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Lowland Investment Company

LWI.L
68
Asset Management · Financial Services
Exchange
London Stock Exchange
Winston Score
68
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
Exceptional
Growth
Strong
Cash Flow
Weak
Stability
Exceptional
Valuation
Good
Dividends
Good

Winston Score History

The full picture

Lowland Investment Company is a UK-based investment trust that pools money from individual investors and puts it into shares of British companies. It focuses mainly on smaller and medium-sized UK businesses, aiming to grow investors' money over the long term through a mix of share price gains and dividend income. The trust is managed by Janus Henderson Investors and has operated for several decades.

Lowland makes money by charging an annual management fee based on the value of the assets it holds, which is a common model for investment trusts. It trades on the London Stock Exchange, giving everyday investors easy access to a diversified portfolio of UK equities without having to pick individual stocks themselves. The trust's main competitive edge is its long track record and experienced management team, but its performance is closely tied to the health of the UK economy and stock market, meaning a prolonged downturn in British equities would directly hurt returns for shareholders.

Growth Profile

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

Revenue Growth

+390.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+359.2% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

1.0%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

£440M cash & investments

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

Revenue accelerating

Lowland Investment Company grew revenue 391% 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
96.9%
Premium pricing power — 96.9% gross margin
Profit after running costs
Operating Margin
95.2%
Excellent — 95.2% operating margin
Return on the money invested
ROCE
21.8%
Exceptional — 21.8% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+156.4%
Fast-growing sales (+156.4% YoY)
Profit growth
EPS YoY
+543.6%
Earnings growing fast (+543.6% YoY)

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

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
15%
Weak — only 15% of profit becomes cash
Spare cash per sale
FCF Margin
5.5%
Thin free cash flow (5.5%)

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
0.18
Conservative — low debt load (0.18)
Covers its interest
Interest Cover
47.29x
Comfortably covers interest (47.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
4.6x
no trend
Attractive valuation — P/E 4.6

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

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

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Dividends

Dividend
Dividend Yield
3.65%
no trend
Moderate income — 3.65% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+4.2%
no trend
Dividend growing modestly (4.2% YoY)

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