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Gecina

OTCPK:GECF.F
Snowflake Description

Average dividend payer and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
GECF.F
OTCPK
€10B
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Gecina owns, manages and develops property holdings worth 19.3 billion euros at end- 2018. The last earnings update was 85 days ago. More info.


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GECF.F Share Price and Events
7 Day Returns
0%
OTCPK:GECF.F
1.2%
US REITs
1.6%
US Market
1 Year Returns
-
OTCPK:GECF.F
15.2%
US REITs
2.6%
US Market
GECF.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Gecina (GECF.F) 0% 0% - - - -
US REITs 1.2% 2.9% 3.3% 15.2% 13.3% 25.8%
US Market 1.6% -1.7% 2.1% 2.6% 38.5% 41.4%
1 Year Return vs Industry and Market
  • No trading data on GECF.F.
  • No trading data on GECF.F.
Price Volatility
GECF.F
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Gecina undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Gecina to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Gecina.

OTCPK:GECF.F Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Funds From Operations
Levered Funds From Operations Average of 11 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OTCPK:GECF.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6.7%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 33%) (75.72%))
0.866
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.87
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.866 * 6.65%)
8.49%

Discounted Cash Flow Calculation for OTCPK:GECF.F using 2 Stage Free Cash Flow to Equity using Funds From Operations Model

The calculations below outline how an intrinsic value for Gecina is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Gecina is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

OTCPK:GECF.F DCF 1st Stage: Next 10 year cash flow forecast
Funds From Operations (FFO) (EUR, Millions) Source Present Value
Discounted (@ 8.49%)
2019 431.17 Analyst x3 397.42
2020 460.27 Analyst x3 391.04
2021 494.60 Analyst x2 387.32
2022 556.20 Analyst x1 401.47
2023 593.58 Est @ 6.72% 394.91
2024 626.36 Est @ 5.52% 384.11
2025 655.71 Est @ 4.69% 370.63
2026 682.58 Est @ 4.1% 355.63
2027 707.75 Est @ 3.69% 339.88
2028 731.82 Est @ 3.4% 323.93
Present value of next 10 years cash flows €3,746.35
OTCPK:GECF.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= €731.82 × (1 + 2.73%) ÷ (8.49% – 2.73%)
€13,049.13
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= €13,049.13 ÷ (1 + 8.49%)10
€5,776.06
OTCPK:GECF.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= €3,746.35 + €5,776.06
€9,522.41
Equity Value per Share
(EUR)
= Total value / Shares Outstanding
= €9,522.41 / 73.67
€127.13
OTCPK:GECF.F Discount to Share Price
Calculation Result
Value per share (USD) From above. $139.60
Current discount Discount to share price of $147.47
= -1 x ($147.47 - $139.60) / $139.60
-5.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Gecina is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Gecina's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Gecina's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:GECF.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in EUR €13.63
ENXTPA:GFC Share Price ** ENXTPA (2019-03-26) in EUR €134.3
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.75x
United States of America Market PE Ratio Median Figure of 3,087 Publicly-Listed Companies 17.74x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Gecina.

OTCPK:GECF.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTPA:GFC Share Price ÷ EPS (both in EUR)

= 134.3 ÷ 13.63

9.85x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Gecina is good value based on earnings compared to the US REITs industry average.
  • Gecina is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Gecina's expected growth come at a high price?
Raw Data
OTCPK:GECF.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 9.85x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts
-6.6%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.58x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.53x

*Line of best fit is calculated by linear regression .

OTCPK:GECF.F PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 9.85x ÷ -6.6%

-1.49x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Gecina earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Gecina's assets?
Raw Data
OTCPK:GECF.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in EUR €158.13
ENXTPA:GFC Share Price * ENXTPA (2019-03-26) in EUR €134.3
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.89x
United States of America Market PB Ratio Median Figure of 5,202 Publicly-Listed Companies 1.84x
OTCPK:GECF.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTPA:GFC Share Price ÷ Book Value per Share (both in EUR)

= 134.3 ÷ 158.13

0.85x

* Primary Listing of Gecina.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Gecina is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess Gecina's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Gecina has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

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

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-6.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Gecina expected to grow at an attractive rate?
  • Gecina's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Gecina's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Gecina's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:GECF.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:GECF.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts -6.6%
OTCPK:GECF.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 11 Analysts 2.9%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.9%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.8%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OTCPK:GECF.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:GECF.F Future Estimates Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 802 556 875 2
2021-12-31 717 451 794 8
2020-12-31 700 456 760 11
2019-12-31 668 433 839 9
OTCPK:GECF.F Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2018-12-31 678 582 1,005
2018-09-30 675 556 1,046
2018-06-30 673 531 1,086
2018-03-31 622 430 1,491
2017-12-31 572 329 1,896
2017-09-30 487 2,106
2017-06-30 484 428 1,598
2017-03-31 474 1,334
2016-12-31 502 406 781
2016-09-30 496 1,373
2016-06-30 523 439 1,575
2016-03-31 515 1,379

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Gecina's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Gecina's revenue is expected to grow by 2.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OTCPK:GECF.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below

All data from Gecina Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:GECF.F Future Estimates Data
Date (Data in EUR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 10.59 10.59 10.59 1.00
2021-12-31 10.11 13.01 6.14 5.00
2020-12-31 9.95 12.18 6.04 8.00
2019-12-31 9.62 12.53 5.72 8.00
OTCPK:GECF.F Past Financials Data
Date (Data in EUR Millions) EPS *
2018-12-31 13.63
2018-09-30 14.31
2018-06-30 15.01
2018-03-31 21.43
2017-12-31 28.38
2017-09-30 31.72
2017-06-30 24.83
2017-03-31 20.66
2016-12-31 12.08
2016-09-30 21.84
2016-06-30 25.12
2016-03-31 22.07

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Gecina is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Gecina's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Gecina has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Gecina performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Gecina's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Gecina has delivered over 20% year on year earnings growth in the past 5 years.
  • Gecina's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Gecina's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
Gecina's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Gecina Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:GECF.F Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 678.13 1,004.99 86.92
2018-09-30 675.22 1,045.66 84.16
2018-06-30 672.83 1,086.33 81.41
2018-03-31 622.47 1,490.94 76.62
2017-12-31 571.60 1,895.56 71.84
2017-09-30 487.00 2,105.51 72.00
2017-06-30 483.69 1,597.65 65.23
2017-03-31 473.50 1,333.93 65.28
2016-12-31 501.78 781.10 64.57
2016-09-30 496.36 1,373.38 62.56
2016-06-30 523.33 1,574.64 62.27
2016-03-31 515.46 1,379.18 61.06
2015-12-31 505.66 1,365.78 61.16
2015-09-30 675.48 302.55 62.22
2015-06-30 449.33 444.90 61.80
2015-03-31 660.88 281.45 64.82
2014-12-31 504.93 217.81 63.86
2014-09-30 636.16 302.75 66.96
2014-06-30 642.57 176.53 66.34
2014-03-31 697.58 316.14 65.06
2013-12-31 686.08 314.04 65.66
2013-09-30 664.03 259.95 109.59
2013-06-30 678.23 338.81 63.53
2013-03-31 668.13 256.85 64.69
2012-12-31 678.13 255.55 64.39
2012-09-30 709.46 416.73 75.92
2012-06-30 702.50 109.34 69.23

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Gecina has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Gecina used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
  • Gecina's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Gecina's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Gecina has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Gecina's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Gecina's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Gecina's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Gecina's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Gecina's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Gecina Company Filings, last reported 4 months ago.

OTCPK:GECF.F Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 11,751.25 7,491.12 31.69
2018-09-30 11,751.25 7,491.12 31.69
2018-06-30 11,228.40 8,334.32 56.64
2018-03-31 11,228.40 8,334.32 56.64
2017-12-31 11,014.41 8,541.45 122.03
2017-09-30 11,014.41 8,541.45 122.03
2017-06-30 9,054.62 5,612.97 1,656.12
2017-03-31 9,054.62 5,612.97 1,656.12
2016-12-31 8,289.66 3,671.43 58.57
2016-09-30 7,978.00 4,738.90 6.22
2016-06-30 7,978.00 4,738.90 6.22
2016-03-31 7,751.35 4,796.26 146.34
2015-12-31 7,751.35 4,796.26 146.34
2015-09-30 6,443.72 4,676.06 716.57
2015-06-30 6,443.72 4,676.06 716.57
2015-03-31 6,279.02 3,979.27 13.26
2014-12-31 6,280.00 3,979.27 13.26
2014-09-30
2014-06-30 6,035.27 4,101.35 9.88
2014-03-31 6,245.55 4,408.64 12.28
2013-12-31 6,245.55 4,408.64 12.28
2013-09-30
2013-06-30 6,112.46 4,425.90 35.46
2013-03-31 6,182.24 4,647.49 1.19
2012-12-31 6,182.24 4,647.49 1.19
2012-09-30 6,074.06 5,346.02 3.82
2012-06-30 6,074.06 5,346.02 3.82
  • Gecina's level of debt (63.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (70.6% vs 63.7% today).
  • Debt is not well covered by operating cash flow (7.8%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5.5x coverage).
X
Financial health checks
We assess Gecina's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Gecina has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.1%
Current annual income from Gecina dividends. Estimated to be 4.32% next year.
If you bought $2,000 of Gecina shares you are expected to receive $82 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Gecina's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
  • Gecina's dividend is above the markets top 25% of dividend payers in United States of America (3.72%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OTCPK:GECF.F Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2003 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OTCPK:GECF.F Future Dividends Estimate Data
Date (Data in €) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 6.44 2.00
2021-12-31 5.90 9.00
2020-12-31 5.80 14.00
2019-12-31 5.62 13.00
OTCPK:GECF.F Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2019-04-17 5.500 4.120
2018-02-26 5.300 3.911
2018-02-21 5.300 3.445
2017-04-26 5.200 3.745
2016-04-21 5.000 3.922
2015-02-20 4.650 4.007
2015-02-19 4.650 3.989
2014-04-23 4.600 4.325
2013-04-19 4.400 4.673
2012-04-17 4.400 5.542
2011-05-25 4.400 5.951
2010-03-04 4.400 5.304
2009-10-30 0.000 0.000
2009-07-08 6.400 9.588

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Gecina's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (83.8x coverage).
X
Income/ dividend checks
We assess Gecina's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Gecina afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Gecina has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

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

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Méka Brunel
COMPENSATION €1,615,000
AGE 62
TENURE AS CEO 2.3 years
CEO Bio

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 investment, operational, leasing, asset management and development activities for Ivanhoé Cambridge’s European Platform. She is President of France GBC. Mrs. Brunel served as an Executive Vice President of Europe at Ivanhoé Cambridge, Inc. since 2009. She served as Managing Director of SITQ Europe at SITQ. Mrs. Brunel served as the Managing Director at Eurosic SA, since October 27, 2006 and also served as its Member of the Management Board. She served for ten years at the Fougerolle group. She joined SINVIM where she served as an Assistant Director, in charge of its real estate activities. Mrs. Brunel joined SIMCO in 1996 where she held various management positions and honed her knowledge of the construction sector before participating in the merger of GECINA, where she served as Director for Strategic Development. She served as Development Director at Gecina SA and oversaw strategic development designed to promote the diversification of the real estate corporation. She has been Independent Director of Crédit Foncier de France since May 10, 2012. She serves as a Director of Gecimed, FSIF and EPRA SA. Mrs. Brunel has been a Director of Gecina SA since April 23, 2014. She was Director of P3. She was Director of HBS PG. She serves as a Director of the Fédération des Sociétés Immobilières et Foncières, the Office Régional d'Immobilier d'Entreprise, the Université de Cergy-Pontoise and Royal Institution of Chartered Surveyors France. She is Chairwoman of the Development Board of Métropole du Grand Paris (Codev). She is Legal representative of Gecina, member of the ORIE Collège Investisseurs (Investment Council). Mrs. Brunel holds an Executive M.B.A. and a degree in Civil Engineering from HEC Paris.

CEO Compensation
  • Méka's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
  • Méka's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Gecina management team in years:

2.3
Average Tenure
40
Average Age
  • The tenure for the Gecina management team is about average.
Management Team

Méka Brunel

TITLE
CEO & Director
COMPENSATION
€2M
AGE
62
TENURE
2.3 yrs

Nicolas Dutreuil

TITLE
Deputy CEO of Finance
TENURE
5.7 yrs

Thibaut Ancely

TITLE
Executive Director of Investments & Development
AGE
40
TENURE
2.8 yrs

Fred Vern

TITLE
Executive Director of Legal Affairs & General Secretary
TENURE
1.7 yrs

Julien Landfried

TITLE
Executive Director of Communication & Public Affairs
AGE
39
TENURE
0.9 yrs

Elena Minardi

TITLE
Chief of Staff
AGE
35
TENURE
0.9 yrs

Samuel Henry-Diesbach

TITLE
Head of Financial Communications
TENURE
4.5 yrs

Eric Saint-Martin

TITLE
Head of Asset Management Projects

Francis Vasseur

TITLE
Director of Valuations & Appraisals

Pascale Neyret

TITLE
General Counsel
AGE
55
Board of Directors Tenure

Average tenure and age of the Gecina board of directors in years:

4.6
Average Tenure
62.5
Average Age
  • The tenure for the Gecina board of directors is about average.
Board of Directors

Bernard Carayon

TITLE
Chairman of the Board
AGE
68
TENURE
1.1 yrs

Méka Brunel

TITLE
CEO & Director
COMPENSATION
€2M
AGE
62
TENURE
5.1 yrs

Inès Reinmann Toper

TITLE
Independent Director
COMPENSATION
€106K
AGE
61
TENURE
7.1 yrs

Sylvain Fortier

TITLE
Director
AGE
52
TENURE
3.1 yrs

Gabrielle Gauthey

TITLE
Independent Director
COMPENSATION
€53K
AGE
56
TENURE
1.1 yrs

Jean-Jacques Duchamp

TITLE
Director
COMPENSATION
€82K
AGE
64
TENURE
16.4 yrs

Jacques-Yves Nicol

TITLE
Independent Director
COMPENSATION
€71K
AGE
67
TENURE
9 yrs

Claude Gendron

TITLE
Director
AGE
65
TENURE
5.1 yrs

Dominique Deloche de Noyelle

TITLE
Independent Director
COMPENSATION
€67K
AGE
63
TENURE
4.1 yrs

Laurence Danon Arnaud

TITLE
Independent Director
COMPENSATION
€41K
AGE
62
TENURE
2.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess Gecina's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Gecina has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Gecina owns, manages and develops property holdings worth 19.3 billion euros at end- 2018. 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 and student residences. 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 commitments to the community, Gecina has created a company foundation, which is focused on protecting the environment and supporting all forms of disability.

Details
Name: Gecina
GECF.F
Exchange: OTCPK
Founded: 1959
€11,045,888,766
73,669,416
Website: http://www.gecina.fr
Address: Gecina
16 rue des capucines,
cedex 02,
Paris,
Ile-de-France, 75084,
France
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTPA GFC Ordinary Shares Euronext Paris FR EUR 01. Jan 1992
OTCPK GECF.F Ordinary Shares Pink Sheets LLC US USD 01. Jan 1992
DB GI6A Ordinary Shares Deutsche Boerse AG DE EUR 01. Jan 1992
LSE 0OPE Ordinary Shares London Stock Exchange GB EUR 01. Jan 1992
BATS-CHIXE GFCp Ordinary Shares BATS 'Chi-X Europe' GB EUR 01. Jan 1992
Number of employees
Current staff
Staff numbers
510
Gecina employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/22 04:03
End of day share price update: 2019/03/26 00:00
Last estimates confirmation: 2019/05/17
Last earnings filing: 2019/02/26
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.