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Grand City Properties SA (GYC)

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11.22 -0.05    -0.44%
18/07 - Closed. Currency in EUR ( Disclaimer )
Type:  Equity
Market:  Germany
ISIN:  LU0775917882 
WKN:  A1JXCV
  • Volume: 35,117
  • Bid/Ask: 11.20 / 11.23
  • Day's Range: 11.18 - 11.31
Grand City 11.22 -0.05 -0.44%

GYC Balance Sheet

 
Featured here, the Balance Sheet for Grand City Properties SA, which summarizes the company's financial position including assets, liabilities and shareholder equity for each of the latest 4 period ending dates (either quarterly or annually).
AnnualQuarterly
Advanced Balance Sheet
Period Ending: 2024
31/03
2023
31/12
2023
30/09
2023
30/06
Total Current Assets 1904.46 1840.51 1690.02 1392.82
Cash and Short Term Investments - 1230.48 1070.62 709.47
Cash - - - -
Cash & Equivalents 1180.42 1129.18 1003.4 640.13
Short Term Investments - - - -
Total Receivables, Net 431.84 91.68 415.72 468.03
Accounts Receivables - Trade, Net - 43.17 415.72 468.03
Total Inventory - - - -
Prepaid Expenses - - - -
Other Current Assets, Total 185.92 518.34 203.68 215.32
Total Assets 11029.69 10918.15 11150.63 10846.65
Property/Plant/Equipment, Total - Net 8738.99 8687.22 9045.51 9052.47
Property/Plant/Equipment, Total - Gross - 8713.44 - -
Accumulated Depreciation, Total - -26.22 - -
Goodwill, Net - - - -
Intangibles, Net 5.35 5.79 7.21 8.64
Long Term Investments - 84.1 - -
Note Receivable - Long Term - 48.52 - -
Other Long Term Assets, Total 317.68 234.54 347.02 333.46
Other Assets, Total -76.43 593.95 -83.94 -124.12
Total Current Liabilities 718 653.73 681.3 657.56
Accounts Payable 304.84 60.2 297.86 287.58
Payable/Accrued - - - -
Accrued Expenses - - - -
Notes Payable/Short Term Debt 281.87 288.92 282.77 281.91
Current Port. of LT Debt/Capital Leases 15.92 9.81 7.75 5.4
Other Current liabilities, Total 115.38 294.8 92.93 82.67
Total Liabilities 5753.08 5688.04 5642.24 5328.25
Total Long Term Debt 4129.11 4238.71 4001.13 3745.16
Long Term Debt 4129.11 4133.59 4001.13 3745.16
Capital Lease Obligations - 105.12 - -
Deferred Income Tax 663.98 662.03 716.03 716.96
Minority Interest 519.84 515.79 582.27 590.57
Other Liabilities, Total -1437.36 -1543.58 -1379.77 -1073.85
Total Equity 5276.6 5230.11 5508.38 5518.4
Redeemable Preferred Stock, Total - - - -
Preferred Stock - Non Redeemable, Net - - - -
Common Stock, Total 17.62 17.62 17.62 17.62
Additional Paid-In Capital 322.86 322.86 322.86 322.86
Retained Earnings (Accumulated Deficit) 3313.06 3282.94 3485.22 3482.92
Treasury Stock - Common -82.99 -83.23 -83.23 -83.23
ESOP Debt Guarantee - - - -
Unrealized Gain (Loss) - - - -
Other Equity, Total 1706.05 1689.92 1765.91 1778.23
Total Liabilities & Shareholders' Equity - 10918.15 11150.63 10846.65
Total Common Shares Outstanding 172.37 172.36 172.36 172.36
Total Preferred Shares Outstanding - - - -
* In Millions of EUR (except for per share items)
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GYC Comments

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alex inve
alexinve Mar 22, 2023 10:38AM ET
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Analysis FY 2022 results: Net Debt/EBITDA = 11.4x. AFFO diminished -1.26%. FFO/per share +3% at 1.14€. P/FFO (Today) = 7/1.14 = 6.14. Guidance FY 2023 FFO/share to decrease -13.16% max to 0.99€/share. P/FFO (2023e) = 7/0.99 = 7.07. Sector P/FFO for Residential REITs in US has been moving steadily between 17 and 25 in 2010-2018 period (S&P Global Market Intelligence, Nareit 2018). GYC is clearly undervalued already. Technical aspect doesn’t show any signs of recovery yet.
James Sullivan
James Sullivan Mar 18, 2023 5:09AM ET
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Hi, @alexinveI'm interested how did you calculate 'GYC going down to 4.42€'?Which values did you use?Do you think it will go up to 10€ -15€ in the next 4-5 years?
alex inve
alexinve Mar 18, 2023 5:09AM ET
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1679399941_42408.jpg
1679399941_42408.jpg Hello James, it's an estimation I made based on the monthly chart. January and February 2013 lows were around 4.42€. Current PER is 9.51 and dividend yield has been cut to 0% in 2022. Interest rates keep rising at the moment and before the SVB, FRC, Credit Suisse fall; investors thought they would go up until 5.5-6%. Even though debt is lower than its bigger competitor Vonovia and according to GYC website the company’s debt have a 95% interest hedging ratio, which is expected to reduce to 91% as some interest rate hedging matures throughout 2023; in an environment of increasing interest rates, investors could switch from REITs to bonds. The fact that GYC cut its dividend to 0, may look very disciplined and responsible. But a REIT who does not pay dividend is no longer attractive in my opinion. Whether it will be at 10-15€ in the next 4-5 years, that depends on: inflation stabilisation, interest rates beginning to drop at comfortable levels (1-3%), reduced banking crisis uncertainty and reduced recession fears, among other factors.
alex inve
alexinve Mar 18, 2023 5:09AM ET
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It's also important to track the FFO and AFFO and compare these two metrics with competitors in order to see if the stock has been oversold or overbought. Hope this helps!
James Sullivan
James Sullivan Mar 18, 2023 5:09AM ET
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Thanks for the explanation! I have some GYC stocks bought at 10.5€ a month ago.I tought it was a safe investment. The company had paid high divident and the stock had already fallen 50% from ATH.But now there is no divident and the stock is another 30% down. :-)Looks like I will keep it for a long period.
alex inve
alexinve Mar 18, 2023 5:09AM ET
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I understand your decision. If Central Banks stop to raise interest rates or inflation drops further, then REITs will be one of the first sectors to recover as they may be experiencing overselling. When I analysed GYC back in Oct, I saw good fundamental reasons to invest in it. Macroeconomic uncertainty is now overweighting those fundamental reasons. That's why diversification is the best path to financial calmness:)
alex inve
alexinve Mar 16, 2023 4:27AM ET
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Unfortunately, Grand City decided not to pay 2022 dividend due to macroeconomic uncertainty. The results were somewhat weak even though positive. I see GYC going down to 4.42€ in the next months. Better to avoid
Daniel Farkas
Daniel Farkas Mar 16, 2023 4:27AM ET
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haha...in next yeat 2024 with starting inflation down grow up price GCP min 12€ up, if dividend restart from 2024 rapudli up prces
alex inve
alexinve Oct 13, 2022 3:26AM ET
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Compared to Vonovia, Grand City has a double better debt position than its big competitor. Earnings payout are 23% and cash payout 64%. Vonovia's respective figures are 67% and 61%. Debt quity ratio at 57% is highly different from Vonovia's at 117%. Grand City may experiment higher costs of debt refinancing in 2023 but not as much as Vonovia in relative numbers. Grand City is able to breath better within this whole interest rates hike environment than mostly any other REIT. Sometimes, it's better to aim at 1,5B valued companies than 15B valued ones.
alex inve
alexinve Jun 11, 2022 8:26AM ET
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With German real state crisis, even though the stock performed nicely over the past 9 years, the fear of new rent regulations is present and Vonovia or Grand City may see their stock prices drop 30%-50% still.
 
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