Original-Research: Grand City Properties S.A. (von First Berlin Equity Research GmbH): Kaufen
Original-Research: Grand City Properties S.A. - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to Grand City Properties S.A.
Company Name: Grand City Properties S.A. ISIN: LU0775917882
Reason for the research: Jahresergebnisse 2023
Recommendation: Kaufen
from: 18.03.2024
Target price: €12,50
Target price on sight of: 12 Monate
Last rating change: -
Analyst: Ellis Acklin
First Berlin Equity Research hat ein Research Update zu Grand City Properties S.A. (ISIN: LU0775917882) veröffentlicht. Analyst Ellis Acklin bestätigt seine BUY-Empfehlung und senkt das Kursziel von EUR 12,60 auf EUR 12,50.
Zusammenfassung:
Das Nettomietwachstum auf vergleichbarer Basis (LFL) von 3,3% führte zu
einer guten operativen Das Nettomietwachstum auf vergleichbarer Basis (LFL)
von 3,3% führte zu einer guten operativen Performance im Jahr 2023, und das
Management geht davon aus, dass sich dies in diesem Jahr fortsetzen wird.
Eine Guidance von ~3% für wurde den KPI gesetzt, wobei der Neubau weiter
hinter den Zielen zurückbleibt, kombiniert mit einer niedrigen
Leerstandsquote der deutschen Wohnimmobilien. In der Zwischenzeit
verhindern die hohen Zinsen weiterhin akzeptable Refinanzierungsoptionen
und Immobilientransaktionen. Wie erwartet, wurde der FFO 1 im vierten
Quartal aufgrund höherer Finanzierungskosten und höherer Perpetual Note
Kupons erneut belastet (-10%). Die liquiden Mittel beliefen sich auf €1,2
Mrd. und decken nun die Fälligkeiten der Schulden bis JE26. Wir sehen das
Unternehmen gut positioniert, um den weiterhin schwierigen Immobiliensektor
zu meistern. Wir bekräftigen unsere Kaufempfehlung mit einem Kursziel von
€12,50 (zuvor: €12,60).
First Berlin Equity Research has published a research update on Grand City
Properties S.A. (ISIN: LU0775917882). Analyst Ellis Acklin reiterated his
BUY rating and decreased the price target from EUR 12.60 to EUR 12.50.
Abstract:
LFL rental growth of 3.3% led good operational performance in 2023, and
management expect this to continue this year and guide ~3% for the KPI with
new build falling further behind targets combined with high occupancy rates
of German resi. Meanwhile elevated interest rates continue to gate
acceptable refinancing options and property transactions. As anticipated,
FFO 1 took another hit in Q4 (-10%) due to higher financing costs and
perpetual note attribution. Cash and liquid assets tallied €1.2bn and now
cover debt maturities until YE26. The landlord looks well positioned to
handle the still challenging property sector. We remain Buy-rated on GCP
with a €12.5 target price (old: €12.6).
Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse.
You can download the research here:
http://www.more-ir.de/d/29179.pdf
Contact for questions
First Berlin Equity Research GmbH
Herr Gaurav Tiwari
Tel.: +49 (0)30 809 39 686
web: www.firstberlin.com
E-Mail: g.tiwari@firstberlin.com
-------------------transmitted by EQS Group AG.-------------------
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | ||
| Sales1 | 545,23 | 560,30 | 535,42 | 524,63 | 582,51 | 607,74 | 0,00 | |
| EBITDA1,2 | 275,53 | 297,66 | 299,78 | 298,59 | 308,10 | 319,65 | 0,00 | |
| EBITDA-Margin3 | 50,54 | 53,13 | 55,99 | 56,91 | 52,89 | 52,60 | 0,00 | |
| EBIT1,4 | 779,74 | 692,87 | 640,16 | 985,99 | 413,80 | -581,56 | 0,00 | |
| EBIT-Margin5 | 143,01 | 123,66 | 119,56 | 187,94 | 71,04 | -95,69 | 0,00 | |
| Net Profit (Loss)1 | 583,03 | 493,36 | 449,07 | 617,09 | 179,10 | -638,07 | 0,00 | |
| Net-Margin6 | 106,93 | 88,05 | 83,87 | 117,62 | 30,75 | -104,99 | 0,00 | |
| Cashflow1,7 | 224,52 | 249,49 | 242,15 | 217,06 | 216,12 | 249,41 | 0,00 | |
| Earnings per share8 | 2,76 | 2,30 | 2,01 | 2,90 | 0,76 | -1,65 | 0,69 | |
| Dividend per share8 | 0,77 | 0,82 | 0,82 | 0,83 | 0,00 | 0,00 | 0,00 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: KPMG
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| Grand City Properties | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A1JXCV | LU0775917882 | SA | 2.008,54 Mio € | 29.05.2012 | Halten | 8FX8J49G+J6 |
| PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 20,00 | 9,21 | 2,17 | 5,25 | 0,58 | 8,05 | 3,30 |
|
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 26.06.2024 | 14.05.2025 | 13.08.2025 | 14.11.2024 | 12.03.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -7,22% | -0,49% | +12,32% | +15,97% | +307,14% |
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