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Reinet Investments S.C.A.

REINA.AS
39
Asset Management · Financial Services
Exchange
Euronext Amsterdam
Winston Score
39
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Aug 23, 2026 · filings through Mar 31, 2026
How the score breaks down
Quality
Good
Growth
Weak
Cash Flow
Mixed
Stability
Data not available
Valuation
Data not available
Dividends
Good

Winston Score History

The full picture

Reinet Investments is a Luxembourg-based investment holding company. It owns stakes in other businesses rather than selling products or services directly. Its biggest and most important holding is a large stake in British American Tobacco, one of the world's largest tobacco companies, which makes up a significant portion of Reinet's overall value.

Reinet makes money through dividends, interest, and gains from its investments. It is listed on the Euronext Amsterdam exchange and is controlled by the Rupert family, a prominent South African business dynasty with deep roots in luxury goods and tobacco. Because so much of its value is tied to British American Tobacco, Reinet's performance is heavily linked to the long-term health of the tobacco industry, which faces ongoing regulatory pressure and declining cigarette volumes in many markets as smoking rates fall globally.

Growth Profile

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

Revenue Growth

-110.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-116.8% YoY

YoY Growth Rate

Earnings declining

Insider Activity

27.0%ownership

Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€6.6B cash & investments

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

Revenue declining

Reinet Investments S.C.A.'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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
4900.0%
Premium pricing power — 4900.0% gross margin
Profit after running costs
Operating Margin
117.3%
Excellent — 117.3% operating margin
Return on the money invested
ROCE
-2.7%
Weak — -2.7% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
-62.4%
Shrinking sales (-62.4% YoY)
Profit growth
EPS YoY
-131.1%
Earnings shrinking (-131.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
81.0%
Converts sales into free cash efficiently (81.0%)

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
N/A
Data not available
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
no trend
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
1.53%
no trend
Small dividend — 1.53% yield

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

Dividend record
Dividend Growth
+60.1%
no trend
Dividend growing fast (60.1% YoY)

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