Zug Estates Holding AG Class B (0QPW.L) Stock Analysis & Winston Score

Zug Estates Holding AG is a Swiss real estate company based in the canton of Zug, one of the wealthiest regions in Switzerland. It owns and manages a portfolio of commercial and residential properties, renting space to businesses, office tenants, and residents. The company is known for developing the Metalli district in Zug city, a mixed-use area that includes offices, retail, hotels, and apartments.

The company makes money primarily by collecting rent from its tenants, which explains its very high gross margins. It operates almost entirely within Switzerland, making it a small, geographically concentrated business with a market cap around $1.1 billion. Its main competitive advantage is owning prime, hard-to-replicate real estate in a low-tax, high-demand Swiss canton that attracts wealthy individuals and multinational companies. The key risk is that its heavy concentration in a single region means any slowdown in the local economy or a drop in demand for Zug office space could meaningfully hurt its rental income.

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

+1.7% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-30.5% YoY

YoY Growth Rate

Earnings declining

Insider Activity

50.5%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$14M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth context

Zug Estates Holding AG Class B is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

80.9%

Premium pricing power — 80.9% gross margin

Operating Margin

59.3%

Excellent — 59.3% operating margin

ROCE

1.6%

Weak — 1.6% 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

+293.1%

Earnings growing fast (293.1% 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

65%

Modest — 65% of profit becomes cash

FCF Margin

38.1%

Converts sales into free cash efficiently (38.1%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.61

Moderate — manageable debt (0.61)

Interest Cover

14.96x

Comfortably covers interest (15.0x)

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

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Valuation

P/E Ratio (TTM)

12.9x

no trend

Attractive valuation — P/E 12.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

-15.5

SLOWING

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

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Dividends

Dividend Yield

2.30%

no trend

Moderate income — 2.30% yield

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

Dividend Growth

+17.9%

no trend

Dividend growing fast (17.9% YoY)

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