Buy Or Sell Opportunity • Jun 18
Now 21% undervalued Over the last 90 days, the stock has risen 5.5% to €20.60. The fair value is estimated to be €26.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.9% over the last 3 years. Earnings per share has grown by 43%. Upcoming Dividend • Jun 16
Upcoming dividend of €1.92 per share Eligible shareholders must have bought the stock before 23 June 2026. Payment date: 25 June 2026. Trailing yield: 9.0%. Within top quartile of British dividend payers (5.7%). Higher than average of industry peers (5.7%). Announcement • Jun 14
Icade announces Annual dividend, payable on June 25, 2026 Icade announced Annual dividend of EUR 0.6033 per share payable on June 25, 2026, ex-date on June 23, 2026 and record date on June 24, 2026. Buy Or Sell Opportunity • Jun 03
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at €20.38. The fair value is estimated to be €25.70, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.9% over the last 3 years. Earnings per share has grown by 43%. Declared Dividend • May 25
Dividend of €1.92 announced Shareholders will receive a dividend of €1.92. Ex-date: 23rd June 2026 Payment date: 25th June 2026 Dividend yield will be 9.5%, which is higher than the industry average of 5.6%. Buy Or Sell Opportunity • May 15
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.6% to €19.79. The fair value is estimated to be €25.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.9% over the last 3 years. Earnings per share has grown by 43%. Announcement • May 04
Icade, Annual General Meeting, Jun 10, 2026 Icade, Annual General Meeting, Jun 10, 2026. Location: immeuble coeur deense, tour b espace comet, 24eme etage, 100 esplanade du general de gaulle, paris la defense cedex France Buy Or Sell Opportunity • Apr 29
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.3% to €20.11. The fair value is estimated to be €25.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.9% over the last 3 years. Earnings per share has grown by 43%. Reported Earnings • Apr 05
Full year 2025 earnings released: €1.62 loss per share (vs €3.64 loss in FY 2024) Full year 2025 results: €1.62 loss per share (improved from €3.64 loss in FY 2024). Revenue: €1.45b (up 2.6% from FY 2024). Net loss: €123.0m (loss narrowed 55% from FY 2024). Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, while revenues in the REITs industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Mar 03
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.9% to €20.18. The fair value is estimated to be €25.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.9% over the last 3 years. Earnings per share has grown by 43%. New Risk • Feb 19
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 109% Cash payout ratio: 109% Dividend yield: 20% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Announcement • Oct 23
Icade to Report Fiscal Year 2025 Results on Feb 17, 2026 Icade announced that they will report fiscal year 2025 results After-Market on Feb 17, 2026 Reported Earnings • Jul 25
First half 2025 earnings released: €1.21 loss per share (vs €2.38 loss in 1H 2024) First half 2025 results: €1.21 loss per share (improved from €2.38 loss in 1H 2024). Revenue: €623.5m (down 11% from 1H 2024). Net loss: €91.7m (loss narrowed 49% from 1H 2024). Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, while revenues in the REITs industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Jun 24
Upcoming dividend of €2.15 per share Eligible shareholders must have bought the stock before 01 July 2025. Payment date: 03 July 2025. Trailing yield: 19%. Within top quartile of British dividend payers (5.6%). Higher than average of industry peers (6.3%). Buy Or Sell Opportunity • Jun 19
Now 23% undervalued Over the last 90 days, the stock has risen 12% to €23.14. The fair value is estimated to be €29.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.6% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Jun 03
Now 21% undervalued Over the last 90 days, the stock has risen 17% to €23.76. The fair value is estimated to be €30.19, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.6% over the last 3 years. Meanwhile, the company became loss making. Announcement • Apr 05
Icade, Annual General Meeting, May 13, 2025 Icade, Annual General Meeting, May 13, 2025. Location: immeuble coeur defense, tour b espace comet, 24eme etage 100 esplanade du general de gaulle, paris France Buy Or Sell Opportunity • Mar 26
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.8% to €20.48. The fair value is estimated to be €25.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.6% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Mar 11
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 8.4% to €20.43. The fair value is estimated to be €26.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.6% over the last 3 years. Meanwhile, the company became loss making. Declared Dividend • Mar 07
Dividend of €2.15 announced Shareholders will receive a dividend of €2.15. Ex-date: 1st July 2025 Payment date: 3rd July 2025 Dividend yield will be 21%, which is higher than the industry average of 5.6%. Declared Dividend • Feb 21
Final dividend of €2.16 announced Shareholders will receive a dividend of €2.16. Ex-date: 4th March 2025 Payment date: 6th March 2025 Dividend yield will be 22%, which is higher than the industry average of 5.6%. Reported Earnings • Feb 19
Full year 2024 earnings released Full year 2024 results: Net income: (up €1.29b from FY 2023). Buy Or Sell Opportunity • Feb 19
Now 27% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.1% to €20.60. The fair value is estimated to be €28.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.0% over the last year, while earnings per share has been flat. Buy Or Sell Opportunity • Jan 15
Now 23% overvalued Over the last 90 days, the stock has fallen 12% to €22.62. The fair value is estimated to be €18.35, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.8% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 1.4% in a year. Earnings are forecast to grow by 98% in the next year. Buy Or Sell Opportunity • Dec 20
Now 21% overvalued Over the last 90 days, the stock has fallen 21% to €21.56. The fair value is estimated to be €17.81, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 2.8% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 1.3% in a year. Earnings are forecast to grow by 100% in the next year. Announcement • Oct 21
Icade to Report Fiscal Year 2024 Results on Feb 18, 2025 Icade announced that they will report fiscal year 2024 results After-Market on Feb 18, 2025 Buy Or Sell Opportunity • Sep 18
Now 21% undervalued Over the last 90 days, the stock has risen 8.6% to €27.02. The fair value is estimated to be €34.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.8% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 1.0% in a year. Earnings are forecast to grow by 98% in the next year. Reported Earnings • Jul 23
First half 2024 earnings released: €2.38 loss per share (vs €6.80 loss in 1H 2023) First half 2024 results: €2.38 loss per share (improved from €6.80 loss in 1H 2023). Revenue: €696.8m (flat on 1H 2023). Net loss: €180.0m (loss narrowed 65% from 1H 2023). Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the REITs industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Jul 01
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.2% to €23.16. The fair value is estimated to be €29.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 3.9% in a year. Earnings are forecast to grow by 95% in the next year. Buy Or Sell Opportunity • Jun 21
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.4% to €24.59. The fair value is estimated to be €30.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to decline by 3.9% in a year. Earnings are forecast to grow by 95% in the next year. Declared Dividend • Mar 24
Dividend of €2.42 announced Shareholders will receive a dividend of €2.42. Ex-date: 2nd July 2024 Payment date: 4th July 2024 Dividend yield will be 19%, which is higher than the industry average of 5.6%. Buy Or Sell Opportunity • Mar 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 27% to €24.95. The fair value is estimated to be €31.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to decline by 12% in a year. Earnings are forecast to grow by 100% in the next year. Upcoming Dividend • Feb 26
Upcoming dividend of €2.42 per share Eligible shareholders must have bought the stock before 04 March 2024. Payment date: 06 March 2024. Trailing yield: 17%. Within top quartile of British dividend payers (6.3%). Higher than average of industry peers (6.5%). Declared Dividend • Feb 25
Final dividend increased to €2.42 Dividend of €2.42 is 12% higher than last year. Ex-date: 4th March 2024 Payment date: 6th March 2024 Dividend yield will be 16%, which is higher than the industry average of 5.6%. Announcement • Feb 19
Icade, Annual General Meeting, Apr 19, 2024 Icade, Annual General Meeting, Apr 19, 2024. Announcement • Nov 23
Icade to Report First Half, 2024 Results on Jul 22, 2024 Icade announced that they will report first half, 2024 results on Jul 22, 2024 Announcement • Oct 23
Icade to Report Fiscal Year 2023 Results on Feb 19, 2024 Icade announced that they will report fiscal year 2023 results Pre-Market on Feb 19, 2024 Announcement • Sep 18
Icade(ENXTPA:ICAD) dropped from FTSE All-World Index (USD) Icade(ENXTPA:ICAD) dropped from FTSE All-World Index (USD) Buying Opportunity • Jul 24
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 10%. The fair value is estimated to be €46.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.4% over the last 3 years. Meanwhile, the company became loss making. Announcement • Jul 07
Primonial REIM and Société Générale Assurances completed the acquisition of 63% stake in Icade Santé SAS from Icade (ENXTPA:ICAD) and its Minority Shareholders. Primonial REIM and Société Générale Assurances entered into an exclusivity agreement to acquire 63% stake in Icade Santé SAS from Icade (ENXTPA:ICAD) and its Minority Shareholders for €1.4 billion on March 13, 2023. As of June 13, 2023, Primonial REIM and Société Générale Assurances entered into a definitive agreement to acquire 37.312% stake in Icade Santé SAS from Icade (ENXTPA:ICAD) and its Minority Shareholders. Under the terms of transaction, €1.1 billion in Icade Santé shares to be sold to funds managed by Primonial and €100 million in Icade Santé shares to be sold to Société Générale Assurances, increasing its stake in Icade Santé. In addition, €200 million in shares would be repurchased by Icade Santé from Icade followed by their cancellation. As part of this stage, Icade Santé has secured €550 million in bank financing from Société Générale and BNP Paribas to finance the €200 million in capital reduction, as well as the repayment of the €50 million shareholder loan from Icade and the refinancing of the €300million bridge-to-bond facility entered into in March 2022. Upon completion of this first stage, Icade would lose control of Icade Santé, resulting in the deconsolidation of the subsidiary in the Icade Group’s consolidated financial statements. In addition, Primonial REIM would take over the management of the portfolio from the closing date. Lazard-Natixis acted asfinancial advisor to Icade (ENXTPA:ICAD).
The Boards of Directors of Icade Santé and Icade were consulted in advance and, after examining the potential conflicts of interest, unanimously approved the transaction in accordance with the applicable provisions, in particular the rules governing regulated related party agreements. Transaction is subject to the signing of the final agreements once the process of informing and consulting Icade’s employee representative bodies has been completed and the regulatory conditions precedent have been met. These include confirmation by the French Financial Markets Authority (AMF) that the transaction will not give rise to a buyout offer with squeeze-out for Icade’s share capital, pursuant to Article 236-6 of the AMF’s general regulations. The first stage of the transaction, which should be completed before the end of July 2023. Icade’s remaining stake in Icade Santé is expected to be sold by the end of 2025, mainly to funds managed by Primonial REIM or to investors identified by Primonial REIM based on Icade Santé’s most recently published EPRA NTA on the sale date. The cash generated by this transaction will help Icade to fortify its balance sheet and seize potential growth opportunities. As of July 5, 2023. Icade Completes First Stage In Sale Of Icade Sante For €1.4 Billion.
The Legal advisor, White & Case team in Paris which advised Icade Santé on the transaction was led by partners Thomas Le Vert and Jean Paszkudzki and included partners Raphaël Richard, Brice Engel and Alexandre Jaurett. The White & Case team in Paris which advised the minority shareholders Predica, Sogecap and Cardif was led by partner Nathalie Nègre-Eveillard. Gauthier Blanluet, Nicolas de Boynes and Alexis Madec of Sullivan & Cromwell LLP acted as accountant advising Icade and Icade Santé on the tax aspects of the transaction. SG Corporate & Investment Banking acted as Financial advisor for Primonial REIM.
Primonial REIM and Société Générale Assurances completed the acquisition of 63% stake in Icade Santé SAS from Icade (ENXTPA:ICAD) and its Minority Shareholders for €1.4 billion on July 5, 2023. Upcoming Dividend • Jun 27
Upcoming dividend of €2.17 per share at 12% yield Eligible shareholders must have bought the stock before 04 July 2023. Payment date: 06 July 2023. Trailing yield: 12%. Within top quartile of British dividend payers (6.0%). Higher than average of industry peers (5.7%). Announcement • Jun 06
Vauban Infrastructure Partners and Icade (ENXTPA:ICAD) agreed to acquire A2A Coriance SAS. Vauban Infrastructure Partners and Icade (ENXTPA:ICAD) agreed to acquire A2A Coriance SAS on June 5, 2023. Transaction is subject to approval of regulatory and competing authority. Elodie Cavazza and Fabien Charmasson of Jeausserand-Audouard acted as legal advisor to Coriance . Announcement • May 18
Oteis France Sas agreed to acquire AMO and EXPERTISE SANTE activity from Icade (ENXTPA:ICAD). Oteis France Sas agreed to acquire AMO and EXPERTISE SANTE activity from Icade (ENXTPA:ICAD) on May 17, 2023. The transaction will cover the entire AMO and EXPERTISE SANTE scope, with the exception of a few contracts in the West Indies, Guyana, Reunion and a medical contract. This sale should be effective on June 30, 2023. Xavier Norlain and Aymeric Robine of Shearman & Sterling LLP acted as advisor to OTEIS Group. Announcement • Jan 05
An undisclosed buyer acquired Michigan Garden Project from Icade SA (ENXTPA:ICAD) for €108 million. An undisclosed buyer acquired Michigan Garden Project from Icade SA (ENXTPA:ICAD) for €108 million on November 28, 2022. The Michigan Garden project is scheduled for completion in Q4 2024 and will generate €108 millon in revenue.
An undisclosed buyer completed the acquisition of Michigan Garden Project from Icade SA (ENXTPA:ICAD) on November 28, 2022. Announcement • Dec 14
Icade SA to Report Fiscal Year 2022 Results on Feb 20, 2023 Icade SA announced that they will report fiscal year 2022 results at 9:00 AM, Central European Standard Time on Feb 20, 2023 Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €35.81, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 8x in the REITs industry in the United Kingdom. Total loss to shareholders of 47% over the past three years. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €42.31, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the REITs industry in the United Kingdom. Total loss to shareholders of 36% over the past three years. Upcoming Dividend • Jun 27
Upcoming dividend of €2.10 per share Eligible shareholders must have bought the stock before 04 July 2022. Payment date: 06 July 2022. Trailing yield: 8.5%. Within top quartile of British dividend payers (5.2%). Higher than average of industry peers (3.5%). Reported Earnings • Mar 30
Full year 2021 earnings released: EPS: €5.33 (vs €1.03 in FY 2020) Full year 2021 results: EPS: €5.33 (up from €1.03 in FY 2020). Revenue: €1.66b (up 15% from FY 2020). Net income: €399.4m (up 424% from FY 2020). Profit margin: 24% (up from 5.3% in FY 2020). Over the next year, revenue is forecast to grow 10% while the reits industry in the United Kingdom is not expected to grow. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 24
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €5.32 (up from €0.28 in FY 2020). Revenue: €1.66b (up 15% from FY 2020). Net income: €399.4m (up €378.4m from FY 2020). Profit margin: 24% (up from 1.5% in FY 2020). Revenue exceeded analyst estimates by 3.3%. Over the next year, revenue is forecast to grow 4.5% while thereits industry in the United Kingdom is not expected to grow. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 28
First half 2021 earnings released: EPS €2.52 (vs €0.07 in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: €830.0m (up 33% from 1H 2020). Net income: €187.5m (up €182.3m from 1H 2020). Profit margin: 23% (up from 0.8% in 1H 2020). Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 2% per year. Upcoming Dividend • Apr 21
Upcoming dividend of €2.00 per share Eligible shareholders must have bought the stock before 28 April 2021. Payment date: 27 May 2021. Trailing yield: 6.1%. Within top quartile of British dividend payers (4.1%). Higher than average of industry peers (3.0%). Analyst Estimate Surprise Post Earnings • Feb 23
Revenue beats expectations Revenue exceeded analyst estimates by 1.5%. Over the next year, revenue is forecast to grow 3.1% compared to a 4.9% decline forecast for the REITs industry in the United Kingdom. Is New 90 Day High Low • Feb 20
New 90-day low: €55.83 The company is down 12% from its price of €63.49 on 20 November 2020. The British market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €75.56 per share. Is New 90 Day High Low • Dec 04
New 90-day high: €67.93 The company is up 29% from its price of €52.50 on 04 September 2020. The British market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €82.50 per share. Is New 90 Day High Low • Nov 11
New 90-day high: €64.00 The company is up 12% from its price of €57.10 on 12 August 2020. The British market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €77.73 per share. Valuation Update With 7 Day Price Move • Nov 09
Market bids up stock over the past week After last week's 24% share price gain to €55.35, the stock is trading at a trailing P/E ratio of 15.9x, up from the previous P/E ratio of 12.8x. This compares to an average P/E of 17x in the REITs industry in the United Kingdom. Total return to shareholders over the past three years is a loss of 15%. Is New 90 Day High Low • Sep 19
New 90-day low: €48.18 The company is down 26% from its price of €64.76 on 19 June 2020. The British market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €76.05 per share. 
