Grand City Properties S.A.

WBAG:GYC Stock Report

Market Cap: €2.0b

Grand City Properties Valuation

Is GYC undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of GYC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: GYC (€11.64) is trading below our estimate of fair value (€12.27)

Significantly Below Fair Value: GYC is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for GYC?

Key metric: As GYC is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for GYC. This is calculated by dividing GYC's market cap by their current revenue.
What is GYC's PS Ratio?
PS Ratio3.3x
Sales€598.93m
Market Cap€2.00b

Price to Sales Ratio vs Peers

How does GYC's PS Ratio compare to its peers?

The above table shows the PS ratio for GYC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average5.6x
CAI CA Immobilien Anlagen
6.9x-5.8%€2.2b
IIA IMMOFINANZ
2.7x3.9%€2.1b
SPI S IMMO
4x0.4%€1.6b
ATH Athos Immobilien
8.7xn/a€70.1m
GYC Grand City Properties
3.3x1.5%€2.0b

Price-To-Sales vs Peers: GYC is good value based on its Price-To-Sales Ratio (3.3x) compared to the peer average (5.6x).

Price to Sales Ratio vs Industry

How does GYC's PS Ratio compare vs other companies in the European Real Estate Industry?

64 CompaniesPrice / SalesEstimated GrowthMarket Cap
GYC 3.3xIndustry Avg. 4.9xNo. of Companies64PS03.26.49.612.816+
64 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: GYC is good value based on its Price-To-Sales Ratio (3.3x) compared to the European Real Estate industry average (4.9x).

Price to Sales Ratio vs Fair Ratio

What is GYC's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

GYC PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio3.3x
Fair PS Ratio3.3x

Price-To-Sales vs Fair Ratio: GYC is expensive based on its Price-To-Sales Ratio (3.3x) compared to the estimated Fair Price-To-Sales Ratio (3.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst GYC forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€11.64
€13.22
+13.5%
20.2%€19.70€8.40n/a12
Nov ’25€12.32
€13.18
+6.9%
20.2%€19.70€8.40n/a12
Oct ’25€13.16
€12.29
-6.6%
25.2%€19.70€8.20n/a12
Sep ’25€12.44
€11.90
-4.3%
24.3%€19.20€8.20n/a12
Aug ’25€10.95
€11.66
+6.5%
23.5%€19.20€8.20n/a12
Jul ’25€10.81
€11.66
+7.8%
23.5%€19.20€8.20n/a12
Jun ’25€11.29
€11.36
+0.6%
25.3%€19.20€8.20n/a12
May ’25€10.42
€11.19
+7.4%
25.4%€19.20€8.20n/a12
Apr ’25€10.65
€10.85
+1.9%
26.5%€19.20€8.20n/a12
Mar ’25€8.69
€10.71
+23.3%
27.9%€19.20€7.00n/a12
Feb ’25€8.93
€10.71
+20.0%
27.9%€19.20€7.00n/a12
Jan ’25€10.14
€9.97
-1.7%
32.1%€19.20€7.00n/a12
Dec ’24€9.42
€10.00
+6.2%
31.9%€19.20€7.00n/a12
Nov ’24€8.47
€10.09
+19.2%
33.0%€19.20€7.00€12.3211
Oct ’24€8.98
€10.06
+12.1%
33.1%€19.20€7.00€13.1611
Sep ’24€8.12
€10.70
+31.9%
48.4%€26.20€7.00€12.4411
Aug ’24€7.36
€10.58
+43.9%
49.4%€26.20€7.00€10.9511
Jul ’24€7.20
€11.45
+59.0%
44.7%€26.20€7.00€10.8111
Jun ’24€7.00
€11.49
+64.2%
42.5%€26.20€7.00€11.2912
May ’24€7.54
€11.75
+56.0%
42.2%€26.20€7.00€10.4212
Apr ’24€6.54
€12.11
+85.2%
39.6%€26.20€7.00€10.6512
Mar ’24€9.38
€12.81
+36.7%
36.3%€26.20€8.00€8.6912
Feb ’24€9.83
€12.81
+30.3%
36.3%€26.20€8.00€8.9312
Jan ’24€9.19
€14.72
+60.2%
34.3%€26.20€9.10€10.1412
Dec ’23€9.36
€16.17
+72.7%
29.2%€26.20€9.10€9.4212
Nov ’23€10.06
€16.47
+63.7%
28.0%€26.20€10.90€8.4712

Analyst Forecast: Target price is less than 20% higher than the current share price.

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