OTCPK:GECF.F

Stock Analysis Report

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Executive Summary

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


Snowflake Analysis

Good value with proven 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: GECF.F's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

4.9%

GECF.F

4.6%

US REITs

2.9%

US Market


1 Year Return

n/a

GECF.F

-7.2%

US REITs

8.9%

US Market

Return vs Industry: Insufficient data to determine how GECF.F performed against the US REITs industry.

Return vs Market: Insufficient data to determine how GECF.F performed against the US Market.


Shareholder returns

GECF.FIndustryMarket
7 Day4.9%4.6%2.9%
30 Day3.1%11.3%10.6%
90 Dayn/a-9.8%5.1%
1 Yearn/a-3.3%-7.2%11.4%8.9%
3 Yearn/a16.7%2.3%34.3%25.4%
5 Yearn/a47.8%17.6%60.7%42.7%

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

No news available

Valuation

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

9.0%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: GECF.F ($133) is trading below our estimate of fair value ($146.17)

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


Price To Earnings Ratio

PE vs Industry: GECF.F is good value based on its PE Ratio (6x) compared to the REITs industry average (28x).

PE vs Market: GECF.F is good value based on its PE Ratio (6x) compared to the US market (15.8x).


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: GECF.F is good value based on its PB Ratio (0.7x) compared to the US REITs industry average (1.4x).


Next Steps

Future Growth

How is Gecina forecast to perform in the next 1 to 3 years based on estimates from 11 analysts?

-24.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: GECF.F's earnings are forecast to decline over the next 3 years (-24.5% per year).

Earnings vs Market: GECF.F's earnings are forecast to decline over the next 3 years (-24.5% per year).

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

Revenue vs Market: GECF.F's revenue (1.5% per year) is forecast to grow slower than the US market (8.9% per year).

High Growth Revenue: GECF.F's revenue (1.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: GECF.F's Return on Equity is forecast to be low in 3 years time (5.1%).


Next Steps

Past Performance

How has Gecina performed over the past 5 years?

14.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: GECF.F has a large one-off gain of €1.1B impacting its December 31 2019 financial results.

Growing Profit Margin: GECF.F's current net profit margins are higher than last year .


Past Earnings Growth Analysis

Earnings Trend: GECF.F's earnings have grown by 14.9% per year over the past 5 years.

Accelerating Growth: GECF.F's earnings growth over the past year (50.8%) exceeds its 5-year average (14.9% per year).

Earnings vs Industry: GECF.F earnings growth over the past year (50.8%) exceeded the REITs industry 5.3%.


Return on Equity

High ROE: GECF.F's Return on Equity (11.9%) is considered low.


Next Steps

Financial Health

How is Gecina's financial position?


Financial Position Analysis

Short Term Liabilities: GECF.F's short term assets (€1.2B) do not cover its short term liabilities (€2.2B).

Long Term Liabilities: GECF.F's short term assets (€1.2B) do not cover its long term liabilities (€5.5B).


Debt to Equity History and Analysis

Debt Level: GECF.F's debt to equity ratio (57.2%) is considered high.

Reducing Debt: GECF.F's debt to equity ratio has reduced from 60.9% to 57.2% over the past 5 years.

Debt Coverage: GECF.F's debt is not well covered by operating cash flow (8.5%).

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


Balance Sheet


Next Steps

Dividend

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

4.28%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: GECF.F's dividend (4.28%) is higher than the bottom 25% of dividend payers in the US market (1.67%).

High Dividend: GECF.F's dividend (4.28%) is low compared to the top 25% of dividend payers in the US market (4.48%).


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (65.4%), GECF.F's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: GECF.F's dividends in 3 years are forecast to be thoroughly covered by earnings (1.1% payout ratio).


Next Steps

Management

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

2.8yrs

Average management tenure


CEO

Méka Brunel (63yo)

3.42yrs

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 ($USD1.84M) is below average for companies of similar size in the US market ($USD11.58M).

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


Leadership Team

NamePositionTenureCompensationOwnership
Mahkâmeh Brunel
CEO & Director3.42yrs€1.63m0.039% 4.0m
Nicolas Dutreuil
Deputy Chief Executive Officer in Charge of Finance6.75yrsno datano data
Romain Veber
Executive Director of Investments & Developments0.58yrno datano data
Frédéric Vern
General Counsel & General Secretary2.75yrsno datano data
Julien Landfried
Executive Director of Corporate Communications & Public Affairs2yrsno datano data
Christine Harné
Executive Director of Human Resources1.25yrsno datano data
Samuel Henry-Diesbach
Head of Financial Communications5.58yrsno datano data
Eric Saint-Martin
Head of Asset Management Projectsno datano datano data
Francis Vasseur
Director of Valuations & Appraisalsno datano datano data
Régine Willemyns
Director of Financial Communicationno datano datano data

2.8yrs

Average Tenure

46.5yo

Average Age

Experienced Management: GECF.F's management team is considered experienced (2.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Mahkâmeh Brunel
CEO & Director3.42yrs€1.63m0.039% 4.0m
Inès Reinmann Toper
Independent Director8.17yrs€87.00k0.000060% 6.1k
Jérôme Brunel
Independent Chairman of the Board0.17yrno datano data
Laurence Danon Arnaud
Independent Director3.17yrs€70.00k0.00028% 28.6k
Jacques-Yves Nicol
Independent Director10.08yrs€38.00k0.000060% 6.1k
Jean-Jacques Duchamp
Director17.5yrsno data0.00062% 63.4k
Gabrielle Gauthey
Independent Director2.17yrs€73.00k0.000050% 5.1k
Sylvain Fortier
Director4.17yrsno datano data
Claude Gendron
Director6.17yrsno data0.000050% 5.1k
Dominique Deloche de Noyelle
Independent Director5.17yrs€54.00k0.00012% 12.3k

5.7yrs

Average Tenure

63.5yo

Average Age

Experienced Board: GECF.F's board of directors are considered experienced (5.7 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: GECF.F
  • Exchange: OTCPK
  • Founded: 1959
  • Industry: Diversified REITs
  • Sector: Real Estate
  • Market Cap: €9.100b
  • Listing Market Cap: €10.220b
  • Shares outstanding: 73.50m
  • 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, with nearly 97% located in the Paris Region, and a diversification division with residential assets in particular. Gecina has put sustainable innovation at the heart of its strategy to create value and anticipate the expectations of around 100,000 customers and end users, thanks to the dedication and expertise of its staff, who are committed to an understated, fluid and inclusive city. To offer its customers high-quality services and support their changing needs, Gecina has launched YouFirst, its relational brand. Gecina is a French real estate investment trust (SIIC) listed on Euronext Paris, and is part of the SBF 120, CAC Next 20, CAC Large 60, Euronext 100, FTSE4Good, DJSI Europe and World, Stoxx Global ESG Leaders and Vigeo indices. In line with its community commitments, Gecina has created a company foundation, which is focused on protecting the environment, supporting all forms of disability, preserving heritage and facilitating access to housing for as many people as possible. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/06/04 03:09
End of Day Share Price2020/06/02 00:00
Earnings2019/12/31
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.