Lumo Kodit Oyj

LUMO.HE

Real Estate - Development · Real Estate

Price

€8.11

+0.20 (+2.47%)

Market Cap

€2.15B

Exchange

NASDAQ Helsinki

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Exceptional

Stability

Good

Valuation

Strong

Dividends

Weak

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Winston Score History

The full picture

Lumo Kodit Oyj is a Finnish residential real estate company that owns and rents out apartments to people looking for a place to live. It focuses entirely on rental housing, meaning it does not sell homes — it keeps them and collects rent. The company operates under the "Lumo" brand and is one of the largest private rental apartment owners in Finland.

Lumo Kodit makes money by charging monthly rent on its portfolio of thousands of apartments, mostly located in Finland's largest cities like Helsinki, Tampere, and Turku. This rental income model provides relatively steady cash flow, and owning a large portfolio of urban apartments gives the company some pricing power in tight housing markets. However, the company's low return on invested capital (around 1.9%) signals that its large property base is expensive to maintain and finance, and rising interest rates in recent years have put pressure on profitability — making debt costs a key risk to watch going forward.

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

+10.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+693.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

32.2%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

€8.5B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Growth + cash flow

Lumo Kodit Oyj is a rare growth stock that's already generating positive cash flow while growing at 11%. 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.

Share count broadly stable

−0.4% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 247.1M (2021) → 246.1M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

73.5%

Premium pricing power — 73.5% gross margin

Profit after running costs

Operating Margin

64.4%

Excellent — 64.4% operating margin

Return on the money invested

ROCE

3.4%

Weak — 3.4% 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

+1.9%

Nearly flat sales (+1.9% YoY)

Profit growth

EPS YoY

+63.7%

Earnings growing fast (+63.7% 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

136%

Turns 136% of profit into real cash

Spare cash per sale

FCF Margin

26.1%

Converts sales into free cash efficiently (26.1%)

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

0.97

Moderate — manageable debt (0.97)

Covers its interest

Interest Cover

2.09x

Tight — interest eats into profit (2.1x)

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)

23.2x

Growth-priced — P/E 23.2

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+11.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (23.2 → 12.2)

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Dividends

Dividend

Dividend Yield

1.40%

Small dividend — 1.40% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

N/A

Data not available

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