Aedifica S.A.

AED.BR

REIT - Healthcare Facilities · Real Estate

Price

€69.55

-0.75 (-1.07%)

Market Cap

€3.46B

Exchange

Euronext Brussels

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+33.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 35.6M (2021) → 47.5M (2025)

Aedifica is a Belgian real estate company that owns and rents out buildings where elderly people live and receive care, such as nursing homes and assisted living facilities. Its main customers are healthcare operators — companies that run these care homes and pay Aedifica rent to use the buildings. Aedifica is one of the largest listed healthcare real estate investors in Europe.

The company makes money by collecting rent from long-term lease agreements with care home operators, which creates a steady and predictable income stream. Aedifica operates mainly in Belgium, Germany, the Netherlands, the United Kingdom, and other Northern European countries, with a portfolio worth several billion euros. Its main competitive advantage is its focus on a specialized property type that is in growing demand, but its key risk is rising interest rates, which increase borrowing costs and can pressure the value of its property portfolio.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+23.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+481.8% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.0%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$12.6B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Aedifica S.A. is a rare growth stock that's already generating positive cash flow while growing at 23%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

90.8%

Premium pricing power — 90.8% gross margin

Operating Margin

366.8%

Excellent — 366.8% operating margin

ROCE

3.7%

Weak — 3.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+9.2%

Steady sales growth (9.2% YoY)

EPS YoY

+184.7%

Earnings growing fast (184.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

Weak — only 0% of profit becomes cash

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.73

Moderate — manageable debt (0.73)

Interest Cover

22.60x

Comfortably covers interest (22.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

6.0x

Attractive valuation — P/E 6.0

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-6.8

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

4.00%

Moderate income — 4.00% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+60.7%

Dividend growing fast (60.7% YoY)

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