(News Bulletin 247) – Oddo maintains its ‘outperformance’ rating for Icade shares, with an unchanged target price of 61 euros.
The analysis office reports that Icade, the minority shareholders of Icade Santé and Primonial REIM announced yesterday evening the signing of an exclusivity agreement allowing by the end of 2025 the definitive exit of Icade from Foncière Santé on the based on a valuation to date of 2.6 billion euros.
A ‘1st stage’ should be completed from June 2023 and by the end of July 2023 and consists of the sale by Icade of Icade Santé shares for 1.4 MdE
According to Oddo, this operation should allow Icade to significantly reduce its debt and could increase Icade’s LTV ratio including duties from 39.5% at the end of 2022 to approximately 31-33% after execution of the ‘1st stage’.
‘The cash generated could allow Icade to finance its future growth’, indicates the broker.
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