Added to YB: 2026-08-10
Pitch date: 2026-08-04
ICAD.PA [neutral]
Icade
-2.82%
current return
Author Info
No bio for this author
Company Info
Icade is a real estate player that strives to make cities more pleasant places to live for everyone. Icade combines expertise in property investment (portfolio worth 6.
Market Cap
EUR 1.4B
Pitch Price
EUR 19.50
Price Target
49.70 (+162%)
Dividend
N/A
EV/EBITDA
17.48
P/E
-7.70
EV/Sales
3.57
Sector
Diversified REITs
Category
turnaround
Listed REITs: The Return of Growth Isn’t Lifting Everyone - Icade: The Transition Continues, but the Bottom Isn’t Fully in Sight
ICAD.PA (overview): French REIT mid-turnaround (disposals, shrinking healthcare, resi dev restructuring, office repositioning). Recurring NCF €1.80/sh vs €2.03. NAV fell to €49.7 from €53.3. Occupancy 85.9%. LTV 39%, but net debt/EBITDA 9.2x. FY guide €2.90-3.10; 2026 seen as low point. Too early to call inflection.
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