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CPI Property

O5G.DE
39
Real Estate - Development · Real Estate
Price
€0.74
+0.00 (+0.00%)
Market Cap
€6.62B
Exchange
Frankfurt Stock Exchange
Winston Score
39
Winston is serious
Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+2.9% over 4y

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

Diluted shares outstanding: 8.14B (2021) → 8.37B (2025)

CPI Property Group is a large real estate company that owns and rents out buildings across Central and Eastern Europe. Its main assets are office buildings, shopping centers, hotels, and residential apartments. The company's biggest markets are Germany, the Czech Republic, and other European countries, and its tenants include businesses, retailers, and individual renters.

CPI makes money by collecting rent from the tenants who use its properties. It is one of the largest real estate landlords in Central and Eastern Europe by asset value, which gives it some scale advantages over smaller competitors. However, the company carries a significant amount of debt, which is common in real estate but creates risk when interest rates are high — higher borrowing costs can squeeze profits and make it harder to refinance loans. The key challenge going forward is managing that debt load while keeping properties occupied in an environment where office demand in particular remains uncertain.

Winston Score History

Growth Profile

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

Revenue Growth

-2.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+124.7% 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

89.3%ownership

Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

$1.0B cash & investments

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

Revenue declining

CPI Property's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

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Quality

Gross Margin
42.5%
Healthy — 42.5% gross margin
Operating Margin
44.4%
Excellent — 44.4% operating margin
ROCE
1.1%
Weak — 1.1% 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
-11.1%
Shrinking sales (-11.1% YoY)
EPS YoY
N/A
Data not available
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
0%
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
2.35
Heavy debt load (2.35)
Interest Cover
2.12x
Tight — interest eats into profit (2.1x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)
24.7x
Growth-priced — P/E 24.7

P/E above the market average. People are paying up for expected growth.

P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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