Icade S.A. (CDMGF)
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Icade (CDMGF) Q2 2025 Earnings Call Transcript
Icade (OTCPK:CDMGF) Q2 2025 Earnings Conference Call July 24, 2025 3:00 AM ET Company Participants Bruno Valentin - Corporate Participant Nicolas Joly - Chief Executive Officer Conference Call Participants Aakanksha Anand - Citigroup Inc., Research Division Ana Escalante Taborga - Morgan Stanley, Research Division Florent Laroche-Joubert - ODDO BHF Corporate & Markets, Research Division Jonathan Sacha Kownator - Goldman Sachs Group, Inc., Research Division Michael Finn - Green Street Advisors, LLC, Research Division Stéphane Afonso - Jefferies LLC, Research Division Valerie Jacob Guezi - Sanford C. Bernstein & Co., LLC.
Icade Remains A Trap Following Recent Earnings
Icade's low valuation and high-dividend yield are justified by fundamental issues, particularly its focus on second-tier office locations in Paris, unlike its peer Gecina. Icade's gross asset value declined by 6.4% YoY, and its high vacancy rate of 15.3% highlights weak demand for its properties. Despite a solid balance sheet, Icade's dividend is likely to be cut significantly due to lower proceeds from healthcare asset sales.
Icade (CDMGF) Q1 2025 Earnings Call Transcript
Icade (OTCPK:CDMGF) Q1 2025 Earnings Conference Call April 17, 2025 4:00 AM ET Company Participants Nicolas Joly - Chief Executive Officer Conference Call Participants Veronique Meertens - Kempen Stephane Afonso - Jefferies Samuel King - BNP Paribas Exane Eleanor Frew - Barclays Neeraj Kumar - Barclays Florent Laroche-Joubert - ODDO BHF Operator Hello and welcome to the Conference Call Icade Results as of March 31st, 2025. Please note this conference is being recorded and for the duration of the call, your lines will be on listen-only.
Icade (CDMGF) Q4 2024 Earnings Call Transcript
Icade (OTCPK:CDMGF) Q4 2024 Earnings Conference Call February 19, 2025 4:00 AM ET Company Participants Nicolas Joly - Chief Executive Officer Christelle de Robillard - Chief Financial Officer Conference Call Participants Stéphane Afonso - Jefferies Florent Laroche-Joubert - ODDO BHF Jon Kownator - Goldman Sachs Markus Kulessa - Bank of America Alex Kolsteren - Kempen Adam Shapton - Green Street Sam King - BNP Paribas Exane Operator Good day, and welcome to today's Icade Full Year 2024 Results Presentation. Throughout today's recorded presentation, all participants will be in a listen-only mode.
Icade: Deep Value Play Or A Trap?
Icade offers a high-dividend yield and low valuation, but its weak fundamentals and challenging business prospects justify this profile. Icade's heavy exposure to non-prime office locations in Paris leads to higher vacancy rates and lower tenant demand compared to peers like Gecina. Despite a strong liquidity position and strategic asset sales, Icade's dividend is likely unsustainable, with expected reductions in the coming years.
Icade (CDMGF) Q3 2024 Earnings Call Transcript
Icade (OTCPK:CDMGF) Q3 2024 Earnings Call Transcript October 21, 2024 4:00 AM ET Company Participants Nicolas Joly - CEO Christelle de Robillard - CFO Conference Call Participants Celine Soo-Huynh - Barclays Valerie Jacob - Bernstein Laroche-Joubert - ODDO Amal Aboulkhouatem - Degroof Petercam Neeraj Kumar - Barclays Nadir Rahman - UBS Aakanksha Anand - Citi Operator Hello, and welcome to the Icade results as of September 30, 2024. My name is Caroline, and I'll be your coordinator for today's event.
Icade: Don't Be Fooled By Its 24% Dividend Yield
Icade offers a high-dividend yield and discounted valuation, but weak fundamentals and high office exposure in France make it a value trap. Icade's portfolio is heavily concentrated in Paris offices, facing high vacancy rates and structural challenges from hybrid work trends. Despite efforts to diversify into light industrial properties and data centers, office space will dominate Icade's portfolio for the foreseeable future.
Icade: Outperformance From The Second French REIT
Icade, a French REIT, is considered a worthy and conservative investment with potential upside. The company has a solid portfolio of attractive assets and a net cash position, making it appealing for investors. Icade's valuation is currently discounted, offering a potential upside of 10-15% and a high dividend yield.
