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 bestätigt sein Kursziel von EUR 14,80. Zusammenfassung: Der Q2-Bericht zeigte operativ ein weiteres, für GCP typisches, stabiles Quartal, doch bei der Kapitalallokation zeichnet sich nun Bewegung ab. Das LFL-Mietwachstum (+3,3 %) verläuft weiterhin wie ein Uhrwerk, der Leerstand scheint weitgehend abgebaut zu sein, und die Bewertungen bleiben positiv. Noch wichtiger ist, dass GCP beginnt, Kapital aktiver in renditestärkere Objekte umzuschichten, ohne dabei den finanziellen Spielraum wesentlich zu beeinträchtigen. Der verbleibende kurzfristige Hemmfaktor hängt eher mit den Finanzierungskosten als mit operativen Themen zusammen. Unserer Ansicht nach wird sich als nächster Prüfstein zeigen, ob diese aktivere Kapitalverwendung die solide operative Plattform in ein erneutes FFOPS-Wachstum umsetzen und die nach wie vor beträchtliche Lücke zwischen der Marktbewertung und dem zugrunde liegenden Unternehmenswert verringern kann. Wir behalten unsere Kaufempfehlung mit einem unveränderten Kursziel von €14,80 bei (55% Aufwärtspotenzial). 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 maintained his EUR 14.80 price target. Abstract: Q2 operations were characteristically steady, but the capital allocation story is beginning to move. LFL rental growth (+3.3%) remains metronomic, vacancies look largely tapped out, and valuations remain positive. More importantly, GCP is starting to recycle capital more actively into higher-yielding assets without materially compromising financial headroom. The remaining near-term drag is financing related rather than operational. In our view, the next proof point is whether this more active deployment can translate the sturdy operating platform into renewed FFOPS growth and narrow the still considerable gap between market valuation and underlying company value. We remain Buy-rated on GCP with a €14.8 TP (55% upside). Bezüglich der Pflichtangaben gem. §34b WpHG und des Haftungsausschlusses siehe die vollständige Analyse. You can download the research here: GYC_GR-2026-08-13_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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2382594 13.08.2026 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 | ||||||||
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026e | ||
| Sales1 | 535,42 | 524,63 | 582,51 | 607,74 | 597,02 | 601,46 | 0,00 | |
| EBITDA1,2 | 299,78 | 298,59 | 308,10 | 319,65 | 376,71 | 609,36 | 0,00 | |
| EBITDA-Margin3 | 55,99 | 56,91 | 52,89 | 52,60 | 63,10 | 101,31 | 0,00 | |
| EBIT1,4 | 640,16 | 985,99 | 413,80 | -581,56 | 370,40 | 602,72 | 0,00 | |
| EBIT-Margin5 | 119,56 | 187,94 | 71,04 | -95,69 | 62,04 | 100,21 | 0,00 | |
| Net Profit (Loss)1 | 449,07 | 617,09 | 179,10 | -638,07 | 242,13 | 587,61 | 0,00 | |
| Net-Margin6 | 83,87 | 117,62 | 30,75 | -104,99 | 40,56 | 97,70 | 0,00 | |
| Cashflow1,7 | 242,15 | 217,06 | 216,12 | 249,41 | 284,46 | 280,49 | 0,00 | |
| Earnings per share8 | 2,01 | 2,90 | 0,76 | -1,65 | 1,14 | 2,67 | 0,85 | |
| Dividend per share8 | 0,82 | 0,83 | 0,00 | 0,00 | 0,00 | 0,30 | 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 | 1.643,83 Mio € | 29.05.2012 | Halten | 8FX8J49G+J6 |
| PE 2027e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 10,25 | 8,53 | 1,20 | 5,55 | 0,31 | 5,86 | 2,73 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,00 | 0,30 | 3,22% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 24.06.2026 | 12.05.2026 | 12.08.2026 | 11.11.2026 | 04.03.2026 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| +0,68% | -4,34% | -4,41% | -16,40% | +233,21% |
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