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 decreased the price target from EUR 14.40 to EUR 14.20.

Abstract
Full year audited 2024 results were in line with prelims published last week, and the company gave a full update on the Q4 operational performance as well as market dynamics impacting its core locations in Germany and London. Management’s tenor remained upbeat about prospects for further earnings and also valuation growth, now that the latter has turned the corner. Management look for 2025 FFO 1 to top the prior year comp and point at the consistent operational upside as the fulcrum. The 2025 guide is anchored by a ~3.5% LFL rental growth assumption. We have tweaked our 2025 forecasts to account for the Q4 performance and target FFO 1 of €190m—the midpoint of the FFO guidance (€185m to €195m). We remain Buy-rated on GCP with a €14.2 TP (old: €14.4).