Immobiliere Dassault SA (IMDA) AI Stock Analysis

• Market Cap: €381.37M
• Dividend Yield: 3.91%
• Average Volume (3M): 691.00
• Price to Earnings (P/E): 13.8
• Beta (1Y): 0.22
• Revenue Growth: -2.53%
• EPS Growth: N/A
• Country: FR
• Employees: 8
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Diversified
• EPS (TTM): 1.20
• Shares Outstanding: 7,541,347
• 10 Day Avg. Volume: 1,131
• 30 Day Avg. Volume: 691
• PEG Ratio: -2.30
• Price to Book (P/B): 0.61
• Price to Sales (P/S): 11.32
• P/FCF Ratio: 14.07
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 63 Neutral
• Price Target: €54.00 ▲(4.25% Upside)
• Action: Downgraded Date: 03/12/26
• Date: Action: Downgraded 03/12/26

The score is driven primarily by solid recent financial performance and reasonable leverage, tempered by volatile earnings quality and weaker cash conversion. Technical signals are neutral-to-soft, while valuation (mid P/E and ~4% yield) provides a supportive offset.

Positive Factors

Revenue Growth Momentum

Revenue shows a steady upward trajectory into 2025, reflecting improving rental income and portfolio performance. Durable revenue momentum supports predictable cash inflows from leases, underpins asset valuations and funds reinvestment or distributions over the medium term.

Moderate Historical Leverage

Debt-to-equity in the ~0.39–0.53 range indicates a conservative capital structure for a diversified REIT. Moderate leverage preserves borrowing capacity, reduces refinancing stress in downturns and supports capital allocation for refurbishments and redevelopments that drive long-term income.

Positive Cash Flow Trends

Consistently positive OCF and materially improved FCF in 2024–2025 demonstrate the portfolio can produce cash to cover operating needs, maintenance capex and distributions. Growing FCF provides durable funding for redevelopments and reduces dependence on external financing.

Negative Factors

Earnings Volatility

Pronounced year-to-year swings, including a 2023 loss and earlier profit spikes, point to earnings driven partly by non-recurring items or valuation effects. This undermines predictability of distributable earnings and complicates forecasting of long-term cash available for investors.

Weak Cash Conversion

When reported profits materially exceed cash generation, underlying rental economics or timing items may be masking real cash available. Persistent weak cash conversion limits ability to sustainably fund dividends, capex and debt servicing without drawing on balance sheet actions.

2025 Debt Increase & Transparency Gaps

A meaningful debt increase in 2025 reduces near-term financial flexibility and heightens refinancing risk. The presence of zeroed 2025 metrics lowers transparency and confidence in latest-period leverage and return measures, complicating durable risk assessment.

Immobiliere Dassault SA Business Overview & Revenue Model

Company Description

Immobiliere Dassault SA, a real estate company, owns and manages offices and retail real estate assets in France. As of June 30, 2020, its property portfolio consisted of 21 assets. The company was incorporated in 1975 and is based in Paris, France.

How the Company Makes Money

IMDA primarily generates revenue from its real estate portfolio through rental income paid by tenants under lease agreements (typically office and other commercial leases). A secondary source of revenue can come from property disposals, where the company sells assets and may realize gains (or losses) depending on sale prices versus carrying values and transaction costs; however, the extent and frequency of disposals are not available here and therefore cannot be detailed. The company’s earnings are also influenced by property-level economics such as occupancy rates, lease terms (indexation/escalation clauses where applicable), tenant mix, and the ability to raise rents upon renewals or re-leasing, as well as by asset management actions (capex, refurbishments, and redevelopment) that can improve rental values and reduce vacancy. Financing structure (e.g., interest expense on debt) and broader market conditions (commercial real estate demand, cap rates, and macroeconomic factors) affect net profitability, but specific financing arrangements or named partnerships are not available and are therefore null.

Immobiliere Dassault SA Financial Statement Overview

Summary

Financial statements indicate improving revenue momentum into 2025 and strong recent profitability, with generally moderate leverage for a diversified REIT. Offsetting this, earnings have been volatile (including a 2023 loss and outsized profit spikes in prior years) and cash conversion looks weaker, as operating/FCF have not scaled consistently with reported profits.

Income Statement

Revenue shows a steady upward trajectory from 2023–2025, with 2025 accelerating to ~7% growth. Profitability is strong in 2024–2025 with very high net margins, but earnings are volatile across the cycle (notably a loss in 2023 and unusually large profit spikes in 2020–2022), suggesting results may be influenced by non-recurring items or valuation effects rather than purely stable rental economics.

Balance Sheet

Leverage looks moderate based on annual debt-to-equity of ~0.39–0.53 from 2020–2024, and equity has generally grown over time alongside assets. That said, debt increased meaningfully in 2025 while equity also rose, and some 2025 leverage/return metrics are reported as 0.0, reducing transparency and confidence in the latest-period balance sheet signal.

Cash Flow

Operating cash flow and free cash flow are consistently positive and improved materially in 2024–2025, with 2025 free cash flow growth reported at ~15%. However, cash generation appears small relative to reported profits in several years (e.g., 2024–2025), implying weaker cash conversion and potential reliance on non-cash gains; 2023 also saw a decline in free cash flow.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	34.49M	30.06M	27.91M	25.93M	25.69M
Gross Profit	34.49M	27.84M	25.45M	22.84M	21.25M
EBITDA	9.79M	25.20M	23.28M	26.83M	22.54M
Net Income	28.27M	27.30M	-26.11M	43.84M	72.71M
Balance Sheet
Total Assets	994.83M	882.20M	856.95M	890.71M	859.28M
Cash, Cash Equivalents and Short-Term Investments	109.00K	181.00K	1.93M	2.72M	482.00K
Total Debt	334.45M	261.52M	252.35M	243.29M	248.25M
Total Liabilities	355.32M	281.47M	269.29M	264.93M	268.87M
Stockholders Equity	635.87M	596.83M	583.41M	621.76M	586.67M
Cash Flow
Free Cash Flow	27.75M	20.86M	13.05M	15.78M	12.67M
Operating Cash Flow	27.76M	20.86M	13.15M	15.79M	13.24M
Investing Cash Flow	-111.88M	-17.76M	-11.22M	108.00K	23.74M
Financing Cash Flow	83.58M	-126.00K	-4.86M	-14.96M	-36.41M

Immobiliere Dassault SA Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 51.80
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:IMDA, the sentiment is Positive. The current price of 51.8 is above the 20-day moving average (MA) of 50.79, above the 50-day MA of 50.80, and above the 200-day MA of 51.36, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 54.00 is Neutral, neither overbought nor oversold. The STOCH value of 34.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR:IMDA.

Immobiliere Dassault SA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PAT	68 Neutral	€388.55M	8.79	―	5.92%	15.61%	17.82%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
IMDA	63 Neutral	€381.37M	13.81	―	3.91%	-2.53%	―
INEA	63 Neutral	€376.17M	75.52	―	8.06%	10.30%	―
SELER	59 Neutral	€337.57M	12.67	―	4.94%	-6.93%	58.90%