Icade share breaks through its 14.79 € support level following UBS target reduction
The office real estate investment trust continues to decline during trading and records a new all-time low since its stock market listing. It ranks among the worst-performing securities on an otherwise well-oriented Paris market, while French government debt remains under pressure.
Historic low recorded during trading, well below moving averages
The share touched 14.43 € during trading, surpassing by a few cents the previous record of 14.44 €, and is trading at 14.46 €, down 2.23 % while the SBF 120 gains 1.04 %. It has also broken through its support level at 14.79 €, which it is not reclaiming. The decline is not recent: the previous all-time low at 15.26 € dates back to October 1st, and the price has lost 17.09 % over one month.
It stands 10.6 % below its 20-day moving average and 26.6 % below its 200-day moving average, with an RSI at 21, in oversold territory. On the bond market, the yield on the 10-year OAT stands at 4.79 %, after peaking at 4.90 % on October 1st, amid tense budgetary discussions.
UBS cuts its target price to 13 € amid already low valuation
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UBS lowered its price target today to 13 € from 17.50 € previously, and maintains a sell rating. This target is approximately 10 % below the current price. According to the consensus of analysts, the share is trading at approximately 4.8 times the expected earnings for the current fiscal year. During the H1 2026 results released on July 22nd, the group confirmed its annual guidance with a net current cash-flow between 2.90 € and 3.10 € per share, while signaling a decline in asset value of 3.1 % on a constant scope basis.
Confirmation de la guidance annuelle 2026 avec un CFNC Groupe attendu entre 2,90 € et 3,10 € par action
Risks mentioned
Baisse de valeur du patrimoine de -3,1 % à périmètre constant, dont -2,8 % sur les bureaux
Réversion négative attendue sur les renouvellements de baux, potentiel de -7,1 % sur les loyers faciaux
Coût moyen de la dette en hausse à 1,85 %, attendu à environ 2 % fin 2026 ; ICR dégradé à 3,8x
Opportunities identified
Promesse de vente des actifs de santé au Portugal, environ 75 M€ en quote-part Icade
Acquisition des 49 % de la Tour Eqho avec un rendement supérieur à 8 %, relutive sur le CFNC
Réservations résidentielles en hausse de 11,9 % en volume et 6,4 % en valeur
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
