Icade

BATS-CHIXE:ICADP Stock Report

Market Cap: €1.7b

Icade Valuation

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

Valuation Score

2/6

Valuation Score 2/6

  • 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 ICADP when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
€18.31
Fair Value
23.8% overvalued intrinsic discount
12
Number of Analysts

Below Fair Value: ICADP (€22.66) is trading above our estimate of fair value (€18.31)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for ICADP. This is calculated by dividing ICADP's market cap by their current revenue.
What is ICADP's PS Ratio?
PS Ratio1.1x
Sales€1.52b
Market Cap€1.72b

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for ICADP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average9.2x
UKCM UK Commercial Property REIT
13xn/aUK£947.3m
BLND British Land
6.9x6.1%UK£3.4b
LAND Land Securities Group
5.1x-0.4%UK£4.0b
LMP LondonMetric Property
11.9x7.0%UK£3.5b
ICADP Icade
1.1x5.2%€1.7b

Price-To-Sales vs Peers: ICADP is good value based on its Price-To-Sales Ratio (1.1x) compared to the peer average (9.3x).

Price to Sales Ratio vs Industry

How does ICADP's PS Ratio compare vs other companies in the GB REITs Industry?

1 CompanyPrice / SalesEstimated GrowthMarket Cap
API abrdn Property Income Trust
0.7xn/aUS$29.80m
No more companies available in this PS range
No. of Companies5PS048121620+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: ICADP 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 ICADP'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.

ICADP PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.1x
Fair PS Ration/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate ICADP's Price-To-Sales Fair Ratio for valuation analysis.

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 ICADP forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€22.50
€29.89
+32.9%
21.3%€40.00€20.00n/a12
Jan ’26n/a
€30.35
0%
20.4%€40.00€20.00n/a12
Dec ’25€22.08
€30.71
+39.1%
20.0%€40.50€20.00n/a12
Nov ’25€23.99
€30.88
+28.7%
18.8%€40.50€23.00n/a12
Oct ’25n/a
€30.32
0%
19.8%€40.50€23.00n/a11
Sep ’25n/a
€27.71
0%
18.0%€37.00€22.80n/a11
Aug ’25€20.56
€28.35
+37.9%
16.9%€37.00€22.80n/a11
Jul ’25n/a
€29.49
0%
14.4%€37.00€22.80n/a11
Jun ’25€27.97
€29.36
+5.0%
14.6%€37.00€22.80n/a11
May ’25n/a
€29.59
0%
15.0%€37.00€22.80n/a10
Apr ’25n/a
€32.89
0%
23.5%€53.00€22.80n/a10
Mar ’25€27.80
€35.59
+28.0%
21.3%€53.00€22.80n/a12
Feb ’25n/a
€37.22
0%
19.4%€53.00€22.80n/a12
Jan ’25n/a
€39.77
0%
24.9%€53.00€22.80n/a10
Dec ’24n/a
€39.98
0%
23.9%€53.00€22.80€22.0811
Nov ’24n/a
€41.14
0%
23.3%€53.00€21.30€23.9910
Oct ’24n/a
€41.55
0%
22.4%€53.00€21.30n/a10
Sep ’24n/a
€44.05
0%
23.8%€58.00€21.30n/a10
Aug ’24n/a
€46.21
0%
20.9%€58.00€21.30€20.5611
Jul ’24€38.72
€48.85
+26.2%
22.3%€61.00€21.30n/a11
Jun ’24n/a
€49.95
0%
22.7%€66.00€21.30€27.9712
May ’24€42.02
€49.88
+18.7%
22.9%€66.00€21.30n/a12
Apr ’24€42.10
€49.88
+18.5%
22.9%€66.00€21.30n/a12
Mar ’24€48.24
€46.92
-2.7%
24.5%€66.00€21.30€27.8012
Feb ’24€43.76
€46.63
+6.5%
24.8%€66.00€21.30n/a12
Jan ’24€40.46
€48.05
+18.8%
26.4%€66.00€21.30n/a12
Analyst Price Target
Consensus Narrative from 12 Analysts
€29.79
Fair Value
23.9% undervalued intrinsic discount
12
Number of Analysts

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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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/01/09 22:55
End of Day Share Price 2025/01/09 00:00
Earnings2024/06/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Icade is covered by 29 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Ruud Van MaanenABN AMRO Bank N.V.
Alda Kule DaleAlphaValue
Aaron GuyBarclays