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1. Company Snapshot

1.a. Company Description

Grand City Properties S.A. engages in the residential real estate business in Germany, the United Kingdom, and internationally.The company invests in, manages, and rents real estate properties in North Rhine-Westphalia and Berlin; metropolitan regions of Dresden, Leipzig, and Halle; and the cities in the north of Germany, Bremen, Hamburg, and Hannover, as well as other urban centers, such as Nuremberg, Munch, Mannheim, Frankfurt, and London.Grand City Properties S.A. was founded in 2004 and is based in Luxembourg.

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1.b. Last Insights on GYC

Grand City Properties' recent performance was negatively impacted by a decline in revenue, down 1.8% from FY 2023 to €597.0m in FY 2024. The company's rental growth and operational efficiencies, highlighted in its Q4 2024 earnings call, were overshadowed by a weak foundation, as its robust earnings may not be sustainable. Additionally, the company's share price growth, although decent, may not be enough to offset the decline in revenue, making it a less attractive investment opportunity.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Grand City Properties SA (GRNNF) Q3 2025 Earnings Call Highlights: Strong Rental Growth and ...

Nov -26

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Grand City Properties' (ETR:GYC) Earnings Might Be Weaker Than You Think

Nov -21

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Is It Too Late To Consider Buying Grand City Properties S.A. (ETR:GYC)?

Sep -28

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We Think That There Are Some Issues For Grand City Properties (ETR:GYC) Beyond Its Promising Earnings

Aug -20

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Grand City Properties Second Quarter 2025 Earnings: EPS: €0.57 (vs €0.55 loss in 2Q 2024)

Aug -15

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A Look At The Intrinsic Value Of Grand City Properties S.A. (ETR:GYC)

Aug -04

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Investors in Grand City Properties (ETR:GYC) have unfortunately lost 43% over the last five years

Jun -18

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Grand City Properties' (ETR:GYC) Profits May Not Reveal Underlying Issues

May -22

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.82%)

6. Segments

Rental

Expected Growth: 6.5%

Rental growth of 6.5% driven by strong demand for Grand City Properties S.A.'s apartments in prime locations, supported by urbanization trends, limited supply, and increasing rents. Additionally, the company's value-add initiatives, such as renovations and repositioning, contribute to higher rental income.

Operating and Other

Expected Growth: 7.5%

Grand City Properties S.A.'s 7.5% Operating and Other segment growth is driven by increasing rental income from its diversified portfolio, efficient cost management, and strategic acquisitions. Additionally, the company's focus on value-add initiatives, such as refurbishments and redevelopments, contributes to the growth. Furthermore, a favorable interest rate environment and strong demand for German residential properties also support the segment's expansion.

7. Detailed Products

Residential Rentals

Grand City Properties S.A. offers a diverse portfolio of residential properties for rent, including apartments, houses, and condominiums, catering to various lifestyles and budgets.

Commercial Rentals

The company provides commercial spaces for rent, including offices, retail stores, and warehouses, suitable for businesses of all sizes and industries.

Property Management

Grand City Properties S.A. offers comprehensive property management services, including maintenance, repairs, and administrative support, to ensure optimal property performance.

Real Estate Development

The company develops and invests in new residential and commercial projects, focusing on sustainable and innovative designs that enhance urban living.

Property Investment

Grand City Properties S.A. offers investment opportunities in its diversified portfolio of properties, providing a stable source of income and long-term appreciation.

8. Grand City Properties S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Grand City Properties S.A. operates in a highly competitive market, but the threat of substitutes is mitigated by the company's strong brand recognition and diversified portfolio of properties.

Bargaining Power Of Customers

Grand City Properties S.A. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's properties are often located in prime areas, making it difficult for customers to negotiate prices.

Bargaining Power Of Suppliers

Grand City Properties S.A. relies on a network of suppliers for construction materials, maintenance services, and other essential goods and services. While the company has some bargaining power due to its size, suppliers still have some negotiating power.

Threat Of New Entrants

The real estate industry is highly competitive, and new entrants can easily enter the market. Grand City Properties S.A. faces a high threat of new entrants, which could potentially disrupt the market and erode the company's market share.

Intensity Of Rivalry

The real estate industry is highly competitive, and Grand City Properties S.A. operates in a crowded market with many established players. The company faces intense competition from other real estate companies, which could lead to pricing pressures and reduced market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 61.98%
Debt Cost 3.95%
Equity Weight 38.02%
Equity Cost 7.10%
WACC 5.14%
Leverage 163.01%

11. Quality Control: Grand City Properties S.A. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Mountview Estates

A-Score: 6.0/10

Value: 5.7

Growth: 2.1

Quality: 6.1

Yield: 8.1

Momentum: 6.5

Volatility: 7.3

1-Year Total Return ->

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Stock-Card
Grand City Properties

A-Score: 4.7/10

Value: 7.7

Growth: 3.0

Quality: 6.4

Yield: 2.5

Momentum: 2.0

Volatility: 6.3

1-Year Total Return ->

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Heba Fastighets

A-Score: 4.3/10

Value: 3.1

Growth: 3.8

Quality: 5.8

Yield: 4.4

Momentum: 2.5

Volatility: 6.0

1-Year Total Return ->

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Varia US Properties

A-Score: 4.2/10

Value: 4.6

Growth: 3.7

Quality: 2.6

Yield: 9.4

Momentum: 0.0

Volatility: 5.0

1-Year Total Return ->

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Platzer Fastigheter Holding

A-Score: 4.2/10

Value: 3.9

Growth: 5.1

Quality: 4.8

Yield: 5.0

Momentum: 1.0

Volatility: 5.3

1-Year Total Return ->

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Nyfosa

A-Score: 3.8/10

Value: 3.0

Growth: 4.7

Quality: 4.7

Yield: 4.4

Momentum: 1.5

Volatility: 4.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

10.2$

Current Price

10.2$

Potential

-0.00%

Expected Cash-Flows