(CercleFinance.com) – Invest Securities maintains its advice to buy Icade shares, with a price target reduced from 60 to 57.2 euros.
‘No solution in terms of liquidity for Icade Santé has been approved to date but it would probably include the sale of all or part of Icade’s stake in Icade Santé’, indicates the analysis office.
‘Despite the attraction of an increased distribution and a share buyback limiting dilution in a scenario of total disposal of Icade Santé (2.6 billion euros), a scenario of disposal of 58% of the stake ( €1.5 billion) would allow Icade to retain a substantial share of healthcare assets (16%) to compensate for the difficulties of the tertiary asset portfolio and the volatility of the promotion,” the broker estimates.
Invest Securities thinks that a partial or full divestiture could be positive in the short term, but more questionable in the long term.
Anyway, ‘the two scenarios show a potential for a stock market revaluation of the title in one year’, underlines Invest.
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