# Glenveagh Properties (GVR.IR)

Canonical: https://gigainvestors.com/s/GVR.IR

Analysis as of: 2026-10-16T07:42:53.452Z. Financial observations: FY2017–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 2.34 per share; close as of 2026-10-15.

Estimated value: low EUR 1.69 per share, central EUR 1.91 per share, high EUR 2.20 per share. Buy at or below the central value EUR 1.91 per share. Valuation as of 2026-10-16T07:42:53.452Z; scenarios are not confidence intervals.

Expected annual return: 8.6% at the stated quote. About 8.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; IE 10-year bond 3.6% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 2

- Years with a net loss: 3

- Operating margin variation: 2.90×

Chart: Operating margin; fiscal year observations.

- FY2017: -36.30×

- FY2018: -0.03×

- FY2019: 0.10×

- FY2020: 0.03×

- FY2021: 0.11×

- FY2022: 0.11×

- FY2023: 0.12×

- FY2024: 0.15×

- FY2025: 0.16×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 5.3%

- ROIC, second-lowest year: -0.3%

- Typical minus recent gross margin: -3.0 pp

- Typical gross margin (annual median): 18.2%

- Recent gross margin (lower of latest and 3-year median): 21.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.9%

- ROIC including acquisitions, ten-year median: 4.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -14.1%

- FY2018: -0.3%

- FY2019: 3.1%

- FY2020: 0.7%

- FY2021: 5.3%

- FY2022: 8.3%

- FY2023: 8.4%

- FY2024: 11.3%

- FY2025: 11.9%

### economics: pass

- Owner earnings / net income, 5-yr: 0.92×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 315M

- Net income, five-year total: EUR 343M

- Return on incremental invested capital: 21.8%

- Working capital / revenue, annual change: -1065.6 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 0.91×

- FY2023: 0.65×

- FY2024: 0.99×

- FY2025: 0.95×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -0.3% vs 11.3%

- Per-share earnings: -0.00 to 0.17 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: -9.8%

- Market cap gain: EUR 127M

- Cumulative retained earnings: EUR 624M

- Diluted shares, 5-year annual growth: -9.8%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR 0.18

- Per-share value, starting three-year median: EUR -0.00

- Per-share value, ending three-year median: EUR 0.17

- Buybacks concentrated in cheaper years (correlation): -0.70

- Average buyback yield: 11.3%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: -0.3%

- ROIC, last three-year median: 11.3%

Chart: Earnings per share; fiscal year observations.

- FY2017: EUR -0.07

- FY2018: EUR -0.00

- FY2019: EUR 0.03

- FY2020: EUR -0.02

- FY2021: EUR 0.05

- FY2022: EUR 0.08

- FY2023: EUR 0.08

- FY2024: EUR 0.17

- FY2025: EUR 0.21

### accounting: pass

- Sloan accruals: 0.6%

- Receivables to sales index (DSRI): 1.06×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 8.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.93×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 19.5%

- FY2018: 45.2%

- FY2019: 9.6%

- FY2020: -0.3%

- FY2021: -6.9%

- FY2022: -10.1%

- FY2023: -0.4%

- FY2024: 16.2%

- FY2025: 0.6%

## Holders

## Price story

Price needs cash profits to grow 3.6% a year for ten years · sales +6.5%

Story as of 2026-10-16T10:00:12.542Z; price observation 2026-10-15.

Price needs cash profits to grow 3.6% a year for ten years

### Sales · FY2024–2025

sales +6.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: EUR 1.4M 

- FY2018: EUR 84M 

- FY2019: EUR 285M 

- FY2020: EUR 232M 

- FY2021: EUR 477M 

- FY2022: EUR 645M 

- FY2023: EUR 608M 

- FY2024: EUR 869M 

- FY2025: EUR 926M 

### Gross margin · FY2025

gross margin 21.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 36.8% 

- FY2018: 18.2% 

- FY2019: 18.1% 

- FY2020: 12.8% 

- FY2021: 17.4% 

- FY2022: 16.8% 

- FY2023: 18.5% 

- FY2024: 21.2% 

- FY2025: 21.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in residential construction; annual sales are EUR 925.9 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:53.452Z); FY2025: revenue 925879000; grossProfit 197913000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GVR.IR: Glenveagh Properties PLC, together with its subsidiaries, engages in the construction and sale of houses and apartments for private buyers, local authorities, and the private rental sector in Ireland. It operates through Homebuilding and Partnerships segments. The company develops own-door single-family properties in Dublin, the Greater Dublin Area, and Cork; and suburban single-family focused and urban multi-family focused properties. It also provides financing and manufacturing services. Glenveagh Properties PLC was founded in 2003 and is headquartered in Maynooth, Ireland.

### Why customers stay

Margins ranged from 18.5% to 21.4% during 2023–25; it earns 5.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:53.452Z); FY2023: grossProfit / revenue = 18.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:53.452Z); FY2024: grossProfit / revenue = 21.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:53.452Z); FY2025: grossProfit / revenue = 21.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:53.452Z); 9-year return on capital observations [[2017,-0.14133235572832725],[2018,-0.0028331031423871364],[2019,0.03088106788506216],[2020,0.007323261731173852],[2021,0.05286826625227454],[2022,0.08334680089654706],[2023,0.08403493072178342],[2024,0.11286714866941078],[2025,0.11923641691075369]]; median 0.05286826625227454. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 17% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:53.452Z); Gross margin observations: [[2021,0.1741941708070561],[2022,0.16759732343114536],[2023,0.18543173810487254]]; range within 2 percentage points.

### Where the cash goes

Spends 4.3% of cash earnings on expansion; earns 21.8% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:53.452Z); FY2019: growth capex 6847000; upkeep 1391000; owner earnings 22721000. Growth capex / owner earnings = 0.30135117292372693.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:53.452Z); FY2021: growth capex 14307000; upkeep 2406000; owner earnings 37592600. Growth capex / owner earnings = 0.380580220575326.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:53.452Z); FY2022: growth capex 14387935.495026533; upkeep 5945064.504973467; owner earnings 47754135.49502653. Growth capex / owner earnings = 0.3012919267803518.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:53.452Z); FY2023: growth capex 0; upkeep 17838000; owner earnings 30553200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:53.452Z); FY2024: growth capex 4043000; upkeep 2774000; owner earnings 96872000. Growth capex / owner earnings = 0.04173548600214717.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:53.452Z); FY2025: growth capex 4397520.968986959; upkeep 8023479.031013041; owner earnings 102357320.96898696. Growth capex / owner earnings = 0.04296244691983835.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:53.452Z); Incremental return on capital 0.21841710450904717, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:53.452Z); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:53.452Z); FY2025: cash repurchases 74944000 EUR.

### Are managers owners

Insiders own 6.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GVR.IR SharesStats.PercentInsiders = 6.262 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:42:53.452Z); Ten-year compound average after fade. Initial solved rate 0.03808494996672199. Price 2.335; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2017-10: EUR 1.12 per share

- 2017-11: EUR 1.14 per share

- 2017-12: EUR 1.18 per share

- 2018-01: EUR 1.21 per share

- 2018-02: EUR 1.15 per share

- 2018-03: EUR 1.11 per share

- 2018-04: EUR 1.10 per share

- 2018-05: EUR 1.13 per share

- 2018-06: EUR 1.15 per share

- 2018-07: EUR 1.12 per share

- 2018-08: EUR 1.08 per share

- 2018-09: EUR 0.97 per share

- 2018-10: EUR 0.84 per share

- 2018-11: EUR 0.84 per share

- 2018-12: EUR 0.71 per share

- 2019-01: EUR 0.81 per share

- 2019-02: EUR 0.86 per share

- 2019-03: EUR 0.88 per share

- 2019-04: EUR 0.82 per share

- 2019-05: EUR 0.75 per share

- 2019-06: EUR 0.73 per share

- 2019-07: EUR 0.69 per share

- 2019-08: EUR 0.63 per share

- 2019-09: EUR 0.74 per share

- 2019-10: EUR 0.79 per share

- 2019-11: EUR 0.80 per share

- 2019-12: EUR 0.87 per share

- 2020-01: EUR 0.88 per share

- 2020-02: EUR 0.75 per share

- 2020-03: EUR 0.49 per share

- 2020-04: EUR 0.57 per share

- 2020-05: EUR 0.65 per share

- 2020-06: EUR 0.67 per share

- 2020-07: EUR 0.70 per share

- 2020-08: EUR 0.71 per share

- 2020-09: EUR 0.70 per share

- 2020-10: EUR 0.74 per share

- 2020-11: EUR 0.84 per share

- 2020-12: EUR 0.86 per share

- 2021-01: EUR 0.84 per share

- 2021-02: EUR 0.83 per share

- 2021-03: EUR 0.91 per share

- 2021-04: EUR 0.91 per share

- 2021-05: EUR 0.99 per share

- 2021-06: EUR 0.96 per share

- 2021-07: EUR 1.00 per share

- 2021-08: EUR 1.08 per share

- 2021-09: EUR 1.11 per share

- 2021-10: EUR 1.09 per share

- 2021-11: EUR 1.14 per share

- 2021-12: EUR 1.23 per share

- 2022-01: EUR 1.22 per share

- 2022-02: EUR 1.22 per share

- 2022-03: EUR 1.18 per share

- 2022-04: EUR 1.15 per share

- 2022-05: EUR 0.96 per share

- 2022-06: EUR 0.94 per share

- 2022-07: EUR 1.08 per share

- 2022-08: EUR 1.01 per share

- 2022-09: EUR 0.89 per share

- 2022-10: EUR 0.99 per share

- 2022-11: EUR 0.93 per share

- 2022-12: EUR 0.85 per share

- 2023-01: EUR 0.94 per share

- 2023-02: EUR 1.00 per share

- 2023-03: EUR 1.00 per share

- 2023-04: EUR 0.95 per share

- 2023-05: EUR 1.04 per share

- 2023-06: EUR 1.12 per share

- 2023-07: EUR 1.07 per share

- 2023-08: EUR 1.00 per share

- 2023-09: EUR 1.00 per share

- 2023-10: EUR 0.91 per share

- 2023-11: EUR 1.07 per share

- 2023-12: EUR 1.22 per share

- 2024-01: EUR 1.23 per share

- 2024-02: EUR 1.13 per share

- 2024-03: EUR 1.25 per share

- 2024-04: EUR 1.28 per share

- 2024-05: EUR 1.39 per share

- 2024-06: EUR 1.26 per share

- 2024-07: EUR 1.38 per share

- 2024-08: EUR 1.44 per share

- 2024-09: EUR 1.55 per share

- 2024-10: EUR 1.60 per share

- 2024-11: EUR 1.53 per share

- 2024-12: EUR 1.60 per share

- 2025-01: EUR 1.71 per share

- 2025-02: EUR 1.50 per share

- 2025-03: EUR 1.51 per share

- 2025-04: EUR 1.65 per share

- 2025-05: EUR 1.80 per share

- 2025-06: EUR 1.72 per share

- 2025-07: EUR 1.87 per share

- 2025-08: EUR 1.95 per share

- 2025-09: EUR 1.94 per share

- 2025-10: EUR 1.91 per share

- 2025-11: EUR 1.95 per share

- 2025-12: EUR 1.93 per share

- 2026-01: EUR 1.96 per share

- 2026-02: EUR 2.26 per share

- 2026-03: EUR 1.94 per share

- 2026-04: EUR 2.11 per share

- 2026-05: EUR 2.28 per share

- 2026-06: EUR 2.51 per share

- 2026-07: EUR 2.39 per share

- 2026-08: EUR 2.45 per share

- 2026-09: EUR 2.43 per share

- 2026-10: EUR 2.34 per share

## Annual estimated value (EUR per share)

- FY2022: low EUR 0.88 per share, central EUR 0.98 per share, high EUR 1.13 per share

- FY2023: low EUR 0.95 per share, central EUR 1.06 per share, high EUR 1.22 per share

- FY2024: low EUR 1.34 per share, central EUR 1.51 per share, high EUR 1.74 per share

- FY2025: low EUR 1.64 per share, central EUR 1.85 per share, high EUR 2.13 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:48:40.304Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations