GSW Immobilien (DB:GIB) - Share price, News & Analysis

GIB fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	0/6
Past Performance	0/6
Financial Health	4/6
Dividends	4/6

GIB Stock Overview

GSW Immobilien AG, together with its subsidiaries, operates as a housing company in Germany.

Rewards

PE ratio (12.9x) is below the German market (17.3x)

Risk Analysis

Earnings have declined by 14.6% per year over past 5 years

Large one-off items impacting financial results

GSW Immobilien Competitors

Vonovia

XTRA:VNA

€25.8b

Deutsche Wohnen

XTRA:DWNI

€10.2b

Gecina

ENXTPA:GFC

€7.7b

Price History & Performance

Summary of all time highs, changes and price drops for GSW Immobilien
Historical stock prices
Current Share Price	€107.00
52 Week High	€140.00
52 Week Low	€104.00
Beta	0.36
1 Month Change	0%
3 Month Change	-2.73%
1 Year Change	2.89%
3 Year Change	4.90%
5 Year Change	28.92%
Change since IPO	393.09%

Shareholder Returns

	GIB	DE Real Estate	DE Market
7D	0%	-0.8%	1.2%
1Y	2.9%	-27.1%	-12.2%

Return vs Industry: GIB exceeded the German Real Estate industry which returned -27.1% over the past year.

Return vs Market: GIB exceeded the German Market which returned -12.2% over the past year.

Price Volatility

Is GIB's price volatile compared to industry and market?
GIB volatility
GIB Average Weekly Movement	7.0%
Real Estate Industry Average Movement	5.0%
Market Average Movement	6.4%
10% most volatile stocks in DE Market	10.7%
10% least volatile stocks in DE Market	3.5%

Stable Share Price: GIB is not significantly more volatile than the rest of German stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: GIB's weekly volatility (7%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1924	313	Lars Urbansky	https://www.gsw.ag

GSW Immobilien AG, together with its subsidiaries, operates as a housing company in Germany. It engages in the long-term rental, and management of real estate portfolios, including residential and business units. As of December 31, 2021, It holds 50,360 residential and business units in Berlin.

GSW Immobilien Fundamentals Summary

How do GSW Immobilien's earnings and revenue compare to its market cap?
GIB fundamental statistics
Market Cap	€6.06b
Earnings (TTM)	€471.37m
Revenue (TTM)	€401.77m

12.9x

P/E Ratio

15.1x

P/S Ratio

Is GIB overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
GIB income statement (TTM)
Revenue	€401.77m
Cost of Revenue	€165.90m
Gross Profit	€235.87m
Other Expenses	-€235.50m
Earnings	€471.37m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

n/a

Earnings per share (EPS)	8.32
Gross Margin	58.71%
Net Profit Margin	117.32%
Debt/Equity Ratio	32.7%

How did GIB perform over the long term?

See historical performance and comparison

Dividends

1.3%

Current Dividend Yield

17%

Payout Ratio

Does GIB pay a reliable dividends?

See GIB dividend history and benchmarks

When do you need to buy GIB by to receive an upcoming dividend?
GSW Immobilien dividend dates
Ex Dividend Date	Jun 14 2022
Dividend Pay Date	Jun 17 2022
Days until Ex dividend	28 days
Days until Dividend pay date	31 days

Does GIB pay a reliable dividends?

See GIB dividend history and benchmarks

Valuation

Is GSW Immobilien undervalued compared to its fair value and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

12.87x

Price to Earnings (PE) ratio

Share Price vs. Fair Value

Below Fair Value: GIB (€107) is trading above our estimate of fair value (€87.95)

Significantly Below Fair Value: GIB is trading above our estimate of fair value.

Price To Earnings Ratio

PE vs Industry: GIB is good value based on its PE Ratio (12.9x) compared to the German Real Estate industry average (13.2x).

PE vs Market: GIB is good value based on its PE Ratio (12.9x) compared to the German market (17.3x).

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate GIB's PEG Ratio to determine if it is good value.

Price to Book Ratio

PB vs Industry: GIB's PB Ratio (1x) is in line with the DE Real Estate industry average.

Future Growth

How is GSW Immobilien forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

0.06%

Forecasted Real Estate industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as GSW Immobilien has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

Past Performance

How has GSW Immobilien performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-14.6%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: GIB has a large one-off gain of €563.0M impacting its December 31 2021 financial results.

Growing Profit Margin: GIB's current net profit margins are lower than last year .

Past Earnings Growth Analysis

Earnings Trend: GIB's earnings have declined by 14.6% per year over the past 5 years.

Accelerating Growth: GIB's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: GIB had negative earnings growth (-2.6%) over the past year, making it difficult to compare to the Real Estate industry average (6.9%).

Return on Equity

High ROE: GIB's Return on Equity (8.1%) is considered low.

Financial Health

How is GSW Immobilien's financial position?

Financial Health Score

4/6

Financial Health Score 4/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: GIB's short term assets (€1.2B) exceed its short term liabilities (€538.9M).

Long Term Liabilities: GIB's short term assets (€1.2B) do not cover its long term liabilities (€4.0B).

Debt to Equity History and Analysis

Debt Level: GIB's net debt to equity ratio (32.6%) is considered satisfactory.

Reducing Debt: GIB's debt to equity ratio has reduced from 51% to 32.7% over the past 5 years.

Debt Coverage: GIB's debt is not well covered by operating cash flow (9.6%).

Interest Coverage: GIB's interest payments on its debt are well covered by EBIT (4.8x coverage).

Balance Sheet

Dividend

What is GSW Immobilien current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

1.31%

Current Dividend Yield

Upcoming Dividend Payment

Dividend Yield vs Market

Notable Dividend: GIB's dividend (1.31%) isn’t notable compared to the bottom 25% of dividend payers in the German market (1.37%).

High Dividend: GIB's dividend (1.31%) is low compared to the top 25% of dividend payers in the German market (4.29%).

Stability and Growth of Payments

Stable Dividend: GIB's dividends per share have been stable in the past 10 years.

Growing Dividend: GIB's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its low payout ratio (16.8%), GIB's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (43.1%), GIB's dividend payments are well covered by cash flows.

Next Steps

Explore strong dividend paying companies in the Real Estate industry.

Management

How experienced are the management team and are they aligned to shareholders interests?

7.3yrs

Average board tenure

CEO

Lars Urbansky (45 yo)

2.58yrs

Tenure

€155,000

Compensation

Mr. Lars Urbansky, B.A., serves as Chairman of the Management Board at GSW Immobilien AG since October 1, 2019. He serves as Co- Chief Executive Officer at Deutsche Wohnen SE since January 2022. Mr. Urbans...

CEO Compensation Analysis

Compensation vs Market: Lars's total compensation ($USD161.34K) is below average for companies of similar size in the German market ($USD2.81M).

Compensation vs Earnings: Lars's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.

Board Members

Experienced Board: GIB's board of directors are considered experienced (7.3 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/05/15 00:00
End of Day Share Price	2022/05/13 00:00
Earnings	2021/12/31
Annual Earnings	2021/12/31