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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 erhöht das Kursziel von EUR 15,10 auf EUR 15,40. Zusammenfassung: Der Neunmonatsbericht zeigte erneut eine gute operative Performance. Der Tenor des Managements hat sich seit JE23 deutlich aufgehellt. In den Gesprächen mit Analysten geht es nun eher darum, wie operatives Wachstum aufgrund der positiven Marktdynamik erzielt werden kann, als um frühere Themen wie Fremdkapitalabbau und Bilanz. Das Ergebnis des September-Quartals wurde durch ein LFL-Mietwachstum von 3,5% und positive operative Leistungen angeführt. Diese Kombination trug dazu bei, den Anstieg der Kosten für die Perpetual Notes auszugleichen, so dass der FFO 1 das Vorjahresergebnis (€141 Mio.) erreichte. Das Management bestätigte die Prognose, erwartet aber nun einen FFO 1 am oberen Ende der Spanne (€180 Mio. bis €190 Mio.). Wir haben unsere Schätzungen in Richtung des oberen Endes der Guidance angehoben und bekräftigen unsere Kaufempfehlung mit einem Kursziel von €15,40 (zuvor: €15,10). 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 15.10 to EUR 15.40. Abstract: Q3 reporting again featured a good operating performance. Management's tenor has brightened significantly since YE23. Analyst calls are now more focused on how to capture operating upside fuelled by supportive market dynamics rather than prior deleveraging and balance sheet topics. The September quarter performance was led by 3.5% LFL rental growth and operational positives. The combo helped offset the rise in perpetual note costs allowing FFO 1 to match the prior year result (€141m). Management confirmed guidance but now expect FFO 1 towards the upper end of the range (€180m to €190m). We have nudged our estimates towards the top end of the guide and maintain our Buy rating with a €15.4 TP (old: €15.1). 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/31337.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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2031367 15.11.2024 CET/CEST
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