Stock

Montea Comm. VA

0LBY.L
64
REIT - Industrial · Real Estate
Price
84.50 GBp
+0.00 (+0.00%)
Market Cap
£1.33B
Exchange
London Stock Exchange
Winston Score
64
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 8, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
22/30
Growth
Mixed
7/20
Cash Flow
Strong
7/10
Stability
Strong
8/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Strong
4/5

64 of 100 counted points = Winston Score 64.

Share count rising — dilution

+42.8% over 4y

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

Diluted shares outstanding: 16.1M (2021) → 23.0M (2025)

§Winston Score History

The full picture

Montea is a Belgian real estate company that owns and rents out large warehouses and logistics buildings. Its tenants are businesses that need space to store and ship goods — think e-commerce retailers, manufacturers, and freight companies. Montea is listed on the Euronext Brussels exchange and focuses specifically on modern logistics real estate across Western Europe.

The company makes money by collecting rent from long-term lease agreements with its tenants, which creates a steady and predictable income stream. Montea operates mainly in Belgium, France, the Netherlands, and Germany — four of Europe's busiest logistics corridors. Its competitive position comes from owning well-located properties near major highways and ports, which are hard to replace. The key growth driver is continued demand for warehouse space tied to e-commerce expansion, but rising interest rates are a real risk, since REITs like Montea borrow heavily to buy properties and higher borrowing costs can squeeze returns.

Growth Profile

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

Revenue Growth

+11.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-37.8% 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

15.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€152M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Growth + cash flow

Montea Comm. VA 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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
88.3%
Premium pricing power — 88.3% gross margin
Profit after running costs
Operating Margin
66.3%
Excellent — 66.3% operating margin
Return on the money invested
ROCE
5.6%
Weak — 5.6% 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
+16.7%
Fast-growing sales (+16.7% YoY)
Profit growth
EPS YoY
-7.6%
Earnings shrinking (-7.6% YoY)

Slight earnings drop. Typical near a cyclical low.

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
79%
Modest — 79% of profit becomes cash
Spare cash per sale
FCF Margin
59.5%
Converts sales into free cash efficiently (59.5%)

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
0.72
Moderate — manageable debt (0.72)
Covers its interest
Interest Cover
100.00x
Comfortably covers interest (100.0x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
6.6x
Attractive valuation — P/E 6.6

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
3.25%
Moderate income — 3.25% yield

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

Dividend record
Dividend Growth
+38.0%
Dividend growing fast (38.0% YoY)

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