Care Property Invest S.A.

0R6H.L

REIT - Healthcare Facilities · Real Estate

Price

12.64 GBp

-0.04 (-0.32%)

Market Cap

£489.4M

Exchange

London Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+34.8% over 4y

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

Diluted shares outstanding: 27.7M (2021) → 37.4M (2025)

Care Property Invest is a Belgian real estate company that owns and rents out buildings used for elderly care and assisted living. Its tenants are care operators — companies and nonprofits that run nursing homes, residential care facilities, and similar services for older adults and people with disabilities. It is one of the larger listed healthcare real estate investors focused on the Benelux region and Spain.

The company makes money by collecting long-term rental income from its care facility tenants, which explains its very high gross margins. It operates mainly in Belgium, the Netherlands, and Spain, with a portfolio of around 100 properties. Its competitive position rests on long lease contracts and the fact that healthcare real estate is a specialized niche that most generalist landlords avoid. The key growth driver is Europe's aging population, which steadily increases demand for care beds — but rising interest rates are a real risk, since the company relies on debt to fund new property acquisitions.

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

+12.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-14.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.0%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$3M cash & investments

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

Growth + cash flow

Care Property Invest S.A. is a rare growth stock that's already generating positive cash flow while growing at 13%. 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

95.1%

Premium pricing power — 95.1% gross margin

Operating Margin

113.6%

Excellent — 113.6% operating margin

ROCE

1.7%

Weak — 1.7% 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

+6.2%

Slow sales growth (6.2% YoY)

EPS YoY

+63.8%

Earnings growing fast (63.8% YoY)

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

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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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

0.90

Moderate — manageable debt (0.90)

Interest Cover

7.10x

Adequate interest coverage (7.1x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

8.4x

Attractive valuation — P/E 8.4

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

P/E vs Forward

-2.1

SLOWING

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

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Dividends

Dividend Yield

7.94%

Healthy income — 7.94% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

+22.7%

Dividend growing fast (22.7% YoY)

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