Grand City Properties SA
ISIN: LU0775917882
WKN: A1JXCV
15 November 2024 11:57AM

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: 21337

Original-Research: Grand City Properties SA - from First Berlin Equity Research GmbH

15.11.2024 / 11:56 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of 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.


Classification of First Berlin Equity Research GmbH to Grand City Properties SA

Company Name: Grand City Properties SA
ISIN: LU0775917882
 
Reason for the research: Neunmonatsbericht
Recommendation: Kaufen
from: 15.11.2024
Target price: €15,40
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 15,10 auf EUR 15,40.

Zusammenfassung:
Der Neunmonatsbericht zeigte erneut eine gute operative Performance. Der Tenor des Managements hat sich seit JE23 deutlich aufgehellt. In den Gesprächen mit Analysten geht es nun eher darum, wie operatives Wachstum aufgrund der positiven Marktdynamik erzielt werden kann, als um frühere Themen wie Fremdkapitalabbau und Bilanz. Das Ergebnis des September-Quartals wurde durch ein LFL-Mietwachstum von 3,5% und positive operative Leistungen angeführt. Diese Kombination trug dazu bei, den Anstieg der Kosten für die Perpetual Notes auszugleichen, so dass der FFO 1 das Vorjahresergebnis (€141 Mio.) erreichte. Das Management bestätigte die Prognose, erwartet aber nun einen FFO 1 am oberen Ende der Spanne (€180 Mio. bis €190 Mio.). Wir haben unsere Schätzungen in Richtung des oberen Endes der Guidance angehoben und bekräftigen unsere Kaufempfehlung mit einem Kursziel von €15,40 (zuvor: €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 15.10 to EUR 15.40.

Abstract:
Q3 reporting again featured a good operating performance. Management's tenor has brightened significantly since YE23. Analyst calls are now more focused on how to capture operating upside fuelled by supportive market dynamics rather than prior deleveraging and balance sheet topics. The September quarter performance was led by 3.5% LFL rental growth and operational positives. The combo helped offset the rise in perpetual note costs allowing FFO 1 to match the prior year result (€141m). Management confirmed guidance but now expect FFO 1 towards the upper end of the range (€180m to €190m). We have nudged our estimates towards the top end of the guide and maintain our Buy rating with a €15.4 TP (old: €15.1).

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/31337.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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2031367  15.11.2024 CET/CEST

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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
©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
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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