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Citycon
CTY1S.HE Small CapReal Estate · Real Estate - Diversified
Updated: May 22, 2026, 22:06 UTC
Key Metrics
Valuation Analysis
About the Company
Citycon Oyj, a real estate investment company, owns and develops mixed-use centers in Finland, Norway, Sweden, Denmark, and Estonia. It develops mixed-use centers that include retail, offices, hotels, and housing, as well as for food and beverage, healthcare, culture, and leisure services. Citycon Oyj was incorporated in 1988 and is headquartered in Espoo, Finland. As of March 6, 2026, Citycon Oyj operates as a subsidiary of G City Ltd.
Citycon Stock at a Glance
Citycon (CTY1S.HE) is currently trading at €2.95 with a market capitalization of $541.5M. The trailing P/E ratio stands at 2.09x, with a forward P/E of 6.65x. The 52-week range spans from €2.87 to €4.01; the current price is 26.4% below the yearly high. Year-over-year revenue growth stands at +1.3%. The net profit margin stands at 37.28%.
💰 Dividend
Citycon pays an annual dividend of €0.90 per share, representing a yield of 30.51%. The payout ratio stands at 63.83%.
Investment Thesis: Strengths & Weaknesses
- Profitable with 37.28% net margin
- High gross margin of 71.25% — indicates pricing power
- Currently flagged as undervalued
- Solid dividend yield of 30.51%
- –Negative free cash flow
Technical Snapshot
Price is below both the 50- and 200-day moving averages, with 50d below 200d — a bearish picture (death-cross alignment).
Risk Profile
The data points to higher leverage relative to equity.
Trading Data
💵 Dividend Info
Related Stocks in the Same Sector
Citycon (CTY1S.HE) 2026: 2,92 EUR Nordic Mixed-Use Shopping Center REIT at 0,40x P/B Extreme Deep-Value with Gazit-Globe Strategic Anchor
The Real Story
Citycon Oyj (Helsinki: CTY1S) is a Helsinki-headquartered Nordic-real-estate-investment company owning and developing mixed-use centers in Finland, Norway, Sweden, Denmark, Estonia. Mixed-use portfolio includes retail, offices, hotels, housing, public-services. Major strategic shareholder: Gazit-Globe (Israeli REIT).
What Smart Money Thinks
Citycon has Gazit-Globe-anchored register. Gazit-Globe holds approximately 51 percent — dominant strategic-control anchor. Varma Mutual Pension at approximately 7,2 percent. Short-interest sits at approximately 3 percent of float as of May 2026.
Explore the BMI Smart-Money Tracker →
📈 The 3 Real Bull Points
Citycon's 0,40x P/B reflects extreme Nordic-retail-cycle-trough. Re-rating to 0,7-0,9x P/B supports 5-6,50 EUR.
Mixed-use diversification provides structural-defensive base.
Gazit-Globe strategic-control plus 15+ year ownership provides discipline.
📉 The 3 Real Bear Points
Nordic-retail-cycle-weakness compresses valuation.
Elevated dividend yield reflects market skepticism on dividend coverage sustainability.
Refinancing exposure compresses FFO.
Valuation in Context
Citycon at 2,92 EUR per share with approximately 183,6 million shares outstanding has a market capitalization of approximately 536 million EUR. 0,40x P/B deep-discount.
Re-rating to 0,7-0,9x P/B supports 5-6,50 EUR — 71-123 percent upside. Bear-case 1,80-2,20 EUR. Bull-case 8-10 EUR. Dividend yield optically high but coverage uncertain.
🗓️ Next 3 Catalyst Dates
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2026 Q3:
H1 2026 earnings.
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2027 Q1:
Fiscal-2026 full-year results.
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2027 H2:
Nordic retail-cycle-recovery milestones.
💬 Daniel's Take
Citycon is a deep-value Nordic mixed-use shopping-center REIT with Gazit-Globe 51 percent anchor, 0,40x P/B extreme-discount and Nordic-retail-cycle-recovery optionality. Position-sizing: 0,3–0,8 percent in deep-value-REIT-special-situation sleeve.
Sources (3)
Disclaimer: This article is not investment advice. Investing in stocks carries risks, including total loss.
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