Icade : Re-rating potential still present before the arrival of the new CEO
>Valuation still attractive after the announced sale of Icade Santé - We have updated our model following the announcement of the sale of Icade Santé:We expect Icade to slash its LTV ratio to around 33% once the first stage is executed by the end of July: this corresponds to the disposal of 64% of French entity “Icade Santé SA”. It is fully secured subject to the usual conditions precedent and will enable Icade to bring in € 1.4bn of cash. We also understand tha...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.
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.
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