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Grand City Properties S.A (GYC) Fair Value & Analysis

Real Estate · DE · Market cap €1.6B

GC Grand City Properties S.A GYC · XETRA
Price€9.77
Fair Value€16.04
Upside+64.2%
Quality55/100
Mixed Growth
Highly profitable · 79.4% net margin
Moderate debt · generates free cash flow
3.30% dividend yield
Ranks above peers (9/14)
Wide moat 67/100
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Evidence: Medium Range €12.03 – €22.71 Share as image

Fair value as of: Jul 19, 2026

From 23 valuation models · updated 17 days ago

Share price +3.9% over the past month.

A solid business, screening 64% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (€12.03). The market is more pessimistic than our downside scenario.
  • Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (€12.03 to €22.71) 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)

€21.83 €5.96 Fair Value €16.04 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.

How to read this chart

60‑month range €5.96 – €21.83 · fair‑value band €12.03 – €22.71 · the €9.77 price screens below the €16.04 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 19, 2026.

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Analysis

Grand City Properties S.A (GYC) currently trades at €9.77, while our model-based Fair Value estimate is €16.04, implying the stock looks roughly 64.2% undervalued today. We read business quality at 55/100 (solid quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Grand City Properties S.A generated revenue of €604M at a net margin of 79.4%. Revenue grew 1.5% year over year. It earns a return on equity of 9.5%. Net debt stands at €4.2B. Fundamentals as of Jul 19, 2026

Our scenario range runs from €12.03 (bear case) to €22.71 (bull case); at €9.77, the current price sits below that range. The share trades about 16% below its 52-week high and 14% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -2% fair-value upside, at 64%, GYC 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 €1.41 €12.65 €31.56 80
Residual Income €21.44 €25.84 €53.18 76
Rev-Margin DCF €2.73 €12.62 74
All 23 models by family
DCF Models
FCF DCF €2.15 €11.07 €33.93 38
Owner Earnings €29.01 €72.91 €153.26 31
5Y Revenue Exit €1.99 €12.66 39
5Y EBITDA Exit €3.79 €19.07 €45.23 41
5Y P/E Exit €23.83 €68.19 €125.36 38
10Y Revenue Exit €5.38 €14.22 36
10Y EBITDA Exit €2.98 €18.61 €46.42 37
10Y P/E Exit €15.82 €52.54 €116.09 35
Earnings-Based
Graham-Dodd €22.69 €154.30 €216.31 54
Lynch FV €45.31 €64.72 €84.14 50
PEG = 1.0 €45.31 €64.72 €84.14 46
EPV €0.2800 €2.13 €3.66 59
Multiples
P/E Multiple €50.04 €66.73 €83.41 63
P/S Multiple €6.40 €8.54 €10.67 58
P/B Multiple €42.54 €56.72 €70.90 55
EV/EBIT €12.10 €20.53 €28.97 53
EV/EBITDA €5.43 €11.65 €17.86 54
Asset-Based
NCAV (Graham) €11.57 €15.51 €23.15 50
Growth DCF
Growth DCF €1.41 €12.65 €31.56 80
Rev-Margin DCF €2.73 €12.62 74
Economic Profit
Residual Income €21.44 €25.84 €53.18 76
ROIC Compounder €0.2800 €2.13 €3.66 72
Growth Earnings
Growth-Adj P/E €61.27 €87.53 €113.79 68

Widest divergence: Growth Earnings (€87.53) versus Economic Profit (€2.13). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) €604M
Revenue growth (YoY) +1.5%
Net margin 79.4%
Return on equity 9.5%
Free cash flow €215M FY2025
P/E ratio 3.7
More key figures
Operating margin 54.4%
EPS (TTM) €2.49
Dividend yield 3.3%
EPS growth (YoY) -51.8%
Net debt €4.2B FY2025

Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 55/100

Of which business quality 55 · Market factors (momentum, volatility) 48

Profitability 41
Margins and returns on capital today
Quality Growth 87
Are margins and returns improving?
Cashflow 75
Earnings quality: real cash, not paper profit
Fin. Strength 43
Balance sheet, leverage, solvency risk
Investment 98
Disciplined investing over empire-building
Low Volatility 65
Calm price path (market factor)
Momentum 42
Price trend over the last 3–12 months (market factor)
52W Momentum 38
Distance to the 52-week high (market factor)
Net Issuance 0
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

Grand City Properties S.A. engages in the residential real estate business in Germany, the United Kingdom, and internationally. It invests in, manages, and rents real estate properties in North Rhine-Westphalia and Berlin; and metropolitan regions of Dresden, Leipzig, and Halle. The company also engages in financing activities.

Full company description

Grand City Properties S.A. engages in the residential real estate business in Germany, the United Kingdom, and internationally. It invests in, manages, and rents real estate properties in North Rhine-Westphalia and Berlin; and metropolitan regions of Dresden, Leipzig, and Halle. The company also engages in financing activities. The company was founded in 2004 and is based in Luxembourg, Luxembourg. Grand City Properties S.A. is a subsidiary of Aroundtown SA.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Grand City Properties S.A reported revenue of €601M in FY2025 versus €375M in FY2021, a compound +12.6%/yr. Reported net income was €588M in FY2025, compounding +1.7%/yr from FY2021.

Growth Quality 77/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
€601M
Latest YoY
+42.3%
Avg. growth/yr (3Y)
+14.9%
Avg. growth/yr (5Y)
+10.1%
Avg. growth/yr (17Y)
+41.8%
Revenue +12.6%/yr
FY21 €375M
FY22 €396M
FY23 €608M
FY24 €423M
FY25 €601M
Net income +1.7%/yr
FY21 €549M
FY22 €154M
FY23 −€514M
FY24 €239M
FY25 €588M

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Cite: Fair Value Calculator (2026). "Grand City Properties S.A Fair Value". https://www.fairvalue-calculator.com/stock/GYC

Peer Group

Real Estate Services · 537 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 55 · Above median
Fair Value upside +95% · Top 25%
Return on equity (TTM) 9% · Top 25%
Return on assets 2% · Below median
Net margin (TTM) 79% · Top 25%
Operating margin (TTM) 54% · Top 25%
Revenue growth 2% · Below median
Dividend yield (TTM) 3.3% · Above median
Debt / equity 0.95× · Higher than 75% of peers

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/E (TTM) 3.7× · Cheaper than 75% of peers
P/B 0.46× · Cheaper than median
P/S (TTM) 3.11× · Pricier than median
P/FCF 8.7× · Pricier than median
EV/EBITDA 12.4× · Cheaper than median

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 100 · sector 38
FUTURE 8 · sector 10
PAST 38 · sector 16
HEALTH 53 · sector 85
DIVIDEND 66 · sector 50

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.

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Frequently asked questions

Is Grand City Properties S.A (GYC) overvalued or undervalued?
As of Jul 19, 2026, our model estimates a fair value of €16.04 versus a price of €9.77, about +64% (undervalued).
What is the fair value of GYC?
Our model-based fair value for Grand City Properties S.A is €16.04 (as of Jul 19, 2026), built from audited fundamentals. The current price is €9.77.
What is the quality score of GYC?
Grand City Properties S.A has a Quality Score of 55/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of Grand City Properties S.A (GYC)?
Grand City Properties S.A reported trailing-twelve-month revenue of about €604M (latest available figure, as of Jul 19, 2026).
What is the net profit margin of GYC?
The net profit margin of Grand City Properties S.A is about 79.4%, meaning it keeps roughly 79.4% of revenue as net income. Based on the latest reported figures.
Does Grand City Properties S.A pay a dividend?
Grand City Properties S.A currently shows a dividend yield of about 3.30% relative to its recent price (as of Jul 19, 2026).

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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