Grand City Properties SA
ISIN: LU0775917882
WKN: A1JXCV
17 May 2024 11:56AM

Original-Research: Grand City Properties SA (von First Berlin Equity Research GmbH): Kaufen

Grand City Properties SA · ISIN: LU0775917882 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 19805

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: Dreimonatsbericht Recommendation: Kaufen
from: 17.05.2024
Target price: €13,70
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 12,90 auf EUR 13,70.

Zusammenfassung:
Der Dreimonatsbericht zeigte erneut eine gute operative Leistung, angeführt von einem Mietwachstum auf vergleichbarer Basis (LFL) von 3,4%, während sich der Anstieg der Finanzierungskosten abschwächt. Wir gehen davon aus, dass sich diese operative Dynamik fortsetzen wird, da es keinerlei Anzeichen dafür gibt, dass sich die akute Wohnungsknappheit in Deutschland in absehbarer Zeit verbessern wird. Die Kapitalstruktur wurde im vergangenen Jahr durch Maßnahmen zum Schuldenabbau, die Erhöhung der Bankschulden und zuletzt durch das erfolgreiche Umtauschangebot für die Perpetual Notes neu gestaltet. Das solidere Finanzprofil dürfte dazu beitragen, das Unternehmen vor künftigen makroökonomischen Turbulenzen zu schützen. Wir sind der Meinung, dass die scheinbar endlose Negativstory des deutschen Immobilienmarktes so gut wie ausgestanden ist und erwarten, dass sich die GCP-Aktie (+13% seit Jahresanfang) weiter erholen wird. Wir bekräftigen unsere Kaufempfehlung mit einem Kursziel von €13,70 (zuvor: €12,90).

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 12.90 to EUR 13.70.

Abstract:
Q1 reporting again featured a good operating performance led by 3.4% LFL rental growth, while the rise in financing costs is tailing off. We expect operational momentum to continue with absolutely no sign of Germany's acute flat shortage improving any time soon. The capital structure has been revamped over the past year by deleveraging measures, increased secured debt, and, most recently, the successful perpetual note exchange offer. The more robust financial profile should help protect the company from any future macro turbulence. We think the seemingly endless negative story of the German property market has about played out, and we expect GCP shares (+13% YTD) to continue to rebound. We remain Buy-rated on GCP with a €13.7 target price (old: €12.9).

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/29805.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
Quelle: boersengefluester.de and Company information
Explanation

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
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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
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
0,00 0,00 0,00 0,00%
Financial calendar
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
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
+0,88%
11,40 €
ATH 24,40 €
-7,22% -0,49% +12,32% +15,97% +307,14%

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