Globalworth Real Estate

LN: GWI

€1288m market cap

€5.73 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’s dynamic growth continued in FY19 with the capital base and income-generating portfolio expanded, the development pipeline extended, and the group structure simplified. As at 23 April, as the COVID-19 pandemic continued to spread, GWI had not seen any significant impact on its core office portfolio, with co-working office tenants most affected and around half of retail tenants closing operation. The company was working with tenants to optimise rental receipts while reducing costs and curtailing investment to preserve cash. End-FY19 LTV was 35% and including drawing on various committed and new debt facilities, liquidity had increased from €290m to €550m.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2018A 133.4 N/A 78.5 46.0 12.6 0.0
2019A 147.7 N/A 88.7 44.0 13.2 0.0
2020E N/A N/A N/A N/A N/A N/A
2021E N/A N/A N/A N/A N/A N/A
Industry outlook

The commercial property market is cyclical, historically exhibiting substantial swings in valuation through cycles while income returns have been more stable, but still fluctuating according to tenant demand and rent terms. The extent and duration of the impact of the global pandemic on the economic outlook is for now uncertain, but over the longer term the Romanian and Polish economies in which GWI operates should be well placed to benefit from a normalisation.

Last updated on 22/07/2020
Register to receive research on Globalworth Real Estate as it is published
Share price graph
Balance sheet
Forecast net debt (€m) 1000
Forecast gearing ratio (%) 53
Price performance
%
1m
3m
12m
Actual (5.3) 1.8 (36.8)
Relative* (3.8) (5.2) (24.3)
52-week high/low €10.1/€5.5
*% relative to local index
Key management
Geoff Miller Chairman
loannis Papalekas CEO
Dimitris Raptis Deputy CEO and CIO