ENXTPA:ICAD

Stock Analysis Report

Executive Summary

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

Snowflake

Fundamentals

6 star dividend payer with acceptable track record.


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


Market Performance


7 Day Return

-0.9%

ICAD

1.2%

FR REITs

-0.4%

FR Market


1 Year Return

13.5%

ICAD

11.0%

FR REITs

9.5%

FR Market

Return vs Industry: ICAD exceeded the French REITs industry which returned 11% over the past year.

Return vs Market: ICAD exceeded the French Market which returned 9.5% over the past year.


Shareholder returns

ICADIndustryMarket
7 Day-0.9%1.2%-0.4%
30 Day4.3%4.9%0.06%
90 Day5.7%8.0%0.04%
1 Year20.4%13.5%18.2%11.0%13.3%9.5%
3 Year48.1%24.8%28.7%8.1%42.5%28.7%
5 Year73.3%31.7%72.2%29.6%71.0%45.0%

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?

22.5%

Undervalued compared to fair value


Share Price vs. Fair Value

Undervalued: ICAD (€84.3) is trading below our estimate of fair value (€108.76)

Significantly Undervalued: ICAD is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: ICAD is poor value based on its PE Ratio (36.1x) compared to the REITs industry average (10x).

PE vs Market: ICAD is poor value based on its PE Ratio (36.1x) compared to the French market (17.5x).


Price to Earnings Growth Ratio

Low PEG Ratio: ICAD is poor value based on its PEG Ratio (19.7x)


Price to Book Ratio

PB vs Industry: ICAD is overvalued based on its PB Ratio (2.2x) compared to the FR REITs industry average (1x).


Next Steps

Future Growth

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

1.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ICAD's forecast earnings growth (1.8% per year) is above the savings rate (0.7%).

Earnings vs Market: ICAD's earnings (1.8% per year) are forecast to grow slower than the French market (11.5% per year).

High Growth Earnings: ICAD's earnings are forecast to grow, but not significantly.

Revenue vs Market: ICAD's revenue (4.2% per year) is forecast to grow slower than the French market (4.4% per year).

High Growth Revenue: ICAD's revenue (4.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: ICAD's Return on Equity is forecast to be low in 3 years time (10.2%).


Next Steps

Past Performance

How has Icade performed over the past 5 years?

20.2%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: ICAD's earnings have grown significantly by 20.2% per year over the past 5 years.

Accelerating Growth: ICAD's earnings growth over the past year (46.2%) exceeds its 5-year average (20.2% per year).

Earnings vs Industry: ICAD earnings growth over the past year (46.2%) exceeded the REITs industry 14.1%.


Return on Equity

High ROE: ICAD's Return on Equity (5.8%) is considered low.


Return on Assets

ROA vs Industry: ICAD's Return on Assets is below or equal to the REITs industry average last year.


Return on Capital Employed

ROCE Improving: ICAD's Return on Capital Employed has declined over the past 3 years.


Next Steps

Financial Health

How is Icade's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: ICAD has a high level of physical assets or inventory.

Debt Coverage by Assets: ICAD's debt is not covered by short term assets (assets are 0.4x debt).


Financial Institutions Analysis

Asset Level: ICAD's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if ICAD has a sufficient allowance for bad loans.

Low Risk Liabilities: ICAD reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if ICAD has an acceptable proportion of non-loan assets held.

Low Risk Deposits: ICAD has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if ICAD has an appropriate level of bad loans.


Next Steps

Dividend

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

5.46%

Current Dividend Yield


Dividend Yield vs Market

company5.5%marketbottom25%1.6%markettop25%4.7%industryaverage5.1%forecastin3Years5.9%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: ICAD's dividend (5.46%) is higher than the bottom 25% of dividend payers in the French market (1.56%).

High Dividend: ICAD's dividend (5.46%) is in the top 25% of dividend payers in the French market (4.72%)

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: With its reasonably low payout ratio (49.1%), ICAD's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: ICAD's dividends in 3 years are forecast to be thoroughly covered by earnings (1.2% payout ratio).


Next Steps

Management

What is the CEO of Icade's salary, the management and board of directors tenure and is there insider trading?

3.0yrs

Average management tenure


CEO

Olivier Wigniolle (56yo)

4.5yrs

Tenure

€484,200

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. Mr. Wigniolle served as the Chie ...


CEO Compensation Analysis

Compensation vs. Market: Olivier's total compensation ($USD539.38K) is below average for companies of similar size in the French market ($USD2.60M).

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


Management Age and Tenure

3.0yrs

Average Tenure

53yo

Average Age

Experienced Management: ICAD's management team is considered experienced (3 years average tenure).


Board Age and Tenure

3.3yrs

Average Tenure

58.5yo

Average Age

Experienced Board: ICAD's board of directors are considered experienced (3.3 years average tenure).


Insider Trading

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


Ownership Breakdown


Management Team

  • Olivier Wigniolle (56yo)

    Chief Executive Officer

    • Tenure: 4.5yrs
    • Compensation: €484.20k
  • Jean-Philippe Carrascosa

    Head of Corporate Oversight and Financing

    • Tenure: 0yrs
  • Marianne de Battisti (64yo)

    Head of Innovation

    • Tenure: 1.9yrs
  • Laurent Poinsard (53yo)

    Head of Audit

    • Tenure: 4yrs
  • Victoire Aubry (53yo)

    Head of Finance

    • Tenure: 4.1yrs
  • Xavier de La Sudrie

    Head of Financial Control

    • Tenure: 0yrs
  • Jean d'Aillières

    Head of Investor Relations

    • Tenure: 0yrs
  • Marc le Blanc (42yo)

    Head of Human Resources & CSR

    • Tenure: 1.8yrs
  • Anne-Sophie Lanaute

    Director of Financial Communication and Investor Relations

    • Tenure: 0.8yrs
  • Sophie Duval

    Head of Consolidation & Accounting

    • Tenure: 0yrs

Board Members

  • Georges Ralli (71yo)

    Independent Director

    • Tenure: 3.4yrs
    • Compensation: €50.80k
  • Marie-Christine Lambert (66yo)

    Independent Director

    • Tenure: 8yrs
    • Compensation: €29.80k
  • Frédéric Thomas (63yo)

    Chairman of the Board

    • Tenure: 0.5yrs
    • Compensation: €24.50k
  • Olivier Mareuse (56yo)

    Director

    • Tenure: 8.4yrs
  • Jean-Paul Faugère (63yo)

    Director

    • Tenure: 6.8yrs
  • Sophie Quatrehomme (43yo)

    Director

    • Tenure: 1.6yrs
  • Nathalie Tessier (56yo)

    Director

    • Tenure: 4.5yrs
  • Florence Peronnau (61yo)

    Vice Chairman of the Board & Lead Independent Director

    • Tenure: 0.8yrs
    • Compensation: €36.80k
  • Virginie Fernandes (45yo)

    Director

    • Tenure: 3.1yrs
    • Compensation: €105.00k
  • Carole Abbey (43yo)

    Director

    • Tenure: 1.6yrs

Company Information

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


Key Information

  • Name: Icade
  • Ticker: ICAD
  • Exchange: ENXTPA
  • Founded: 1954
  • Industry: Diversified REITs
  • Sector: Real Estate
  • Market Cap: €6.230b
  • Shares outstanding: 73.90m
  • Website: https://www.icade.fr

Number of Employees


Location

  • Icade
  • 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 which designs innovative real estate products and services adapted to new urban lifestyles and habits. By placing corporate social  ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/18 20:38
End of Day Share Price2019/10/18 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.