First Berlin Maintains Buy Rating for Grand City Properties with Revised Price Target

First Berlin Equity Research has released a research update on Grand City Properties S.A. Analyst Ellis Acklin has reaffirmed a "Buy" recommendation but adjusted the price target to €14.20 from €14.40. The update follows the audited 2024 results, which were consistent with previously released preliminary figures.

The company provided insights into its Q4 performance and market conditions affecting key areas in Germany and London. Management remains optimistic about future earnings and valuation growth, indicating a turnaround in valuation. For 2025, they foresee the FFO 1 surpassing last year's figures, with an estimated rental growth of approximately 3.5%.

The FFO guidance is set between €185 million and €195 million, with a forecasted midpoint of €190 million. Despite the minor target price adjustment, the buy recommendation remains unchanged.