Zug Estates Holding AG

ZUGN.SW

Real Estate - Development · Real Estate

Also trades as: 0QPW.L

Price

CHF 2140.00

+0.00 (+0.00%)

Market Cap

CHF 1.09B

Exchange

SIX Swiss Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Mixed

Stability

Good

Valuation

Mixed

Dividends

Strong

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Winston Score History

The full picture

Zug Estates Holding AG is a Swiss real estate company based in the canton of Zug, one of the wealthiest regions in Switzerland. It owns and manages a portfolio of commercial and residential properties, renting space to businesses, retailers, and residents. The company is best known for the Metroquartier Zug, a large mixed-use development that combines offices, apartments, hotels, and shops in a single urban district.

The company makes money primarily through rental income from its properties, giving it a steady, recurring revenue stream. It operates almost entirely within Switzerland, making it a highly local business with limited geographic diversification. Zug's low corporate tax rates attract multinational companies, which supports strong demand for office and commercial space in the region — that is the core competitive advantage here. The main risk is concentration: if businesses leave the canton of Zug or the Swiss real estate market softens, the company has few other markets to fall back on.

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

+1.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-32.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

CHF 0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

50.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

CHF 1.9B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth context

Zug Estates Holding AG is growing revenue at 1% 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.

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: 510K (2021) → 510K (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

84.5%

Premium pricing power — 84.5% gross margin

Profit after running costs

Operating Margin

63.7%

Excellent — 63.7% operating margin

Return on the money invested

ROCE

3.2%

Weak — 3.2% 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

+1.4%

Nearly flat sales (+1.4% YoY)

Profit growth

EPS YoY

-32.2%

Earnings shrinking (-32.2% YoY)

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

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

80%

Modest — 80% of profit becomes cash

Spare cash per sale

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.62

Moderate — manageable debt (0.62)

Covers its interest

Interest Cover

5.49x

Adequate interest coverage (5.5x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

17.0x

Fair value — P/E 17.0

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

-12.2

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

2.22%

Moderate income — 2.22% yield

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

Dividend record

Dividend Growth

+28.8%

Dividend growing fast (28.8% YoY)

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