First Berlin – GRAND CITY Properties S.A. Research Update (22/02/2021)

First Berlin Equity Research has published a research update on GRAND CITY Properties S.A. (ISIN: LU0775917882). Analyst Ellis Acklin reiterated his BUY rating and maintained his EUR 27.50 price target.

Abstract
We think the GCP share price fails to reflect the company's steady operational performance. GCP has weathered pandemic and regulatory storms over the past year but the stock still trades below pre-virus levels. In our view, a supportive residential market and improved portfolio quality will pave the way for solid growth in 2021. We expect investors to be rewarded with good FFO 1 and dividend yields as management unlock embedded portfolio upside and comb the market for attractive deals. We remain Buy-rated on GCP with a €27.5 price target.