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Icade: Oddo still says buy

( - Oddo maintains its "outperform" rating on Icade shares, with an unchanged target price of 61 euros.

The broker reports that Icade, the minority shareholders of Icade Santé and Primonial REIM have announced the signing of an exclusive agreement enabling Icade to exit the Foncière Santé business by the end of 2025, based on a valuation, at the time of writing, of 2.6 billion euros.

A first stage from June 2023 will consist of Icade's sale of Icade Santé shares.

Oddo says that this transaction should enable Icade to reduce its debt significantly and could reduce Icade's LTV ratio, including transfer taxes, from 39.5% at the end of 2022 to around 31%-33% after completion of the first stage.

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