Globalworth Real Estate

LN: GWI

€2163.6m market cap

€9.68 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 almost €3bn 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. 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 and has agreed the acquisition of two Polish office developments at completion for a maximum €185m (expected rent of c €12m pa). The near-term investment pipeline includes three additional Polish assets, one standing and two under development with an expected consideration over time of c €135m.

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 54.5 90.2
2018A 133.4 N/A 115.3 46.0 21.2 16.1
2019E 143.8 N/A 160.8 43.4 22.5 55.0
2020E 176.1 N/A 201.7 46.6 20.9 18.5
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 23/01/2020
Share price graph
Balance sheet
Forecast net debt (€m) 1000
Forecast gearing ratio (%) 53
Price performance
%
1m
3m
12m
Actual 6.0 4.8 21.9
Relative* 5.6 (1.6) 10.5
52-week high/low €9.8/€7.9
*% relative to local index
Key management
Geoff Miller Chairman
loannis Papalekas CEO
Dimitris Raptis Deputy CEO and CIO