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Icade (0K4O) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Icade €7.93, price €15.03, upside -47.2%, quality 45 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Real Estate · GB · Home France · ISIN FR0000035081

I Thin data Sep 23, 2026

Icade

0K4O · LSE

Weakest SetupStrongly overvalued and low quality.

!Fair value €7.93 · Strongly overvalued (−47.2%)
!Quality 45/100
!Mixed Growth (revenue YoY −5.4 %/yr)
!Loss over the last twelve months · -14.3% net margin (TTM) · fiscal year 2020 1.7%
!High debt
·4.3% dividend yield · Safety not assessed
!Narrow moat 20/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

€46.64 €15.03 Fair Value €7.93 Jul 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

60‑month range €15.03 – €46.64 · fair‑value band €6.28 – €7.93 · the €15.03 price screens above the €7.93 fair value. Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

Icade is a real estate player that strives to make cities more pleasant places to live for everyone.

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Icade is a real estate player that strives to make cities more pleasant places to live for everyone. Icade combines expertise in property investment (portfolio worth 6.1bn euros as of 12/31/2025 100% + Group share of joint ventures) and property development (2025 economic revenue of 1.1bn pounds), supporting clients, elected officials and partners throughout France in building the city of tomorrow. A city more respectful of nature and more aligned with the way we live, work and travel. Icade is listed as an on Euronext Paris, with the Caisse des Depots group as its leading shareholder. Icade was incorporated in 1954, France.

Stock analysis

Icade (0K4O) currently trades at €15.03, while our model-based Fair Value estimate is €7.93, 47.2% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Dividend Discount group reads highest at a median of €10.66 per share, and 0 of the 6 models we run sit above the €15.03 price.

Bear case: the Multiples group reads lowest at €1.44, and 6 of the 6 models stay below the price. Evidence for this calculation is low.

Scenario range: €6.28 (bear) to €7.93 (bull), the price of €15.03 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 45/100 (below-average quality), in the Real Estate sector.

Mixed Growth: Spin-off in 2019: revenue and profit before it include the divested business. Growth is measured afresh from 2019.

Icade reported revenue of €1.4B in FY2020 versus €1.5B in FY2016, a compound −0.9%/yr. Reported net income was €24.2M in FY2020, compounding −19.6%/yr from FY2016.

Key figures

Market cap €4.3B · P/S ratio 3.27 · Dividend yield 4.3% · Net margin 1.7% · Return on equity −5.2% · Return on assets (EBIT) 2.5% · Operating margin 14.1% · Revenue (TTM) €1.3B.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).

What moves the price

The share trades about 31% below its 52-week high and at its 52-week low, currently below its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at −3% fair-value upside, at −47%, 0K4O screens richer than that median.

Fair Value models

Bear €6.28 Fair Value €7.93 Bull €7.93
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF n/a n/a €2.09 73
Residual Income €6.77 €6.37 €6.12 73
Growth DCF n/a n/a €1.65 71
All 8 models by family
DCF Models
FCF DCF n/a n/a €2.09 73
Dividend Discount
Gordon GGM €9.78 €10.66 €11.99 67
DDM Multi-Stage €9.78 €12.09 €15.24 65
Multiples
P/S Multiple €1.08 €1.44 €1.80 58
P/B Multiple €1.08 €1.44 €1.80 55
Asset-Based
NCAV (Graham) €5.01 €6.71 €10.01 54
Growth DCF
Growth DCF n/a n/a €1.65 71
Economic Profit
Residual Income €6.77 €6.37 €6.12 73

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Quality Score breakdown

Overall quality 45/100

Of which business quality 46 · Market factors (momentum, volatility) 30

Profitability 13
Margins and returns on capital today
Quality Growth 37
Are margins and returns improving?
Cashflow 92
Earnings quality: real cash, not paper profit
Fin. Strength 12
Balance sheet, leverage, solvency risk
Investment 93
Disciplined investing over empire-building
Low Volatility 75
Calm price path (market factor)
Momentum 18
Price trend over the last 3–12 months (market factor)
52W Momentum 2
Distance to the 52-week high (market factor)

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 55/100
Spin-off in 2019: revenue and profit before it include the divested business. Growth is measured afresh from 2019.
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
14.2% (2016) → 12.7% (2020)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no share-count history
not computed

0K4O screens overvalued: fair value 47% below the price. Compare with Goodman Group →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Diversified · 153 stocks

Beats the industry median on 1/10 measures
Overall it trails its industry peers.
Valuation
Quality Score 46 · Below median
Profitability
Return on assets 1.5% · Below median
Net margin (TTM) −14.3% · Bottom 25%
Operating margin (TTM) 14.1% · Bottom 25%
Growth and dividend
Revenue growth −13.8% · Bottom 25%
Dividend yield (TTM) 4.3% · Below median
Balance sheet
Debt / equity 2.16× · Highest 25%

Valuation Multiplesvs REIT - Diversified median · lower = cheaper

P/B 1.74× · Priciest 25%
P/S (TTM) 3.80× · Cheaper than median
EV/EBITDA 40.5× · Priciest 25%

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more REIT - Diversified stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Goodman Group GMG A$25.91 A$12.61 −51%
VICI Properties Inc VICI $23.51 $58.78 +150%
W. P. Carey Inc WPC $63.83 $69.91 +10%
Stockland SGP A$4.02 A$4.12 +2%
The GPT Group GPT A$4.41 A$3.49 −21%
Charter Hall Group CHC A$17.63 A$3.25 −82%
COV COV €46.38 €39.78 −14%
Mirvac Group MGR A$1.72 A$2.05 +20%
Broadstone Net Lease, Inc BNL $18.91 $18.42 −3%
KLCC Property Holdings 5235SS 8.52 MYR 4.22 MYR −50%

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Icade · Fair Value
€7.93 −47%Fair Value
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Cite: Fair Value Calculator (2026). "Icade Fair Value". https://www.fairvalue-calculator.com/stock/0K4O

Frequently asked questions

Is Icade (0K4O) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of €7.93 versus a price of €15.03, about −47% upside (overvalued).
What is the fair value of 0K4O?
Our model-based fair value for Icade is €7.93 (as of Sep 23, 2026), built from audited fundamentals. The current price: €15.03.
What is the quality score of 0K4O?
Icade has a Quality Score of 45/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Icade (0K4O)?
Our model-based price target is the fair value of €7.93 (as of Sep 23, 2026) from 8 valuation models. Cautious scenario €6.28, optimistic scenario €7.93. It is a calculation from audited fundamentals, not an analyst target.
What is the Icade stock forecast for 2026?
Our models put fair value at €7.93, about −47% upside versus a price of €15.03 (overvalued). Cautious scenario €6.28, optimistic scenario €7.93. The calculation is refreshed regularly with new filings.
What is the revenue of Icade (0K4O)?
Icade reported trailing-twelve-month revenue of about €1.3B (latest available figure, as of Sep 23, 2026).
Does Icade pay a dividend?
Icade currently shows a dividend yield of about 4.25% relative to its recent price (as of Sep 23, 2026).
What is the intrinsic value of Icade (0K4O)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Icade it is €7.93 per share (as of Sep 23, 2026), against a price of €15.03. It is the blended result of 8 valuation models (cash flow, earnings, asset, dividend).
Is Icade stock overvalued or undervalued in 2026?
As of Sep 23, 2026, 0K4O trades above its calculated fair value: price €15.03, fair value €7.93, a gap of about −47% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0K4O?
No. The price is what the market pays today (€15.03); the fair value is what the company's own numbers justify (€7.93). For Icade the two are €7.10 per share apart. That gap is exactly why we show both numbers side by side.
How much is Icade worth?
The market values Icade at about €4.3B (market capitalisation, as of Sep 23, 2026). Per share that is €15.03; our models calculate a fair value of €7.93 per share.
What do the bullish and bearish scenarios say about 0K4O?
Our models span a range for Icade: cautious scenario €6.28, base €7.93, optimistic €7.93 per share (as of Sep 23, 2026, price €15.03). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Icade (0K4O)?
Balance-sheet figures for Icade (as of Sep 23, 2026): return on equity −5.2%, debt of 2.16 per unit of equity. They feed the Quality Score of 45/100, which measures business quality independently of the share price.
How far is 0K4O from its 52-week high?
Icade trades at €15.03, about 31% below its 52-week high of €21.93 and at the low of €15.03 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of €7.93 is for.
Which stocks are comparable to Icade?
From the same area (Real Estate) we also value Goodman Group, VICI Properties Inc, W. P. Carey Inc, Stockland, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Icade stock attractive at the current price?
The data as of Sep 23, 2026: price €15.03, calculated fair value €7.93 (−47%), Quality Score 45/100, from 8 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0K4O calculated?
We run Icade through 8 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €7.93, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Icade itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Icade (0K4O)?
The closing price on Oct 2, 2026 was €15.03. Our model-based fair value is €7.93, about −47% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Icade right now?
The price sits above even our optimistic bull case (€7.93). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (45/100) and above fair value, neither a clear bargain nor a standout compounder. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Key figures of Icade

How large is the market capitalisation of Icade (0K4O)?
The market capitalisation of Icade is €4.3B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Icade (0K4O)?
The price-to-sales ratio of Icade is 3.27 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of Icade (0K4O)?
The dividend yield of Icade is 4.3%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Icade (0K4O)?
The net margin of Icade is 1.7% (fiscal year 2020). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Icade (0K4O)?
The return on equity (ROE) of Icade is −5.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Icade (0K4O)?
On an EBIT basis the return on assets of Icade is 2.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Icade (0K4O)?
The operating margin of Icade is 14.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Icade (0K4O)?
Revenue at Icade is growing −13.8% versus a year earlier (3y avg −3.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Icade (0K4O)?
Earnings per share at Icade are growing +64.2% versus a year earlier. How much earnings per share grew versus a year earlier.
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