Scottish Mortgage Investment Trust

SMT.L

Asset Management · Financial Services

Price

1359.00 GBp

-50.50 (-3.58%)

Market Cap

14.69B GBp

Exchange

London Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−21.0% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 1.43B (2022) → 1.13B (2026)

Scottish Mortgage Investment Trust is a large investment fund based in the United Kingdom that pools money from thousands of investors and uses it to buy shares in companies around the world. It is managed by Baillie Gifford, a Scottish investment firm, and focuses on finding fast-growing businesses in technology, healthcare, and other innovative industries. It is one of the largest investment trusts listed on the London Stock Exchange.

The trust makes money by charging a small annual management fee on the total assets it holds, which is why its margins are so high — it does not manufacture anything. It invests globally, with major holdings in both public companies and private (unlisted) businesses, giving ordinary investors access to companies they could not easily buy themselves. The key growth driver is its ability to identify high-growth companies early, but its heavy concentration in technology and unlisted assets means its share price can fall sharply when investor appetite for growth stocks weakens.

Winston Score History

Score breakdown

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Quality

Gross Margin

96.0%

Premium pricing power — 96.0% gross margin

Operating Margin

95.5%

Excellent — 95.5% operating margin

ROCE

3.2%

Weak — 3.2% 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

N/A

Data not available

EPS YoY

+852.4%

Earnings growing fast (852.4% YoY)

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

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

-3%

Weak — only -3% of profit becomes cash

FCF Margin

-2.5%

Burning cash (-2.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.12

Conservative — low debt load (0.12)

Interest Cover

73.94x

Comfortably covers interest (73.9x)

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

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Valuation

P/E Ratio (TTM)

226.5x

Expensive — P/E 226.5

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

0.34%

Small dividend — 0.34% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+7.3%

Dividend growing modestly (7.3% YoY)

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