Original-Research: Grand City Properties SA (von First Berlin Equity Research GmbH): Kaufen
Original-Research: Grand City Properties SA - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to Grand City Properties SA
Company Name: Grand City Properties SA
ISIN: LU0775917882
Reason for the research: Update
Recommendation: Kaufen
from: 15.04.2024
Target price: €12,90
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 erhöht das Kursziel von EUR 12,50 auf EUR 12,90.
Zusammenfassung:
Grand City gab die Ergebnisse der Umtausch- und Tenderangebote für zwei
Serien seiner Perpetual Notes bekannt. Ziel war es, die
Eigenkapitalkomponente der Notes gemäß der S&P-Methode wiederherzustellen,
da 'non-called' Notes von der Rating-Agentur als Schulden betrachtet
werden. Etwa 82% der Gläubiger nahmen die Angebote an, die einem Nennwert
von rund €449 Mio. entsprechen. Der Vermieter wird außerdem neue Perpetual
Notes im Wert von €410 Mio. ausgeben und im Rahmen der Tender-Option Notes
in Höhe von €34 Mio. zurückkaufen. Neben der Verbesserung der
S&P-Kennzahlen wird GCP Kuponzahlungen in Höhe von €2 Mio. einsparen, was
sich positiv auf den FFO 1 auswirken wird. Wir bekräftigen unsere
Kaufempfehlung mit einem Kursziel von €12,90 (zuvor: €12,50).
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 increased the price target from EUR 12.50 to EUR 12.90.
Abstract:
Grand City announced results of its exchange and tender offers of two
series of its perpetual notes. The aim was restore the notes' equity
component according to S&P methodology, since non-called notes are regarded
as debt by the ratings agency. Some 82% of noteholders accepted the offers
equal to a nominal value of ~€449m. The landlord will also issue €410m in
new notes and repurchase €34m of perpetual notes via the tender offer.
Aside from shoring up the S&P metrics, coupon payment savings north of €2m
will positively impact bottom line FFO 1. We are Buy-rated on Grand City
with a €12.9 TP (old: €12.5).
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/29419.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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