ENXTPA:GFC

Stock Analysis Report

Executive Summary

Gecina owns, manages and develops property holdings worth 19.9 billion euros at end-June 2019.

Snowflake

Fundamentals

Fair value with acceptable track record.


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

1.0%

GFC

0.4%

FR REITs

0.9%

FR Market


1 Year Return

19.6%

GFC

14.2%

FR REITs

16.6%

FR Market

Return vs Industry: GFC exceeded the French REITs industry which returned 14.2% over the past year.

Return vs Market: GFC exceeded the French Market which returned 16.6% over the past year.


Shareholder returns

GFCIndustryMarket
7 Day1.0%0.4%0.9%
30 Day1.0%1.3%4.5%
90 Day9.1%10.9%10.6%
1 Year24.8%19.6%21.8%14.2%20.5%16.6%
3 Year46.0%26.4%41.2%18.5%51.4%37.0%
5 Year77.0%41.6%72.8%30.3%68.8%45.0%

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?

8.56x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: GFC (€152.9) is trading above our estimate of fair value (€129.47)

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


Price To Earnings Ratio

PE vs Industry: GFC is good value based on its PE Ratio (8.6x) compared to the REITs industry average (10.1x).

PE vs Market: GFC is good value based on its PE Ratio (8.6x) compared to the French market (17.8x).


Price to Earnings Growth Ratio

PEG Ratio: GFC's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: GFC is good value based on its PB Ratio (0.9x) compared to the FR REITs industry average (1.1x).


Next Steps

Future Growth

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

-18.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: GFC's earnings are forecast to decline over the next 3 years (-18.9% per year).

Earnings vs Market: GFC's earnings are forecast to decline over the next 3 years (-18.9% per year).

High Growth Earnings: GFC's earnings are forecast to decline over the next 3 years.

Revenue vs Market: GFC's revenue (2.5% per year) is forecast to grow slower than the French market (4.6% per year).

High Growth Revenue: GFC's revenue (2.5% 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 (5.5%).


Next Steps

Past Performance

How has Gecina performed over the past 5 years?

22.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: GFC has large one-off items impacting its financial results.

Growing Profit Margin: GFC's current net profit margins (195.6%) are higher than last year (161.6%).


Past Earnings Growth Analysis

Earnings Trend: GFC's earnings have grown significantly by 22% per year over the past 5 years.

Accelerating Growth: GFC's earnings growth over the past year (21.7%) is below its 5-year average (22% per year).

Earnings vs Industry: GFC earnings growth over the past year (21.7%) exceeded the REITs industry 14.6%.


Return on Equity

High ROE: GFC's Return on Equity (11%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Gecina's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: GFC has a high level of physical assets or inventory.

Debt Coverage by Assets: GFC's debt is not covered by short term assets (assets are 0.1x debt).


Financial Institutions Analysis

Asset Level: GFC's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if GFC has a sufficient allowance for bad loans.

Low Risk Liabilities: GFC reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if GFC has an acceptable proportion of non-loan assets held.

Low Risk Deposits: GFC has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if GFC has an appropriate level of bad loans.


Next Steps

Dividend

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

3.60%

Current Dividend Yield


Dividend Yield vs Market

company3.6%marketbottom25%1.5%markettop25%4.5%industryaverage5.0%forecastin3Years3.7%

Current dividend yield vs market & industry

Notable Dividend: GFC's dividend (3.6%) is higher than the bottom 25% of dividend payers in the French market (1.5%).

High Dividend: GFC's dividend (3.6%) is low compared to the top 25% of dividend payers in the French market (4.49%).


Stability and Growth of Payments

Stable Dividend: GFC's dividend payments have been volatile in the past 10 years.

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


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (18.7%), GFC's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: GFC's dividends in 3 years are forecast to be thoroughly covered by earnings (1.3% payout ratio).


Next Steps

Management

What is the CEO of Gecina's salary, the management and board of directors tenure and is there insider trading?

2.5yrs

Average management tenure


CEO

Méka Brunel (63yo)

2.8yrs

Tenure

€1,615,000

Compensation

Mrs. Mahkâmeh Brunel has been the Chief Executive Officer of Gecina SA since January 6, 2017. Mrs. Brunel serves as the President of Europe at Ivanhoé Cambridge, Inc. Mrs. Brunel is responsible for the inv ...


CEO Compensation Analysis

Compensation vs Market: Méka's total compensation ($USD1.78M) is below average for companies of similar size in the French market ($USD3.51M).

Compensation vs Earnings: Méka's compensation has increased by more than 20% in the past year.


Management Age and Tenure

2.5yrs

Average Tenure

48yo

Average Age

Experienced Management: GFC's management team is considered experienced (2.5 years average tenure).


Board Age and Tenure

5.1yrs

Average Tenure

63.5yo

Average Age

Experienced Board: GFC's board of directors are considered experienced (5.1 years average tenure).


Insider Trading

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 been diluted in the past year, with total shares outstanding growing by 2.2%.


Management Team

  • Méka Brunel (63yo)

    CEO & Director

    • Tenure: 2.8yrs
    • Compensation: €1.62m
  • Francis Vasseur

    Director of Valuations & Appraisals

    • Tenure: 0yrs
  • Samuel Henry-Diesbach

    Head of Financial Communications

    • Tenure: 5yrs
  • Pascale Neyret (56yo)

    General Counsel

    • Tenure: 0yrs
  • Régine Willemyns

    Director of Financial Communication

    • Tenure: 0yrs
  • Nicolas Dutreuil

    Deputy CEO of Finance

    • Tenure: 6.2yrs
  • Eric Saint-Martin

    Head of Asset Management Projects

    • Tenure: 0yrs
  • Fred Vern

    Executive Director of Legal Affairs & General Secretary

    • Tenure: 2.2yrs
  • Julien Landfried (40yo)

    Executive Director of Communication & Public Affairs

    • Tenure: 1.4yrs
  • Elena Minardi (36yo)

    Chief of Staff

    • Tenure: 1.4yrs

Board Members

  • Inès Reinmann Toper (62yo)

    Independent Director

    • Tenure: 7.6yrs
    • Compensation: €106.00k
  • Laurence Danon Arnaud (63yo)

    Independent Director

    • Tenure: 2.6yrs
    • Compensation: €40.81k
  • Méka Brunel (63yo)

    CEO & Director

    • Tenure: 2.8yrs
    • Compensation: €1.62m
  • Jacques-Yves Nicol (68yo)

    Independent Director

    • Tenure: 9.5yrs
    • Compensation: €70.70k
  • Jean-Jacques Duchamp (65yo)

    Director

    • Tenure: 16.9yrs
    • Compensation: €82.00k
  • Gabrielle Gauthey (57yo)

    Independent Director

    • Tenure: 1.6yrs
    • Compensation: €52.90k
  • Sylvain Fortier (53yo)

    Director

    • Tenure: 3.6yrs
  • Claude Gendron (66yo)

    Director

    • Tenure: 5.6yrs
  • Dominique Deloche de Noyelle (64yo)

    Independent Director

    • Tenure: 4.6yrs
    • Compensation: €67.00k
  • Bernard Carayon (69yo)

    Independent Chairman of the Board

    • Tenure: 1.6yrs

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: €11.219b
  • Shares outstanding: 73.37m
  • 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 19.9 billion euros at end-June 2019. As a specialist for centrality and uses, the Group is building its business around Europe’s leading office por ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/16 20:40
End of Day Share Price2019/11/15 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.