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General de Galerías Comerciales Socimi, S.A (GGC) Fair Value & Analysis

Real Estate · ES · Market cap €4.2B

GD General de Galerías Comerciales Socimi, S.A GGC · MC
Price€161.00
Fair Value€80.72
Upside-49.9%
Quality68/100
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Healthy Growth
Highly profitable · 81.2% net margin
Low debt · generates free cash flow
Mixed vs. peers (6/13)
Wide moat 77/100
Evidence: High Range €57.17 – €129.30 Share as image

Fair value as of: Jul 12, 2026

From 16 valuation models · updated 29 days ago

A solid business, but screening 50% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (€129.30). The favourable scenario is already priced in.
  • Solid but not exceptional quality (68/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (€57.17 to €129.30) leaves room in how you read the outcome.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

€161.00 €95.75 Fair Value €80.72 Jul 2017 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 12, 2026.

How to read this chart

60‑month range €95.75 – €161.00 · fair‑value band €57.17 – €129.30 · the €161.00 price screens above the €80.72 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 12, 2026.

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Analysis

General de Galerías Comerciales Socimi, S.A (GGC) currently trades at €161.00, while our model-based Fair Value estimate is €80.72, implying the stock looks roughly 49.9% overvalued today. The Quality Score stands at 68/100 (solid quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, General de Galerías Comerciales Socimi, S.A generated revenue of €210M at a net margin of 81.9%. Revenue declined 14.4% year over year. It earns a return on equity of 17.8%. Net debt stands at €6.1M. Fundamentals as of Jul 12, 2026

Our scenario range runs from €57.17 (bear case) to €129.30 (bull case); at €161.00, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 1% below its 52-week high and 14% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -53% fair-value upside, at -50%, GGC screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF €57.49 €90.94 €141.40 80
Residual Income €41.66 €53.22 €129.30 76
Rev-Margin DCF €44.09 €68.77 €97.65 74
All 16 models by family
DCF Models
FCF DCF €57.17 €91.90 €145.23 38
5Y Revenue Exit €44.65 €70.63 €104.02 39
5Y EBITDA Exit €69.23 €118.22 €176.89 41
10Y Revenue Exit €47.47 €72.41 €106.74 36
10Y EBITDA Exit €64.20 €105.32 €162.88 37
Dividend Discount
Gordon GGM €28.28 €56.36 €85.34 70
DDM Multi-Stage €28.28 €48.70 €59.49 61
Multiples
P/S Multiple €39.35 €52.47 €65.58 58
P/B Multiple €60.54 €80.72 €100.90 55
EV/EBIT €101.56 €135.49 €169.41 53
EV/EBITDA €84.33 €112.51 €140.70 54
EV/Revenue €39.32 €56.27 €73.22 43
Asset-Based
NCAV (Graham) €20.18 €27.04 €40.36 50
Growth DCF
Growth DCF €57.49 €90.94 €141.40 80
Rev-Margin DCF €44.09 €68.77 €97.65 74
Economic Profit
Residual Income €41.66 €53.22 €129.30 76

Widest divergence: DCF Models (€91.90) versus Asset-Based (€27.04). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) €210M
Revenue growth (YoY) -14.4%
Net margin 81.9%
Return on equity 17.8%
Free cash flow €132M FY2025
P/E ratio 24.6
More key figures
Operating margin 75.7%
EPS (TTM) €6.55
EPS growth (YoY) +22.1%
Net debt €6.1M FY2025

Figures from reported company fundamentals · as of Jul 12, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 68/100

Of which business quality 66 · Market factors (momentum, volatility) 68

Profitability 56
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 80
Earnings quality: real cash, not paper profit
Fin. Strength 77
Balance sheet, leverage, solvency risk
Investment 50
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 45
Price trend over the last 3–12 months (market factor)
52W Momentum 72
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

General de Galerías Comerciales Socimi, S.A. promotes, constructs, and manages various commercial complexes in Andalusia and Catalonia. The company is based in Madrid, Spain.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

General de Galerías Comerciales Socimi, S.A reported revenue of €210M in FY2025 versus €150M in FY2021, a compound +8.7%/yr. Reported net income was €170M in FY2025, compounding +13.0%/yr from FY2021.

Growth Quality 92/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€210M
Latest YoY
+0.4%
Avg. growth/yr (3Y)
+6.8%
Avg. growth/yr (5Y)
+10.3%
Revenue +8.7%/yr
FY21 €150M
FY22 €172M
FY23 €188M
FY24 €209M
FY25 €210M
Net income +13.0%/yr
FY21 €104M
FY22 €91.9M
FY23 €116M
FY24 €127M
FY25 €170M

GGC screens 50% overvalued. Compare with Simon Property Group →

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Cite: Fair Value Calculator (2026). "General de Galerías Comerciales Socimi, S.A Fair Value". https://www.fairvalue-calculator.com/stock/GGC

Peer Group

REIT - Retail · 107 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 67 · Top 25%
Fair Value upside −50% · Bottom 25%
Return on equity (TTM) 18% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 81% · Top 25%
Operating margin (TTM) 68% · Top 25%
Revenue growth -14% · Bottom 25%
Debt / equity 0.03× · Lower than 75% of peers

Valuation Multiples vs REIT - Retail median · lower = cheaper

P/E (TTM) 24.6× · Pricier than 75% of peers
P/B 4.61× · Pricier than 75% of peers
P/S (TTM) 23.06× · Pricier than 75% of peers
P/FCF 36.6× · Pricier than 75% of peers
EV/EBITDA 29.7× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 9
FUTURE 0 · sector 22
PAST 71 · sector 30
HEALTH 98 · sector 66
DIVIDEND 0 · sector 100

VALUE 0: the price sits above our fair-value range.

Insider activity: 45/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more REIT - Retail stocks, each showing price versus our Fair Value estimate (as of Jul 12, 2026).

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Frequently asked questions

Is General de Galerías Comerciales Socimi, S.A (GGC) overvalued or undervalued?
As of Jul 12, 2026, our model estimates a fair value of €80.72 versus a price of €161.00, about −50% (overvalued).
What is the fair value of GGC?
Our model-based fair value for General de Galerías Comerciales Socimi, S.A is €80.72 (as of Jul 12, 2026), built from audited fundamentals. The current price is €161.00.
What is the quality score of GGC?
General de Galerías Comerciales Socimi, S.A has a Quality Score of 68/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of General de Galerías Comerciales Socimi, S.A (GGC)?
General de Galerías Comerciales Socimi, S.A reported trailing-twelve-month revenue of about €210M (latest available figure, as of Jul 12, 2026).
What is the net profit margin of GGC?
The net profit margin of General de Galerías Comerciales Socimi, S.A is about 81.9%, meaning it keeps roughly 81.9% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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