Icade SA (FR:ICAD)
:ICAD
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Icade SA
(ICAD)
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Rating:51Neutral
Price Target:
€18.50
▼(-6.71% Downside)
Action:ReiteratedDate:03/02/26
Overall score is held back primarily by weak financial performance, driven by consecutive net losses (2023–2025) and inconsistent free cash flow. Technicals are broadly neutral with only mild negative momentum. Valuation is supported by an unusually high dividend yield, but the negative P/E (losses) tempers that support.
Positive Factors
Recurring rental income & healthcare focus
A rental-heavy business model with a specific focus on commercial and healthcare properties creates a durable revenue base. Long-term leases and healthcare operator demand provide predictable cash flows and lower vacancy sensitivity versus pure speculative development exposure, supporting stability over cycles.
Negative Factors
Consecutive net losses (2023–2025)
Sustained net losses over multiple years erode retained earnings and equity, constraining internal capital for development or portfolio investment. Persistent negative margins undermine return on equity and make dividend or growth strategies dependent on asset disposals or external financing, increasing structural risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring rental income & healthcare focus
A rental-heavy business model with a specific focus on commercial and healthcare properties creates a durable revenue base. Long-term leases and healthcare operator demand provide predictable cash flows and lower vacancy sensitivity versus pure speculative development exposure, supporting stability over cycles.
Read all positive factors
Icade SA (ICAD) vs. iShares MSCI France ETF (EWQ)
Market Cap
€1.52B
Dividend Yield20.25%
Average Volume (3M)160.97K
Price to Earnings (P/E)―
Beta (1Y)0.74
Revenue Growth-6.91%
EPS Growth80.39%
CountryFR
Employees969
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)1.45
Shares Outstanding76,234,540
10 Day Avg. Volume182,566
30 Day Avg. Volume160,967
Financial Highlights & Ratios
PEG Ratio0.24
Price to Book (P/B)0.43
Price to Sales (P/S)1.15
P/FCF Ratio-327.09
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€19.82Price Target Upside-0.05% Downside
Rating ConsensusStrong Sell
Number of Analyst Covering5
EPS Forecast (FY)2.87
Revenue Forecast (FY)€341.48M
Icade SA Business Overview & Revenue Model
Company Description
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 o...
How the Company Makes Money
Icade makes money mainly through (1) recurring rental income and related property revenues from its portfolio of investment properties and (2) development activities that generate revenue when real estate projects are delivered/sold. Rental-driven...
Icade SA Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
55
Neutral
Cash Flow
47
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.45B | 1.45B | 1.53B | 1.57B | 1.65B |
| Gross Profit | 292.50M | 501.80M | 581.50M | 818.60M | 780.00M |
| EBITDA | -19.10M | -160.80M | 278.90M | -67.00M | 621.20M |
| Net Income | -123.00M | -275.90M | -1.25B | 54.10M | 400.10M |
Balance Sheet | |||||
| Total Assets | 9.56B | 10.52B | 11.60B | 18.22B | 17.61B |
| Cash, Cash Equivalents and Short-Term Investments | 850.70M | 1.23B | 1.62B | 1.08B | 655.70M |
| Total Debt | 4.39B | 4.74B | 5.13B | 8.02B | 7.68B |
| Total Liabilities | 5.66B | 6.16B | 6.53B | 9.53B | 8.97B |
| Stockholders Equity | 3.88B | 4.32B | 4.99B | 6.59B | 6.72B |
Cash Flow | |||||
| Free Cash Flow | -5.10M | 166.20M | 18.30M | -234.20M | -497.60M |
| Operating Cash Flow | 300.40M | 366.40M | 322.90M | 312.90M | 529.10M |
| Investing Cash Flow | -63.60M | -46.40M | 1.00B | 91.50M | -782.30M |
| Financing Cash Flow | -592.90M | -595.30M | -884.70M | 19.70M | -290.30M |
Icade SA Technical Analysis
Neutral
19.83
Price Trends
20.49
Negative
20.79
Negative
21.00
Negative
Market Momentum
-0.31
Negative
52.77
Neutral
79.36
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:ICAD, the sentiment is Neutral. The current price of 19.83 is above the 20-day moving average (MA) of 19.59, below the 50-day MA of 20.49, and below the 200-day MA of 21.00, indicating a neutral trend. The MACD of -0.31 indicates Negative momentum. The RSI at 52.77 is Neutral, neither overbought nor oversold. The STOCH value of 79.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FR:ICAD.
Icade SA Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | €382.88M | 13.81 | ― | 3.91% | -2.53% | ― | |
58 Neutral | €2.70B | -453.64 | -0.71% | 7.34% | -4.87% | 97.55% | |
58 Neutral | €5.99B | 8.50 | 5.11% | 6.37% | 8.36% | ― | |
51 Neutral | €1.52B | -13.56 | -4.49% | 20.25% | -6.91% | 80.39% | |
48 Neutral | €1.06B | -8.37 | -10.94% | ― | -6.82% | 62.40% | |
46 Neutral | €38.63M | -4.12 | -11.70% | 4.59% | -5.49% | 64.41% |
* Real Estate Sector Average
FR:ICAD
Icade SA
20.04
2.74
15.87%
FR:ALTA
ALTAREA
115.80
30.33
35.49%
FR:COV
Covivio SA
53.75
12.17
29.26%
FR:PAR
Paref SA
25.50
-11.29
-30.69%
FR:EIFF
Societe de la Tour Eiffel
7.96
3.96
99.00%
FR:IMDA
Immobiliere Dassault SA
50.80
4.79
10.41%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.