€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
Sector |
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| Financials & real estate |
Share price graph
Balance sheet |
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|---|---|
| Forecast net debt (€m) | 1000 |
| Forecast gearing ratio (%) | 53 |
Price performance
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3m |
12m |
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Key management |
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|---|---|
| Geoff Miller | Chairman |
| loannis Papalekas | CEO |
| Dimitris Raptis | Deputy CEO and CIO |
Content on Globalworth Real Estate
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