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ICAD

IcadeENXTPA:ICAD Stock Report

Last Price

€64.60

Market Cap

€4.9b

7D

-0.7%

1Y

10.4%

Updated

20 Jan, 2022

Data

Company Financials +
ICAD fundamental analysis
Snowflake Score
Valuation2/6
Future Growth3/6
Past Performance1/6
Financial Health1/6
Dividends6/6

ICAD Stock Overview

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.

Icade Competitors

Gecina

ENXTPA:GFC

€8.9b

VINCI

ENXTPA:DG

€56.1b

Crédit Agricole

ENXTPA:ACA

€40.6b

CBRE Group

NYSE:CBRE

US$32.7b

Price History & Performance

Summary of all time highs, changes and price drops for Icade
Historical stock prices
Current Share Price€64.60
52 Week High€80.00
52 Week Low€55.45
Beta1.35
1 Month Change4.53%
3 Month Change-6.31%
1 Year Change10.43%
3 Year Change-10.96%
5 Year Change-2.80%
Change since IPO151.32%

Recent News & Updates

Shareholder Returns

ICADFR REITsFR Market
7D-0.7%0.2%-0.2%
1Y10.4%15.7%23.7%

Return vs Industry: ICAD underperformed the French REITs industry which returned 12.7% over the past year.

Return vs Market: ICAD underperformed the French Market which returned 22.9% over the past year.

Price Volatility

Is ICAD's price volatile compared to industry and market?
ICAD volatility
ICAD Average Weekly Movement2.8%
REITs Industry Average Movement2.7%
Market Average Movement4.5%
10% most volatile stocks in FR Market9.8%
10% least volatile stocks in FR Market2.5%

Stable Share Price: ICAD is less volatile than 75% of French stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: ICAD's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
19541,162Olivier Wigniollehttps://www.icade.fr

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 responsibility and innovation at the core of its strategy, Icade is closely involved with stakeholders and users in the cities—local authorities and communities, companies and employees, institutions and associations… As an office and healthcare property investor (portfolio value of €11.6bn as of 06/30/2020 on a proportionate consolidation basis) and as a property developer (2019 economic revenues of nearly €1bn), Icade has been able to reinvent the real estate business and foster the emergence of tomorrow’s greener, smarter and more responsible cities. Icade is a significant player in the Greater Paris area and major French cities.

Icade Fundamentals Summary

How do Icade's earnings and revenue compare to its market cap?
ICAD fundamental statistics
Market Cap€4.89b
Earnings (TTM)€203.30m
Revenue (TTM)€1.65b

24.1x

P/E Ratio

3.0x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
ICAD income statement (TTM)
Revenue€1.65b
Cost of Revenue€762.30m
Gross Profit€885.90m
Expenses€682.60m
Earnings€203.30m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

Feb 21, 2022

Earnings per share (EPS)2.69
Gross Margin53.75%
Net Profit Margin12.33%
Debt/Equity Ratio193.0%

How did ICAD perform over the long term?

See historical performance and comparison

Dividends

6.2%

Current Dividend Yield

52%

Payout Ratio

Valuation

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

27.8%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: ICAD (€64.6) is trading below our estimate of fair value (€89.49)

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 (24.1x) compared to the French REITs industry average (12.9x).

PE vs Market: ICAD is poor value based on its PE Ratio (24.1x) compared to the French market (18.7x).


Price to Earnings Growth Ratio

PEG Ratio: ICAD is poor value based on its PEG Ratio (1x)


Price to Book Ratio

PB vs Industry: ICAD is overvalued based on its PB Ratio (1.7x) compared to the FR REITs industry average (0.8x).


Future Growth

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

23.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: ICAD's forecast earnings growth (23.7% per year) is above the savings rate (0.3%).

Earnings vs Market: ICAD's earnings (23.7% per year) are forecast to grow faster than the French market (11.6% per year).

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

Revenue vs Market: ICAD's revenue (3.9% per year) is forecast to grow slower than the French market (6.1% per year).

High Growth Revenue: ICAD's revenue (3.9% 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 (9.9%).


Past Performance

How has Icade performed over the past 5 years?

23.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: ICAD has a large one-off gain of €121.1M impacting its June 30 2021 financial results.

Growing Profit Margin: ICAD's current net profit margins (12.3%) are lower than last year (17.6%).


Past Earnings Growth Analysis

Earnings Trend: ICAD has become profitable over the past 5 years, growing earnings by 23.5% per year.

Accelerating Growth: ICAD's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: ICAD had negative earnings growth (-21.4%) over the past year, making it difficult to compare to the REITs industry average (3.1%).


Return on Equity

High ROE: ICAD's Return on Equity (6.8%) is considered low.


Financial Health

How is Icade's financial position?


Financial Position Analysis

Short Term Liabilities: ICAD's short term assets (€2.3B) exceed its short term liabilities (€2.1B).

Long Term Liabilities: ICAD's short term assets (€2.3B) do not cover its long term liabilities (€6.7B).


Debt to Equity History and Analysis

Debt Level: ICAD's net debt to equity ratio (169.3%) is considered high.

Reducing Debt: ICAD's debt to equity ratio has increased from 137.2% to 193% over the past 5 years.

Debt Coverage: ICAD's debt is not well covered by operating cash flow (8.3%).

Interest Coverage: ICAD's interest payments on its debt are not well covered by EBIT (2.6x coverage).


Balance Sheet


Dividend

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

6.21%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: ICAD's dividend (6.21%) is higher than the bottom 25% of dividend payers in the French market (1.32%).

High Dividend: ICAD's dividend (6.21%) is in the top 25% of dividend payers in the French market (3.93%)


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: With its reasonable payout ratio (52.4%), ICAD's dividend 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 (90.4% payout ratio).


Next Steps

Management

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

6.3yrs

Average management tenure


CEO

Olivier Wigniolle (58 yo)

6.75yrs

Tenure

€471,100

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 ($USD534.19K) is below average for companies of similar size in the French market ($USD2.24M).

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


Leadership Team

Experienced Management: ICAD's management team is seasoned and experienced (6.3 years average tenure).


Board Members

Experienced Board: ICAD's board of directors are considered experienced (3.7 years average tenure).


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 been diluted in the past year, with total shares outstanding growing by 2.4%.


Top Shareholders

Company Information

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


Key Information

  • Name: Icade SA
  • Ticker: ICAD
  • Exchange: ENXTPA
  • Founded: 1954
  • Industry: Diversified REITs
  • Sector: Real Estate
  • Implied Market Cap: €4.890b
  • Shares outstanding: 75.69m
  • 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


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/01/20 21:19
End of Day Share Price2022/01/20 00:00
Earnings2021/06/30
Annual Earnings2020/12/31


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.