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 1,266 - -
Change - -36.26% -11.54% -35.33% -4.21% -24.12% - -
Enterprise Value (EV) 1 11,709 9,921 6,141 5,195 5,114 4,318 4,090 3,782
Change - -15.28% -38.1% -15.41% -1.55% -15.58% -5.27% -7.52%
P/E 11.8x 56.4x -2.15x -6.31x -13.6x -9.65x 13.3x 5.81x
PBR 0.71x 0.46x 0.54x 0.4x 0.43x 0.36x 0.34x 0.33x
PEG - -0.7x 0x 0.1x 0.2x -1.41x -0x 0x
Capitalization / Revenue 2.88x 1.68x 1.76x 1.11x 1.15x 0.98x 0.95x 0.91x
EV / Revenue 7.05x 5.46x 4.02x 3.3x 3.53x 3.34x 3.06x 2.73x
EV / EBITDA 18.7x 15.3x 21.7x 21.7x 17.5x 16.1x 15.6x 14x
EV / EBIT 14.6x 25.9x 22.7x 18.7x 17.4x 14.5x 13.7x 12.9x
EV / FCF -23.5x -42.4x 4.66x 31.3x 21.6x 6.47x 8.2x 6.61x
FCF Yield -4.25% -2.36% 21.5% 3.2% 4.63% 15.4% 12.2% 15.1%
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% 10.6% 11% 11.6%
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 1 625.5 650.3 283 239 292.5 268.4 261.4 269.3
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 -76.37 130.7 184.2
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 16.70 16.70 16.70
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.09x12.97x15.14x5.63% 15.15B
7.97x13.47x17.4x6.6% 6.3B
11.81x14.31x15.25x5.41% 6.16B
20.35x13.13x14.76x4.74% 5.8B
9.68x14.45x15.44x7.17% 5.64B
9.52x16.4x19.76x8.43% 5.65B
8.24x13.65x17.4x6% 5.57B
12.21x11.1x12.72x5.66% 5B
Average 12.73x 13.69x 15.99x 6.2% 6.91B
Weighted average by Cap. 14.31x 13.59x 15.88x 6.11%

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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