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Reinet Investments S.C.A.

RNT.F
36
Asset Management · Financial Services
Price
€22.80
-0.60 (-2.56%)
Market Cap
€4.14B
Exchange
Frankfurt Stock Exchange
Winston Score
36
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
Weak

Share count falling — buybacks

95.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 184.3M (2022) → 8.9M (2026)

Winston Score History

The full picture

Reinet Investments S.C.A. 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 ownership stake in British American Tobacco (BAT), one of the world's largest tobacco companies, which gives Reinet most of its value.

Reinet makes money through dividends and capital gains from its portfolio of investments, not through traditional sales. Besides BAT, it holds stakes in private equity funds and other financial assets, giving it exposure to markets across Europe and beyond. The company is controlled by the Rupert family, a prominent South African business dynasty, which gives it a stable but concentrated ownership structure. The main risk Reinet faces is its heavy dependence on BAT, meaning that if tobacco industry revenues decline due to regulation or falling smoking rates, Reinet's overall value could drop significantly.

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

-117.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€0/ year

Research and development spending

Insider Activity

27.0%ownership

Insiders own a meaningful stake in the company

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

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
-131.3%
Earnings shrinking (-131.3% 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
17.7%
Converts sales into free cash efficiently (17.7%)

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
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
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
1.57%
Small dividend — 1.57% 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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