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.
The last earnings update was 46 days ago.
Discounted Cash Flow Calculation for OTCPK:CDMG.F using 2 Stage Free Cash Flow to Equity using Funds From Operations Model
The calculations below outline how an intrinsic value for
is arrived at by discounting future cash flows to their present value using the 2 stage method.
We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
Icade is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.
OTCPK:CDMG.F DCF 1st Stage: Next 10 year cash flow forecast
Amount off the current price
is available for.
Share price is
vs Future cash flow value of
Current Discount Checks
to be considered undervalued it must be available for at least 20% below the
current price. Less than 40% is even better.
Icade's share price is below the future cash flow value, but not at a moderate discount (< 20%).
Icade's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.
The amount the stock market is willing to pay for
is considered below, and whether this is a fair price.
Price based on past earnings
Icade's earnings available for a low price, and how does
this compare to other companies in the same industry?
Icade's earnings are expected to grow by 2.2% yearly, however this is not considered high growth (20% yearly).
Icade's revenue is expected to grow by 3.2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can
be gauged below. We look back 3 years and see if they were any good at
predicting what actually occurred. We also show the highest and lowest estimates
looking forward to see if there is a wide range.
Icade's performance over the past 5 years by checking for:
Has earnings increased in past 5 years? (1 check)
Has the earnings growth in the last year exceeded that of the
industry? (1 check)
Is the recent earnings growth over the last year higher than the average annual growth over the
past 5 years? (1 check)
Is the Return on Equity (ROE) higher than 20%? (1 check)
Is the Return on Assets (ROA) above industry average? (1 check)
Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent
earnings report. Some checks require at least 3 or 5 years worth of data.
has a total score of
1/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Management is one of the most important areas of a company. We look at
unreasonable CEO compensation, how long the team and board of directors have
been around for and insider trading.
TENURE AS CEO
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 Chief Executive Officer and Managing Director of Allianz Real Estate France SAS and served as its Chairman from 2009 to 2015. He served as the Managing Director of Crédit Agricole Immobilier and served as its General Manager from 2005 to 2009. He served as Director General of Credit Agricole Immobilier. He served as the Deputy Managing Director in charge of the development and marketing arbitration policies at Societe Fonciere Lyonnaise from 2001 to 2005 and served as its Chief Operating Officer since 2005, Marketing Director since 2001 and Sales Manager. He served as Executive Deputy General Manager and Chief Operating Officer of Societe Fonciere Lyonnaise (SFL) from 1998 to 2005. He served as Sales Director of Bouygues Immobilier Conseil from 1997 to 1998 and served as its Commercial Director. He served as a Deputy Managing Director at SARI Conseil. He served as a Deputy Director of the Key Accounts Department at Auguste-Thouard from 1987 to 1993 and an Accountant & Financial Auditor at Arthur Andersen from 1985 to 1986. He served as an Associate Director of DTZ Jean Thouard from 1993 to 1997 and serves as its Member of the Board. Mr. Wigniolle is a graduate of HEC Business School.
Olivier's compensation has been consistent with company performance over the past year.
Olivier's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure
Average tenure and age of the
management team in years:
The tenure for the Icade management team is about average.
Chief Executive Officer
Head of Finance
Head of Consolidation & Accounting
Head of Investor Relations
Director of Financial Communication and Investor Relations
Head of Audit
Marianne de Battisti
Head of Innovation
Marc le Blanc
Head of Human Resources & CSR
Head of the Property Investment Division
Xavier de La Sudrie
Head of Financial Control
Board of Directors Tenure
Average tenure and age of the
board of directors in years:
The average tenure for the Icade board of directors is less than 3 years, this suggests a new board.
Board of Directors
Chairman of the Board
Vice Chairman of the Board & Lead Independent Director
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 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 €11.3bn as of 12/31/18 on a proportionate consolidation basis) and as a property developer (2018 economic revenues of €1,251m), 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 is listed on Euronext Paris as a French Listed Real Estate Investment Company (SIIC). Its leading shareholder is the Caisse des dépôts Group.
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