Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on GECINA SA. We currently have 7 research reports from 1 professional analysts.
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9M figures: NRI growth supported by stronger financial structure
21 Oct 16
Gecina published its 9m figures. GRI stood at €419.2m, down -1.3% yoy (-0.7% lfl). EBITDA at €345.3m is down 2.6% yoy and net income at €273m, up 2.9% yoy. Cost of debt now stands at 2.2% (1.7% on drawn debt, and management has secured €194m of disposals in Residential assets. The group has revised its EPS guidance for FY16, now targeting 7% growth excluding Gecimed, from 5% previously.
Positive H1 figures and the battle for FDP goes on
22 Jul 16
Gecina published its H1 16 figures with GRI at €298m, up 8.2% yoy, supported by T1&B and PSA, and flat on an lfl basis, with indexation remaining low (+0.3%) and renewals and renegotiations in offices impacting organic growth. Triple net NAV stood at €128.6, gaining 4.8%, and the group share EPS gained 15.4% yoy to €3.16. The group’s pipeline now stands at 30% of the total portfolio (excluding Gecimed) or €3.6bn (o/w 60% controlled), and its financial position is stronger, with cost of debt now at 2% (-90bp) and an LTV excluding Gecimed at 29%. FY 16 guidance of a +5% net income growth is maintained and management now also sees a -70bp decrease in cost of debt, from the recent refinancing activities.
Gecina's public offer on Foncière de Paris means good news
20 May 16
Gecina has just announced a public offer on Foncière de Paris and proposed cash of €150 per FdP share, or an exchange of 6 Gecina shares for 5 shares of FdP. The proposal stands at a 10% premium on the offer previously proposed by Eurosic. As reminder, in March 2016, Eurosic offered €136 per share, for shares of FdP or a premium of 1.5% on the group’s FY15 NAV. An interesting battle, wait and see.
Not that expensive yet
26 Apr 16
We have updated our model on Gecina to capture more aggressive expectations for Paris. Gecina published Q1 16 results with GRI at €147m, up 7.3% yoy and flat lfl as expected. EBITDA stood at €122.6m, up 8.3% and net income at €96.8m gained 16% yoy. The group has confirmed its target of net income growth of above 5% excluding Gecimed.
Solid figures in 2015 but bottom-line dilution from Gecimed ahead
01 Mar 16
*We have updated our model on the group’s positive FY15 figures. We maintain our positive stance on the French office pure play but hold a wait-and-see position on future investments and/or extra dividend payment* *FY 15 figures:* * GRI at €574.6m was up 6% and came in above expectations of €572m. Recurrent net income GS climbed by +12.2%, and EPS at €5.61 gained 8.6% and stood marginally in line with our expected (€5.60) and the revised guidance. The dividend was announced at €5.00 per share, also beating our expectations of €4.98. * 2015 has been a dynamic year for Gecina with a total of €1.9bn of acquisitions and developments and €1.9bn of disposals including the Gecimed portfolio. * The strong growth in triple net NAV (+21.2% to €122.7/share) above both our expectations and consensus was supported by gains on disposals and yield compressions. The portfolio's value gained 24.5% yoy and 10.8% lfl to now stand at €12.9bn (including Gecimed). The office portfolio experienced the strongest growth at +14.4% lfl, with Paris increasing by as much as 19.2% lfl. An impressive growth mainly supported by yield compressions: -80bp to 5.17%. * The financial position also remains strong with net debt increased to €4.7bn, decreasing the average cost of debt to 2.2% from 3%, and the LTV now stands at 36.4%
A good start but still waiting for more
23 Jul 15
Gecina published its H1 15 figures with GRI at €276.2m, down 1.1% lfl, impacted by negative reversions and limited indexation. The NAV stood at €103.9m, 3% below our FY15 expectations and the group share EPS was up 1.1% yoy to €2.74. The pipeline has been increased to 23.3% of the total portfolio, now standing at €2.8bn (from 16.5% at FY14), o/w 6.4% is committed. And management has made an upward revision of its FY15 guidance with net income growth now expected between +6% and +9% and GRI lfl growth maintained at -1% for FY15.
N+1 Singer - Best Ideas 2017 - Top picks
04 Jan 17
Today we publish our Best Ideas for 2017 - 12 stocks that we believe have excellent prospects in the current year together with a detailed discussion of what we see as the key sector and market themes for 2017. Our top picks are Cineworld, Elementis, Herald Investment Trust, Hill & Smith, IQE, MySale, Redde, ReNeuron, RhythmOne, SDL, Servelec and Severfield.
The Monthly January 2017
09 Jan 17
Despite all the hullaballoo of the Brexit vote and the subsequent election of Donald Trump as the next US President, the UK stock market prospered last year, especially in the latter few months of 2016. The combination of a depreciating currency – making $ earnings more valuable in relative terms - and the Trump emphasis on infrastructure expenditure drove the stock market higher
10 for 17
09 Jan 17
As always at the start of a year, there are significant uncertainties about the year ahead but I think in 2017, the level of uncertainly has decisively moved up a gear. In fact, a leading economist at the LSE, Ethan Ilzetzki, was recently quoted as saying “I view the current global economic environment as the most uncertain in modern history”. Wow.
11 Jan 17
Joules Group (JOU): Strong festive trading (BUY) | Shoe Zone (SHOE): Tough FY16 could be just the beginning (HOLD) | H&T (HAT): Alternative lender emerging (BUY) | Omega Diagnostics* (ODX): ISO accreditation received for Pune, India (CORP) | Redcentric* (RCN): Interims – restoring forecasts (CORP)