Icade — Cyborg Score 5/10

Strategic Profile

Icade operates throughout France with a portfolio worth €6.2bn and 2024 economic revenue of €1.2bn. The company has made climate issues and the preservation of biodiversity central to its business model to reinvent real estate and contribute to more sustainable cities. It invests in various types of properties including health care, offices, business parks, housing and public facilities.

Cyborg Score Rationale

The stock is trading at 52.8% below the estimate of its fair value, indicating valuation challenges. Two analysts recommend buying while seven suggest selling, with an overall Sell rating. However, strong ESG focus and operational efficiencies increase portfolio attractiveness and support long-term earnings growth.

Top Insights

• Analyst consensus shows a Sell rating with 2 buy and 7 sell recommendations, indicating significant bearish sentiment
• 2024 revenue declined 7.37% to EUR 1.41 billion, signaling operational challenges
• Diversification into resilient property segments and active capital recycling aim to strengthen revenue stability and drive portfolio performance
• Icade is a subsidiary of Caisse des dépôts et consignations with significant backing from Crédit Agricole

Named Competitors

• Commercial Real Estate Investment — Paris-based office and residential REIT
• Retail and Shopping Center Focus — European shopping center REIT

Recent Developments

• (December 2025) Assets valued at EUR 6.1 billion, maintaining portfolio stability despite market challenges
• (2024) Revenue decreased to EUR 1.41 billion amid market headwinds
• (2024) Healthcare and commercial real estate segments remain core strategic focus

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