Gecina S.A. (GFC.PA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-343.9%

-€159.29

vs €65.30 price

Levered DCF

-€37.57

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.36

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	13.35×	21.59×	-4.55×	41.37×	10.66×	60.14×	7.76×	8.29×
P/B	0.57×	0.64×	0.77×	0.55×	0.7×	0.74×	0.93×	0.71×
P/S	6.97×	7.83×	9.72×	9.09×	11.88×	11.25×	12.41×	12.33×
EV / EBITDA	23.05×	32.01×	-8.52×	53.81×	33.71×	65.5×	33.94×	29.66×
Gross margin	77.2%	73.6%	74.4%	73.8%	80.9%	76.8%	75.2%	96.4%
Operating margin	65.2%	50.0%	-193.1%	62.6%	60.6%	56.3%	57.7%	75.6%
Net margin	52.2%	36.3%	-213.9%	22.0%	111.5%	18.8%	160.0%	148.7%
Current ratio	0.08×	0.72×	0.47×	0.18×	0.19×	0.38×	0.54×	0.41×
Debt / equity	0.65×	0.64×	0.61×	0.57×	0.53×	0.58×	0.57×	0.63×
Interest coverage	5.97×	4.72×	-18.31×	4.59×	5.19×	4.91×	5.36×	4.64×
Dividend yield	6.7%	5.9%	4.8%	5.6%	4.3%	4.2%	3.5%	3.4%
Payout ratio	90.0%	126.7%	-21.9%	230.5%	46.0%	251.1%	26.8%	27.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.2%	2.9%	-16.9%	1.3%	6.6%	1.2%	11.9%	8.6%
Return on invested capital	3.2%	2.4%	-9.4%	2.4%	2.3%	2.4%	2.7%	2.7%
Return on assets	2.5%	1.7%	-10.1%	0.8%	4.2%	0.8%	7.4%	5.1%
Free cash flow yield	-8.2%	2.2%	2.7%	2.1%	1.6%	3.2%	3.0%	2.1%
Earnings yield	7.5%	4.6%	-22.0%	2.4%	9.4%	1.7%	12.9%	12.1%
Enterprise value	€12.8B	€13.3B	€14.4B	€14.2B	€16B	€16.3B	€19B	€15.7B
Net debt / EBITDA	12.26×	15.88×	-3.72×	27.2×	14.57×	28.24×	12.93×	13.94×
Cash conversion cycle (days)	546	1,368	246	347	490	616	1,544	7,508