Novavest Real Estate AG

NREN.SW

Real Estate - Diversified · Real Estate

Exchange

SIX Swiss Exchange

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

Good

Cash Flow

Strong

Stability

Good

Valuation

Good

Dividends

Mixed

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Winston Score History

The full picture

Novavest Real Estate AG is a Swiss real estate company that owns and manages a portfolio of residential and commercial properties. Its main customers are tenants — people renting apartments and businesses renting office or retail space. The company focuses primarily on the Swiss real estate market, which is known for being stable and expensive.

Novavest makes money by collecting rent from its tenants, which explains its high gross margins. It operates entirely within Switzerland, and its portfolio is relatively small at around $0.4 billion in market value. Its competitive position comes partly from owning properties in a country with strict zoning laws and limited housing supply, which helps protect property values. However, the company's low return on invested capital of roughly 2.9% suggests it earns modest profits relative to the assets it holds, and rising interest rates in Switzerland could increase borrowing costs and pressure future returns.

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

+14.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+25.3% YoY

YoY Growth Rate

Strong earnings growth

Insider Activity

8.0%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

CHF 915M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Novavest Real Estate AG is a rare growth stock that's already generating positive cash flow while growing at 15%. 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

85.9%

Premium pricing power — 85.9% gross margin

Profit after running costs

Operating Margin

72.7%

Excellent — 72.7% operating margin

Return on the money invested

ROCE

3.5%

Weak — 3.5% 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

+6.5%

Slow sales growth (+6.5% YoY)

Profit growth

EPS YoY

+15.2%

Earnings growing fast (+15.2% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

66%

Modest — 66% of profit becomes 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

1.04

Elevated debt (1.04)

Covers its interest

Interest Cover

5.70x

Adequate interest coverage (5.7x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

12.8x

no trend

Attractive valuation — P/E 12.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

-2.6

SLOWING

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

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Dividends

Dividend

Dividend Yield

3.68%

no trend

Moderate income — 3.68% yield

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

Dividend record

Dividend Growth

-18.6%

no trend

Dividend cut (-18.6% YoY) — warning sign

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