Invest Securities maintains its buy rating on Icade shares, with a price target reduced from 57.2 to 55.1 euros.

The research firm reports that the sale of all Icade's healthcare assets will take place in 3 phases, spread over the period up to 2025.

Given the strong demand for healthcare assets and the benchmark set by phase 1, we model a discount of -5% on asset valuations for phases 2 and 3. The main acquirer, Primonial, is not legally obliged to acquire the assets in phases 2 and 3, which could potentially complicate transactions", stresses the analyst.

However, Invesr remains confident in the successful completion of the 3 phases, which will generate excessive cash flow (E3 billion) with many potential uses.

The operation is positive in the short term, with the prospect of cumulative dividends 2023-2025 of almost 44% of the current share price, but in the medium term it will leave Icade at the head of a less diversified and clearly less attractive portfolio, with a sharply reduced normative dividend (-18%)", concludes the analyst.

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