ENXTPA:GFC

Stock Analysis Report

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Executive Summary

Gecina owns, manages and develops property holdings worth 20 billion euros at end-2019. More Details


Snowflake Analysis

Undervalued established dividend payer.


Similar Companies

Share Price & News

How has Gecina's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: GFC has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-5.4%

GFC

-5.1%

FR REITs

-1.7%

FR Market


1 Year Return

-25.3%

GFC

-35.6%

FR REITs

-8.0%

FR Market

Return vs Industry: GFC exceeded the French REITs industry which returned -35.6% over the past year.

Return vs Market: GFC underperformed the French Market which returned -8% over the past year.


Shareholder returns

GFCIndustryMarket
7 Day-5.4%-5.1%-1.7%
30 Day-5.9%-7.8%1.5%
90 Day-3.8%-15.8%0.6%
1 Year-22.3%-25.3%-31.1%-35.6%-6.0%-8.0%
3 Year-11.4%-21.3%-23.2%-35.1%6.9%-2.3%
5 Year24.3%-0.8%-2.5%-27.1%42.3%22.9%

Price Volatility Vs. Market

How volatile is Gecina's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

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

28.1%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: GFC (€106.4) is trading below our estimate of fair value (€147.89)

Significantly Below Fair Value: GFC is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: GFC is good value based on its PE Ratio (7.5x) compared to the FR REITs industry average (7.7x).

PE vs Market: GFC is good value based on its PE Ratio (7.5x) compared to the French market (17x).


Price to Earnings Growth Ratio

PEG Ratio: GFC is good value based on its PEG Ratio (0.2x)


Price to Book Ratio

PB vs Industry: GFC's PB Ratio (0.6x) is in line with the FR REITs industry average.


Next Steps

Future Growth

How is Gecina forecast to perform in the next 1 to 3 years based on estimates from 10 analysts?

32.1%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: GFC's forecast earnings growth (32.1% per year) is above the savings rate (0.6%).

Earnings vs Market: GFC's earnings (32.1% per year) are forecast to grow faster than the French market (24.6% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: GFC's revenue (4.8% per year) is forecast to grow slower than the French market (6.7% per year).

High Growth Revenue: GFC's revenue (4.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: GFC's Return on Equity is forecast to be low in 3 years time (6.6%).


Next Steps

Past Performance

How has Gecina performed over the past 5 years?

5.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: GFC has a large one-off gain of €655.6M impacting its June 30 2020 financial results.

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


Past Earnings Growth Analysis

Earnings Trend: GFC's earnings have grown by 5% per year over the past 5 years.

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

Earnings vs Industry: GFC had negative earnings growth (-20.8%) over the past year, making it difficult to compare to the REITs industry average (13.2%).


Return on Equity

High ROE: GFC's Return on Equity (8.3%) is considered low.


Next Steps

Financial Health

How is Gecina's financial position?


Financial Position Analysis

Short Term Liabilities: GFC's short term assets (€1.1B) do not cover its short term liabilities (€2.7B).

Long Term Liabilities: GFC's short term assets (€1.1B) do not cover its long term liabilities (€5.5B).


Debt to Equity History and Analysis

Debt Level: GFC's debt to equity ratio (59.9%) is considered high.

Reducing Debt: GFC's debt to equity ratio has reduced from 70.3% to 59.9% over the past 5 years.

Debt Coverage: GFC's debt is not well covered by operating cash flow (6.9%).

Interest Coverage: GFC's interest payments on its debt are well covered by EBIT (5.2x coverage).


Balance Sheet


Next Steps

Dividend

What is Gecina current dividend yield, its reliability and sustainability?

4.98%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: GFC's dividend (4.98%) is higher than the bottom 25% of dividend payers in the French market (1.54%).

High Dividend: GFC's dividend (4.98%) is low compared to the top 25% of dividend payers in the French market (5.05%).


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (77.3%), GFC's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: GFC's dividends in 3 years are forecast to be covered by earnings (88.6% payout ratio).


Next Steps

Management

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

2.6yrs

Average management tenure


CEO

Méka Brunel (64 yo)

3.67yrs

Tenure

€1,634,000

Compensation

Ms. Mahkâmeh Brunel, also known as Méka, has been the Chief Executive Officer of Gecina SA since January 6, 2017. Ms. Brunel serves as the President of Europe at Ivanhoé Cambridge, Inc. Ms. Brunel is respo ...


CEO Compensation Analysis

Compensation vs Market: Méka's total compensation ($USD1.92M) is below average for companies of similar size in the French market ($USD3.54M).

Compensation vs Earnings: Méka's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Mahkâmeh Brunel
CEO & Director3.67yrs€1.63m0.039%
€ 3.0m
Nicolas Dutreuil
Deputy Chief Executive Officer in Charge of Finance7yrsno datano data
Romain Veber
Executive Director of Investments & Developments0.83yrno datano data
Frédéric Vern
General Counsel & General Secretary3yrsno datano data
Julien Landfried
Executive Director of Corporate Communications & Public Affairs2.25yrsno datano data
Christine Harné
Executive Director of Human Resources1.5yrsno datano data
Samuel Henry-Diesbach
Head of Financial Communications5.83yrsno datano data
Eric Saint-Martin
Head of Asset Management Projectsno datano datano data
Valérie Britay
Deputy Chief Executive Officer In charge of Office Division0.17yrno datano data
Francis Vasseur
Director of Valuations & Appraisalsno datano datano data
Régine Willemyns
Director of Financial Communicationno datano datano data
Ignacio J. López del Hierro
Deputy to the Chairman-Spainno datano datano data

2.6yrs

Average Tenure

53yo

Average Age

Experienced Management: GFC's management team is considered experienced (2.6 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Mahkâmeh Brunel
CEO & Director3.67yrs€1.63m0.039%
€ 3.0m
Inès Reinmann Toper
Independent Director8.42yrs€87.00k0.000060%
€ 4.7k
Jerome Brunel
Independent Chairman of the Board0.42yrno datano data
Laurence Danon Arnaud
Independent Director3.42yrs€70.00k0.00028%
€ 21.9k
Jacques-Yves Nicol
Independent Director10.33yrs€38.00k0.000060%
€ 4.7k
Jean-Jacques Duchamp
Director17.75yrsno data0.00062%
€ 48.5k
Gabrielle Gauthey
Independent Director2.42yrs€73.00k0.000050%
€ 3.9k
Sylvain Fortier
Director4.42yrsno datano data
Claude Gendron
Director6.42yrsno data0.000050%
€ 3.9k
Dominique Deloche de Noyelle
Independent Director5.42yrs€54.00k0.00012%
€ 9.4k
Bernard Carayon
Independent Director2.42yrs€300.00k0.00027%
€ 21.1k

5.4yrs

Average Tenure

65yo

Average Age

Experienced Board: GFC's board of directors are considered experienced (5.4 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.


Top Shareholders

Company Information

Gecina SA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Gecina SA
  • Ticker: GFC
  • Exchange: ENXTPA
  • Founded: 1959
  • Industry: Diversified REITs
  • Sector: Real Estate
  • Market Cap: €7.825b
  • Shares outstanding: 73.55m
  • Website: https://www.gecina.fr

Number of Employees


Location

  • Gecina SA
  • 16 rue des capucines
  • cedex 02
  • Paris
  • Ile-de-France
  • 75084
  • France

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
GECF.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1992
GFCENXTPA (Euronext Paris)YesOrdinary SharesFREURJan 1992
GI6ADB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1992
0OPELSE (London Stock Exchange)YesOrdinary SharesGBEURJan 1992
GFCpBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJan 1992

Biography

Gecina owns, manages and develops property holdings worth 20 billion euros at end-2019. As a specialist for centrality and uses, the Group is building its business around Europe’s leading office portfolio, ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/09/22 03:15
End of Day Share Price2020/09/21 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.