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 - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017
28 Mar 17
ClearStar* (CLSU): Building a background for growth (CORP) | Sound Energy (SOU): TE-8 results (HOLD) | LiDCO* (LID): 2017 should be a transformative year (CORP) | Proteome Sciences* (PRM): FY 2016 in line. Moving towards breakeven (CORP) | Fulcrum (FCRM): Significant market potential, rising margins and a strong balance sheet (BUY) | Mortgage Advice Bureau (MAB1): Strong and growing intellectual property (BUY) | 7digital* (7DIG): Open offer result (CORP)
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
Small Cap Breakfast
28 Mar 17
Path Investments—Publication of prospectus from the Energy Investment Company. Raising £1.4m. Admission due on or around 30 March | Franchise Brands—Schedule 1 detailing £28m reverse takeover of Metro Rod. Admission expected 11 April | Alpha FX Group— Schedule 1 from the foreign exchange provider focused on managing exchange rate risk for UK corporates that trade internationally. Fundraise TBC. Admission expected 7 April. | K3 | Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. | Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Tufton | Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.