Company Overview
Citycon Oyj is a Finnish real estate operating company that operates in the Nordic region, with a strong presence in Finland, Norway, Sweden, and Estonia. The company's primary mission is to create value for its shareholders through the development and management of high-quality properties.
Citycon's core values are built around its commitment to excellence, innovation, and customer satisfaction. The company strives to be a leader in the Nordic real estate market, known for its expertise, reliability, and passion for creating exceptional living and working environments.
Key Products/Services
Citycon's product portfolio includes a range of high-quality properties, including shopping centers, office buildings, residential apartments, and commercial spaces. The company's key services include property management, leasing, and development.
The benefits of Citycon's products and services include access to high-quality properties, expert property management, and a wide range of amenities and services. Citycon's properties are designed to provide exceptional living and working experiences, with a focus on sustainability, comfort, and convenience.
Benefits and Risk of Investing in Citycon
Investing in Citycon offers several benefits, including exposure to the growing Nordic real estate market, access to high-quality properties, and the potential for long-term capital appreciation. The company's strong financial position, experienced management team, and solid business model make it an attractive investment opportunity.
Citycon's dividend policy is also an attractive feature, with the company paying a consistent and growing dividend to its shareholders. This provides investors with a regular income stream and the potential for long-term capital appreciation.
As with any investment, there are risks associated with investing in Citycon. The company's exposure to market fluctuations, interest rate changes, and economic downturns can impact its financial performance and dividend payments.
Additionally, Citycon's reliance on a few large tenants and customers may increase its vulnerability to market disruptions and economic downturns. However, the company's diversified portfolio and strong management team help mitigate these risks.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 168.0 | 172.0 | 184.2 | 184.2 | 184.2 | 184.2 | 184.2 |
| Target Valuation (MEur) | 585.7 | 633.1 | 609.1 | 639.0 | 1133.6 | 1581.5 | 1581.5 |
| Targer Price | 3.49 | 3.68 | 3.31 | 3.47 | 6.15 | 8.58 | 8.58 |
| Potential, % | -44.3 | -29.2 | 2.7 | -13.0 | 112.2 | 196.0 | 196.0 |
| Recommendation | Sell | Sell | Hold | Hold | Buy | Buy | Buy |
| MCAP (MEur) | 1050.9 | 894.4 | 592.9 | 734.3 | 534.3 | 534.3 | 534.3 |
| Price | 6.26 | 5.2 | 3.22 | 3.99 | 2.9 | 2.9 | 2.9 |
| EV | 2789.0 | 2734.0 | 2366.0 | 2447.0 | 2302.0 | 2137.0 | 1926.0 |
| P/S | 4.73 | 4.16 | 2.52 | 3.35 | 2.32 | 2.46 | 2.42 |
| EV/S | 12.54 | 12.7 | 10.05 | 11.17 | 10.01 | 9.83 | 8.72 |
| EV/EBIT | 16.65 | 11.8 | 12.55 | 10.8 | 10.43 | 8.24 | 7.67 |
| P/E | 13.69 | 8.87 | 6.65 | 7.73 | 3.31 | 2.57 | 2.66 |
| P/B | 0.65 | 0.65 | 0.47 | 0.55 | 0.4 | 0.35 | 0.31 |
| P/OCF | 10.54 | 7.05 | 4.57 | 6.26 | 3.61 | 2.8 | 2.26 |
| EV/OCF | 27.98 | 21.56 | 18.26 | 20.84 | 15.56 | 11.2 | 8.14 |
| P/FCF | 5.02 | 30.11 | 1.87 | 4.81 | 4.39 | 3.24 | 2.53 |
| EV/FCF | 13.31 | 92.04 | 7.45 | 16.01 | 18.93 | 12.96 | 9.13 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 222.4 | 215.2 | 235.4 | 219.0 | 230.0 | 217.3 | 220.9 |
| Rev. Growth, % | 1.7 | -3.2 | 9.4 | -7.0 | 5.0 | -5.5 | 1.7 |
| Ebit | 167.5 | 231.6 | 188.5 | 226.6 | 220.7 | 259.5 | 251.2 |
| Ebit Growth, % | -23.0 | 38.3 | -18.6 | 20.2 | -2.6 | 17.6 | -3.2 |
| Ebit, % | 75.3 | 107.6 | 80.1 | 103.5 | 96.0 | 119.4 | 113.7 |
| Profit | 76.8 | 100.8 | 89.2 | 95.0 | 161.4 | 207.6 | 201.0 |
| EPS | 0.46 | 0.59 | 0.48 | 0.52 | 0.88 | 1.13 | 1.09 |
| Profit Growth, % | -36.5 | 31.2 | -11.5 | 6.5 | 69.9 | 28.6 | -3.2 |
| Profit, % | 34.5 | 46.8 | 37.9 | 43.4 | 70.2 | 95.5 | 91.0 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Acc. Receivable | 63.9 | 56.9 | 46.3 | 26.6 | 18.1 | 3.1 | 0.0 |
| Cash | 69.2 | 25.2 | 358.5 | 92.1 | 287.3 | 452.2 | 663.1 |
| Equity | 1618.8 | 1380.1 | 1265.7 | 1336.4 | 1320.9 | 1528.4 | 1729.4 |
| ROE, % | 4.7 | 7.3 | 7.0 | 7.1 | 12.2 | 13.6 | 11.6 |
| ROCE, % | 4.9 | 7.1 | 5.5 | 7.2 | 6.5 | 7.2 | 6.6 |
| Net Debt | 1738.5 | 1839.2 | 1773.0 | 1712.4 | 1767.5 | 1602.6 | 1391.7 |
| Gearing, % | 107.4 | 133.3 | 140.1 | 128.1 | 133.8 | 104.9 | 80.5 |
| Equity ratio, % | 36.3 | 32.8 | 29.4 | 32.9 | 30.9 | 35.9 | 38.5 |
| Acc. Payable | 75.6 | 80.7 | 87.9 | 85.5 | 82.2 | 82.7 | 79.9 |
| Total Assets | 4460.7 | 4208.4 | 4303.1 | 4063.8 | 4272.5 | 4258.2 | 4492.5 |
| ROA, % | 1.7 | 2.4 | 2.1 | 2.3 | 3.8 | 4.9 | 4.5 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 99.7 | 126.8 | 129.6 | 117.4 | 148.0 | 190.7 | 236.7 |
| Investment Cash Flow | 109.8 | -97.1 | 188.1 | 35.4 | -26.4 | -25.8 | -25.8 |
| Free Cash Flow | 209.5 | 29.7 | 317.7 | 152.8 | 121.6 | 164.9 | 210.9 |
| OCF/CAPEX | 0.0 | 1.31 | 0.0 | 0.0 | 5.61 | 7.39 | 9.17 |
| Financial Cash Flow | -172.0 | -72.0 | 17.7 | -420.8 | 69.1 | 0.0 | 0.0 |
Disclaimer
Risk Disclosure: Trading in financial instruments involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
The data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes.
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