olivLaw · European equity research
German High Street Properties A/S GERHSP.CO
Denmark · Nasdaq Copenhagen · ISIN DK0060093524 · Vertical: Listed companies from Denmark
German High Street Properties A/S owns a portfolio of high street commercial property in Germany and, to a smaller extent, Denmark. In the first half of 2026 the company reported a period loss driven by negative property revaluations and extraordinary legal costs, in a context of rising required yields and fewer transactions in the German market.
At the close of 04 Nov 2026, German High Street Properties A/S (GERHSP.CO) stock was 65.50 DKK (+0.00% on the day), with beta 0.06, 52-week range 59.50–79.50 DKK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 46.2
- neutral
- Bollinger (20, 2)
- 59.82 – 73.88
- in the lower half of the band · %B 0.40 · band width 21.0%
- SMA 50 / 200
- 68.81 / 70.83
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.21 / -0.33
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −2.2% | +0.4% | −2.6 pp | — |
| 3 months | −13.2% | −3.3% | −10.0 pp | — |
| 6 months | −14.4% | +4.0% | −18.3 pp | — |
| Year to date | unavailable | +8.1% | unavailable | — |
| 1 year | −0.8% | +10.7% | −11.5 pp | −7.7% |
| 3 years | −28.8% | +50.1% | −78.9 pp | +3.3% |
| 5 years | −50.0% | +43.6% | −93.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 4.7 m | 5.0 m |
| Revenue YoY | unavailable | +5.9% |
| Net income | -497.0 k | -5.9 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -10.6% | -118.4% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.5 m EUR
- Financial debt
- 30.6 m EUR
- Net debt
- 27.1 m EUR
- Equity
- 57.2 m EUR
- Total assets
- 94.3 m EUR
- Debt / equity
- 0.54x
- Current ratio
- 2.16x
- ROE
- -9.8%
- ROA
- -6.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 4.7 m | 5.0 m | esef· 12 May 2026verified |
| Operating income | 1.7 m | -5.4 m | esef· 12 May 2026verified |
| Interest expense | 1.9 m | 1.2 m | esef· 12 May 2026verified |
| Pre-tax income | -83.0 k | -6.5 m | esef· 12 May 2026verified |
| Income tax | 56.0 k | -607.0 k | esef· 12 May 2026verified |
| Net income | -497.0 k | -5.9 m | esef· 12 May 2026verified |
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 3.6 m | 3.5 m | esef· 12 May 2026verified |
| Current assets | 5.4 m | 5.0 m | esef· 12 May 2026verified |
| Total assets | 97.7 m | 94.3 m | esef· 12 May 2026verified |
| Short-term debt | 646.0 k | 814.0 k | esef· 12 May 2026verified |
| Long-term debt | 27.3 m | 29.8 m | esef· 12 May 2026verified |
| Current liabilities | 1.8 m | 2.3 m | esef· 12 May 2026verified |
| Equity | 63.1 m | 57.2 m | esef· 12 May 2026verified |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -5.5% | 11 (vs peers) | 38% |
| Net margin · Quality | -118.4% | 3 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -4.5x | 0 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality8/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
GERMAN HIGH STREET PROPERTIES A/S (GERHSP.CO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 5.0 m EUR in 2025; YoY growth 5.9%; net margin -118.4%; ROE -10.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.1x
What contradicts it
- ROIC: -5.5%
- Net margin: -118.4%
- Interest coverage: -4.5x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Denmark · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DEMANT.CODemant A | 79.7 bn | 51.6 | 15.0% | 6.7% | +2.5% | +72% / +30% |
| PNDORA.COPandora A | 68.8 bn | 13.2 | 133.4% | 16.1% | unavailable | +16% / −3% |
| NEWCAP.CONewcap Holding A | 65.3 bn | 13,125.0 | 29.1% | 41.6% | −99.9% | +121% / +62% |
| ISS.COIss A | 50.8 bn | 19.8 | 27.7% | 3.1% | +1.1% | +43% / +158% |
| BAVA.COBavarian Nordic A | 19.2 bn | 13.9 | 10.9% | 22.0% | unavailable | +33% / +47% |
| GN.COGn Store Nord A | 18.1 bn | 27.7 | 6.3% | 6.8% | unavailable | +20% / −23% |
| NETC.CONetcompany Group A | 16.8 bn | 66.2 | 7.2% | 3.3% | unavailable | +11% / +64% |
| BIOMAR.COBiomar Group A | 12.1 bn | 16.9 | 28.3% | 4.3% | −0.5% | unavailable / unavailable |
| JDAN.COJeudan A | 11.1 bn | 11.1 | 7.7% | 57.1% | unavailable | +2% / −7% |
| DFDS.CODfds A | 8.7 bn | — | -0.2% | -0.1% | +1.9% | +73% / −25% |
| GUBRA.COGubra A | 4.8 bn | 2.9 | 149.6% | 64.1% | +892.2% | −40% / +157% |
| MATAS.COMatas A | 3.1 bn | 12.9 | 6.6% | 2.8% | +4.7% | −31% / −21% |
| CBRAIN.COCbrain A | 2.4 bn | 54.7 | 13.8% | 17.2% | −6.2% | −21% / −52% |
| BO.COBang & Olufsen A | 1.7 bn | — | -10.0% | -4.3% | −3.3% | −24% / +12% |
| COLUM.COColumbus A | 1.2 bn | 84.0 | 2.0% | 0.9% | unavailable | −5% / +30% |
| NNIT.CONnit A | 1.0 bn | — | -3.0% | -1.3% | −3.4% | −16% / −54% |
| NORTHM.CONorth Media A | 873.1 m | 13.2 | 5.5% | 5.1% | −0.4% | +11% / −16% |
| FFARMS.COFirstfarms A | 789.8 m | — | -2.3% | -5.4% | −16.5% | −9% / −1% |
| HUSCO.COHusCompagniet A | 507.2 m | — | -1.3% | -0.9% | +28.7% | −41% / −46% |
| BIOPOR.COBioporto A | 456.2 m | — | -117.6% | -203.8% | +11.2% | −8% / −53% |
| GABR.COGabriel Holding A | 429.4 m | 57.5 | 2.8% | 1.4% | +6.7% | −10% / −29% |
| GREENM.COGreenMobility A | 392.5 m | 11.9 | 74.3% | 21.5% | +20.0% | −19% / +91% |
| EGNETY.COEgnsinvest Ejendomme Tyskland A | 320.0 m | 13.0 | 4.0% | 40.9% | −2.6% | −21% / +11% |
| PFINV.COPapirfabrikken Invest A | 300.9 m | 13.5 | 5.4% | 29.7% | +0.9% | −3% / +36% |
| CEMAT.COCemat A | 213.9 m | 3.5 | 28.7% | 37.5% | +318.0% | −9% / +3% |
1- and 3-year price returns: for GERHSP.CO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
German High Street Properties A/S owns a portfolio of high street commercial property in Germany and, to a smaller extent, Denmark. In the first half of 2026 the company reported a period loss driven by negative property revaluations and extraordinary legal costs, in a context of rising required yields and fewer transactions in the German market.
SWOT
Strengths
- The financial structure is solid, with a high equity ratio and short-term debt maturities that limit immediate refinancing risk 1.
- The portfolio is concentrated in German high street property, a segment where prime locations have kept relatively stable demand 1.
- The company runs a lean operating structure with very few employees, which can keep fixed costs limited in the short term 1.
Weaknesses
- The period result was negative in the first half, mainly because of negative property revaluations and extraordinary legal costs 1.
- Liquidity is limited, and acquisitions depend on new financing or proceeds from asset sales 1.
- The portfolio is small, so the result is sensitive to developments in a limited number of properties 1.
Opportunities
- If the transaction market recovers, acquiring properties in desirable locations could become more accessible and attractive 1.
- Expansion into other countries in Northern and Western Europe, as set out in the strategy, could diversify exposure away from Germany 1.
- Optimising the existing portfolio could improve rental returns, especially in well-located properties 1.
Risks
- Negative property revaluationshigh
Property values could decline further if required yields rise, and this flows directly into the period result 1.
- Extraordinary legal and audit costsmedium
The company incurred legal costs related to questions from certain shareholders, which affected the result and liquidity 1.
- High cost of financingmedium
If interest rates stay high, the cost of debt could reduce operating results and the capacity to finance acquisitions 1.
- Concentrated shareholder controlmedium
The controlling shareholders hold a majority of the share capital, which can influence strategic decisions and the interests of minority holders 1.
- Limited liquiditylow
Low cash balances could limit the company's ability to react quickly to opportunities or to pressure on cash flow 1.
Investment thesis
What would need to be true (bull case)
- If the transaction and property value market stabilises, negative revaluations could stop and the result could return toward the 2026 guidance range 1.
- The solid financial structure, with a high equity ratio, gives the company flexibility to keep optimising the portfolio 1.
- If the expansion strategy across Scandinavia, Germany, Switzerland and England takes shape, the company could diversify its exposure and grow its revenue base 1.
What would break the thesis
- If required yields in the high street market keep rising, property values could fall further and weigh on equity 1.
- High financing costs and recurring legal costs could keep the result below expectations and limit distributions to shareholders 1.
- A small portfolio and limited liquidity could leave the company exposed to unforeseen events or to falling rents 1.
What to watch
- Development of required yields and quarterly revaluations of the German portfolioQ3 2026
- Achievement of the 2026 guidance for result before value adjustments and tax of 0-500 TEUR2026
- New four-year business plan and acquisition plans for the 2027-2030 period2027
- Trend in legal and audit costs and their impact on liquidityQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company is an owner of high street real estate, headquartered in Frankfurt am Main, with operations run from Rosenheim. According to the interim report, the investment property portfolio was valued at 83.6 million EUR at 30 June 2026 1, and rental revenue was 2.5 million EUR in the first six months of 2026 1. The company has three employees and is controlled by the Thygesen family through Kartago Property ApS and related entities 1.
The result before fair market value adjustments and interest was 0.5 million EUR in the first half of 2026, compared with 0.8 million EUR in the same period of 2025 1. The guidance for 2026 targets a result before value adjustments and tax of 0-500 TEUR, and delivering it depends on cost control and stable net financial expenses in the second half of the year 1.
Segments
Market context
The German office and retail property market began a gradual recovery, with investment transaction volume of 16.2 billion EUR in the first half of 2026 1. However, street retail was weaker and high street yields rose, while German GDP growth is forecast at 0.6-0.9% for 2026 1. If interest rates remain high, pressure on property values could continue.
Trends
- Rising required yields for high street propertyheadwind
Prime high street yields in top locations sit at 3.5-4.0%, but for the rest of the segment yield requirements have risen and transactions have slowed 1. This has led to negative revaluations of the company's portfolio 1.
- Stabilisation of prime segment pricingmixed
Rents and yields for quality assets in large cities have stabilised, supported by limited supply and the return of international retailers 1. This could support values for well-located properties, although any upside is limited 1.
- Higher financing costsheadwind
German ten-year government bond yields temporarily exceeded 3.0%, the highest level since 2011, which raises the cost of financing 1. The company's debt has a low short-term maturity profile, which limits immediate refinancing risk 1.
- Gradual economic recoverymixed
Forecasts for the German economy point to a fragile stabilisation, with growth supported by public spending and investment in defence and infrastructure 1. Faster improvement in demand could support rents, but the recovery is considered gradual 1.
Competitive position
The company competes with other owners and investors in German commercial property, particularly in high street retail and prime locations in the largest cities. In a market with subdued transactions, competitive pressure shows up mainly in access to capital and location quality rather than in transaction volume 1.
Secondary properties and structurally obsolete retail concepts are hard to place, while prime assets attract international investors more readily 1. The company's differentiation depends on its ability to optimise the existing portfolio and to acquire assets in the right locations.
- Institutional investors in German commercial property
Funds and institutional investors are active in the prime segment and compete for the same high-quality retail assets, particularly in large cities.
- High street retail developers and owners
These players compete for tenants and central locations, and their financing capacity affects access to properties.
- Pan-European property funds
Pan-European funds track commercial assets across several countries and can compete for the same investment portfolios.
- Scandinavian commercial property owners
Companies in the region are relevant to the company's Scandinavian expansion strategy and can compete for the same opportunities.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202602 Sept 2026
- Annual report 202512 May 2026
Sources
- [1] Annual report, fiscal year ended 2026-06-30 (ESEF) · SEC / German High Street Properties A/S · 30 Jun 2026
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.