Globalworth Real Estate


€1119m market cap

€8.25 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 €2.5 billion in Romania and Poland, it targets a sustainable and growing dividend with capital growth.

Investment summary

GWI will report 2018 preliminary results in March. Interim results confirmed strong growth in all financial metrics, driven by the late 2017 acquisition of GPRE (Globalworth Poland) and ongoing investment in acquisitions and developments. During H218, three additional office buildings in central Warsaw have been acquired for an aggregate €291m, adding €17.8m to annual contracted rents. In our recent publication we forecast an end-FY18 portfolio value approaching €2.5bn, split broadly equally between Romania and Poland, with annualised contracted rents of c €156m. Reflecting strongly growing cash flows the H218 DPS was confirmed at €0.27, taking the full year total to €0.54. In a move towards welcome simplification, GWI has agreed a share exchange with certain shareholders in its Polish subsidiary that will see its ownership increase to 73.7%.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2016A 43.6 N/A 8.8 13.3 62.0 12.1
2017A 51.1 N/A 17.4 17.9 46.1 32.0
2018E 116.5 N/A 68.8 41.8 19.7 10.7
2019E 149.3 N/A 102.8 55.1 15.0 8.0
Last updated on 21/02/2019
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 21/02/2019
Share price graph
Balance sheet
Forecast net debt (€m) 1039.7
Forecast gearing ratio (%) 78411
Price performance
Actual 3.1 (6.5) (7.6)
Relative* 0.4 (8.3) (5.8)
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