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Inclusio S.A.

INCLU.BR
54
Real Estate - Services · Real Estate
Price
€16.80
+0.00 (+0.00%)
Market Cap
€130.9M
Exchange
Euronext Brussels
Winston Score
54
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Sep 4, 2026 · filings through Dec 31, 2025
How the score breaks down
Quality
Strong
Growth
Mixed
Cash Flow
Mixed
Stability
Good
Valuation
Good
Dividends
Good

Share count rising — dilution

+2.6% over 4y

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

Diluted shares outstanding: 7.4M (2021) → 7.6M (2025)

Winston Score History

The full picture

Inclusio SA operates as a real estate company in Belgium. It engages in the provision of affordable rental housing, housing for persons with disabilities, and social infrastructures. Inclusio SA was formerly known as Bon Pasteur, SA and changed its name to Inclusio SA in 2014. Inclusio SA was incorporated in 2011 and is based in Brussels, Belgium.

Growth Profile

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

Revenue Growth

+1.6% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-10.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Cash Runway

~3 months

€270,259 cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

Inclusio S.A. has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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
80.0%
Premium pricing power — 80.0% gross margin
Profit after running costs
Operating Margin
50.8%
Excellent — 50.8% operating margin
Return on the money invested
ROCE
3.1%
Weak — 3.1% 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
+7.8%
Steady sales growth (+7.8% YoY)
Profit growth
EPS YoY
-22.9%
Earnings shrinking (-22.9% YoY)

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

How steady the profit is
EPS Consistency
2/6 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
25%
Weak — only 25% of profit becomes cash
Spare cash per sale
FCF Margin
18.5%
Converts sales into free cash efficiently (18.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.68
Moderate — manageable debt (0.68)
Covers its interest
Interest Cover
2.77x
Tight — interest eats into profit (2.8x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
8.3x
Attractive valuation — P/E 8.3

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

Cheaper or dearer next year
P/E vs Forward
-7.1
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
5.48%
Healthy income — 5.48% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
N/A
Data not available

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