EN DE
Check 35,000+ stocks against 26 valuation models and 37 quality factors
Data-driven stock valuation

Icade SA (ICAD) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Icade SA €42.18, price €16.55, upside +154.9%, quality 41 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
  3. Add to watchlist

Real Estate · FR · ISIN FR0000035081

IS Thin data Sep 24, 2026

Icade SA

ICAD · PA

Cheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.

✓Fair value €42.18 · Strongly undervalued (+155%)
!Quality 41/100
!Weak Growth (revenue 5y +0.1 %/yr)
!Loss-making · -9.2% net margin (TTM)
!Moderate debt · negative free cash flow
·11.60% dividend yield
!Trails peers (5/13)
!Narrow moat 29/100
!Evidence only low, so the estimate is less certain
Watch Icade SA for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card. Watch for free Pro now: $1 first month

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

€39.25 €14.81 Fair Value €42.18 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range €14.81 – €39.25 · fair‑value band €24.04 – €56.77 · the €16.55 price screens below the €42.18 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

Follow Icade in your weekly email

Every Wednesday you see whether Icade is on track or worth a review, plus price against fair value. Free, up to 3 stocks.

We send you a confirmation link. Unsubscribe with one click.

Which stocks are undervalued right now? Check free Discover now →

Company profile

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

Show more

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 SA (ICAD) currently trades at €16.55, while our model-based Fair Value estimate is €42.18, implying the stock looks roughly 60.8% undervalued today.

Show more

Valuation

Bull case: the Dividend Discount group reads highest at a median of €53.10 per share, and 3 of the 3 models we run sit above the €16.55 price.

Bear case: the Asset-Based group reads lowest at €34.27, and 0 of the 3 models stay below the price. Evidence for this calculation is low.

Scenario range: €24.04 (bear) to €56.77 (bull), the price of €16.55 sits below 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 41/100 (below-average quality), in the Real Estate sector.

Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.

Icade SA reported revenue of €1.4B in FY2025 versus €1.7B in FY2021, a compound −3.3%/yr. Reported net income was −€123M in FY2025.

Key figures

Market cap €1.4B · P/S ratio 1.08 · EPS (TTM) €−1.62 · Dividend yield 11.6% · Net margin −8.5% · Return on equity −3.1% · Return on assets (EBIT) −1.4% · Operating margin 20.0%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 37 out of 100 (low confidence).

What moves the price

The share trades about 19% 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 1% fair-value upside, at 155%, ICAD screens cheaper than that median.

Fair Value models

Bear €24.04 Fair Value €42.18 Bull €56.77
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. 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
Gordon GGM €33.49 €60.34 €83.07 68
DDM Multi-Stage €33.49 €53.10 €64.46 67
NCAV (Graham) €25.58 €34.27 €51.15 54
All 3 models by family
Dividend Discount
Gordon GGM €33.49 €60.34 €83.07 68
DDM Multi-Stage €33.49 €53.10 €64.46 67
Asset-Based
NCAV (Graham) €25.58 €34.27 €51.15 54

Open the full fair value analysis →

Notify me when ICAD reaches fair value

Put ICAD on your watchlist. We get in touch as soon as price and fair value meet or the trend turns.

Set up alert →

Quality Score breakdown

Overall quality 41/100

Of which business quality 40 · Market factors (momentum, volatility) 40

Profitability 5
Margins and returns on capital today
Quality Growth 47
Are margins and returns improving?
Cashflow 30
Earnings quality: real cash, not paper profit
Fin. Strength 38
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 77
Calm price path (market factor)
Momentum 33
Price trend over the last 3–12 months (market factor)
52W Momentum 9
Distance to the 52-week high (market factor)
Net Issuance 81
Share count: buybacks or dilution?

Open the full quality analysis →

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. 0/100
Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Revenue growth 1 year
−0.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.1%
Start year 2020 (pandemic). Over 10 years: +0.1% a year
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.9%
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.
16.4% (2019) → −22.1% (2024)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

Watch ICAD, get fair value alerts →

Compare Icade SA with another stock

Price, fair value, quality and upside side by side.

Free, no sign-up

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 · 156 stocks

Beats the industry median on 5/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 42 · Bottom 25%
Fair Value upside +155% · Top 25%
Profitability
Return on assets 2% · Below median
Net margin (TTM) −9% · Bottom 25%
Operating margin (TTM) 20% · Below median
Growth and dividend
Revenue growth 0% · Below median
Dividend yield (TTM) 11.6% · Top 25%
Balance sheet
Debt / equity 0.84× · Highest 25%

Valuation Multiplesvs REIT - Diversified median · lower = cheaper

P/B 0.43× · Cheapest 25%
P/S (TTM) 1.23× · Cheapest 25%
EV/EBITDA 14.2× · Cheaper than median
PEG 2.81× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 26
FUTURE (revenue growth)0 · sector 16
PAST (return on equity)0 · sector 20
HEALTH (low debt)58 · sector 75
DIVIDEND (yield)100 · sector 100

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$26.77 A$7.92 −70%
VICI Properties Inc VICI $23.98 $59.95 +150%
W. P. Carey Inc WPC $66.89 $69.67 +4%
Charter Hall Group CHC A$18.50 A$18.76 +1%
Stockland SGP A$4.20 A$2.79 −34%
COV COV €47.16 €50.01 +6%
The GPT Group GPT A$4.55 A$3.49 −23%
Mirvac Group MGR A$1.78 A$0.7400 −58%
Broadstone Net Lease, Inc BNL $19.12 $19.39 +1%
KLCC Property Holdings 5235SS 8.35 MYR 6.91 MYR −17%

Explore undervalued stocks

More undervalued Real Estate stocks →

All undervalued stocks TechnologyFinancial ServicesHealthcareConsumer CyclicalConsumer DefensiveCommunication ServicesIndustrialsEnergyBasic MaterialsReal EstateUtilities Deeply Undervalued StocksUndervalued High-Quality StocksUndervalued Blue-Chip StocksUndervalued Small-Cap StocksUndervalued Dividend Stocks

Try a ready-made strategy

Pick a strategy and jump into the live analysis with that exact screen applied.

🥇 Backtested Best 🏆 Big Names ⭐ Top Rated 💎 Quality on Sale 🚀 Profitable Growth 🧊 Quality Compounders 💵 Dividend Stars 📈 Strong Momentum 📉 Fallen Angels ⚖️ Deeply Undervalued 🔍 Small-Cap Gems 🏰 Moat at a Fair Price 💼 Insider Buying 🎩 Buffett-Style Quality 📚 Peter Lynch GARP 🧮 Greenblatt Magic Formula 🛡️ Graham Defensive

Discover tools

Stock screenerFilter by region, size and sector Compare toolTwo stocks side by side Extrinsic Value Calculator…Calculator with industry benchmark Peter Lynch Fair Value Formula &…Calculator with industry benchmark
Run the numbers yourself: free valuation calculators
DCF CalculatorGraham NumberPeter Lynch FormulaDDM CalculatorFama-French ModelIntrinsic Value
For bloggers & editors: embed code + live data

For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.

Icade SA · Fair Value
€42.18 +61%Fair Value
Calculator →

Cite: Fair Value Calculator (2026). "Icade SA Fair Value". https://www.fairvalue-calculator.com/stock/ICAD

Frequently asked questions

Is Icade SA (ICAD) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of €42.18 versus a price of €16.55, about +155% upside (undervalued).
What is the fair value of ICAD?
Our model-based fair value for Icade SA is €42.18 (as of Sep 24, 2026), built from audited fundamentals. The current price: €16.55.
What is the quality score of ICAD?
Icade SA has a Quality Score of 41/100. 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 SA (ICAD)?
Our model-based price target is the fair value of €42.18 (as of Sep 24, 2026) from 3 valuation models. Cautious scenario €24.04, optimistic scenario €56.77. It is a calculation from audited fundamentals, not an analyst target.
What is the Icade SA stock forecast for 2026?
Our models put fair value at €42.18, about +155% upside versus a price of €16.55 (undervalued). Cautious scenario €24.04, optimistic scenario €56.77. The calculation is refreshed regularly with new filings.
What is the revenue of Icade SA (ICAD)?
Icade SA reported trailing-twelve-month revenue of about €1.3B (latest available figure, as of Sep 24, 2026).
Does Icade SA pay a dividend?
Icade SA currently shows a dividend yield of about 11.60% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Icade SA (ICAD)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Icade SA it is €42.18 per share (as of Sep 24, 2026), against a price of €16.55. It is the blended result of 3 valuation models (cash flow, earnings, asset, dividend).
Is Icade SA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, ICAD trades below its calculated fair value: price €16.55, fair value €42.18, a gap of about +155% (undervalued). 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 ICAD?
No. The price is what the market pays today (€16.55); the fair value is what the company's own numbers justify (€42.18). For Icade SA the two are €25.63 per share apart. That gap is exactly why we show both numbers side by side.
How much is Icade SA worth?
The market values Icade SA at about €1.4B (market capitalisation, as of Sep 24, 2026). Per share that is €16.55; our models calculate a fair value of €42.18 per share.
What do the bullish and bearish scenarios say about ICAD?
Our models span a range for Icade SA: cautious scenario €24.04, base €42.18, optimistic €56.77 per share (as of Sep 24, 2026, price €16.55). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of ICAD?
The PEG ratio of Icade SA is 2.81 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Icade SA (ICAD)?
Balance-sheet figures for Icade SA (as of Sep 24, 2026): return on equity −3.1%, debt of 0.84 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is ICAD from its 52-week high?
Icade SA trades at €16.55, about 19% below its 52-week high of €20.49 and at the low of €16.55 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of €42.18 is for.
Which stocks are comparable to Icade SA?
From the same area (Real Estate) we also value Goodman Group, VICI Properties Inc, W. P. Carey Inc, Charter Hall Group, 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 SA stock attractive at the current price?
The data as of Sep 24, 2026: price €16.55, calculated fair value €42.18 (+155%), Quality Score 41/100, from 3 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 ICAD calculated?
We run Icade SA through 3 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 €42.18, 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 14.1 % above its aggregate fair value. Icade SA currently trades 155 % below its own fair value, and the market average says nothing about that. 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 SA (ICAD)?
The closing price on Sep 23, 2026 was €16.55. Our model-based fair value is €42.18, about +155% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Icade SA right now?
The large discount to fair value meets weak quality (41/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (€24.04). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (€24.04 to €56.77) leaves room in how you read the outcome.

Key figures of Icade SA

How large is the market capitalisation of Icade SA (ICAD)?
The market capitalisation of Icade SA is €1.4B. 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 SA (ICAD)?
The price-to-sales ratio of Icade SA is 1.08 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Icade SA (ICAD)?
Earnings per share at Icade SA are €−1.62. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Icade SA (ICAD)?
The dividend yield of Icade SA is 11.6%. 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 SA (ICAD)?
The net margin of Icade SA is −8.5% (fiscal year 2025). 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 SA (ICAD)?
The return on equity (ROE) of Icade SA is −3.1% (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 SA (ICAD)?
On an EBIT basis the return on assets of Icade SA is −1.4% (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 SA (ICAD)?
The operating margin of Icade SA is 20.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Icade SA (ICAD)?
Revenue at Icade SA is growing −0.3% versus a year earlier (3y avg −2.6%). 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 SA (ICAD)?
Earnings per share at Icade SA are growing +64.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Icade SA (ICAD) generate?
The free cash flow of Icade SA is −€5.1M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Icade SA (ICAD) carry?
The net debt of Icade SA is €3.5B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed

Watch Icade SA in the live analysis

One click puts Icade SA on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.

Watch for free →

Zero risk: nothing is ever charged. Your watchlist is yours, with or without an account.