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Züblin Immobilien Holding AG

0REW.L
69
Real Estate - Services · Real Estate
Price
49.90 GBp
+0.20 (+0.40%)
Market Cap
£165.6M
Exchange
London Stock Exchange
Winston Score
69
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 24, 2026 · filings through Mar 31, 2026

§How the score breaks down

Quality
Strong
21/30
Growth
Strong
15/20
Cash Flow
Strong
7/10
Stability
Strong
8/10
Valuation
Mixed
3/10
Ownership
Good
10/15
Dividends
Exceptional
5/5

69 of 100 counted points = Winston Score 69.

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§Winston Score History

The full picture

Züblin Immobilien Holding AG is a Swiss real estate company that owns and manages commercial office properties. Its main customers are businesses that rent office space, primarily in major European cities. The company focuses on a relatively small portfolio of high-quality office buildings rather than spreading across many property types.

Züblin makes money by collecting rent from tenants who lease its office spaces, which explains the very high gross margins typical of property-owning businesses. It operates mainly in Switzerland and select Western European markets and is a small player by global standards, with a market cap around $0.2 billion. The company's low return on invested capital of 2.2% signals that generating strong profits relative to the value of its properties remains a challenge, and its main risk is exposure to shifting demand for office space as remote and hybrid work arrangements reduce how much office space companies need long-term.

Growth Profile

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

Revenue Growth

+103.8% YoY

YoY Growth Rate

Revenue accelerating

Reported EPS Growth

+2.1% YoY

Half-year reporting periods ended:

31 Mar 2025: CHF 0.94

31 Mar 2026: CHF 0.96

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS increased year over year

R&D Spend

CHF 0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

68.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

CHF 254M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Revenue accelerating

Züblin Immobilien Holding AG grew revenue 104% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 3.3M (2022) → 3.3M (2026)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
97.2%
Premium pricing power — 97.2% gross margin
Profit after running costs
Operating Margin
68.8%
Excellent — 68.8% 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
+40.0%
Fast-growing sales (+40.0% YoY)
Profit growth
EPS YoY
+35.9%
Earnings growing fast (+35.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
79%
Modest — 79% of profit becomes cash
Spare cash per sale
FCF Margin
60.6%
Converts sales into free cash efficiently (60.6%)

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
0.48
Conservative — low debt load (0.48)
Covers its interest
Interest Cover
8.57x
Comfortably covers interest (8.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
23.0x
Growth-priced — P/E 23.0

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend
Dividend Yield
4.29%
Healthy income — 4.29% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+31.3%
Dividend growing fast (31.3% YoY)

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