71.

§Winston Score History

The full picture

Ascencio is a Belgian real estate investment trust (REIT) that owns and rents out retail properties. Its portfolio focuses on out-of-town shopping centers and retail parks — the kind of large, open-air commercial spaces where grocery stores, home improvement shops, and everyday consumer brands set up shop. It operates primarily in Belgium, France, and Spain.

The company makes money by collecting rent from retail tenants on long-term leases, which produces steady, predictable income. With a gross margin near 86%, most of its rental revenue flows through to profit after property costs. Ascencio is a relatively small REIT at around $0.3 billion in market cap, but its focus on necessity-based retail — groceries, discount stores, and essential services — gives it some resilience compared to malls that depend on fashion or luxury spending. The main risk is rising interest rates, which increase borrowing costs and can compress property valuations, putting pressure on the dividend that income-focused investors rely on.

Growth Profile

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

Revenue Growth

+99.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+108.5% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

€0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

13.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€790M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue accelerating

Ascencio S.A. grew revenue 100% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

0.0% over 4y

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

Diluted shares outstanding: 6.6M (2021) → 6.6M (2025)

Score breakdown

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Quality

Profit per sale
Gross Margin
72.2%
Premium pricing power — 72.2% gross margin
Profit after running costs
Operating Margin
77.3%
Excellent — 77.3% operating margin
Return on the money invested
ROCE
8.5%
Below par — 8.5% 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
+33.5%
Fast-growing sales (+33.5% YoY)
Profit growth
EPS YoY
+1.8%
Flat earnings

Single-digit earnings growth — steady but not exciting.

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
99%
Turns 99% of profit into real cash
Spare cash per sale
FCF Margin
39.6%
Converts sales into free cash efficiently (39.6%)

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
0.76
Moderate — manageable debt (0.76)
Covers its interest
Interest Cover
9.49x
Comfortably covers interest (9.5x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
6.3x
Attractive valuation — P/E 6.3

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

Cheaper or dearer next year
P/E vs Forward
-2.8
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
5.94%
Healthy income — 5.94% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+18.2%
Dividend growing fast (18.2% YoY)

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