Icade (ICAD.PA): Model Update

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Icade (ICAD.PA): Model Update

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31 Jul 2026 10:01:45 ET │ 13 pages

Icade (ICAD.PA)

Model Update

CITI'S TAKE

Buy We retain our Buy and update our estimates. We estimate a trough in NAV

and net current cash flow (strategic operations) in 2026. Dividends are Price (31 Jul 26 13:35) €19.80

lower driven by a more gradual phasing of healthcare disposal. NCCF Target price €30.80↓

(strategic operations) is expected to be slightly up c+4% over the five-year from €33.40

period to 2030. The stock continues to offer an attractive dividend yield at Expected share price return 55.6%

c10% as it navigates its current strategic plan. Expected dividend yield 9.7%

Expected total return 65.3%

2026-29 NAV estimates are up by an average c8%, driven by broadly similar level of Market Cap €1,509M

portfolio value change but a slower phasing of disposals and dividends. On our

US$1,740M

estimates, 2030 NAV is +15% compared to 2025. We expect portfolio value declines

to continue in 2026 at c-5% and recovery at c+2% p.a. between 2027-29. Net

current cash flow (NCCF) estimates for 2026 are -10% lower compared to previous

mainly driven by lower rental income and higher finance expenses partially offset by Aakanksha AnandAC

lower admin costs. 2027-29 estimates are an average 3% higher driven by a slower +44-20-7508-1045

phasing of healthcare disposals resulting in a slightly higher NCCF from healthcare aakanksha.anand@citi.com

and lower admin costs broadly offset by lower rental income and higher financing

costs. Overall NCCF in 2030 is estimated c-16% lower compared to 2025 as the

company progresses on healthcare disposals. NCCF from strategic operations is

expected to be slightly up c+4% in 2030 compared to 2025. Management guide to