Gecina is a rental real estate company. Co.'s purpose is to operate individual rental properties or group of properties located mainly in France. Co.'s properties include commercial assets (offices and retail outlets), residential assets, logistics assets, hotels and healthcare facilities. Co. is organized around two main sectors and one ancillary segment: Economic sector comprising the commercial segment (offices and retail outlets), the portfolio of logistics properties and of hotel buildings; Demographic sector comprising traditional residential units (housing units property holding), portfolio of students residences and of healthcare facilities; Ancilary segment of real estate services.
  • TickerGFC
  • ISINFR0010040865
  • ExchangeEuronext Paris
  • SectorReal Estate Investment Trusts
  • CountryFrance

Analysts

Bruno Cavalier ...
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/11/2019

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Gecina SA: Key Facts and Statistics - LTM as of June 2018

A summary company profile, detailing Gecina S.A.’s business operations and financial highlights.

Gecina SA - June 2018 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Gecina SA: Updated credit analysis following change of outlook to stable

Our credit view of Gecina, reflecting its large size and quality of its office portfolio, an improving property market outlook as well as a fully unencumbered asset base

Gecina SA - December 2017 (LTM): Peer Snapshot

Compares key performance metrics against industry peers.

Gecina SA: Gecina's recent asset sales reduce execution risk related to disposal program, a credit positive

CORPORATES ISSUER COMMENT 11 January 2018 What is  Moody’s Credit Outlook ? Published every Monday and Thursday morning, Moody's Credit Outlook informs our research clients of the credit implications of current events. Contacts Roberto Pozzi +44.20.7772.1030 VP-Sr Credit Officer [email protected] Andre Silva +44.20.7772.5385 Associate Analyst [email protected] CLIENT SERVICES

Florent Laroche-Joubert

Gecina : A new cycle in the total return strategy

>Total return strategy: +35% value creation anticipated - Gecina’s principal strategy is the development and transformation of its portfolio of prime assets (80% office space, 17% residential) in the most central zones of Paris. In line with this strategy, Gecina has decided to substantially restock its pipeline following a number of deliveries in 2018-2019, taking advantage of the arrival at maturity of a great number of leases in the Paris central business dist...

Florent Laroche-Joubert

Gecina : Un nouveau cycle dans la stratégie de « Total Return »

>Stratégie de « Total Return » : +35% de création de valeur attendue - Gecina a pour principale stratégie de développer et transformer un portefeuille d’actifs prime (80% bureaux ; 17% résidentiel) dans les zones les plus centrales de Paris. En ligne avec cette stratégie, Gecina a pris la décision de recharger significativement son pipeline suite aux nombreuses livraisons de 2018/19 en profitant de l’arrivée à maturité d’un grand nombre de baux dans Paris CBD. Su...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Delphine Brault
  • Emira Sagaama
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Pierre Tegner
  • Pierre Corby
  • Rémi Adam
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/20/2019

We feel that Bouygues’ stock-market performance reflects unwarranted negative sentiment: (i) prospects in construction overshadowed by an excessive response to the profit warning (€ 1.9bn in market cap wiped out for € 123m in one-offs); (ii) resilience in telecoms, with a growth driver in B2B; (iii) generous dividend from Alstom in the coming year (€ 6.5 per share); and (iv) a low in the TF1 share price. With a FCF yield of 9% and a dividend yield of 5.8%, it is a good deal and a rare...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Delphine Brault
  • Emira Sagaama
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Johanna Jourdain
  • Martial Descoutures
  • Matthias Desmarais
  • Pierre Tegner
  • Pierre Corby
  • Rémi Adam
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/02/2019

Le parcours de Bouygues témoigne, selon nous, d’un sentiment injustement dégradé : 1/ perspectives en construction occultées par un warning surjoué (1.9 Md€ effacés pour 123 M€ de one-off) ; 2/ résilience des télécoms et relai de croissance en B2B; 3/ généreux dividende d’Alstom dans l’année (6.5 €e/titre) ; 4/ TF1 à ses plus bas. Avec 9% de FCF yield et 5.8% de rendement, l’affaire est bonne et l’occasion rare. Achat réitéré, OC 44 €. Cf. étude publiée ce jour. - ...

ING
Research Department

Benelux Morning Notes

a.s.r.: Reassuring message on 2019 outlook. Aedifica: EPS growth kicking in. Ageas: Headline results mask sound non-life results, DPS +5% YoY. Air France-KLM: reasonable but not really convincing. BAM: Hard hats off, strong set of results. BE Semiconductor Industries: Decent performance in a weak market. Gecina: Right in the middle, unexciting guidance. Recticel: Financial closure of Proseat divestment.

1 director bought

A director at Gecina bought 775 shares at 126.941EUR and the significance rating of the trade was 60/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board members...

Bruno Cavalier ...
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/11/2019

...

Bruno Cavalier ...
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Matthias Desmarais
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/03/2019

...

Florent Laroche-Joubert ...
  • Johanna Jourdain
  • Matthias Desmarais

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/10/2019

...

Florent Laroche-Joubert ...
  • Johanna Jourdain
  • Matthias Desmarais

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/01/2019

...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Christophe Chaput
  • Delphine Brault
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Léopold Authié
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Olivier Lebrun
  • Pierre Tegner
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Sven Edelfelt
  • Team Pharma
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/26/2018

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Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

MarketLine Department

Klepierre SA - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Klepierre SA Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Klepierre SA since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlight...

MarketLine Department

Covivio - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's Covivio Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Covivio since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlights This re...

Gecina - Assemblée générale des actionnaires du 17 avril 2019

Proxinvest publiera une étude analysant les résolutions proposées lors de la tenue de l’assemblée générale des actionnaires. Vous pouvez l'acquérir dès à présent et elle vous sera adressée par ResearchPool une fois publiée.

Gecina – Proxinvest Corporate Governance Rating ® : B

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Proxy Report - 18/04/2018

ITEM 12, 14, 16 Méka Brunel was named CEO in 2017. Despite satisfactory financial performance an improvement in Gecina’s environmental footprint (lower GHG emissions), her compensation seems excessive and disclosure is below average. We recommend that shareholders oppose her compensation plan. ITEM 7, 8, 9 In 2017, Gecina acquired its competitor Eurosic. We welcome this acquitistion form a strategic standpoint given the consolidation currently taking place in the sector. Furthermore, the financial conditions of the transaction do not raise any concerns. We recommend that shareholders approve ...

Proxy Report - 18/04/2018

La présente assemblée générale est marquée par la ratification de le renouvellement Méka Brunel au conseil d'administration, qui est également Directrice Générale de la société depuis le début de l'exercice précédent (résolution 16), ainsi que sa rémunération passée (résolution 12) et sa politique de rémunération pour l'exercice à venir (résolution 14). La dirigeante a montré ses capacités en affichant des performances financières et des initiatives environnementales encourageantes, ce qui nous permettra de soutenir son mandat. Cependant, sa rémunération pose des problèmes de montants et de tr...

Etude de l'AG du 26/04/2017

On 6 January 2017, the Board of Directors decided to terminate the mandate of Philippe Depoux as Chief Executive Officer and to appoint Méka Brunel as his replacement. Following this departure, Philippe Depoux was paid a severance payment representing two years of his remuneration (fixed and variable), which is excessive according to our guidelines (Resolution 8).In addition, only the new regulated agreement entered into in 2016 is subject to shareholder approval. This resolution therefore does not allow shareholders to vote on the entirety of the Statutory Auditor’s Special Report, which does...

Valérie GASTALDY

Short term view - GECINA : The background trend is clearly bearish.

The background trend is clearly bearish. The movement goes on. The next target is at €129.26, then €122.50. Passing €138.70 would question the continuation of the fall.

Valérie GASTALDY

Analyse court terme - GECINA : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 129,26 €, puis 122,50 €. Le franchissement de 138,70 € remettrait en cause la suite de la baisse.

Valérie GASTALDY

Analyse court terme - GECINA : Le mouvement se poursuit.

La tendance de fond est clairement orientée à la baisse. Le mouvement se poursuit. Le prochain objectif est à 129,26 €, puis 122,50 €. Le franchissement de 138,70 € remettrait en cause la suite de la baisse.

Valérie GASTALDY

Short term view - GECINA : The movement goes on.

The background trend is clearly bearish. The movement goes on. The next target is at €129.26, then €122.50. Passing €138.70 would question the continuation of the fall.

Valérie GASTALDY

Medium term view - GECINA : Falling prices.

The trend is uncertain. Prices are falling and they may accelerate to the downside. A new bearish trend is attempting to emerge.

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