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

This company holds roughly $425M 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.

Instone Real Estate Group SE

INS.DE

Real Estate - Development · Real Estate

Also trades as: 0ZQ7.L

Price

€7.70

+0.14 (+1.85%)

Market Cap

€333.6M

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Good

Cash Flow

Weak

Stability

Good

Valuation

Good

Dividends

Good

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Share count falling — buybacks

−7.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 47.0M (2021) → 43.3M (2025)

Winston Score History

The full picture

Instone Real Estate Group SE is a German residential property developer. The company designs and builds homes, apartments, and housing complexes, selling them primarily to private buyers and institutional investors. It is one of the larger residential developers in Germany, focused on urban and suburban locations across major German cities.

Instone makes money by purchasing land, developing residential properties, and selling the finished units. It operates entirely within Germany, with projects concentrated in high-demand cities like Hamburg, Berlin, Frankfurt, and Düsseldorf. The company's position in Germany's structurally undersupplied housing market provides some demand support, but rising construction costs, higher interest rates, and a slowdown in German property transactions have significantly pressured margins and sales volumes in recent years. The key risk going forward is whether buyer demand and financing conditions recover enough to allow Instone to work through its project pipeline at acceptable profit levels.

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

+20.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-112.6% 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

43.8%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€364M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth + cash flow

Instone Real Estate Group SE is a rare growth stock that's already generating positive cash flow while growing at 20%. 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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

22.4%

Thin — 22.4% gross margin

Profit after running costs

Operating Margin

4.4%

Thin — 4.4% operating margin

Return on the money invested

ROCE

6.7%

Weak — 6.7% 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

+25.4%

Fast-growing sales (+25.4% YoY)

Profit growth

EPS YoY

+73.5%

Earnings growing fast (+73.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

18%

Weak — only 18% of profit becomes cash

Spare cash per sale

FCF Margin

1.8%

Thin free cash flow (1.8%)

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

0.76

Moderate — manageable debt (0.76)

Covers its interest

Interest Cover

3.11x

Tight — interest eats into profit (3.1x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

7.0x

Attractive valuation — P/E 7.0

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

Cheaper or dearer next year

P/E vs Forward

-2.3

SLOWING

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

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Dividends

Dividend

Dividend Yield

5.66%

Healthy income — 5.66% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

N/A

Data not available

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