Grand City Properties S.A./€GYC
Grand City Properties stock falls as recent analyst target cuts and concerns over higher interest rates and financing costs weigh on the residential property sector.
11 hours agoLightyear AI
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Capital at risk
About Grand City Properties S.A.
- Ticker
- €GYC
- Sector
- Real Estate
- Primary listing
- XETRA
- Employees
- 586
- Headquarters
- Luxembourg, Luxembourg
- Website
- www.grandcityproperties.com
GYC Metrics
BasicAdvanced
€1.5B
3.72
€2.24
1.01
€0.30
3.60%
Price and volume
Market cap
€1.5B
Beta
1.01
52-week high
€11.58
52-week low
€8.59
Average daily volume
76K
Dividend rate
€0.30
Financial strength
Current ratio
1.157
Quick ratio
1.108
Long term debt to equity
0.561
Total debt to equity
0.745
Interest coverage (TTM)
4.69%
Profitability
EBITDA (TTM)
342.194
Gross margin (TTM)
57.61%
Net profit margin (TTM)
71.57%
Operating margin (TTM)
54.57%
Effective tax rate (TTM)
-28.78%
Revenue per employee (TTM)
€1,040,000
Management effectiveness
Return on assets (TTM)
1.82%
Return on equity (TTM)
8.84%
Valuation
Price to earnings (TTM)
3.724
Price to revenue (TTM)
2.4
Price to book
0.36
Price to tangible book (TTM)
0.36
Price to free cash flow (TTM)
5.167
Free cash flow yield (TTM)
19.35%
Free cash flow per share (TTM)
1.614
Dividend yield (TTM)
3.60%
Growth
Revenue change (TTM)
2.40%
Earnings per share change (TTM)
-7.72%
3-year revenue growth (CAGR)
-0.42%
10-year revenue growth (CAGR)
4.38%
3-year earnings per share growth (CAGR)
-2.75%
10-year earnings per share growth (CAGR)
-3.17%
10-year dividend per share growth (CAGR)
1.84%
Bulls say / Bears say
The operating portfolio is producing dependable growth: H1 net rental income and adjusted EBITDA both increased 3%, like-for-like rents rose 3.3%, and vacancy stayed low at 3.7%. The company reaffirmed roughly 3.5% like-for-like rental growth for 2026, supported by persistent demand for homes in its markets. (Grand City Properties, Grand City Properties)
The balance sheet gives GCP room to withstand market stress and invest selectively. It had €1.4 billion of cash and liquid assets, 33% LTV, 4.7 times interest cover and a 95% debt hedge ratio; the perpetual-note refinancing also removes further reset dates until 2031. (Grand City Properties, Grand City Properties)
Capital recycling is showing evidence of disciplined execution rather than growth for its own sake. GCP sold €31 million of mainly non-core assets at a 13% premium to book value, while buying €75 million of German residential property and adding a London new-build portfolio to support future rental income. (Grand City Properties)
Higher funding costs are already eroding recurring earnings: H1 FFO I fell 4% to €91 million despite 3% growth in net rental income and adjusted EBITDA. Management’s 2026 FFO I guidance of €175–185 million is below the previous year, showing that rent growth is not yet fully offsetting finance costs. (Grand City Properties, MarketScreener)
The refinancing removed a near-term reset date, but it replaced €603 million of 1.5% perpetual notes with €600 million paying 5.25%. Average debt maturity also shortened to 3.8 years, while LTV rose to 33% from 31% and net debt to EBITDA reached 8.7 times, leaving the company exposed if borrowing costs stay high. (Grand City Properties, Grand City Properties)
Statutory earnings remain volatile because valuation gains matter: H1 net profit dropped to €129 million from €210 million, while like-for-like property values rose only 0.2% excluding capex. A weaker valuation backdrop could therefore pressure reported profit and net asset value even if rents continue rising. (Grand City Properties, Grand City Properties)
Data summarised monthly by Lightyear AI. Last updated on 16 Sept 2026.
Upcoming events
No upcoming events
Funds containing GYC
AllEURGBPUSD
Fund name | Fund size | €GYC weighting |
|---|---|---|
iShares European Property Yield€IPRP | €813M | 0.23% |
iShares European Property Yield£IPRP | £698M | 0.23% |
Xtrackers MSCI Europe Small Cap€DX2J | €3.2B | 0.02% |
Xtrackers MSCI Europe Small Cap£XXSC | £2.8B | 0.02% |
iShares Developed Markets Property Yield$IDWP | $1.2B | 0.02% |
Data displayed above is indicative only and its accuracy or completeness is not guaranteed. Actual execution price may vary. Past performance is not indicative of future results. Your return may be affected by currency fluctuations and applicable fees and charges. Capital at risk.
Market data provided by CBOE Europe and Deutsche Börse.