(ICAD) Icade - Overview
Sector: Real Estate | Industry: REIT - Diversified | Exchange: PA (France) | Market Cap: 1.536m EUR | Total Return: -2.3% in 12m
Avg Turnover: 1.86M
Warnings
High Debt/EBITDA (8.0) with thin interest coverage (1.2)
Beneish M-Score 1.00 > -1.5 - likely earnings manipulation
Altman Z'' 0.50 < 1.0 - financial distress zone
Tailwinds
No distinct edge detected
Icade SA is a French real estate investment and development firm headquartered in Paris. The company operates a dual business model, functioning as a real estate investment trust (REIT) for commercial assets while maintaining an active property development division for residential and office projects.
As a Diversified REIT, Icade benefits from the SIIC (Sociétés dinvestissements immobiliers cotées) tax regime in France, which requires the distribution of a significant portion of rental income to shareholders. The company’s portfolio is primarily concentrated in the Île-de-France region and major regional hubs, focusing on sustainable urban development and office space modernization. Its stable ownership structure is anchored by Caisse des Dépôts, France’s public financial institution.
Investors can further examine the companys long-term valuation trends and dividend history on ValueRay. Founded in 1954, Icade remains a central player in the French property market, integrating environmental standards into its large-scale development pipeline.
- French interest rate fluctuations impact real estate asset valuations and debt servicing costs
- Office occupancy rates in Paris region determine recurring rental income and dividends
- Property development margins face pressure from rising construction costs and planning delays
- Strategic asset disposals provide liquidity for debt reduction and portfolio repositioning
- Majority shareholder support from Caisse des Dépôts ensures financial stability and credit access
| Net Income: -192.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.04 > 0.02 and ΔFCF/TA 4.65 > 1.0 |
| NWC/Revenue: 11.74% < 20% (prev 74.81%; Δ -63.06% < -1%) |
| CFO/TA 0.08 > 3% & CFO 789.9m > Net Income -192.7m |
| Net Debt (4.08b) to EBITDA (510.1m): 7.99 < 3 |
| Current Ratio: 1.33 > 1.5 & < 3 |
| Outstanding Shares: last quarter (75.9m) vs 12m ago 0.20% < -2% |
| Gross Margin: 30.23% > 18% (prev 0.34%; Δ 2.99k% > 0.5%) |
| Asset Turnover: 28.18% > 50% (prev 25.58%; Δ 2.60% > 0%) |
| Interest Coverage Ratio: 1.18 > 6 (EBITDA TTM 510.1m / Interest Expense TTM 396.5m) |
| A: 0.04 (Total Current Assets 1.37b - Total Current Liabilities 1.03b) / Total Assets 9.56b |
| B: -0.01 (Retained Earnings -123.0m / Total Assets 9.56b) |
| C: 0.05 (EBIT TTM 467.1m / Avg Total Assets 10.2b) |
| D: -0.00 (Book Value of Equity -6.80m / Total Liabilities 5.66b) |
| Altman-Z'' = 0.50 = B |
| DSRI: 1.25 (Receivables 499.9m/386.5m, Revenue 2.87b/2.77b) |
| GMI: 1.14 (GM 30.23% / 34.39%) |
| AQI: 32.50 (AQ_t 0.85 / AQ_t-1 0.03) |
| SGI: 1.04 (Revenue 2.87b / 2.77b) |
| TATA: -0.10 (NI -192.7m - CFO 789.9m) / TA 9.56b) |
| Beneish M = 15.90 (Cap -4..+1) = D |
As of June 01, 2026, the stock is trading at EUR 21.06 with a total of 231,059 shares traded.
Over the past week, the price has changed by +4.15%,
over one month by +2.93%,
over three months by +0.19% and
over the past year by -2.25%.
Icade has no consensus analysts rating.
P/E Forward = 6.8306
P/S = 1.1491
P/B = 0.3993
P/EG = 2.8071
Revenue TTM = 2.87b EUR
EBIT TTM = 467.1m EUR
EBITDA TTM = 510.1m EUR
Long Term Debt = 3.27b EUR (from longTermDebt, last quarter)
Short Term Debt = 1.04b EUR (from shortTermDebt, last quarter)
Debt = 4.44b EUR (from shortLongTermDebtTotal, last quarter) + Leases 48.5m
Net Debt = 4.08b EUR (calculated: Debt 4.44b - CCE 359.8m)
Enterprise Value = 5.61b EUR (1.54b + Debt 4.44b - CCE 359.8m)
Interest Coverage Ratio = 1.18 (Ebit TTM 467.1m / Interest Expense TTM 396.5m)
EV/FCF = 15.45x (Enterprise Value 5.61b / FCF TTM 363.3m)
FCF Yield = 6.47% (FCF TTM 363.3m / Enterprise Value 5.61b)
FCF Margin = 12.65% (FCF TTM 363.3m / Revenue TTM 2.87b)
Net Margin = -6.71% (Net Income TTM -192.7m / Revenue TTM 2.87b)
Gross Margin = 30.23% ((Revenue TTM 2.87b - Cost of Revenue TTM 2.00b) / Revenue TTM)
Gross Margin QoQ = 10.33% (prev 35.49%)
Tobins Q-Ratio = 0.59 (Enterprise Value 5.61b / Total Assets 9.56b)
Interest Expense / Debt = 8.94% (Interest Expense 396.5m / Debt 4.44b)
Taxrate = 25.0% (EU avg default 25%)
NOPAT = 350.3m (EBIT 467.1m * (1 - 25.00%))
Current Ratio = 1.33 (Total Current Assets 1.37b / Total Current Liabilities 1.03b)
Debt / Equity = 1.14 (Debt 4.44b / totalStockholderEquity, last quarter 3.88b)
Debt / EBITDA = 7.99 (Net Debt 4.08b / EBITDA 510.1m)
Debt / FCF = 11.22 (Net Debt 4.08b / FCF TTM 363.3m)
Total Stockholder Equity = 4.14b (last 4 quarters mean from totalStockholderEquity)
RoA = -1.89% (Net Income -192.7m / Total Assets 9.56b)
RoE = -4.52% (Net Income TTM -192.7m / Total Stockholder Equity 4.26b)
RoCE = 6.20% (EBIT 467.1m / Capital Employed (Equity 4.26b + L.T.Debt 3.27b))
RoIC = 3.66% (NOPAT 350.3m / Invested Capital 9.57b)
WACC = 6.38% (E(1.54b)/V(5.97b) * Re(5.44%) + D(4.44b)/V(5.97b) * Rd(8.94%) * (1-Tc(0.25)))
Discount Rate = 5.44% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 24.44 | Cagr: 0.05%
[DCF] Terminal Value 75.44% ; FCFF base≈363.3m ; Y1≈364.8m ; Y5≈386.4m
[DCF] Fair Price = 25.50 (EV 6.01b - Net Debt 4.08b = Equity 1.93b / Shares 75.8m; r=8.35% [WACC [floored]]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.81 | # QB: 0
Revenue Correlation: -93.84 | Revenue CAGR: -7.99% | SUE: 0.06 | # QB: 0
EPS current Year (2026-12-31): EPS=2.95 | Chg30d=+3.41% | Revisions=-43% | GrowthEPS=-17.2% | GrowthRev=-10.0%
EPS next Year (2027-12-31): EPS=2.79 | Chg30d=+2.18% | Revisions=+14% | GrowthEPS=-5.7% | GrowthRev=+1.9%
[Analyst] Revisions Ratio: -43%