Report
Florent Laroche-Joubert

Icade : Good fundamentals compared with a heavily discounted share

>Good resilience in the residual businesses with pro-forma H1 2023 NCCF up +0.4% - Icade this reported net current cash flow (NCCF) / share pro-forma for the divestment of the healthcare property investment business of € 1.47 (+0.4% y-o-y) which notably includes good commercial momentum in property development and good resilience in commercial property investment given the positioning of the portfolio:Commercial property investment (89% of 2022 cash flow): renta...
Underlying
Icade SA

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.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Florent Laroche-Joubert

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