Want to see DE:GYC full AI Analyst Report?
Top Page
Grand City Properties SA
(XETRA:GYC)
Select Model
Select Model
Rating:71Outperform
Price Target:
€8.00
▼(-14.44% Downside)
Action:Upgraded
Date:08/18/26
The score is driven primarily by attractive valuation (very low P/E and a solid yield) and a supportive earnings-call outlook with confirmed 2026 guidance and a restarted dividend. Offsetting this are moderate financial-statement risks—especially leverage and weaker operating cash conversion—and only mixed technical signals that suggest improving but not clearly strong trend momentum.
Positive Factors
Rental Growth and Occupancy
Positive like-for-like rental growth combined with very low vacancy supports recurring income growth and indicates resilient demand across the residential portfolio. The maintained full-year outlook suggests these operating benefits are expected to persist over the next several quarters.
Negative Factors
Rising Leverage
Debt exceeding equity and the upward leverage trend increase sensitivity to property values, interest rates and refinancing conditions. Although current assets and returns remain substantial, greater leverage reduces financial flexibility and raises the consequences of adverse real estate conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Rental Growth and Occupancy
Positive like-for-like rental growth combined with very low vacancy supports recurring income growth and indicates resilient demand across the residential portfolio. The maintained full-year outlook suggests these operating benefits are expected to persist over the next several quarters.
Read all positive factors
Grand City Properties SA (GYC) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€1.22B
Dividend Yield4.12%
Average Volume (3M)155.88K
Price to Earnings (P/E)3.3
Beta (1Y)0.56
Revenue Growth2.40%
EPS Growth-8.00%
CountryDE
Employees586
SectorReal Estate
Sector Strength53
IndustryReal Estate - Development
Share Statistics
EPS (TTM)2.24
Shares Outstanding176,187,900
10 Day Avg. Volume191,533
30 Day Avg. Volume155,875
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)0.53
Price to Sales (P/S)3.60
P/FCF Ratio10.06
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€9.82Price Target Upside5.03% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)1.42
Revenue Forecast (FY)€623.63M
Grand City Properties SA Business Overview & Revenue Model
Company Description
Grand City Properties S.A. engages in the residential real estate business in Germany, the United Kingdom, and internationally. It invests in, manages, and rents real estate properties in North Rhine-Westphalia and Berlin; and metropolitan regions...
Grand City Properties SA Earnings Call Summary
Earnings Call Date:Aug 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Neutral
The call presented a generally balanced picture: strong operational performance with healthy rental growth, low vacancy, expanding portfolio and solid liquidity, alongside conservative balance sheet metrics and a resumed dividend policy. Offsetting these strengths are notable near-term pressures from higher finance costs (largely due to perpetual notes refinancing), lower disposals and consequential falls in reported profit, EPS and FFO II versus the prior year. Management confirmed guidance and emphasized conservative financial positioning and selective, accretive growth, indicating resilience but acknowledging headwinds that temper near-term earnings.Positive Updates
Solid Operational Rental Growth
Like-for-like rental growth of 3.3% in H1 2026 (2.1% re-letting, 1.2% indexation) with in-place rent reaching EUR 9.8/sqm and annualized net rents of EUR 442 million, representing ~20% upside to estimated market rental value (EUR 530 million). Guidance maintained for ~3.5% like-for-like rental growth in 2026.
Negative Updates
Profitability and EPS Decline
Reported profit for H1 2026 decreased to EUR 129 million from EUR 210 million in H1 2025 (-38.6%), and basic EPS fell to EUR 0.49 from EUR 0.92 (-46.7%), mainly due to a lower revaluation result versus the prior period and higher finance expenses.
Read all updates
Q2-2026 Updates
Positive
Negative
Solid Operational Rental Growth
Like-for-like rental growth of 3.3% in H1 2026 (2.1% re-letting, 1.2% indexation) with in-place rent reaching EUR 9.8/sqm and annualized net rents of EUR 442 million, representing ~20% upside to estimated market rental value (EUR 530 million). Guidance maintained for ~3.5% like-for-like rental growth in 2026.
Read all positive updates
Company Guidance
The company confirmed 2026 guidance: FFO I of EUR 175–185 million (EUR 0.99–1.05 per share), like‑for‑like rental growth around 3.5%, and a dividend of EUR 0.50–0.53 per share under a new policy targeting 50% of FFO I per share; management noted H1 FFO I of EUR 91 million was in line with expectations, the perpetual‑note attribution is c. EUR 53 million for 2026 (normalizing to c. EUR 60 million in 2027) which will offset some FFO I growth from Q3, and they aim to keep LTV below their 45% internal limit.Grand City Properties SA Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
58
Neutral
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 743.65M | 601.46M | 422.69M | 607.74M | 396.04M | 374.55M |
| Gross Profit | 470.82M | 334.18M | 168.99M | 328.69M | 129.75M | 156.49M |
| EBITDA | 472.89M | 563.47M | 365.46M | -658.32M | 286.16M | 845.58M |
| Net Income | 458.74M | 511.88M | 238.99M | -513.81M | 153.96M | 548.56M |
Balance Sheet | ||||||
| Total Assets | 11.62B | 11.50B | 11.22B | 10.92B | 11.13B | 11.56B |
| Cash, Cash Equivalents and Short-Term Investments | 1.37B | 1.62B | 1.51B | 1.23B | 427.36M | 1.11B |
| Total Debt | 5.58B | 5.75B | 4.29B | 4.25B | 3.99B | 4.51B |
| Total Liabilities | 6.88B | 6.79B | 5.80B | 5.69B | 5.22B | 5.76B |
| Stockholders Equity | 4.11B | 4.08B | 4.91B | 3.48B | 5.25B | 5.19B |
Cash Flow | ||||||
| Free Cash Flow | 197.47M | 215.25M | 281.83M | 246.86M | 211.58M | 208.69M |
| Operating Cash Flow | 200.59M | 217.74M | 284.46M | 249.41M | 216.12M | 217.06M |
| Investing Cash Flow | -268.32M | 22.69M | 52.02M | 147.80M | -167.69M | -198.46M |
| Financing Cash Flow | -38.29M | -83.60M | -93.37M | 405.30M | -567.42M | -537.19M |
Grand City Properties SA Technical Analysis
Neutral
9.35
Price Trends
7.99
Negative
8.61
Negative
9.03
Negative
Market Momentum
-0.21
Negative
49.99
Neutral
85.36
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:GYC, the sentiment is Neutral. The current price of 9.35 is above the 20-day moving average (MA) of 6.94, above the 50-day MA of 7.99, and above the 200-day MA of 9.03, indicating a neutral trend. The MACD of -0.21 indicates Negative momentum. The RSI at 49.99 is Neutral, neither overbought nor oversold. The STOCH value of 85.36 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for DE:GYC.
Grand City Properties SA Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | €1.22B | 3.25 | 11.29% | 4.12% | 2.40% | -8.00% | |
67 Neutral | €3.69B | 2.81 | 14.93% | 6.08% | 0.54% | 112.86% | |
66 Neutral | €14.07B | 3.60 | 14.27% | 7.54% | -20.61% | 907.76% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
54 Neutral | €2.16B | 34.33 | 1.65% | 3.53% | -5.00% | -79.06% | |
44 Neutral | €6.15B | 38.89 | 2.34% | ― | -8.37% | ― | |
42 Neutral | €15.10M | -0.06 | -82.03% | 2.01% | 54.52% | -122.93% |
* Real Estate Sector Average
DE:GYC
Grand City Properties SA
7.28
-3.61
-33.15%
DE:LEG
LEG Immobilien
48.06
-17.18
-26.33%
DE:TEG
T Immobilien
11.33
-3.42
-23.20%
DE:VNA
Vonovia
16.58
-9.26
-35.82%
DE:ADJ
ADLER Group
0.10
-0.10
-49.75%
DE:O5G
CPI PROPERTY GROUP S.A.
0.74
-0.07
-8.13%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.