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GFC

GecinaENXTPA:GFC Stock Report

Market Cap

€8.8b

7D

-0.3%

1Y

-5.8%

Updated

28 Nov, 2021

Data

Company Financials +
GFC fundamental analysis
Snowflake Score
Valuation2/6
Future Growth3/6
Past Performance0/6
Financial Health1/6
Dividends6/6

GFC Stock Overview

Gecina operates innovative and sustainable living spaces.

Gecina Competitors

Icade

ENXTPA:ICAD

€4.8b

Vonovia

XTRA:VNA

€28.6b

SEGRO

LSE:SGRO

UK£16.8b

Deutsche Wohnen

XTRA:DWNI

€16.5b

Price History & Performance

Summary of all time highs, changes and price drops for Gecina
Historical stock prices
Current Share Price€119.70
52 Week High€138.35
52 Week Low€111.10
Beta1.08
1 Month Change-1.12%
3 Month Change-9.35%
1 Year Change-5.82%
3 Year Change-3.08%
5 Year Change-2.13%
Change since IPO400.31%

Recent News & Updates

Shareholder Returns

GFCFR REITsFR Market
7D-0.3%-1.9%-4.6%
1Y-5.8%4.2%21.5%

Return vs Industry: GFC underperformed the French REITs industry which returned 4.2% over the past year.

Return vs Market: GFC underperformed the French Market which returned 21.5% over the past year.

Price Volatility

Is GFC's price volatile compared to industry and market?
GFC volatility
GFC Average Weekly Movement2.6%
REITs Industry Average Movement3.3%
Market Average Movement4.6%
10% most volatile stocks in FR Market9.3%
10% least volatile stocks in FR Market2.6%

Stable Share Price: GFC is less volatile than 75% of French stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: GFC's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1959490Meka Brunelhttps://www.gecina.fr

Gecina operates innovative and sustainable living spaces. The Group owns, manages and develops Europe’s leading office portfolio, with nearly 97% located in the Paris Region, and a portfolio of residential assets and student residences, with over 9,000 apartments. These portfolios are valued at 20 billion euros at end-June 2020.

Gecina Fundamentals Summary

How do Gecina's earnings and revenue compare to its market cap?
GFC fundamental statistics
Market Cap€8.82b
Earnings (TTM)€198.88m
Revenue (TTM)€767.37m

44.4x

P/E Ratio

11.5x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
GFC income statement (TTM)
Revenue€767.37m
Cost of Revenue€178.56m
Gross Profit€588.80m
Expenses€389.93m
Earnings€198.88m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

Feb 17, 2022

Earnings per share (EPS)2.70
Gross Margin76.73%
Net Profit Margin25.92%
Debt/Equity Ratio61.4%

How did GFC perform over the long term?

See historical performance and comparison

Dividends

4.4%

Current Dividend Yield

77%

Payout Ratio

Valuation

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

43.8%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: GFC (€119.7) is trading below our estimate of fair value (€212.88)

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


Price To Earnings Ratio

PE vs Industry: GFC is poor value based on its PE Ratio (44.4x) compared to the French REITs industry average (10.7x).

PE vs Market: GFC is poor value based on its PE Ratio (44.4x) compared to the French market (18.3x).


Price to Earnings Growth Ratio

PEG Ratio: GFC is poor value based on its PEG Ratio (1.3x)


Price to Book Ratio

PB vs Industry: GFC's PB Ratio (0.7x) is in line with the FR REITs industry average.


Future Growth

How is Gecina forecast to perform in the next 1 to 3 years based on estimates from 12 analysts?

33.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: GFC's forecast earnings growth (33.5% per year) is above the savings rate (0.3%).

Earnings vs Market: GFC's earnings (33.5% per year) are forecast to grow faster than the French market (11.9% per year).

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

Revenue vs Market: GFC's revenue (3.1% per year) is forecast to grow slower than the French market (6.5% per year).

High Growth Revenue: GFC's revenue (3.1% 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 (6.1%).


Past Performance

How has Gecina performed over the past 5 years?

-19.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: GFC has a large one-off loss of €213.8M impacting its June 30 2021 financial results.

Growing Profit Margin: GFC's current net profit margins (25.9%) are lower than last year .


Past Earnings Growth Analysis

Earnings Trend: GFC's earnings have declined by 19.5% 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 (-81%) over the past year, making it difficult to compare to the REITs industry average (3.1%).


Return on Equity

High ROE: GFC's Return on Equity (1.6%) is considered low.


Financial Health

How is Gecina's financial position?


Financial Position Analysis

Short Term Liabilities: GFC's short term assets (€1.4B) do not cover its short term liabilities (€3.0B).

Long Term Liabilities: GFC's short term assets (€1.4B) do not cover its long term liabilities (€5.4B).


Debt to Equity History and Analysis

Debt Level: GFC's net debt to equity ratio (56.8%) is considered high.

Reducing Debt: GFC's debt to equity ratio has increased from 58.8% to 61.4% over the past 5 years.

Debt Coverage: GFC's debt is not well covered by operating cash flow (6.4%).

Interest Coverage: GFC's interest payments on its debt are well covered by EBIT (5.4x coverage).


Balance Sheet


Dividend

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

4.43%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: GFC's dividend (4.43%) is higher than the bottom 25% of dividend payers in the French market (1.33%).

High Dividend: GFC's dividend (4.43%) is in the top 25% of dividend payers in the French market (4.07%)


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 (76.9%), 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 (87.3% payout ratio).


Next Steps

Management

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

3.1yrs

Average management tenure


CEO

Meka Brunel (65 yo)

4.83yrs

Tenure

€1,630,000

Compensation

Ms. Mahkameh Brunel, also known as Meka, 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. since 2009. Ms. Bru...


CEO Compensation Analysis

Compensation vs Market: Meka's total compensation ($USD1.84M) is below average for companies of similar size in the French market ($USD3.60M).

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


Leadership Team

Experienced Management: GFC's management team is considered experienced (3.1 years average tenure).


Board Members

Experienced Board: GFC's board of directors are considered experienced (5.6 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 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: €8.824b
  • Shares outstanding: 73.71m
  • Website: https://www.gecina.fr

Number of Employees


Location

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

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/11/28 18:51
End of Day Share Price2021/11/26 00:00
Earnings2021/06/30
Annual Earnings2020/12/31


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.