Globalworth Real Estate

LN: GWI

€1186.9m market cap

€8.75 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 approaching €2.5bn in Romania and Poland, it targets a sustainable and growing dividend with capital growth.

Investment summary

A strong FY18 performance for FY18 included a full-year earnings contribution from Globalworth Poland and good underlying progress from the existing portfolio. The results appear consistent with our recently published multi-year forecasts, which we will review in detail in the coming days. These look for strong future growth from adding value to existing assets and further developments, against a positive operating environment in Romania and Poland. Not included in those forecasts were potential further accretive acquisitions although Globalworth Real Estate (GWI) continues to evaluate a strong pipeline of opportunities. To fund investments, including acquisitions and the planned elimination of the Globalworth Poland minority interest, GWI intends to issue up to €500m of additional equity capital.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2017A 51.1 N/A 17.4 17.9 48.9 18.5
2018A 133.4 N/A 78.5 46.0 19.0 48.5
2019E N/A N/A N/A N/A N/A N/A
2020E N/A N/A N/A N/A N/A N/A
Last updated on 20/03/2019
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 20/03/2019
Share price graph
Balance sheet
Forecast net debt (€m) N/A
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 7.4 2.9 (4.4)
Relative* 6.4 (5.5) (6.4)
52-week high/low €9.6/€7.9
*% relative to local index
Key management
Geoff Miller Chairman
loannis Papalekas CEO
Dimitris Raptis Deputy CEO and CIO