Panther Securities

PNS.L

Real Estate - Services · Real Estate

Exchange

London Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Good

Stability

Good

Valuation

Good

Dividends

Exceptional

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Winston Score History

The full picture

Panther Securities is a UK-based property investment company. It buys commercial and residential properties, then rents them out to tenants to generate income. Its portfolio includes retail units, offices, and other commercial spaces, mostly located across England.

The company makes most of its money from rental income collected from tenants on long-term leases. It is a small company, with a market value of around £100 million, and its edge comes from owning its properties outright with relatively low debt, giving it stability during downturns. Panther also holds a portfolio of listed shares and financial instruments, which adds some investment income but also introduces volatility. The main risk the business faces is the ongoing weakness in UK retail property, where falling demand from shop tenants and rising vacancies could pressure rental income and the value of its assets over time.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

49.1%

Healthy — 49.1% gross margin

Profit after running costs

Operating Margin

40.8%

Excellent — 40.8% operating margin

Return on the money invested

ROCE

3.8%

Weak — 3.8% 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

-5.1%

Shrinking sales (-5.1% YoY)

Profit growth

EPS YoY

-35.8%

Earnings shrinking (-35.8% 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

67%

Modest — 67% of profit becomes cash

Spare cash per sale

FCF Margin

19.0%

Converts sales into free cash efficiently (19.0%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.48

Conservative — low debt load (0.48)

Covers its interest

Interest Cover

1.40x

Dangerous — barely covers interest (1.4x)

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)

12.1x

no trend

Attractive valuation — P/E 12.1

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

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

7.43%

no trend

Healthy income — 7.43% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+21.4%

no trend

Dividend growing fast (21.4% YoY)

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