Care Property Invest S.A.

CPINV.BR

REIT - Healthcare Facilities · Real Estate

Price

€12.12

-0.14 (-1.14%)

Market Cap

€512.3M

Exchange

Euronext Brussels

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

Strong

Growth

Good

Cash Flow

Weak

Stability

Good

Valuation

Good

Dividends

Exceptional

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Share count rising — dilution

+34.8% over 4y

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

Diluted shares outstanding: 27.7M (2021) → 37.4M (2025)

Winston Score History

The full picture

Care Property Invest is a Belgian real estate company that owns and rents out buildings designed for elderly care and assisted living. Its tenants are care operators — companies and nonprofits that run nursing homes, assisted living facilities, and similar services for older adults. It is one of the largest listed healthcare real estate investors in Belgium and the Netherlands.

The company makes money by collecting long-term rental income from its care facility tenants, which explains its very high gross margins near 97%. It operates primarily in Belgium and the Netherlands, with a portfolio of roughly 100 properties. Its moat comes from long-term lease contracts and the fact that healthcare real estate is a specialized, regulated market that is hard for new competitors to enter quickly. The main growth driver is Europe's aging population, which steadily increases demand for senior care facilities — but rising interest rates are a key risk, since real estate companies like this one rely heavily on borrowed money to fund new properties.

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

+12.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-14.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

1.2%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

€1.2B cash & investments

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

Growth + cash flow

Care Property Invest S.A. is a rare growth stock that's already generating positive cash flow while growing at 13%. 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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

95.1%

Premium pricing power — 95.1% gross margin

Profit after running costs

Operating Margin

113.6%

Excellent — 113.6% operating margin

Return on the money invested

ROCE

5.4%

Weak — 5.4% 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

+6.4%

Slow sales growth (+6.4% YoY)

Profit growth

EPS YoY

+63.8%

Earnings growing fast (+63.8% 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

Weak — only 0% of profit becomes cash

Spare cash per sale

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.90

Moderate — manageable debt (0.90)

Covers its interest

Interest Cover

3.88x

Tight — interest eats into profit (3.9x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

8.0x

Attractive valuation — P/E 8.0

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

Cheaper or dearer next year

P/E vs Forward

-2.5

SLOWING

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

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Dividends

Dividend

Dividend Yield

7.91%

Healthy income — 7.91% yield

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

Dividend record

Dividend Growth

+14.5%

Dividend growing fast (14.5% YoY)

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