Oddo BHF reiterates its Outperform rating on the stock with a price target of 98 € following the release of the 2025 results.
Oddo BHF notes that Gecina reported recurring EPS of 6.68 EUR (+4.2%), in line with its guidance and consensus (6.68 EUR according to Visible Alpha), while EPRA NTA at 144.1 EUR (+0.9%) is in line with its expectations and slightly below consensus (145.8 EUR).
"The published figures mainly reflect excellent operational momentum, outperforming the office market in the Greater Paris Region," the research firm highlights.
Gecina is targeting recurring EPS for 2026 between 6.70 EUR and 6.75 EUR, in line with the consensus of 6.73 EUR according to Visible Alpha.
According to Oddo BHF, the publication is overall positive thanks to 1/ the increase in occupancy rate and sustained strong leasing momentum, 2/ the continued slight positive revaluation of assets, and 3/ the announcement of gradual future dividend growth.
"In summary, we believe the current share price represents an attractive entry point with an appealing dividend yield of 6.9%," Oddo BHF concludes.
Gecina is a leading French real estate company. Gross rental income breaks down by type of asset as follows:
- offices and commercial spaces (84.6%);
- residential buildings (15.4%).
At the end of 2025, the group's real estate holdings amounted, in market value, to EUR 17.6 billion distributed between offices and commercial spaces (83.7%), residential buildings (16.1%) and other (0.2%).
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