Lokum Deweloper S.A.

LKD.WA

Real Estate - Development · Real Estate

Exchange

Warsaw Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Good

Dividends

Exceptional

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Winston Score History

The full picture

Lokum Deweloper S.A. is a Polish residential real estate developer that builds and sells apartments and housing units. Its main customers are individual homebuyers and investors looking for properties in Poland. The company focuses on the domestic housing market and operates primarily in major Polish cities.

The company makes money by developing residential projects and selling completed or pre-sold units to buyers, which is a one-time transaction model rather than recurring revenue. It is a smaller regional developer with a market cap of roughly $0.4 billion, competing in a fragmented Polish market alongside larger national developers like Dom Development and Develia. The main risk the business faces is sensitivity to rising interest rates and mortgage availability, since higher borrowing costs can quickly reduce demand for new apartments and slow down sales of future projects.

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

+218.5% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-83.2% YoY

YoY Growth Rate

Earnings declining

Insider Activity

16.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

107M PLN cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue accelerating

Lokum Deweloper S.A. grew revenue 219% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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

37.4%

Modest — 37.4% gross margin

Profit after running costs

Operating Margin

17.7%

Healthy — 17.7% operating margin

Return on the money invested

ROCE

1.6%

Weak — 1.6% 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

+18.7%

Fast-growing sales (+18.7% YoY)

Profit growth

EPS YoY

-87.4%

Earnings shrinking (-87.4% YoY)

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

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

-1304%

Weak — only -1304% of profit becomes cash

Spare cash per sale

FCF Margin

-57.7%

Burning cash (-57.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.27

Conservative — low debt load (0.27)

Covers its interest

Interest Cover

0.83x

Dangerous — barely covers interest (0.8x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

70.5x

no trend

Expensive — P/E 70.5

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

Cheaper or dearer next year

P/E vs Forward

+47.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (70.5 → 22.7)

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Dividends

Dividend

Dividend Yield

4.41%

no trend

Healthy income — 4.41% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+12.0%

no trend

Dividend growing fast (12.0% YoY)

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