| Valuation method | Value, € | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 29.72 | 43 |
| Intrinsic value (DCF) | 8.22 | -60 |
| Graham-Dodd Method | n/a | |
| Graham Formula | n/a |
Icade SA (ICAD.PA) is a leading French integrated real estate player specializing in innovative property solutions tailored to modern urban lifestyles. Operating as a French Listed Real Estate Investment Company (SIIC), Icade focuses on office and healthcare properties, with a portfolio valued at €11.6 billion (as of June 2020). The company combines investment and development activities, generating economic revenues of nearly €1 billion in 2019. Icade is committed to corporate social responsibility and sustainability, positioning itself as a key contributor to greener, smarter cities. With a strong presence in the Greater Paris area and major French cities, Icade collaborates closely with stakeholders, including local authorities, businesses, and institutions. Backed by the Caisse des Dépôts Group, its leading shareholder, Icade leverages innovation and responsible practices to redefine urban real estate.
Icade SA presents a mixed investment profile. The company's diversified real estate portfolio and focus on sustainable urban development align with growing ESG trends, offering long-term growth potential. However, its negative net income (-€275.9 million) and high total debt (€4.74 billion) raise concerns about financial stability. The REIT's beta of 1.24 indicates higher volatility compared to the market, which may deter risk-averse investors. On the positive side, Icade maintains a solid operating cash flow (€366.4 million) and offers an attractive dividend yield (€4.58 per share), appealing to income-focused investors. The company's strategic focus on healthcare properties and urban innovation could provide resilience against economic downturns, but investors should closely monitor its debt management and profitability trends.
Icade SA differentiates itself through its integrated model combining investment and development, with a strong emphasis on sustainability and innovation. Its focus on healthcare properties provides a defensive segment in the real estate market, reducing cyclical risks. The company's strategic partnerships with public and private stakeholders enhance its ability to secure prime urban development projects. However, Icade faces intense competition in the French real estate market, particularly in the Greater Paris area. Its high debt levels could limit flexibility compared to competitors with stronger balance sheets. The company's ESG focus is a competitive advantage as sustainability becomes increasingly important in real estate, but execution risks remain in delivering profitable green projects. Icade's scale and backing by the Caisse des Dépôts Group provide credibility, but it must navigate challenging market conditions, including rising interest rates and economic uncertainty in Europe.