Company Valuation: Icade

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 4,776 3,044 2,693 1,741 1,668 1,210 - -
Change - -36.26% -11.54% -35.33% -4.21% -27.44% - -
Enterprise Value (EV) 1 11,709 9,921 6,141 5,195 5,114 4,262 4,035 3,727
Change - -15.28% -38.1% -15.41% -1.55% -16.66% -5.34% -7.62%
P/E 11.8x 56.4x -2.15x -6.31x -13.6x -9.23x 12.7x 5.55x
PBR 0.71x 0.46x 0.54x 0.4x 0.43x 0.34x 0.32x 0.32x
PEG - -0.7x 0x 0.1x 0.2x -1.35x -0x 0x
Capitalization / Revenue 2.88x 1.68x 1.76x 1.11x 1.15x 0.94x 0.9x 0.87x
EV / Revenue 7.05x 5.46x 4.02x 3.3x 3.53x 3.3x 3.02x 2.69x
EV / EBITDA 18.7x 15.3x 21.7x 21.7x 17.5x 15.9x 15.5x 13.9x
EV / EBIT 14.6x 25.9x 22.7x 18.7x 17.4x 14.3x 13.5x 12.7x
EV / FCF -23.5x -42.4x 4.66x 31.3x 21.6x 6.39x 8.09x 6.52x
FCF Yield -4.25% -2.36% 21.5% 3.2% 4.63% 15.6% 12.4% 15.3%
Dividend per Share 2 4.2 4.33 4.84 4.31 1.92 1.766 1.838 1.936
Rate of return 6.66% 10.8% 13.6% 18.8% 8.73% 11.1% 11.5% 12.1%
EPS 2 5.328 0.7136 -16.5 -3.64 -1.62 -1.731 1.256 2.876
Distribution rate 78.8% 607% -29.3% -118% -119% -102% 146% 67.3%
Net sales 1 1,661 1,816 1,528 1,572 1,450 1,292 1,338 1,388
EBITDA 1 625.5 650.3 283 239 292.5 268.4 259.7 267.3
EBIT 1 800.6 382.5 270.1 277.5 294.6 297.9 299.5 293
Net income 1 400.1 54.1 -1,250 -275.9 -123 -76.37 114.3 172.2
Net Debt 1 6,933 6,876 3,448 3,454 3,446 3,052 2,824 2,517
Reference price 2 63.10 40.24 35.54 22.98 22.00 15.97 15.97 15.97
Nbr of stocks (in thousands) 75,691 75,652 75,770 75,778 75,825 75,797 - -
Announcement Date 2/21/22 2/20/23 2/19/24 2/18/25 2/17/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
21.78x12.89x15.09x5.68% 15.03B
7.63x13.25x17.11x6.81% 6.04B
11.6x14.15x15.09x5.5% 5.93B
19.95x12.96x14.57x4.83% 5.68B
9.65x14.43x15.42x7.19% 5.57B
7.97x13.41x17.1x6.21% 5.32B
9.07x16.08x19.38x8.84% 5.32B
12.11x11.05x12.66x5.71% 4.86B
Average 12.47x 13.53x 15.80x 6.35% 6.72B
Weighted average by Cap. 14.12x 13.44x 15.70x 6.22%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield