Icade

ENXTPA:ICAD Stock Report

Market Cap: €1.7b

Icade Valuation

Is ICAD undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of ICAD when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ICAD (€22.3) is trading above our estimate of fair value (€17.99)

Significantly Below Fair Value: ICAD is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ICAD?

Key metric: As ICAD is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for ICAD. This is calculated by dividing ICAD's market cap by their current revenue.
What is ICAD's PS Ratio?
PS Ratio1.1x
Sales€1.52b
Market Cap€1.68b

Price to Sales Ratio vs Peers

How does ICAD's PS Ratio compare to its peers?

The above table shows the PS ratio for ICAD vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average5.8x
COV Covivio
5.3x4.2%€5.7b
IMDA Immobiliere Dassault
11.9xn/a€354.8m
PAT Patrimoine et Commerce
5xn/a€310.2m
ATLD Atland SAS
0.9xn/a€190.1m
ICAD Icade
1.1x4.8%€1.7b

Price-To-Sales vs Peers: ICAD is good value based on its Price-To-Sales Ratio (1.1x) compared to the peer average (5.8x).

Price to Sales Ratio vs Industry

How does ICAD's PS Ratio compare vs other companies in the European REITs Industry?

3 CompaniesPrice / SalesEstimated GrowthMarket Cap
Industry Avg.8.2x5.1%
ICAD Icade
 1.1x4.8%US$1.77b
ICAD 1.1xIndustry Avg. 8.2xNo. of Companies11PS0612182430+
3 CompaniesEstimated GrowthMarket Cap
Industry Avg.8.2x40.3%
ICAD Icade
 1.1x93.7%US$1.77b
No more companies

Price-To-Sales vs Industry: ICAD is good value based on its Price-To-Sales Ratio (1.1x) compared to the European REITs industry average (8.2x).

Price to Sales Ratio vs Fair Ratio

What is ICAD's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ICAD PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.1x
Fair PS Ratio2x

Price-To-Sales vs Fair Ratio: ICAD is good value based on its Price-To-Sales Ratio (1.1x) compared to the estimated Fair Price-To-Sales Ratio (2x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst ICAD forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€22.30
€31.04
+39.2%
18.1%€40.50€23.00n/a12
Nov ’25€23.62
€30.88
+30.7%
18.8%€40.50€23.00n/a12
Oct ’25€26.76
€30.32
+13.3%
19.8%€40.50€23.00n/a11
Sep ’25€20.28
€27.71
+36.6%
18.0%€37.00€22.80n/a11
Aug ’25€20.60
€28.35
+37.6%
16.9%€37.00€22.80n/a11
Jul ’25€23.00
€29.49
+28.2%
14.4%€37.00€22.80n/a11
Jun ’25€28.32
€29.36
+3.7%
14.6%€37.00€22.80n/a11
May ’25€25.00
€29.59
+18.4%
15.0%€37.00€22.80n/a10
Apr ’25€25.10
€32.89
+31.0%
23.5%€53.00€22.80n/a10
Mar ’25€27.62
€35.59
+28.9%
21.3%€53.00€22.80n/a12
Feb ’25€30.68
€37.22
+21.3%
19.4%€53.00€22.80n/a12
Jan ’25€35.54
€39.77
+11.9%
24.9%€53.00€22.80n/a10
Dec ’24€33.86
€39.98
+18.1%
23.9%€53.00€22.80n/a11
Nov ’24€30.98
€41.14
+32.8%
23.3%€53.00€21.30€23.6210
Oct ’24€31.26
€41.55
+32.9%
22.4%€53.00€21.30€26.7610
Sep ’24€34.34
€44.05
+28.3%
23.8%€58.00€21.30€20.2810
Aug ’24€36.76
€46.21
+25.7%
20.9%€58.00€21.30€20.6011
Jul ’24€38.18
€48.85
+27.9%
22.3%€61.00€21.30€23.0011
Jun ’24€37.50
€49.95
+33.2%
22.7%€66.00€21.30€28.3212
May ’24€42.52
€49.88
+17.3%
22.9%€66.00€21.30€25.0012
Apr ’24€43.34
€49.88
+15.1%
22.9%€66.00€21.30€25.1012
Mar ’24€46.82
€46.92
+0.2%
24.5%€66.00€21.30€27.6212
Feb ’24€43.78
€46.63
+6.5%
24.8%€66.00€21.30€30.6812
Jan ’24€40.24
€48.05
+19.4%
26.4%€66.00€21.30€35.5412
Dec ’23€39.54
€48.52
+22.7%
26.4%€66.00€21.30€33.8612
Nov ’23€38.52
€55.14
+43.2%
19.1%€71.00€32.50€30.9812

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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