Deep Value: cash covers more than 100% of the stock price

This company holds roughly $3.2B in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Grand City Properties S.A.

GYC.DE

Real Estate - Development · Real Estate

Price

€9.17

-0.07 (-0.76%)

Market Cap

€1.62B

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Good

Stability

Good

Valuation

Good

Dividends

Strong

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Share count rising — dilution

+21.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 181.6M (2021) → 220.1M (2025)

Winston Score History

The full picture

Grand City Properties is a real estate company that owns and rents out apartment buildings, mostly to everyday tenants looking for a place to live. It focuses on residential housing in Germany and the United Kingdom, targeting densely populated urban areas where demand for rental homes is high. The company is known for buying older, underperforming properties, fixing them up, and then renting them out at higher rates.

Grand City makes money by collecting monthly rent from tenants across its portfolio of tens of thousands of apartments. It operates mainly in German cities like Berlin, Cologne, and Dresden, as well as in London, and has a market value of around $1.6 billion. Its competitive edge comes from its ability to buy distressed properties cheaply and improve them, though rising interest rates and higher borrowing costs are a meaningful risk, since real estate companies typically carry significant debt to fund their property holdings.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.6% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-43.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

62.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€10.6B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Grand City Properties S.A. is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

54.0%

Healthy — 54.0% gross margin

Profit after running costs

Operating Margin

54.6%

Excellent — 54.6% operating margin

Return on the money invested

ROCE

4.8%

Weak — 4.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+46.3%

Fast-growing sales (+46.3% YoY)

Profit growth

EPS YoY

-8.2%

Earnings shrinking (-8.2% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

44%

Weak — only 44% of profit becomes cash

Spare cash per sale

FCF Margin

26.6%

Converts sales into free cash efficiently (26.6%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

1.36

Elevated debt (1.36)

Covers its interest

Interest Cover

6.54x

Adequate interest coverage (6.5x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

4.1x

Attractive valuation — P/E 4.1

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-4.2

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

3.09%

Moderate income — 3.09% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+25.4%

Dividend growing fast (25.4% YoY)

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