Custodian REIT

CREI.L

REIT - Diversified · Real Estate

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 Mar 31, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Good

Stability

Strong

Valuation

Good

Dividends

Exceptional

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Winston Score History

The full picture

Custodian REIT is a UK-based real estate investment trust that owns a large portfolio of commercial properties across the United Kingdom. Its properties include warehouses, offices, retail units, and industrial buildings, which it rents out to businesses of all sizes. The company focuses on smaller, regional properties spread across many locations rather than concentrating on a few large city-centre assets.

The company makes money by collecting rent from its tenants, then passing most of that income to shareholders as dividends — which is required by law for REITs. It operates entirely within the UK and has a market value of around £400 million, making it a mid-sized player in the British commercial property market. Its spread across many property types and regions reduces the risk of any single tenant or location hurting the whole portfolio, but rising interest rates and weak demand for office space remain the key risks to its rental income and property values going forward.

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

+14.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-16.1% YoY

YoY Growth Rate

Earnings declining

Insider Activity

0.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£682M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Growth + cash flow

Custodian REIT 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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

69.9%

Premium pricing power — 69.9% gross margin

Profit after running costs

Operating Margin

69.0%

Excellent — 69.0% operating margin

Return on the money invested

ROCE

5.3%

Weak — 5.3% 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

+9.1%

Steady sales growth (+9.1% YoY)

Profit growth

EPS YoY

+21.3%

Earnings growing fast (+21.3% YoY)

Healthy double-digit earnings growth — what compounders look like.

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

58%

Weak — only 58% of profit becomes cash

Spare cash per sale

FCF Margin

30.1%

Converts sales into free cash efficiently (30.1%)

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

0.38

Conservative — low debt load (0.38)

Covers its interest

Interest Cover

4.89x

Adequate interest coverage (4.9x)

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

no trend

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

-5.0

SLOWING

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

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Dividends

Dividend

Dividend Yield

7.24%

no trend

Healthy income — 7.24% yield

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

Dividend record

Dividend Growth

+11.1%

no trend

Dividend growing fast (11.1% YoY)

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