Globalworth Real Estate


€2030.4m market cap

€9.15 last close

Globalworth is a real estate investment company, incorporated in Guernsey and listed on AIM. The leading office investor in the CEE region, with a portfolio of more than €2.5bn in Romania and Poland, it targets a sustainable and growing dividend with capital growth.

Investment summary

GWI continues to grow strongly, expanding its portfolio in Romania and Poland, and enlarging its capital base. H119 net operating income increased 31.5% on H118, EPRA earnings by 38.0% and EPRA EPS was up 14.8% to 23.5 cents. EPRA NAV per share edged up to €9.05 and DPS increased to €0.30 (H118: €0.27). The H119 share issuance of c €500m provided funding for continued portfolio investment (including c €283m committed to standing asset acquisitions in Poland and investment in Romanian development projects) and the acquisition of the outstanding minority in its Polish subsidiary, now de-listed. In Romania two new industrial sector JV development projects were added. Detailed due diligence continues on further investment opportunities with an aggregate consideration in excess of €300m and since H119 GWI has issued a further 28.6m shares (14.7% of the existing) at €9.25 per share to raise gross proceeds of c €264m. The near-term investment pipeline includes five assets in Poland, one standing and four at various stages of development) with an expected consideration over time of c €320m.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2017A 51.1 N/A 26.2 17.9 51.1 83.8
2018A 133.4 N/A 115.3 46.0 19.9 15.1
2019E 154.3 N/A 205.4 50.1 18.3 15.9
2020E 185.8 N/A 263.0 59.6 15.4 13.1
Industry outlook

The Romanian and Polish economies continue to perform well, which should support occupier and investment demand for commercial property assets.

Last updated on 04/12/2019
Share price graph
Balance sheet
Forecast net debt (€m) 1183.4
Forecast gearing ratio (%) 91
Price performance
Actual (0.5) (1.1) 4.9
Relative* 1.1 (0.7) 0.8
52-week high/low €9.7/€7.9
*% relative to local index
Key management
Geoff Miller Chairman
loannis Papalekas CEO
Dimitris Raptis Deputy CEO and CIO