Company Valuation: Gecina

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 9,059 7,022 8,134 6,688 5,992 4,884 - -
Change - -22.49% 15.83% -17.78% -10.41% -18.48% - -
Enterprise Value (EV) 1 15,957 14,199 14,334 13,188 12,746 11,676 11,890 11,905
Change - -11.02% 0.95% -7.99% -3.36% -8.39% 1.84% 0.12%
P/E 10.7x 41.4x -4.56x 21.7x 13.4x 9.44x 8.71x 7.94x
PBR 0.7x 0.55x 0.77x 0.64x 0.57x 0.46x 0.45x 0.45x
PEG - -0.5x 0x -0x 0.3x 0.6x 1.03x 0.82x
Capitalization / Revenue 14.8x 11.2x 12.2x 9.63x 8.41x 6.84x 6.72x 6.39x
EV / Revenue 26x 22.7x 21.5x 19x 17.9x 16.3x 16.4x 15.6x
EV / EBITDA 33.5x 28.6x 26.8x 23.3x 21.6x 19.7x 19.7x 18.8x
EV / EBIT 34.3x 28.9x 28.4x 23.8x 21.9x 19.8x 19.6x 18.7x
EV / FCF 23.6x 64.9x 99.2x 90.8x 47.4x 24x 31.4x 17.6x
FCF Yield 4.23% 1.54% 1.01% 1.1% 2.11% 4.17% 3.19% 5.7%
Dividend per Share 2 5.3 5.3 5.3 5.45 5.5 5.603 5.674 5.847
Rate of return 4.31% 5.57% 4.81% 6.03% 6.8% 8.5% 8.6% 8.87%
EPS 2 11.53 2.299 -24.15 4.175 6.028 6.983 7.574 8.309
Distribution rate 46% 231% -21.9% 131% 91.2% 80.2% 74.9% 70.4%
Net sales 1 613.3 625.9 666.8 694.5 712.6 714.3 727.2 764.4
EBITDA 1 476.4 496.5 535 565.7 589.7 592.6 604 634.9
EBIT 1 464.6 491.5 505.3 554 582.2 588.4 606.7 635.2
Net income 1 849.3 169.6 -1,787 309.8 448.2 375.6 668.9 768.9
Net Debt 1 6,898 7,177 6,200 6,500 6,754 6,791 7,006 7,021
Reference price 2 122.90 95.15 110.10 90.45 80.90 65.95 65.95 65.95
Nbr of stocks (in thousands) 73,714 73,802 73,881 73,945 74,065 74,060 - -
Announcement Date 17/02/22 15/02/23 14/02/24 13/02/25 10/02/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.95x13.28x15.56x5.42% 1.57TCr
7.88x13.4x17.3x6.67% 631.56Cr
21.87x13.88x15.57x4.41% 622.65Cr
11.47x14.06x14.99x5.57% 603.13Cr
9.44x16.35x19.7x8.5% 566.89Cr
9.54x14.33x15.31x7.24% 563.52Cr
8.08x13.51x17.34x6.16% 553.04Cr
12.04x11x12.61x5.75% 496.66Cr
Average 12.91x 13.73x 16.05x 6.21% 701.51Cr
Weighted average by Cap. 14.76x 13.68x 16.00x 6.06%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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