Icade SA
🇫🇷 ICAD.PA · Paris · FR0000035081
Real Estate
EUR 20.04 price at analysis
Scores
Key Metrics
Powered by EODHDP/E (TTM)
N/A
P/E (Price-to-Earnings)Shows how much investors pay for each $1 of profit. We display the TTM P/E (Trailing Twelve Months) which uses actual earnings from the last 4 quarters. This is more reliable than Forward P/E which uses analyst estimates.
TTM period through: 2025-12-31
Why N/A?
EPS (TTM) = -1.62 (negative or zero)
Cannot calculate P/E with negative earnings.
Forward P/E (estimated): 6.6
Based on analyst estimates
Reference: Provider P/E (Forward): 6.6
Yield (Fwd)
22.85%
Dividend YieldThe Forward yield (Fwd) shows the next announced annual dividend / current price — what you'd earn going forward. The Trailing yield (TTM) in the tooltip shows dividends actually paid in the last 12 months. Forward is shown as primary because it reflects the company's current commitment to shareholders.
Payout (TTM)
591.5%
Payout RatioDividends as a percentage of earnings. The Forward payout (Fwd) uses the announced dividend divided by actual past earnings (TTM) — it tells you if the company can afford what it promised. Very high payouts can be risky, especially if profits fall.
Cash Flow Payout (TTM): 108.8%
FCF Coverage (TTM): -0.02x
ROE
-3.0%
ROE (Return on Equity)A profitability measure: how much profit is generated from shareholders’ equity. Higher isn’t always better if it comes from high debt.
EV/EBITDA
24.8x
EV/EBITDAA valuation ratio that compares total business value (including debt) to EBITDA. Lower can mean cheaper, but context matters.
Summary
Icade SA is a major French real estate developer and investor currently trading at deeply distressed valuations. While the massive discount to book value (0.39x) offers significant cyclical turnaround potential, the 22.85% yield is a distress signal unsupported by free cash flow, and the company has a history of recent dividend cuts. Not recommended for new conservative dividend positions given the unpredictable income stream, though deep value investors might monitor the macroeconomic environment for signs of real estate stabilization.
Sector Context
Icade SA is a prominent French real estate company focused on commercial and residential property development and investment. In the Real Estate sector, property values and borrowing costs are highly sensitive to interest rate cycles; while steep discounts to book value often occur during cyclical downturns, sustainable operating cash flows to cover dividend distributions remain the critical metric for long-term income investors.
Temporary Opportunity Identified
A severe, interest-rate-driven cyclical downturn in the European real estate market has led to massive non-cash portfolio impairment charges, suppressed transaction volumes, and negative trailing earnings.
📊 Strategy Analysis
- • Trading at a steep discount to asset value with a Price/Book ratio of 0.39x, reflecting deep market pessimism and potential cyclical upside.
- • Forward P/E of 6.64 suggests analyst expectations of eventual earnings stabilization despite current trailing losses.
- • The ongoing net losses are primarily driven by non-cash impairment charges linked to a cyclical downturn in the French real estate market, rather than permanent obsolescence.
⚠ What to Watch
- • The 22.85% forward dividend yield is a clear distress signal that is wholly unsupported by current Free Cash Flow, evidenced by a Cash Flow Payout ratio of 108.75%.
- • The company has reported multiple consecutive years of net losses (2023, 2024, 2025) due to significant property devaluations and market headwinds.
- • A track record of recent dividend cuts, including an 11% reduction in 2025, makes the income stream highly unpredictable for conservative strategies.
📊 Historical Trends (10 Years)
Powered by EODHDThese charts show how key metrics have evolved over the past decade, helping you identify if the company is improving or deteriorating.
Debt Evolution (Net Debt / EBITDA)
Lower values are better. A declining trend indicates the company is reducing its debt (deleveraging).
Revenue & Earnings Growth
Consistent growth in revenueRevenue
The money a company brings in from selling its products or services. It’s the top line before costs. (blue) and earningsEarnings (Profit)
What’s left after expenses. Positive earnings mean the business made a profit; negative means a loss. (green) indicates a healthy business. Look for upward trends and recoveries after temporary dips.
Dividend Sustainability (FCF vs Dividends Paid)
Free cash flowFree Cash Flow
Cash left after the company pays for running the business and maintaining it. Often used to fund dividends, pay debt, or buy back shares. (FCFFCF (Free Cash Flow)
Short for Free Cash Flow: cash left after operating needs and maintenance spending., blue) should cover dividends paidDividends Paid
Cash the company paid out to shareholders. It’s not guaranteed and can change over time. (green). If dividends consistently exceed FCFFCF (Free Cash Flow)
Short for Free Cash Flow: cash left after operating needs and maintenance spending., the dividend may be at risk.
Analysis date: 2026-04-04
Disclaimer: This information is for educational purposes only. Not financial advice.