Ahead of the 2015-2019 plan objectives - BUY - TP 80€ (vs 76,5€)
Icade’s investor day which was held in their new HQ in Issy-les-Moulineaux showcased their 2015-2019 strategic plan and demonstrated the degree to which they have exceeded their objectives – by one year. The dynamism that has been shown since November 2015 should continue to leverage up profitability in 2018-2019. In the shorter term, the company raised its outlook for 2017 and is now expecting ordinary net cash flow growth (as well as for the dividend) of around + 8% (vs. + 7% previously). We raise our target to €80 vs € 76.5 and maintain our opinion BUY, despite a more limited 1 year Total Return of + 7%, following the stock’s strong outperformance (total return +23.6% ytd vs +14.6% for the EPRA Eurozone index).Icade is a property developer/real estate investment trust (REIT). Co. offers its clients and business partners a range of complementary products and expertise in the development, design, contracting, marketing, and administrative and technical management of their properties. Co.'s activities are segmented into three divisions: Property Investment, Property Development, and Services. Property Investment focuses especially energy, water, waste and carbon comprises significant properties; Property Development targets properties and operations whose service orders were launched during the year, and Services division manages office buildings and housing units on behalf of third parties.
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