お知らせ • May 04
Icade, Annual General Meeting, Jun 10, 2026 Icade, Annual General Meeting, Jun 10, 2026. Location: immeuble coeur deense, tour b espace comet, 24eme etage, 100 esplanade du general de gaulle, paris la defense cedex France お知らせ • Oct 23
Icade to Report Fiscal Year 2025 Results on Feb 17, 2026 Icade announced that they will report fiscal year 2025 results After-Market on Feb 17, 2026 お知らせ • Apr 05
Icade, Annual General Meeting, May 13, 2025 Icade, Annual General Meeting, May 13, 2025. Location: immeuble coeur defense, tour b espace comet, 24eme etage 100 esplanade du general de gaulle, paris France Buy Or Sell Opportunity • Oct 22
Now 21% undervalued Over the last 90 days, the stock has risen 14% to €24.32. The fair value is estimated to be €30.64, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.8% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 0.02% in a year. Earnings are forecast to grow by 98% in the next year. お知らせ • Oct 21
Icade to Report Fiscal Year 2024 Results on Feb 18, 2025 Icade announced that they will report fiscal year 2024 results After-Market on Feb 18, 2025 Buy Or Sell Opportunity • Oct 07
Now 20% undervalued Over the last 90 days, the stock has risen 19% to €25.40. The fair value is estimated to be €31.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.8% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 1.8% in a year. Earnings are forecast to grow by 98% in the next year. Reported Earnings • Jul 23
First half 2024 earnings released: €2.38 loss per share (vs €6.80 loss in 1H 2023) First half 2024 results: €2.38 loss per share (improved from €6.80 loss in 1H 2023). Revenue: €696.8m (flat on 1H 2023). Net loss: €180.0m (loss narrowed 65% from 1H 2023). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the REITs industry in Europe. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Jun 14
Now 21% undervalued Over the last 90 days, the stock has risen 4.6% to €26.28. The fair value is estimated to be €33.15, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 3.9% in a year. Earnings are forecast to grow by 95% in the next year. Buy Or Sell Opportunity • May 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.6% to €27.60. The fair value is estimated to be €34.53, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 3.9% in a year. Earnings are forecast to grow by 95% in the next year. Declared Dividend • Mar 25
Dividend of €2.42 announced Shareholders will receive a dividend of €2.42. Ex-date: 2nd July 2024 Payment date: 4th July 2024 Dividend yield will be 19%, which is higher than the industry average of 5.4%. Buy Or Sell Opportunity • Mar 04
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 24% to €25.54. The fair value is estimated to be €32.53, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Declared Dividend • Feb 26
Final dividend increased to €2.42 Dividend of €2.42 is 12% higher than last year. Ex-date: 4th March 2024 Payment date: 6th March 2024 Dividend yield will be 16%, which is higher than the industry average of 5.4%. お知らせ • Feb 19
Icade, Annual General Meeting, Apr 19, 2024 Icade, Annual General Meeting, Apr 19, 2024. お知らせ • Nov 23
Icade to Report First Half, 2024 Results on Jul 22, 2024 Icade announced that they will report first half, 2024 results on Jul 22, 2024 New Risk • Oct 29
New major risk - Revenue and earnings growth Earnings have declined by 26% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (8.7% operating cash flow to total debt). Earnings have declined by 26% per year over the past 5 years. Minor Risk Paying a dividend despite having no free cash flows. お知らせ • Oct 23
Icade to Report Fiscal Year 2023 Results on Feb 19, 2024 Icade announced that they will report fiscal year 2023 results Pre-Market on Feb 19, 2024 お知らせ • Sep 18
Icade(ENXTPA:ICAD) dropped from FTSE All-World Index (USD) Icade(ENXTPA:ICAD) dropped from FTSE All-World Index (USD) Buying Opportunity • Jul 24
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 9.9%. The fair value is estimated to be €47.65, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.4% over the last 3 years. Meanwhile, the company became loss making. お知らせ • Jul 07
Primonial REIM and Société Générale Assurances completed the acquisition of 63% stake in Icade Santé SAS from Icade (ENXTPA:ICAD) and its Minority Shareholders. Primonial REIM and Société Générale Assurances entered into an exclusivity agreement to acquire 63% stake in Icade Santé SAS from Icade (ENXTPA:ICAD) and its Minority Shareholders for €1.4 billion on March 13, 2023. As of June 13, 2023, Primonial REIM and Société Générale Assurances entered into a definitive agreement to acquire 37.312% stake in Icade Santé SAS from Icade (ENXTPA:ICAD) and its Minority Shareholders. Under the terms of transaction, €1.1 billion in Icade Santé shares to be sold to funds managed by Primonial and €100 million in Icade Santé shares to be sold to Société Générale Assurances, increasing its stake in Icade Santé. In addition, €200 million in shares would be repurchased by Icade Santé from Icade followed by their cancellation. As part of this stage, Icade Santé has secured €550 million in bank financing from Société Générale and BNP Paribas to finance the €200 million in capital reduction, as well as the repayment of the €50 million shareholder loan from Icade and the refinancing of the €300million bridge-to-bond facility entered into in March 2022. Upon completion of this first stage, Icade would lose control of Icade Santé, resulting in the deconsolidation of the subsidiary in the Icade Group’s consolidated financial statements. In addition, Primonial REIM would take over the management of the portfolio from the closing date. Lazard-Natixis acted asfinancial advisor to Icade (ENXTPA:ICAD).
The Boards of Directors of Icade Santé and Icade were consulted in advance and, after examining the potential conflicts of interest, unanimously approved the transaction in accordance with the applicable provisions, in particular the rules governing regulated related party agreements. Transaction is subject to the signing of the final agreements once the process of informing and consulting Icade’s employee representative bodies has been completed and the regulatory conditions precedent have been met. These include confirmation by the French Financial Markets Authority (AMF) that the transaction will not give rise to a buyout offer with squeeze-out for Icade’s share capital, pursuant to Article 236-6 of the AMF’s general regulations. The first stage of the transaction, which should be completed before the end of July 2023. Icade’s remaining stake in Icade Santé is expected to be sold by the end of 2025, mainly to funds managed by Primonial REIM or to investors identified by Primonial REIM based on Icade Santé’s most recently published EPRA NTA on the sale date. The cash generated by this transaction will help Icade to fortify its balance sheet and seize potential growth opportunities. As of July 5, 2023. Icade Completes First Stage In Sale Of Icade Sante For €1.4 Billion.
The Legal advisor, White & Case team in Paris which advised Icade Santé on the transaction was led by partners Thomas Le Vert and Jean Paszkudzki and included partners Raphaël Richard, Brice Engel and Alexandre Jaurett. The White & Case team in Paris which advised the minority shareholders Predica, Sogecap and Cardif was led by partner Nathalie Nègre-Eveillard. Gauthier Blanluet, Nicolas de Boynes and Alexis Madec of Sullivan & Cromwell LLP acted as accountant advising Icade and Icade Santé on the tax aspects of the transaction. SG Corporate & Investment Banking acted as Financial advisor for Primonial REIM.
Primonial REIM and Société Générale Assurances completed the acquisition of 63% stake in Icade Santé SAS from Icade (ENXTPA:ICAD) and its Minority Shareholders for €1.4 billion on July 5, 2023. Upcoming Dividend • Jun 27
Upcoming dividend of €2.17 per share at 12% yield Eligible shareholders must have bought the stock before 04 July 2023. Payment date: 06 July 2023. Trailing yield: 12%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (5.6%). お知らせ • Jun 06
Vauban Infrastructure Partners and Icade (ENXTPA:ICAD) agreed to acquire A2A Coriance SAS. Vauban Infrastructure Partners and Icade (ENXTPA:ICAD) agreed to acquire A2A Coriance SAS on June 5, 2023. Transaction is subject to approval of regulatory and competing authority. Elodie Cavazza and Fabien Charmasson of Jeausserand-Audouard acted as legal advisor to Coriance . お知らせ • May 18
Oteis France Sas agreed to acquire AMO and EXPERTISE SANTE activity from Icade (ENXTPA:ICAD). Oteis France Sas agreed to acquire AMO and EXPERTISE SANTE activity from Icade (ENXTPA:ICAD) on May 17, 2023. The transaction will cover the entire AMO and EXPERTISE SANTE scope, with the exception of a few contracts in the West Indies, Guyana, Reunion and a medical contract. This sale should be effective on June 30, 2023. Xavier Norlain and Aymeric Robine of Shearman & Sterling LLP acted as advisor to OTEIS Group. お知らせ • Jan 05
An undisclosed buyer acquired Michigan Garden Project from Icade SA (ENXTPA:ICAD) for €108 million. An undisclosed buyer acquired Michigan Garden Project from Icade SA (ENXTPA:ICAD) for €108 million on November 28, 2022. The Michigan Garden project is scheduled for completion in Q4 2024 and will generate €108 millon in revenue.
An undisclosed buyer completed the acquisition of Michigan Garden Project from Icade SA (ENXTPA:ICAD) on November 28, 2022. お知らせ • Dec 22
Icade SA (ENXTPA:ICAD) acquired Défense Parc complex in Nanterre Préfecture for €63 million. Icade SA (ENXTPA:ICAD) acquired Défense Parc complex in Nanterre Préfecture for €63 million on December 19, 2022.
Icade SA (ENXTPA:ICAD) completed the acquisition of Défense Parc complex in Nanterre Préfecture for €63 million on December 19, 2022. お知らせ • Dec 14
Icade SA to Report Fiscal Year 2022 Results on Feb 20, 2023 Icade SA announced that they will report fiscal year 2022 results at 9:00 AM, Central European Standard Time on Feb 20, 2023 Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €35.40, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 8x in the REITs industry in Europe. Total loss to shareholders of 47% over the past three years. お知らせ • Aug 03
Elysées Pierre signed a bilateral preliminary agreement to acquire 16,000-Sq.m AXE 13 Office Building in Nanterre from Icade (ENXTPA:ICAD). Elysées Pierre signed a bilateral preliminary agreement to acquire 16,000-Sq.m AXE 13 Office Building in Nanterre from Icade (ENXTPA:ICAD) on July 29, 2022. The sale is scheduled for the end of October 2022, once the customary conditions precedent have been met. The proceeds from these sales will be used to fund the Office Property Investment Division’s new pipeline development projects, the Healthcare Property Investment Division’s further expansion and Icade’s deleveraging. Upcoming Dividend • Jun 27
Upcoming dividend of €2.10 per share Eligible shareholders must have bought the stock before 04 July 2022. Payment date: 06 July 2022. Trailing yield: 8.5%. Within top quartile of German dividend payers (4.5%). Higher than average of industry peers (4.7%). お知らせ • Jun 11
Funds managed by Primonial REIM acquired Gambetta building in paris from Icade (ENXTPA:ICAD) for approximately €220 million. Funds managed by Primonial REIM signed preliminary agreement to acquire Gambetta building in paris from Icade (ENXTPA:ICAD) for approximately €220 million on March 7, 2022.
Funds managed by Primonial REIM completed the acquisition of Gambetta building in paris from Icade (ENXTPA:ICAD) on June 8, 2022. お知らせ • May 13
Residences Le Logement Des Fonctionnaires SA signed a bilateral preliminary agreement to acquire Residual Residential Portfolio from Icade (ENXTPA:ICAD) for €49.9 million. Residences Le Logement Des Fonctionnaires SA signed a bilateral preliminary agreement to acquire Residual Residential Portfolio from Icade (ENXTPA:ICAD) for €49.9 million on May 12, 2022. The transaction is subject to certain customary closing conditions precedent for sales to social landlords have been met. The transaction is expected to complete in H1 2023 after singing of final deed in 2022. お知らせ • May 03
Icade (ENXTPA:ICAD) acquired 50.1% interest in M&A Group. Icade (ENXTPA:ICAD) acquired 50.1% interest in M&A Group on April 29, 2022. The M&A Group will continue to be run by its current owners and corporate officers, namely Laurent Romanelli, Chairman and Founder, and Xavier Bringer, Chief Executive Officer.
Icade (ENXTPA:ICAD) completed the acquisition of 50.1% interest in M&A Group on April 29, 2022. Reported Earnings • Mar 30
Full year 2021 earnings released: EPS: €5.33 (vs €1.03 in FY 2020) Full year 2021 results: EPS: €5.33 (up from €1.03 in FY 2020). Revenue: €1.66b (up 15% from FY 2020). Net income: €399.4m (up 424% from FY 2020). Profit margin: 24% (up from 5.3% in FY 2020). Over the next year, revenue is forecast to grow 10% while the reits industry in Germany is not expected to grow. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 24
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €5.32 (up from €0.28 in FY 2020). Revenue: €1.66b (up 15% from FY 2020). Net income: €399.4m (up €378.4m from FY 2020). Profit margin: 24% (up from 1.5% in FY 2020). Revenue exceeded analyst estimates by 3.3%. Over the next year, revenue is forecast to grow 4.5% while thereits industry in Germany is not expected to grow. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. お知らせ • Dec 31
An unknown buyer completed the acquisition of Office building in Boulogne-Billancourt from Icade SA (ENXTPA:ICAD). An unknown buyer agreed to acquire Office building in Boulogne-Billancourt from Icade SA (ENXTPA:ICAD) for €45 million on November 10, 2021.
An unknown buyer completed the acquisition of Office building in Boulogne-Billancourt from Icade SA (ENXTPA:ICAD) on December 29, 2021. Reported Earnings • Jul 28
First half 2021 earnings released: EPS €2.52 (vs €0.07 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €830.0m (up 33% from 1H 2020). Net income: €187.5m (up €182.3m from 1H 2020). Profit margin: 23% (up from 0.8% in 1H 2020). Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 2% per year. Upcoming Dividend • Apr 21
Upcoming dividend of €2.00 per share Eligible shareholders must have bought the stock before 28 April 2021. Payment date: 27 May 2021. Trailing yield: 6.1%. Within top quartile of German dividend payers (3.1%). Higher than average of industry peers (3.5%). Analyst Estimate Surprise Post Earnings • Feb 23
Revenue beats expectations Revenue exceeded analyst estimates by 1.5%. Over the next year, revenue is forecast to grow 3.1%, compared to a 52% growth forecast for the REITs industry in Germany. Is New 90 Day High Low • Feb 21
New 90-day low: €55.80 The company is down 13% from its price of €64.40 on 20 November 2020. The German market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €80.97 per share. お知らせ • Jan 15
A pan-European fund dedicated to a German institutional investor managed by Aberdeen Standard Investments Limited acquired Two residential buildings in Rueil-Malmaison from Icade SA (ENXTPA:ICAD) for €14.6 million. A pan-European fund dedicated to a German institutional investor managed by Aberdeen Standard Investments Limited acquired Two residential buildings in Rueil-Malmaison from Icade SA (ENXTPA:ICAD) for €14.6 million at the end of 2020. Attal et Associés and Herbert Smith Freehills Paris LLP acted as legal advisor to Aberdeen in the transaction.
A pan-European fund dedicated to a German institutional investor managed by Aberdeen Standard Investments Limited completed the acquisition of Two residential buildings in Rueil-Malmaison from Icade SA (ENXTPA:ICAD) at the end of 2020. お知らせ • Jan 08
Icade SA (ENXTPA:ICAD) acquired Ad Vitam Icade SA (ENXTPA:ICAD) acquired Ad Vitam on December 30, 2020. Following this acquisition, Béatrice Mortier, founding partner of Ad Vitam, has become Icade Promotion’s Regional Director in Montpellier.
Icade SA (ENXTPA:ICAD) completed the acquisition of Ad Vitam on December 30, 2020. お知らせ • Dec 23
Icade SA (ENXTPA:ICAD) signed agreement to acquire Seven Nursing Homes in Northern Italy from Lagune Pasithea fund managed by Blue sgr for €130 million. Icade SA (ENXTPA:ICAD) signed agreement to acquire Seven Nursing Homes in Northern Italy from Lagune Pasithea fund managed by Blue sgr for €130 million on December 18, 2020. The acquisition will be carried out upon completion of the facilities, once the accreditation and appropriate permits required for their operation have been obtained. Is New 90 Day High Low • Nov 19
New 90-day high: €65.80 The company is up 22% from its price of €53.90 on 20 August 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €84.73 per share. Valuation Update With 7 Day Price Move • Nov 11
Market bids up stock over the past week After last week's 23% share price gain to €55.15, the stock is trading at a trailing P/E ratio of 18.3x, up from the previous P/E ratio of 14.9x. This compares to an average P/E of 9x in the REITs industry in Germany. Total return to shareholders over the past three years is a loss of 14%. Is New 90 Day High Low • Oct 30
New 90-day low: €43.00 The company is down 22% from its price of €55.20 on 31 July 2020. The German market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €73.58 per share. Is New 90 Day High Low • Sep 22
New 90-day low: €47.68 The company is down 25% from its price of €63.30 on 24 June 2020. The German market is up 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €80.58 per share. お知らせ • Aug 27
OPPCI owned by South Korean Investors completed the acquisition of 49% stake in Eqho Tower from Icade (ENXTPA:ICAD). OPPCI owned by South Korean Investors has signed a bilateral sale purchase agreement to acquire 49% stake in Eqho Tower from Icade (ENXTPA:ICAD) for €365 million on July 12, 2019. The total asset value of the tower is €745 million. Icade has also granted the purchaser an option to acquire the remaining 51% by the end of 2020. The sale of the 49% stake in Eqho Tower is scheduled to be completed at the end of September, 2019, once the customary conditions precedent have been fulfilled. Etoile Properties acted as a broker to OPPCI. Marc Mariani, Eva Leygonie and Virginie Louvigne of Baker McKenzie acted as legal advisors to the South Korean investors and Etoile Properties. EY France acted as advisor in the transaction. Charles del Valle, Frederic Jungels, Julien Roux and Guillaume Valois of Allen & Overy LLP acted as legal advisor to Icade. KPMG acted as a due diligence provider in the transaction.
OPPCI owned by South Korean Investors completed the acquisition of 49% stake in Eqho Tower from Icade (ENXTPA:ICAD) on September 30, 2019. 
