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 senkt das Kursziel von EUR 15,00 auf EUR 14,80. Zusammenfassung: Immobilienaktien standen in letzter Zeit unter Druck, da in einigen Kreisen Befürchtungen hinsichtlich einer möglichen Zinserhöhung im kommenden Jahr aufkamen. Der Finanzierungsmarkt bleibt jedoch positiv und hat es Grand City ermöglicht, seine Kapitalstruktur durch die Ausgabe einer Perpetual-Anleihe weiter zu optimieren. Dies wurde mit dem Rückkauf von Anleihen mit höheren Kupons kombiniert, was sich netto positiv auf den FFO 1 auswirkte. Wir gehen nun davon aus, dass die verbleibenden €600 Mio. an ausstehenden 1,5 %-Perpetual-Anleihen, die im Juni 2026 neu festgelegt werden, zum gleichen Niveau (4,75%) wie die letzte Emission refinanziert werden. Unserer Ansicht nach stärken die jüngsten Finanzierungsmaßnahmen die Fähigkeit von GCP, potenziellen Gegenwinden auf dem Finanzierungsmarkt im Jahr 2026 standzuhalten, weiter. Nach Anpassung unserer Schätzungen für die Refinanzierungsmaßnahmen senken wir unser Kursziel auf €14,80 (zuvor: €15,00). Wir behalten unsere Kaufempfehlung bei (Aufwärtspotenzial: 54%). 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 15.00 to EUR 14.80. Abstract: Property stocks have been under pressure of late with fears of a potential rate hike in the coming year stirring in some circles. However, the financing market remains a positive and has allowed Grand City to further optimise its capital structure with a perpetual note issuance. This was combined with buybacks of notes with higher coupons, and the net effect was FFO 1-accretive. We now assume the remaining €600m in outstanding 1.5% notes, due to reset in June 2026, will be refinanced at the same level (4.75%) as the latest issuance. In our view, the latest perpetual actions further strengthen GCP's ability to withstand potential financing market headwinds in 2026. Our TP moves down to €14.8 (old: €15.0) after adjusting our estimates for the refinancing measures. We stick to our rating Buy (upside: 54%). Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: GYC_GR-2025-12-18_EN 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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2248640 18.12.2025 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
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| INVESTOR-INFORMATION | ||||||
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| Grand City Properties | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A1JXCV | LU0775917882 | SA | 1.709,02 Mio € | 29.05.2012 | Halten | 8FX8J49G+J6 |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 11,55 | 8,88 | 1,30 | 4,58 | 0,00 | 6,85 | 2,86 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,00 | 0,40 | 4,16% |
| 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 |
| -10,40% | -9,84% | -15,70% | -14,96% | +243,21% |
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