Original-Research: Grand City Properties SA (von First Berlin Equity Research GmbH): Kaufen
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Original-Research: Grand City Properties SA - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to Grand City Properties SA
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 14,40 auf EUR 15,10. Zusammenfassung: Wir haben an der EPRA 2024-Konferenz in Berlin teilgenommen, um den Puls der Immobilienbranche zu fühlen. Die Konferenz war gut besucht, und überraschenderweise waren auch einige Akteure aus weit entfernten Ecken der Welt dabei. Im Vergleich zum letzten Jahr war die Stimmung viel optimistischer, und die meisten Teilnehmer waren der Meinung, dass das Schlimmste des Abschwungs überstanden ist. Während der Veranstaltung hatten wir die Gelegenheit, uns mit der Geschäftsführung von GCP zu treffen und einige der lokalen Wohnimmobilien von Grand City aus erster Hand zu besichtigen. Bei der Besichtigung wurden die Qualität und die Lage der Objekte sowie die Strategie des Vermieters zur Neupositionierung von unterdurchschnittlichen Objekten mit dem Ziel der Wertsteigerung vorgestellt. Die Veranstaltung hinterließ einen guten Eindruck und bestärkte uns in unserer Ansicht, dass GCP im weiteren Verlauf des Zyklus als langfristiger Gewinner hervorgehen wird. Wir behalten unsere Kaufempfehlung für GCP mit einem Kursziel von €15,10 (vorher: €14,40) bei, nachdem wir den risikofreien Zinssatz in unserem Modell an die niedrigere Rendite der deutschen 10-jährigen Anleihen angepasst haben. 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 14.40 to EUR 15.10. 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 14.40 to EUR 15.10. Abstract: We attended the EPRA 2024 Conference in Berlin to take the pulse of the property sector. Attendance was good, and surprisingly included several stakeholders from far flung corners of the globe. Compared to last year, the mood was much more upbeat with most participants optimistic that the worst of the downcycle is over. During the event we had a chance to meet with GCP brass and also get a first-hand look at some of Grand City's local residential properties. The tour showcased their quality and locations, as well as the landlord's strategy for repositioning underperforming assets to unlock embedded upside. The event left a good impression and reinforced our view that GCP will emerge a long-term winner as we progress through the cycle. We remain Buy-rated on GCP with a €15.1 TP (old: €14.4) after adjusting the risk free rate in our model to track German 10 year bonds. 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/30859.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
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1994679 24.09.2024 CET/CEST
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 | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | ||
| Sales1 | 560,30 | 535,42 | 524,63 | 582,51 | 607,74 | 597,02 | 0,00 | |
| EBITDA1,2 | 297,66 | 299,78 | 298,59 | 308,10 | 319,65 | 376,71 | 0,00 | |
| EBITDA-Margin3 | 53,13 | 55,99 | 56,91 | 52,89 | 52,60 | 63,10 | 0,00 | |
| EBIT1,4 | 692,87 | 640,16 | 985,99 | 413,80 | -581,56 | 370,40 | 0,00 | |
| EBIT-Margin5 | 123,66 | 119,56 | 187,94 | 71,04 | -95,69 | 62,04 | 0,00 | |
| Net Profit (Loss)1 | 493,36 | 449,07 | 617,09 | 179,10 | -638,07 | 242,13 | 0,00 | |
| Net-Margin6 | 88,05 | 83,87 | 117,62 | 30,75 | -104,99 | 40,56 | 0,00 | |
| Cashflow1,7 | 249,49 | 242,15 | 217,06 | 216,12 | 249,41 | 284,46 | 0,00 | |
| Earnings per share8 | 2,30 | 2,01 | 2,90 | 0,76 | -1,65 | 1,14 | 0,78 | |
| Dividend per share8 | 0,82 | 0,82 | 0,83 | 0,00 | 0,00 | 0,00 | 0,40 | |
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 | 1.811,21 Mio € | 29.05.2012 | Halten | 8FX8J49G+J6 |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 12,24 | 8,96 | 1,37 | 4,85 | 0,00 | 7,26 | 3,03 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,00 | 0,40 | 3,89% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 24.06.2025 | 14.05.2025 | 13.08.2025 | 13.11.2025 | 17.03.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -6,46% | -4,78% | -9,82% | -16,01% | +267,14% |
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