Stock GFC GECINA
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Financials Gecina

Equities

GFC

FR0010040865

Diversified REITs

Market Closed - Euronext Paris
Other stock markets
 16:35:52 26/04/2024 BST 		5-day change 1st Jan Change
95.2 EUR +2.15% Intraday chart for Gecina +2.26% -13.53%
04-26 GECINA : Rents on central Paris assets still healthy Alphavalue
04-26 Transcript : Gecina, Q1 2024 Earnings Call, Apr 26, 2024

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 11,711 9,290 9,059 7,022 8,134 7,034 - -
Enterprise Value (EV) 1 19,007 16,391 15,957 14,199 14,334 13,406 13,316 13,299
P/E ratio 7.76 x 60.2 x 10.7 x 41.4 x -4.56 x 38.8 x 10.5 x 11.8 x
Yield 3.51% 4.2% 4.31% 5.57% 4.81% 5.78% 6.07% 6.18%
Capitalization / Revenue 17.4 x 14.1 x 14.8 x 11.2 x 12.2 x 10.1 x 9.51 x 9.16 x
EV / Revenue 28.2 x 24.9 x 26 x 22.7 x 21.5 x 19.2 x 18 x 17.3 x
EV / EBITDA 35 x 31.8 x 33.5 x 28.6 x 26.8 x 23.7 x 22.2 x 21.4 x
EV / FCF 20.1 x 72.2 x 23.6 x 64.9 x 99.2 x 32.6 x 27.6 x 25 x
FCF Yield 4.97% 1.38% 4.23% 1.54% 1.01% 3.07% 3.63% 4%
Price to Book 0.93 x 0.75 x 0.7 x 0.55 x 0.77 x 0.7 x 0.7 x 0.71 x
Nbr of stocks (in thousands) 73,378 73,557 73,714 73,802 73,881 73,888 - -
Reference price 2 159.6 126.3 122.9 95.15 110.1 95.20 95.20 95.20
Announcement Date 19/02/20 18/02/21 17/02/22 15/02/23 14/02/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 673.5 658 613.3 625.9 666.8 696.5 739.4 768.2
EBITDA 1 543.5 516.1 476.4 496.5 535 565.1 600.3 622.2
EBIT 1 527 431.1 464.6 491.5 505.3 544.5 580.2 588.2
Operating Margin 78.25% 65.52% 75.75% 78.53% 75.78% 78.17% 78.47% 76.57%
Earnings before Tax (EBT) 1 1,524 162 852.5 171.9 -1,786 230.9 626.5 609.3
Net income 1 1,515 154.8 849.3 169.6 -1,787 130.5 713.2 656.6
Net margin 224.99% 23.53% 138.48% 27.1% -268.03% 18.73% 96.46% 85.47%
EPS 2 20.57 2.099 11.53 2.299 -24.15 2.453 9.093 8.064
Free Cash Flow 1 945.5 226.9 675.6 218.7 144.4 411 483 532
FCF margin 140.39% 34.49% 110.16% 34.95% 21.66% 59.01% 65.33% 69.25%
FCF Conversion (EBITDA) 173.97% 43.97% 141.81% 44.05% 27% 72.73% 80.45% 85.5%
FCF Conversion (Net income) 62.4% 146.59% 79.55% 128.96% - 315.03% 67.72% 81.02%
Dividend per Share 2 5.600 5.300 5.300 5.300 5.300 5.505 5.781 5.881
Announcement Date 19/02/20 18/02/21 17/02/22 15/02/23 14/02/24 - - -
1EUR in Million2EUR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 S2 2022 S1 2022 S2 2023 S1 2023 S2 2024 S1 2024 S2 2025 S1 2025 S2
Net sales 1 342.9 336.1 321.9 311.4 301.9 308.2 317.7 332.9 333.9 344.4 363.4 378.9 394.3
EBITDA - - - - - - - - - - - - -
EBIT 1 - - - - 224.7 241.4 250.1 264.6 240.7 280.1 294.8 310.6 323.2
Operating Margin - - - - 74.43% 78.33% 78.72% 79.48% 72.09% 81.34% 81.12% 81.98% 81.95%
Earnings before Tax (EBT) - - - - - - - - - - - - -
Net income - - - - - - - - - - - - -
Net margin - - - - - - - - - - - - -
EPS - - - - - - - - - - - - -
Dividend per Share - - - - - - - - - - - - -
Announcement Date 19/02/20 23/07/20 18/02/21 22/07/21 17/02/22 21/07/22 15/02/23 19/07/23 14/02/24 - - - -
1EUR in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 7,296 7,101 6,898 7,177 6,200 6,372 6,281 6,264
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 13.42 x 13.76 x 14.48 x 14.45 x 11.59 x 11.27 x 10.46 x 10.07 x
Free Cash Flow 1 946 227 676 219 144 411 483 532
ROE (net income / shareholders' equity) 3.59% 3.34% 3.08% 3.19% 3.81% 4.54% 5% 5.08%
ROA (Net income/ Total Assets) 2.18% 2.07% 1.93% 1.99% 2.32% 2.32% 3.08% 3.02%
Assets 1 69,444 7,478 44,078 8,506 -77,101 5,624 23,187 21,736
Book Value Per Share 2 172.0 169.0 176.0 173.0 143.0 136.0 137.0 135.0
Cash Flow per Share 2 8.420 6.850 6.520 6.540 7.220 6.490 6.760 7.000
Capex 1 551 278 361 369 391 283 125 69.6
Capex / Sales 81.8% 42.21% 58.81% 58.93% 58.57% 40.59% 16.94% 9.06%
Announcement Date 19/02/20 18/02/21 17/02/22 15/02/23 14/02/24 - - -
1EUR in Million2EUR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Gecina

Trading Rating
Investor Rating
ESG Refinitiv
A
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
15
Last Close Price
95.2 EUR
Average target price
110.7 EUR
Spread / Average Target
+16.24%
Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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Diversified REITs
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  4. Financials Gecina