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 1,285 - -
Change - -36.26% -11.54% -35.33% -4.21% -22.95% - -
Enterprise Value (EV) 1 11,709 9,921 6,141 5,195 5,114 4,337 4,109 3,802
Change - -15.28% -38.1% -15.41% -1.55% -15.2% -5.25% -7.49%
P/E 11.8x 56.4x -2.15x -6.31x -13.6x -9.6x 13.5x 5.89x
PBR 0.71x 0.46x 0.54x 0.4x 0.43x 0.36x 0.34x 0.34x
PEG - -0.7x 0x 0.1x 0.2x -1.06x -0x 0x
Capitalization / Revenue 2.88x 1.68x 1.76x 1.11x 1.15x 0.99x 0.96x 0.93x
EV / Revenue 7.05x 5.46x 4.02x 3.3x 3.53x 3.36x 3.07x 2.74x
EV / EBITDA 18.7x 15.3x 21.7x 21.7x 17.5x 16.2x 15.7x 14.1x
EV / EBIT 14.6x 25.9x 22.7x 18.7x 17.4x 14.5x 13.8x 13x
EV / FCF -23.5x -42.4x 4.66x 31.3x 21.6x 6.5x 8.24x 6.65x
FCF Yield -4.25% -2.36% 21.5% 3.2% 4.63% 15.4% 12.1% 15%
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% 10.4% 10.8% 11.4%
EPS 2 5.328 0.7136 -16.5 -3.64 -1.62 -1.766 1.256 2.876
Distribution rate 78.8% 607% -29.3% -118% -119% -100% 146% 67.3%
Net sales 1 1,661 1,816 1,528 1,572 1,450 1,292 1,338 1,388
EBITDA 1 625.5 650.3 283 239 292.5 268.4 261.4 269.3
EBIT 1 800.6 382.5 270.1 277.5 294.6 298.3 296.7 293
Net income 1 400.1 54.1 -1,250 -275.9 -123 -76.37 130.7 184.2
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 16.95 16.95 16.95
Nbr of stocks (in thousands) 75,691 75,652 75,770 75,778 75,825 75,826 - -
Announcement Date 21/02/22 20/02/23 19/02/24 18/02/25 17/02/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
23.09x13.33x15.56x5.38% 15.84B
7.88x13.39x17.29x6.68% 6.31B
22.1x13.98x15.68x4.36% 6.29B
11.65x14.19x15.13x5.48% 6.13B
9.42x16.33x19.68x8.52% 5.66B
9.53x14.28x15.32x7.28% 5.63B
8.08x13.51x17.34x6.16% 5.53B
12.25x11.13x12.74x5.65% 5.05B
Average 13.00x 13.77x 16.09x 6.19% 7.06B
Weighted average by Cap. 14.87x 13.72x 16.03x 6.03%

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

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