Icade: down sharply, a broker's analysis
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 buyer, Primonial, is not legally obliged to acquire the assets in phases 2 and 3, which could potentially complicate transactions", the analyst points out.
However, Invesr remains confident in the successful completion of the 3 phases, which will generate excessive cash flow (E3 billion) for a wide range of potential uses.
The operation is positive in the short term, with the prospect of cumulative dividends from 2023 to 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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