Globalworth Real Estate

LN: GWI

€2079.5m market cap

€9.35 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 continued to grow strongly in H119, expanding its portfolio in Romania and Poland, enlarging its capital base and simplifying its corporate structure. Net operating income increased 31.5% on H118, EPRA earnings by 38.0% to €37.3m, with EPRA EPS up 14.8% to 23.5 cents. EPRA NAV per share edged up to €9.05 and a H119 DPS of €0.30 (H118: €0.27) was paid in August. Proceeds from the c €500m issue of new shares during the period provided funding for continued portfolio investment and the acquisition of the outstanding minority in its Polish subsidiary where GWI now owns 99.9% and expects to complete the de-listing of the subsidiary by year-end. During H119 GWI committed c €283m to four standing asset acquisitions in Poland, continued to invest in its Romanian development projects, and sees further good opportunities for accretive acquisitions. The company plans to grow its successful logistics/light industrial platform (rebranded Globalworth Industrial) further and has entered a partnership with Global Vision for the JV development of two additional high-quality industrial sector projects.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2017A 51.1 N/A 26.2 17.9 52.2 85.6
2018A 133.4 N/A 115.3 46.0 20.3 15.4
2019E 154.3 N/A 205.4 50.1 18.7 16.3
2020E 185.8 N/A 263.0 59.6 15.7 13.4
Last updated on 18/10/2019
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 18/10/2019
Share price graph
Balance sheet
Forecast net debt (€m) 1183.4
Forecast gearing ratio (%) 91
Price performance
%
1m
3m
12m
Actual (2.6) 2.8 6.3
Relative* (0.9) 6.2 3.8
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