Jefferies has maintained its Buy rating on the stock with a price target of 110 € following the announcement of Gecina's 2025 results.
Jefferies believes that Gecina delivered strong performances during the 2025 fiscal year, with recurring net income and forecasts for 2026 broadly in line with its estimates.
According to the analyst, recurring EPS is perfectly in line with forecasts – recurring net income stood at 494.5 million euros (+4.2% year-on-year, compared to +6.5% in the first half of 2025), representing 6.68 euros per share, in line with forecasts (6.65-6.70 euros) and estimates (Jefferies and consensus at 6.68 euros).
The group is targeting net income per share between 6.70 EUR and 6.75 EUR for 2026 (+0.3%/+1.0%). This figure is broadly in line with the current forecast of 6.73 million euros.
"Rental margin and occupancy rate have improved. The value of assets on a like-for-like basis increased by 2.3% (versus an estimated 1.5%), mainly due to core activities," notes the research office.
According to the analyst, most of the negative points were anticipated: decline in the value of non-strategic assets, low pre-letting rate, and weaker indexation in 2026.
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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