Deep Value: cash covers more than 100% of the stock price

This company holds roughly $72M in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Town Centre Securities

TOWN.L

REIT - Diversified · Real Estate

Price

129.50 GBp

+0.00 (+0.00%)

Market Cap

£54.4M

Exchange

London Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

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

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Mixed

Valuation

Data not available

Dividends

Strong

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Share count falling — buybacks

−20.6% over 4y

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

Diluted shares outstanding: 53.1M (2021) → 42.2M (2025)

Winston Score History

The full picture

Town Centre Securities PLC is a UK-based real estate investment trust (REIT) that owns and manages a portfolio of commercial properties. Its assets include retail spaces, offices, and car parks, primarily located in Leeds and other parts of northern England. The company also operates a car parking business called CitiPark, which runs multi-storey and surface car parks across several UK cities.

The company makes money by collecting rent from tenants in its properties and charging fees for car parking. It is a small-cap business focused almost entirely on the UK market, and its long-standing ownership of well-located urban properties in Leeds gives it a degree of local market familiarity. However, its low return on invested capital of around 2.7% reflects the broader challenges facing UK retail and office landlords, and the ongoing shift away from physical retail shopping remains a key risk to occupancy rates and rental income going forward.

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

+4.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-448.8% 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

41.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

→ Burn rate stable

£220M cash & investments at current burn rate

Growth context

Town Centre Securities is growing revenue at 4% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

35.2%

Modest — 35.2% gross margin

Profit after running costs

Operating Margin

27.9%

Excellent — 27.9% operating margin

Return on the money invested

ROCE

3.1%

Weak — 3.1% 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

+42.3%

Fast-growing sales (+42.3% YoY)

Profit growth

EPS YoY

N/A

Data not available

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

-2.4%

Burning cash (-2.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

1.33

Elevated debt (1.33)

Covers its interest

Interest Cover

1.05x

Dangerous — barely covers interest (1.1x)

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)

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

3.86%

Moderate income — 3.86% yield

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

Dividend record

Dividend Growth

+60.0%

Dividend growing fast (60.0% YoY)

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