Original-Research: Grand City Properties SA - from First Berlin Equity Research GmbH
Classification of First Berlin Equity Research GmbH to Grand City Properties SA
Company Name: Grand City Properties SA
ISIN: LU0775917882
Reason for the research: Update
Recommendation: Kaufen
from: 15.04.2024
Target price: €12,90
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 12,50 auf EUR 12,90.
Zusammenfassung:
Grand City gab die Ergebnisse der Umtausch- und Tenderangebote für zwei
Serien seiner Perpetual Notes bekannt. Ziel war es, die
Eigenkapitalkomponente der Notes gemäß der S&P-Methode wiederherzustellen,
da 'non-called' Notes von der Rating-Agentur als Schulden betrachtet
werden. Etwa 82% der Gläubiger nahmen die Angebote an, die einem Nennwert
von rund €449 Mio. entsprechen. Der Vermieter wird außerdem neue Perpetual
Notes im Wert von €410 Mio. ausgeben und im Rahmen der Tender-Option Notes
in Höhe von €34 Mio. zurückkaufen. Neben der Verbesserung der
S&P-Kennzahlen wird GCP Kuponzahlungen in Höhe von €2 Mio. einsparen, was
sich positiv auf den FFO 1 auswirken wird. Wir bekräftigen unsere
Kaufempfehlung mit einem Kursziel von €12,90 (zuvor: €12,50).
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 12.50 to EUR 12.90.
Abstract:
Grand City announced results of its exchange and tender offers of two
series of its perpetual notes. The aim was restore the notes' equity
component according to S&P methodology, since non-called notes are regarded
as debt by the ratings agency. Some 82% of noteholders accepted the offers
equal to a nominal value of ~€449m. The landlord will also issue €410m in
new notes and repurchase €34m of perpetual notes via the tender offer.
Aside from shoring up the S&P metrics, coupon payment savings north of €2m
will positively impact bottom line FFO 1. We are Buy-rated on Grand City
with a €12.9 TP (old: €12.5).
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/29419.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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