Report
Florent Laroche-Joubert

Icade : Nos différents scénarios pour le nouveau plan stratégique qui doit surtout gagner maintenant en visibilité dans son exécution

>Nous voyons le CFNC / action d’Icade atterrir entre 3.18 € et 4.11 € en 2028e - Suite à l’Investor Day d’Icade, nous avons largement revu notre modèle et tablons dorénavant sur un cash-flow net courant (CFNC) / action pro forma de 3.65 € en 2028e (i.e. TMVA 24/28e +3.5%) ainsi qu’un EPRA NTA 28e suite à 63.2 € (vs 67.2 € à fin 2023) :Notre CFNC / action 24e pro forma à 2.91€ est globalement en ligne avec la guidance conservatrice « 2.75 - 2.90 € ». Après prise e...
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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