Original-Research: Grand City Properties S.A. - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to Grand City Properties S.A.
Company Name: Grand City Properties S.A. ISIN: LU0775917882
Reason for the research: Jahresergebnisse 2023
Recommendation: Kaufen
from: 18.03.2024
Target price: €12,50
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 senkt das Kursziel von EUR 12,60 auf EUR 12,50.
Zusammenfassung:
Das Nettomietwachstum auf vergleichbarer Basis (LFL) von 3,3% führte zu
einer guten operativen Das Nettomietwachstum auf vergleichbarer Basis (LFL)
von 3,3% führte zu einer guten operativen Performance im Jahr 2023, und das
Management geht davon aus, dass sich dies in diesem Jahr fortsetzen wird.
Eine Guidance von ~3% für wurde den KPI gesetzt, wobei der Neubau weiter
hinter den Zielen zurückbleibt, kombiniert mit einer niedrigen
Leerstandsquote der deutschen Wohnimmobilien. In der Zwischenzeit
verhindern die hohen Zinsen weiterhin akzeptable Refinanzierungsoptionen
und Immobilientransaktionen. Wie erwartet, wurde der FFO 1 im vierten
Quartal aufgrund höherer Finanzierungskosten und höherer Perpetual Note
Kupons erneut belastet (-10%). Die liquiden Mittel beliefen sich auf €1,2
Mrd. und decken nun die Fälligkeiten der Schulden bis JE26. Wir sehen das
Unternehmen gut positioniert, um den weiterhin schwierigen Immobiliensektor
zu meistern. Wir bekräftigen unsere Kaufempfehlung mit einem Kursziel von
€12,50 (zuvor: €12,60).
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 12.60 to EUR 12.50.
Abstract:
LFL rental growth of 3.3% led good operational performance in 2023, and
management expect this to continue this year and guide ~3% for the KPI with
new build falling further behind targets combined with high occupancy rates
of German resi. Meanwhile elevated interest rates continue to gate
acceptable refinancing options and property transactions. As anticipated,
FFO 1 took another hit in Q4 (-10%) due to higher financing costs and
perpetual note attribution. Cash and liquid assets tallied €1.2bn and now
cover debt maturities until YE26. The landlord looks well positioned to
handle the still challenging property sector. We remain Buy-rated on GCP
with a €12.5 target price (old: €12.6).
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/29179.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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