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Gasebu Private Investor
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I am a private investor mainly focused in so called value investing. Writing helps me to structure my investment ideas as well as to submit them to other people's opinion and critics.
  • Gecina Publishes Its 2012 Reference Document 0 comments
    Mar 3, 2013 10:52 AM | about stocks: GECFF

    Gecina (OTC:GECFF) sent an email to notify its shareholders that their "2012 Reference Document" had been made available as of 28 of February. For those interested in the company it might be worth reading it.

    French companies regularly report to the AMF (equivalent to the SEC in the US) a document that comprises all relevant information on the company at that date. The document contents are essentially the following:

    • Group profile
    • Business review
    • Consolidated Financial Statements
    • Corporate Governance
    • Distribution of share capital and shares
    • Social Responsibility and performances
    • List of property holdings

    I am a shareholder in the company and I started to regularly report on the main events of the companies that I am invested in.

    As you might know, Gecina is a Real Estate French REIT. In my opinion it has an excellent and diversified office and residential portfolio that is mostly located in Paris. The company has some efficiency problems but in general is a very good inflation-protected real estate play.

    In 2012 rental revenues came down almost 6% and Net Asset Value (NYSE:NAV) came down 1% to EUR 100.53. Therefore the company trades at 15% discount to NAV which is a reasonable discount.

    As said, just a reminder for those interested in the company.


    Disclosure: I am long OTC:GECFF.

    Stocks: GECFF
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