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General de Galerias Comerciales SOCIMI S.A. (GGC) Fair Value & Analysis

Real Estate · ES · Market cap €4.2B · ISIN ES0105195004

What is General de Galerias Comerciales SOCIMI S.A. really worth?

GD General de Galerias Comerciales SOCIMI S.A. GGC · MC
Price€161.00
Fair Value€75.04
Upside−53.4%
Quality68/100

A solid business, but trading 115% above our fair value of €75.04.

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Strengths

Healthy Growth (revenue 5y +10.3 %/yr)
Highly profitable · 81.2% net margin
Low debt · generates free cash flow
Wide moat 77/100

Risks

!Mixed vs. peers (6/14)
Evidence: High Range €49.39 – €100.90

Fair value as of: Aug 19, 2026

From 16 valuation models · updated 16 days ago

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (€100.90). The favourable scenario is already priced in.
  • Solid but not exceptional quality (68/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (€49.39 to €100.90) leaves room in how you read the outcome.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Price vs Fair Value (5 years)

€161.00 €95.75 Fair Value €75.04 Jul 2017 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 19, 2026.

How to read this chart

60‑month range €95.75 – €161.00 · fair‑value band €49.39 – €100.90 · the €161.00 price screens above the €75.04 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 19, 2026.

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Analysis

General de Galerias Comerciales SOCIMI S.A. (GGC) currently trades at €161.00, while our model-based Fair Value estimate is €75.04, implying the stock looks roughly 114.5% overvalued today. The Quality Score stands at 68/100 (solid quality), in the Real Estate sector. Bull case: the DCF Models group reads highest at a median of €91.90 per share, and 0 of the 16 models we run sit above the €161.00 price. Bear case: the Asset-Based group reads lowest at €27.04, and 16 of the 16 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, General de Galerias Comerciales SOCIMI S.A. generated revenue of €210M at a net margin of 81.9%. Revenue declined 14.4% year over year. It earns a return on equity of 17.8%. Net debt stands at €6.1M. Fundamentals as of Aug 19, 2026

Our scenario range runs from €49.39 (bear case) to €100.90 (bull case); at €161.00, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 1% below its 52-week high and 14% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −51% fair-value upside, at −53%, GGC screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €4.43 per share, which is 5.9 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF best evidence €57.17 €91.90 €145.23 79
Growth DCF €57.49 €90.94 €141.40 77
5Y EBITDA Exit €69.23 €118.22 €176.89 74
All 16 models by family
DCF Models
FCF DCF best evidence €57.17 €91.90 €145.23 79
5Y Revenue Exit €44.65 €70.63 €104.02 72
5Y EBITDA Exit €69.23 €118.22 €176.89 74
10Y Revenue Exit €47.47 €72.41 €106.74 66
10Y EBITDA Exit €64.20 €105.32 €162.88 67
Dividend Discount
Gordon GGM €28.28 €56.36 €85.34 67
DDM Multi-Stage €28.28 €48.70 €59.49 67
Multiples
P/S Multiple €39.35 €52.47 €65.58 58
P/B Multiple €60.54 €80.72 €100.90 55
EV/EBIT €101.56 €135.49 €169.41 66
EV/EBITDA €84.33 €112.51 €140.70 67
EV/Revenue €39.32 €56.27 €73.22 53
Asset-Based
NCAV (Graham) €20.18 €27.04 €40.36 54
Growth DCF
Growth DCF €57.49 €90.94 €141.40 77
Rev-Margin DCF €44.09 €68.77 €97.65 72
Economic Profit
Residual Income €41.66 €53.22 €129.30 69

Widest divergence: DCF Models (€91.90) versus Asset-Based (€27.04). Highest evidence: FCF DCF (79).

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Key figures & financial health

P/E ratio 24.6 as of Jun 1, 2026
P/S ratio 20.0 P/E × margin
EPS (TTM) €6.55 price ÷ EPS = P/E 24.6
Dividend yield 2.3% payout 56.9%
Net margin 81.2% FY2025
Return on equity 17.8% TTM
More key figures
Profitability
Return on assets (EBIT) 14.7% avg 5y
Operating margin 75.7% TTM
Growth
Revenue (TTM) €210M TTM
Revenue growth (YoY) −14.4% 3y avg +6.8%
EPS growth (YoY) +22.1%
Balance sheet & cash flow
Free cash flow €132M FY2025
Net debt €6.1M FY2025 · ≈ 0.0 yrs of FCF

Figures from reported company fundamentals · as of Aug 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 68/100

Of which business quality 66 · Market factors (momentum, volatility) 68

Profitability 56
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 80
Earnings quality: real cash, not paper profit
Fin. Strength 77
Balance sheet, leverage, solvency risk
Investment 50
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 45
Price trend over the last 3–12 months (market factor)
52W Momentum 72
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

General de Galerías Comerciales Socimi, S.A. promotes, constructs, and manages various commercial complexes in Andalusia and Catalonia. The company is based in Madrid, Spain.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

General de Galerias Comerciales SOCIMI S.A. reported revenue of €210M in FY2025 versus €150M in FY2021, a compound +8.7%/yr. Reported net income was €170M in FY2025, compounding +13.0%/yr from FY2021.

Growth Quality 92/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€210M
Latest YoY
+0.4%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+6.8%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+10.3%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years, EBIT basis) plus dividend yield: value created per share and year.
+11.7% (9.4 + 2.3)
Revenue +8.7%/yr
FY21 €150M
FY22 €172M
FY23 €188M
FY24 €209M
FY25 €210M
Net income +13.0%/yr
FY21 €104M
FY22 €91.9M
FY23 €116M
FY24 €127M
FY25 €170M

GGC screens 115% overvalued. Compare with Simon Property Group →

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Cite: Fair Value Calculator (2026). "General de Galerias Comerciales SOCIMI S.A. Fair Value". https://www.fairvalue-calculator.com/stock/GGC

Peer Group

REIT - Retail · 94 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 67 · Top 25%
Fair Value upside −53% · Bottom 25%
Return on equity (TTM) 18% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 81% · Top 25%
Operating margin (TTM) 68% · Top 25%
Revenue growth −14% · Bottom 25%
Dividend yield (TTM) 2.3% · Bottom 25%
Debt / equity 0.03× · Lower than 75% of peers

Valuation Multiples vs REIT - Retail median · lower = cheaper

P/E (TTM) 24.6× · Pricier than 75% of peers
P/B 4.63× · Pricier than 75% of peers
P/S (TTM) 23.17× · Pricier than 75% of peers
P/FCF 36.7× · Pricier than 75% of peers
EV/EBITDA 29.8× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 15
FUTURE0 · sector 22
PAST71 · sector 30
HEALTH98 · sector 67
DIVIDEND46 · sector 100

VALUE 0: the price sits above our fair-value range.

Insider activity: 45/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more REIT - Retail stocks, each showing price versus our Fair Value estimate (as of Aug 19, 2026).

Stock Price Fair Value vs Fair Value
Simon Property Group SPG $212.32 $84.26 −60%
Realty Income Corporation O $61.98 $30.45 −51%
Unibail-Rodamco-Westfield SE URW €103.40 €98.09 −5%
Kimco Realty Corporation KIM $23.71 $12.49 −47%
CapitaLand Integrated Commercial Trust (CICT or the Trust) C38U 2.38 SGD 0.9100 SGD −62%
Scentre Group SCG A$3.56 A$3.34 −6%
Regency Centers Corporation REG $75.92 $33.37 −56%
Link Real Estate Investment Trust (Link REIT) 0823 HK$39.76 HK$41.98 +6%
Federal Realty Investment Trust FRT $116.75 $41.47 −64%
Brixmor Property Group BRX $29.50 $12.34 −58%

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Frequently asked questions

Is General de Galerias Comerciales SOCIMI S.A. (GGC) overvalued or undervalued?
As of Aug 19, 2026, our model estimates a fair value of €75.04 versus a price of €161.00, about −53% upside (overvalued).
What is the fair value of GGC?
Our model-based fair value for General de Galerias Comerciales SOCIMI S.A. is €75.04 (as of Aug 19, 2026), built from audited fundamentals. The current price: €161.00.
What is the quality score of GGC?
General de Galerias Comerciales SOCIMI S.A. has a Quality Score of 68/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of General de Galerias Comerciales SOCIMI S.A. (GGC)?
General de Galerias Comerciales SOCIMI S.A. reported trailing-twelve-month revenue of about €210M (latest available figure, as of Aug 19, 2026).
What is the net profit margin of GGC?
The net profit margin of General de Galerias Comerciales SOCIMI S.A. is about 81.9%, meaning it keeps roughly 81.9% of revenue as net income. Based on the latest reported figures.
Does General de Galerias Comerciales SOCIMI S.A. pay a dividend?
General de Galerias Comerciales SOCIMI S.A. currently shows a dividend yield of about 2.32% relative to its recent price (as of Aug 19, 2026).
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