(News Bulletin 247) – Invest Securities maintains its buy rating on the Icade share, with a price target reduced from 57.2 to 55.1 euros.
The analysis office reports that the disposal of all healthcare assets will take place in 3 phases spread out until 2025.
‘Given the strong demand for healthcare assets and the benchmark set by phase 1, we are modeling a -5% discount to phase 2 and 3 asset valuations. Lead acquirer, Primonial, is not legally bound to acquire the assets of phases 2 and 3 which could possibly complicate the transactions’, underlines the analyst.
Invesr, however, indicates that it remains confident about the successful completion of the 3 phases which will generate excessive cash (3 billion euros) with potentially many uses.
‘The operation is positive in the short term with the prospect of cumulative dividends for 2023-2025 of nearly 44% of the current price, but in the medium term it will leave Icade at the head of a less diversified and clearly less attractive portfolio with a normative dividend down sharply (-18%)’, concludes the analyst.
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