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: Dreimonatsbericht
Recommendation: Kaufen
from: 17.05.2024
Target price: €13,70
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 12,90 auf EUR 13,70.
Zusammenfassung:
Der Dreimonatsbericht zeigte erneut eine gute operative Leistung, angeführt
von einem Mietwachstum auf vergleichbarer Basis (LFL) von 3,4%, während
sich der Anstieg der Finanzierungskosten abschwächt. Wir gehen davon aus,
dass sich diese operative Dynamik fortsetzen wird, da es keinerlei
Anzeichen dafür gibt, dass sich die akute Wohnungsknappheit in Deutschland
in absehbarer Zeit verbessern wird. Die Kapitalstruktur wurde im
vergangenen Jahr durch Maßnahmen zum Schuldenabbau, die Erhöhung der
Bankschulden und zuletzt durch das erfolgreiche Umtauschangebot für die
Perpetual Notes neu gestaltet. Das solidere Finanzprofil dürfte dazu
beitragen, das Unternehmen vor künftigen makroökonomischen Turbulenzen zu
schützen. Wir sind der Meinung, dass die scheinbar endlose Negativstory des
deutschen Immobilienmarktes so gut wie ausgestanden ist und erwarten, dass
sich die GCP-Aktie (+13% seit Jahresanfang) weiter erholen wird. Wir
bekräftigen unsere Kaufempfehlung mit einem Kursziel von €13,70 (zuvor:
€12,90).
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 12.90 to EUR 13.70.
Abstract:
Q1 reporting again featured a good operating performance led by 3.4% LFL
rental growth, while the rise in financing costs is tailing off. We expect
operational momentum to continue with absolutely no sign of Germany's acute
flat shortage improving any time soon. The capital structure has been
revamped over the past year by deleveraging measures, increased secured
debt, and, most recently, the successful perpetual note exchange offer. The
more robust financial profile should help protect the company from any
future macro turbulence. We think the seemingly endless negative story of
the German property market has about played out, and we expect GCP shares
(+13% YTD) to continue to rebound. We remain Buy-rated on GCP with a €13.7
target price (old: €12.9).
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/29805.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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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.
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