Icade SA (ICAD) AI Stock Analysis

• Market Cap: €1.82B
• Dividend Yield: 17.97%
• Average Volume (3M): 135.11K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.76
• Revenue Growth: -5.13%
• EPS Growth: 75.42%
• Country: FR
• Employees: 969
• Sector: Real Estate
• Sector Strength: 65
• Industry: REIT - Diversified
• EPS (TTM): N/A
• Shares Outstanding: 76,234,540
• 10 Day Avg. Volume: 142,643
• 30 Day Avg. Volume: 135,107
• PEG Ratio: -0.65
• Price to Book (P/B): 0.46
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -13.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €24.65
• Price Target Upside: 2.45% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 4

• Rating: 56 Neutral
• Price Target: €24.00 ▼(-0.25%Downside)

Icade SA's stock score reflects financial challenges, with negative profitability and high leverage weighing on the score. Positive technical momentum offers some strength, but valuation concerns with a negative P/E ratio offset the attractive dividend yield.

Icade SA Business Overview & Revenue Model

Company Description

Icade SA is a French real estate investment company specializing in the development, investment, and management of real estate assets. It operates across three main sectors: office property investment, healthcare property investment, and property development. Icade is recognized for its comprehensive approach to real estate, offering a range of services that include asset management, property development, and facility management. The company is committed to promoting sustainable urban development and enhancing the value of its assets through innovation and quality service.

How the Company Makes Money

Icade SA generates its revenue through a diversified real estate portfolio, with its primary revenue streams coming from rental income, property sales, and property development activities. The office property investment segment focuses on leasing office spaces primarily in the Paris region, generating steady rental income. The healthcare property investment segment involves owning and leasing healthcare facilities across Europe, providing a stable income stream due to the long-term leases typical in this sector. Additionally, the property development segment contributes to revenue through the sale of residential, office, and mixed-use properties, often developed on a speculative basis or through build-to-suit projects. Icade also benefits from strategic partnerships with healthcare operators and other real estate stakeholders, which enhance its market presence and revenue potential.

Icade SA Financial Statement Overview

Summary

Icade SA's financial performance is challenged by declining revenue and negative profit margins. Despite some leverage reduction, profitability remains a concern with negative net income impacting ROE. Positive cash generation is noted, but free cash flow growth is declining.

Income Statement

Icade SA's income statement shows significant challenges. The company is experiencing declining revenues, with a 4.98% decrease from 2023 to 2024. Both EBIT and EBITDA margins are negative, indicating operational inefficiencies. The net profit margin is also negative due to substantial net losses, reflecting ongoing financial struggles. The company needs to address these issues to improve profitability.

Balance Sheet

Icade SA's balance sheet indicates some strengths and weaknesses. The debt-to-equity ratio has improved slightly, showing a reduction in leverage, but it remains high at 1.10. The equity ratio stands at 41.08%, indicating reasonable equity financing. However, the return on equity is negative, reflecting the negative net income, which is a concern. Overall, the balance sheet shows stability but highlights the need for improved profitability.

Cash Flow

The cash flow statement reveals positive signs, with an increase in operating cash flow by 13.47% from 2023 to 2024, reflecting improved cash generation. Free cash flow is positive, but the growth rate is negative, showing a decrease from the previous year. The operating cash flow to net income ratio is strong, indicating good cash conversion, but the free cash flow to net income ratio is weak due to negative net income. Improving free cash flow growth is crucial for future stability.

Breakdown
Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
1.45B	1.53B	1.96B	1.79B	1.45B
	Gross Profit
501.80M	581.50M	818.60M	780.00M	720.30M
	EBIT
-321.00M	-1.27B	623.90M	600.70M	548.50M
	EBITDA
-160.80M	-1.13B	-67.00M	621.20M	575.70M
	Net Income Common Stockholders
-275.90M	-1.25B	54.10M	400.10M	79.50M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
1.23B	1.62B	1.08B	655.70M	1.19B
	Total Assets
10.52B	11.60B	18.22B	17.61B	17.20B
	Total Debt
4.74B	5.13B	8.02B	7.68B	7.72B
	Net Debt
3.50B	3.51B	7.18B	7.14B	6.82B
	Total Liabilities
6.16B	6.53B	9.53B	8.97B	9.05B
	Stockholders Equity
4.32B	4.99B	6.59B	6.72B	6.46B
Cash Flow		Free Cash Flow
166.20M	18.30M	-234.20M	-497.60M	119.50M
	Operating Cash Flow
366.40M	322.90M	312.90M	529.10M	650.10M
	Investing Cash Flow
-46.40M	1.00B	181.30M	-782.30M	-561.70M
	Financing Cash Flow
-595.30M	-884.70M	-70.10M	-290.30M	335.20M

Icade SA Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 24.06
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:ICAD, the sentiment is Positive. The current price of 24.06 is above the 20-day moving average (MA) of 23.65, above the 50-day MA of 21.97, and above the 200-day MA of 21.26, indicating a bullish trend. The MACD of 0.59 indicates Positive momentum. The RSI at 61.12 is Neutral, neither overbought nor oversold. The STOCH value of 54.27 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR:ICAD.

Icade SA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
COVH	76 Outperform	€3.60B	15.04	6.58%	6.58%	9.34%	―
LI	76 Outperform	€9.57B	8.83	13.21%	10.82%	5.89%	469.38%
GFC	68 Neutral	€7.07B	22.83	2.94%	5.64%	2.29%	―
COV	62 Neutral	€5.69B	80.22	0.84%	6.86%	3.97%	―
Sector *	61 Neutral	$2.83B	10.87	0.41%	8.09%	5.96%	-21.24%
ALTA	59 Neutral	€2.30B	365.48	0.35%	7.65%	2.24%	―
ICAD	56 Neutral	€1.82B	―	-5.92%	17.97%	-5.13%	75.42%

Icade SA Corporate Events

Icade Releases 2024 Universal Registration Document Highlighting Sustainability Efforts

Icade has announced the availability of its 2024 Universal Registration Document, which includes its annual integrated report, financial and sustainability reports, and corporate governance details. The document highlights Icade’s decarbonization and rewilding strategies, aligned with its 2030 objectives, showcasing its commitment to sustainability and its impact on the real estate industry.