Icade (ICAD) Fair Value & Analysis
Real Estate · FR · Market cap €1.4B
Fair value as of: Jul 17, 2026
From 6 valuation models · updated 23 days ago
Share price +4.1% over the past month.
Below-average quality, and screening another 40% overvalued on our models.
What matters now
- Weak quality (41/100) and above fair value at the same time, the margin of safety is missing on both counts.
- A fairly wide model range (€11.28 to €25.77) leaves room in how you read the outcome.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.
How to read this chart
60‑month range €14.81 – €39.47 · fair‑value band €11.28 – €25.77 · the €18.95 price screens above the €11.28 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.
Analysis
Icade (ICAD) currently trades at €18.95, while our model-based Fair Value estimate is €11.28, implying the stock looks roughly 40.5% overvalued today. The Quality Score stands at 41/100 (below-average quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).
Over the trailing twelve months, Icade generated revenue of €1.3B at a net margin of -9.2%. Revenue declined 0.3% year over year. It earns a return on equity of -3.1%. Net debt stands at €3.5B. Fundamentals as of Jul 17, 2026
Our scenario range runs from €11.28 (bear case) to €25.77 (bull case); at €18.95, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 18% below its 52-week high and 3% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -22% fair-value upside, at -40%, ICAD screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 6 models by family
Widest divergence: Dividend Discount (€53.10) versus Multiples (€26.06). Highest evidence: Gordon GGM (70).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 40 · Market factors (momentum, volatility) 49
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
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 …
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Icade reported revenue of €1.4B in FY2025 versus €1.7B in FY2021, a compound −3.3%/yr. Reported net income was −€123M in FY2025.
ICAD screens 40% overvalued. Compare with Goodman Group →
Peer Group
REIT - Diversified · 165 stocks
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.
Valuation Multiples vs REIT - Diversified median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more REIT - Diversified stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Goodman Group GMG | A$29.11 | A$7.37 | -75% |
| VICI Properties Inc VICI | $26.73 | $41.74 | +56% |
| W. P. Carey Inc WPC | $76.69 | $35.59 | -54% |
| Charter Hall Group CHC | A$21.90 | A$11.46 | -48% |
| Fibra Uno FUNO11 | 31.10 MXN | 63.56 MXN | +104% |
| COV COV | €52.55 | €62.39 | +19% |
| The GPT Group GPT | A$4.89 | A$3.49 | -29% |
| Mirvac Group MGR | A$1.70 | A$0.5700 | -66% |
| KLCC Property Holdings 5235SS | 8.85 MYR | 6.91 MYR | -22% |
| CRRUN CRRUN | C$17.65 | C$17.89 | +1% |
Compare Icade with another stock
Price, fair value, quality and upside side by side.
Explore undervalued stocks
More undervalued Real Estate stocks →
Frequently asked questions
Is Icade (ICAD) overvalued or undervalued?
What is the fair value of ICAD?
What is the quality score of ICAD?
What is the revenue of Icade (ICAD)?
What is the net profit margin of ICAD?
Does Icade pay a dividend?
How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
Track Icade and try Pro for 14 days
One email gets you 14 days of full Pro (review alerts, the 35,000+ stock screener, the diversification check) plus the monthly Top-25 report of the most undervalued quality stocks. No card, cancel anytime.
Zero risk: nothing is ever charged. After 14 days you decide whether to stay.