Grand City Properties SA (DE:GYC)
XETRA:GYC
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Grand City Properties SA
(XETRA:GYC)
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Rating:68Neutral
Price Target:
€10.00
▲(0.70% Upside)
Action:Reiterated
Date:05/15/26
The score is led by solid financial performance (profitability rebound and positive cash flow, tempered by earnings volatility and higher leverage) and supportive earnings-call fundamentals (healthy rental growth, occupancy, liquidity, and leverage discipline, offset by rising financing costs and slightly lower FFO I guidance). Valuation looks attractive on a very low P/E, while technicals remain a key drag with the stock trading below major moving averages and negative MACD.
Positive Factors
Like-for-like rental growth & low vacancy
Sustained like‑for‑like rental growth (~3.5%) and record low vacancy (3.6%) support durable, recurring rental cash flows and reduce downside risk to occupancy. Higher in‑place rents and low turnover enhance FFO stability and underpin long‑term EBITDA and rental income compounding.
Negative Factors
Elevated leverage
Higher leverage (debt roughly 1.41x equity) means reduced headroom if property values or financing conditions deteriorate. Elevated gearing increases sensitivity to interest rates and valuation swings, constraining capital allocation and making funding large acquisitions or dividend policy more conditional over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Like-for-like rental growth & low vacancy
Sustained like‑for‑like rental growth (~3.5%) and record low vacancy (3.6%) support durable, recurring rental cash flows and reduce downside risk to occupancy. Higher in‑place rents and low turnover enhance FFO stability and underpin long‑term EBITDA and rental income compounding.
Read all positive factors
Grand City Properties SA (GYC) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€1.58B
Dividend YieldN/A
Average Volume (3M)109.31K
Price to Earnings (P/E)3.3
Beta (1Y)0.49
Revenue Growth0.72%
EPS Growth89.13%
CountryDE
Employees614
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)2.49
Shares Outstanding176,187,900
10 Day Avg. Volume109,224
30 Day Avg. Volume109,305
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)0.53
Price to Sales (P/S)3.60
P/FCF Ratio10.06
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€12.37Price Target Upside24.59% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)1.51
Revenue Forecast (FY)€550.67M
Grand City Properties SA Business Overview & Revenue Model
Company Description
Grand City Properties S.A. engages in the residential real estate business in Germany, the United Kingdom, and internationally. The company invests in, manages, and rents real estate properties in North Rhine-Westphalia and Berlin; metropolitan re...
How the Company Makes Money
Grand City Properties makes money primarily by operating residential rental properties and generating recurring income from tenants. Its key revenue stream is rental income (cold rent/base rent) from leased apartments, typically supported by effor...
Grand City Properties SA Earnings Call Summary
Earnings Call Date:Mar 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Positive
The call communicates a predominantly positive operational and financial performance: solid like-for-like rental growth (3.5%), record-low vacancy (3.6%), portfolio valuation uplift (+3.2% LFL) and stronger leverage metrics (LTV down to 31%) alongside significant liquidity (EUR 1.6bn). Capital recycling and liability management actions improved coupon profile and extended maturities. Near-term headwinds are mainly financial: higher finance expenses and anticipated higher perpetual coupon costs from 2026 refinancing, a modest decline in FFO I guidance, timing lag for acquisition contributions, and macro/geopolitical uncertainty. Overall, the positives (operational strength, improved balance sheet, liquidity, ESG progress and successful liability management) outweigh manageable financing and timing challenges.Positive Updates
Like-for-like Rental Growth and Occupancy
Total like-for-like rental growth of 3.5% in 2025 (3.3% in-place rent + 0.2% occupancy contribution); vacancy reduced to a historic low of 3.6% (portfolio) and 2.7% in London; in-place rent reached EUR 9.7/sqm (+5% vs Dec 2024, CAGR 4.6% since 2021).
Negative Updates
Higher Financing Costs and Near-term Pressure on FFO I
Net finance expenses expected to rise in 2026 (lower interest income on cash and refinancing effects); guidance implies FFO I down from EUR 188m (2025) to EUR 175–185m in 2026 (midpoint decline), driven mainly by perpetual note refinancing and lower interest income.
Read all updates
Q4-2025 Updates
Positive
Negative
Like-for-like Rental Growth and Occupancy
Total like-for-like rental growth of 3.5% in 2025 (3.3% in-place rent + 0.2% occupancy contribution); vacancy reduced to a historic low of 3.6% (portfolio) and 2.7% in London; in-place rent reached EUR 9.7/sqm (+5% vs Dec 2024, CAGR 4.6% since 2021).
Read all positive updates
Company Guidance
GCP’s 2026 guidance targets like‑for‑like rental growth of around 3.5%, FFO of EUR 175–185 million (FFO I per share EUR 0.99–1.05), and a single‑digit increase in adjusted EBITDA driven by LFL growth and acquisitions; management expects net finance expenses to rise (lower interest income on ~EUR 1.6 billion cash partly offset by debt repayments) and higher perpetual note coupon costs as it refinances a EUR 600 million perpetual with a first call in 2026 (partly mitigated by the Dec‑2025 EUR 600m perpetual issuance at 4.75% which lowered average coupon from 3.4% to 3.1% and saved ~EUR 7m p.a.); about EUR 100 million of 2025-signed acquisitions will be taken over in 2026 with full P&L effect largely from 2027, and the company reiterated its commitment to keep LTV below its 45% internal limit (current LTV 31%, EPRA LTV 44%).Grand City Properties SA Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
62
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 735.33M | 601.46M | 422.69M | 607.74M | 396.04M | 374.55M |
| Gross Profit | 473.22M | 334.18M | 168.99M | 328.69M | 129.75M | 156.49M |
| EBITDA | 513.01M | 563.47M | 365.46M | -658.32M | 305.53M | 299.38M |
| Net Income | 499.93M | 587.61M | 238.99M | -513.81M | 153.96M | 548.56M |
Balance Sheet | ||||||
| Total Assets | 11.57B | 11.50B | 11.22B | 10.92B | 11.13B | 11.56B |
| Cash, Cash Equivalents and Short-Term Investments | 1.60B | 1.62B | 1.51B | 1.23B | 427.36M | 1.11B |
| Total Debt | 5.64B | 5.75B | 4.29B | 4.25B | 3.99B | 4.51B |
| Total Liabilities | 6.83B | 6.79B | 5.80B | 5.69B | 5.22B | 5.76B |
| Stockholders Equity | 4.11B | 4.08B | 4.91B | 3.48B | 5.25B | 5.19B |
Cash Flow | ||||||
| Free Cash Flow | 204.26M | 215.25M | 281.83M | 246.86M | 211.58M | 208.69M |
| Operating Cash Flow | 206.98M | 217.74M | 284.46M | 249.41M | 216.12M | 217.06M |
| Investing Cash Flow | -153.92M | 22.69M | 52.02M | 147.80M | -167.69M | -198.46M |
| Financing Cash Flow | -117.02M | -83.60M | -93.37M | 405.30M | -567.42M | -537.19M |
Grand City Properties SA Technical Analysis
Negative
9.93
Price Trends
9.60
Negative
9.80
Negative
10.26
Negative
Market Momentum
-0.05
Positive
39.52
Neutral
4.72
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:GYC, the sentiment is Negative. The current price of 9.93 is above the 20-day moving average (MA) of 9.57, above the 50-day MA of 9.60, and below the 200-day MA of 10.26, indicating a bearish trend. The MACD of -0.05 indicates Positive momentum. The RSI at 39.52 is Neutral, neither overbought nor oversold. The STOCH value of 4.72 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DE:GYC.
Grand City Properties SA Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | €1.58B | 3.25 | 11.65% | ― | 0.72% | 89.13% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
61 Neutral | €4.09B | 3.07 | 15.43% | 4.45% | 2.65% | 408.35% | |
56 Neutral | €2.62B | 27.96 | 2.72% | 3.08% | -6.68% | -9.61% | |
55 Neutral | €17.66B | 4.99 | 13.06% | 5.08% | -20.27% | ― | |
49 Neutral | €6.19B | 20.52 | 5.16% | ― | -11.60% | ― | |
45 Neutral | €24.56M | -0.07 | -62.13% | ― | 58.52% | -142.49% |
* Real Estate Sector Average
DE:GYC
Grand City Properties SA
9.23
-2.09
-18.46%
DE:LEG
LEG Immobilien
52.55
-17.77
-25.27%
DE:TEG
T Immobilien
13.19
-1.19
-8.29%
DE:VNA
Vonovia
20.24
-7.28
-26.44%
DE:ADJ
ADLER Group
0.16
-0.09
-36.00%
DE:O5G
CPI PROPERTY GROUP S.A.
0.74
-0.11
-12.94%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.