ENXTPA:ICAD

Stock Analysis Report

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Executive Summary

As an investor and a developer, Icade is an integrated real estate player that designs innovative real estate products and services adapted to new urban lifestyles and habits. More Details


Snowflake Analysis

6 star dividend payer and good value.


Similar Companies

Share Price & News

How has Icade's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: ICAD's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-7.2%

ICAD

-5.8%

FR REITs

-4.3%

FR Market


1 Year Return

-45.4%

ICAD

-39.4%

FR REITs

-10.9%

FR Market

Return vs Industry: ICAD underperformed the French REITs industry which returned -39.4% over the past year.

Return vs Market: ICAD underperformed the French Market which returned -10.9% over the past year.


Shareholder returns

ICADIndustryMarket
7 Day-7.2%-5.8%-4.3%
30 Day-19.8%-13.0%-4.3%
90 Day-27.5%-18.6%-2.2%
1 Year-42.5%-45.4%-35.2%-39.4%-8.9%-10.9%
3 Year-30.5%-41.0%-27.3%-39.2%3.0%-6.0%
5 Year-3.5%-26.8%-6.7%-30.2%36.0%17.2%

Price Volatility Vs. Market

How volatile is Icade's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Icade undervalued compared to its fair value and its price relative to the market?

41.8%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: ICAD (€44.56) is trading below our estimate of fair value (€76.52)

Significantly Below Fair Value: ICAD is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: ICAD is poor value based on its PE Ratio (12.7x) compared to the FR REITs industry average (7.3x).

PE vs Market: ICAD is good value based on its PE Ratio (12.7x) compared to the French market (16.9x).


Price to Earnings Growth Ratio

PEG Ratio: ICAD is good value based on its PEG Ratio (0.5x)


Price to Book Ratio

PB vs Industry: ICAD is overvalued based on its PB Ratio (1.2x) compared to the FR REITs industry average (0.6x).


Next Steps

Future Growth

How is Icade forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?

26.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ICAD's forecast earnings growth (26.8% per year) is above the savings rate (0.6%).

Earnings vs Market: ICAD's earnings (26.8% per year) are forecast to grow faster than the French market (24.6% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: ICAD's revenue (5.7% per year) is forecast to grow slower than the French market (6.7% per year).

High Growth Revenue: ICAD's revenue (5.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ICAD's Return on Equity is forecast to be low in 3 years time (11.9%).


Next Steps

Past Performance

How has Icade performed over the past 5 years?

47.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ICAD has a large one-off gain of €200.3M impacting its June 30 2020 financial results.

Growing Profit Margin: ICAD's current net profit margins (17.6%) are higher than last year (10.4%).


Past Earnings Growth Analysis

Earnings Trend: ICAD's earnings have grown significantly by 47.9% per year over the past 5 years.

Accelerating Growth: ICAD's earnings growth over the past year (49%) exceeds its 5-year average (47.9% per year).

Earnings vs Industry: ICAD earnings growth over the past year (49%) exceeded the REITs industry 13.2%.


Return on Equity

High ROE: ICAD's Return on Equity (8%) is considered low.


Next Steps

Financial Health

How is Icade's financial position?


Financial Position Analysis

Short Term Liabilities: ICAD's short term assets (€2.4B) do not cover its short term liabilities (€2.6B).

Long Term Liabilities: ICAD's short term assets (€2.4B) do not cover its long term liabilities (€6.1B).


Debt to Equity History and Analysis

Debt Level: ICAD's debt to equity ratio (190.5%) is considered high.

Reducing Debt: ICAD's debt to equity ratio has increased from 101.7% to 190.5% over the past 5 years.

Debt Coverage: ICAD's debt is not well covered by operating cash flow (6.4%).

Interest Coverage: ICAD's interest payments on its debt are not well covered by EBIT (1.8x coverage).


Balance Sheet


Next Steps

Dividend

What is Icade current dividend yield, its reliability and sustainability?

10.79%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: ICAD's dividend (10.79%) is higher than the bottom 25% of dividend payers in the French market (1.56%).

High Dividend: ICAD's dividend (10.79%) is in the top 25% of dividend payers in the French market (5.25%)


Stability and Growth of Payments

Stable Dividend: ICAD's dividends per share have been stable in the past 10 years.

Growing Dividend: ICAD's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (76.8%), ICAD's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: ICAD's dividends in 3 years are forecast to be covered by earnings (86.8% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

4.9yrs

Average management tenure


CEO

Olivier Wigniolle (57 yo)

5.42yrs

Tenure

€488,100

Compensation

Mr. Olivier Wigniolle has been the Chief Executive Officer of Icade S.A. at Caisse des dépôts et consignations since April 29, 2015 and Icade EMGP since September 29, 2016. He is a Managing Director of Ica ...


CEO Compensation Analysis

Compensation vs Market: Olivier's total compensation ($USD567.10K) is below average for companies of similar size in the French market ($USD1.87M).

Compensation vs Earnings: Olivier's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Olivier Wigniolle
MD & CEO5.42yrs€488.10k0.022%
€ 712.9k
Victoire Aubry
Head of Finance5yrsno datano data
Sophie Duval
Head of Consolidation & Accountingno datano datano data
Jean d'Aillières
Head of Investor Relationsno datano datano data
Anne-Sophie Lanaute
Director of Financial Communication & Investor Relations1.75yrsno datano data
Jérôme Lucchini
General Secretary and Head of Governanceno datano datano data
Laurent Poinsard
Head of Audit4.92yrsno datano data
Marianne de Battisti
Head of Institutional Relations & Group Communication2.83yrsno datano data
Marc le Blanc
Head of Human Resources2.67yrsno datano data
Emmanuelle Baboulin
Head of the Commercial Property Investment Division5yrsno datano data
Xavier de La Sudrie
Head of Financial Controlno datano datano data
Jean-Philippe Carrascosa
Head of Corporate Oversight & Financingno datano datano data

4.9yrs

Average Tenure

54yo

Average Age

Experienced Management: ICAD's management team is considered experienced (4.9 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Georges Ralli
Independent Director4.33yrs€51.88k0.0010%
€ 34.6k
Guillaume L. Poitrinal
Independent Director2.25yrs€19.60k0.000010%
€ 329.4
Gonzague de Pirey
Independent Director1.42yrs€8.58kno data
Marie-Christine Lambert
Independent Director8.75yrs€26.95k0.000010%
€ 329.4
Frederic Thomas
Chairman of the Board1.42yrsno data0%
€ 0
Olivier Mareuse
Director9.33yrsno data0%
€ 0
Marianne Louradour
Director0.92yrno datano data
Sophie Quatrehomme
Director2.5yrsno data0%
€ 0
Florence Peronnau
Vice Chairman of the Board & Lead Independent Director1.42yrs€58.98k0.000010%
€ 329.4
Virginie Fernandes
Director4yrs€152.25kno data
Emmanuel Chabas
Director1.42yrsno datano data
Waël Rizk
Director1.42yrsno datano data

1.8yrs

Average Tenure

54yo

Average Age

Experienced Board: ICAD's board of directors are not considered experienced ( 1.8 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Icade SA's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Icade SA
  • Ticker: ICAD
  • Exchange: ENXTPA
  • Founded: 1954
  • Industry: Diversified REITs
  • Sector: Real Estate
  • Market Cap: €3.294b
  • Shares outstanding: 73.93m
  • Website: https://www.icade.fr

Number of Employees


Location

  • Icade SA
  • Open Building
  • 27 rue Camille Desmoulins
  • Issy-les-Moulineaux
  • Ile-de-France
  • 92130
  • France

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ICADENXTPA (Euronext Paris)YesOrdinary SharesFREURJan 1990
0K4OLSE (London Stock Exchange)YesOrdinary SharesGBEURJan 1990
CDMG.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJan 1990
3ICDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1990
ICADPBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJan 1990

Biography

As an investor and a developer, Icade is an integrated real estate player that designs innovative real estate products and services adapted to new urban lifestyles and habits. By placing corporate social r ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/09/27 03:26
End of Day Share Price2020/09/25 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.