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Deep Value: cash covers more than 100% of the stock price

This company holds roughly $960M in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Globalworth Real Estate Investments Limited logo

Globalworth Real Estate Investments Limited

GWI.L
57
Real Estate - Services · Real Estate
Price
1.86 GBp
+0.04 (+2.20%)
Market Cap
£558.6M
Exchange
London Stock Exchange
Winston Score
57
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
Mixed
Cash Flow
Exceptional
Stability
Good
Valuation
Weak
Dividends
Good

Share count rising — dilution

+44.6% over 4y

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

Diluted shares outstanding: 221.3M (2021) → 319.9M (2025)

Winston Score History

The full picture

Globalworth Real Estate Investments is a property company that owns and rents out office buildings and business parks. Its main customers are large corporations and multinational companies looking for office space in Central and Eastern Europe. It is one of the largest office landlords in Poland and Romania, two of the fastest-growing business markets in the region.

The company makes money by collecting rent from tenants who sign long-term leases on its properties. It operates primarily in Warsaw and other major Polish cities, as well as Bucharest, Romania, and reports a high gross margin because property operating costs are relatively low compared to rental income. The main risk the business faces is rising interest rates and weak demand for office space, since many companies have reduced their office footprints following the shift toward remote and hybrid work.

Growth Profile

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

Revenue Growth

+6.7% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+103.1% 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

90.9%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€3.1B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth context

Globalworth Real Estate Investments Limited is growing revenue at 7% 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.

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Quality

Profit per sale
Gross Margin
57.3%
Premium pricing power — 57.3% gross margin
Profit after running costs
Operating Margin
44.1%
Excellent — 44.1% operating margin
Return on the money invested
ROCE
5.5%
Weak — 5.5% 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
+5.3%
Slow sales growth (+5.3% YoY)
Profit growth
EPS YoY
N/A
Data not available
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
785%
Turns 785% of profit into real cash
Spare cash per sale
FCF Margin
31.8%
Converts sales into free cash efficiently (31.8%)

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
0.92
Moderate — manageable debt (0.92)
Covers its interest
Interest Cover
4.37x
Adequate interest coverage (4.4x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
62.0x
Expensive — P/E 62.0

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
5.21%
Healthy income — 5.21% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
-46.3%
Dividend cut (-46.3% YoY) — warning sign

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