olivLaw · European equity research
IMMOBILIERE DASSAULT SA IMDA.PA
France · Euronext Paris · Vertical: Listed companies from France
IMMOBILIERE DASSAULT owns and manages mainly office, commercial, hotel and residential buildings in the Quartier Central des Affaires in Paris, with a portfolio that grew in 2025 through the rue de Rivoli acquisition. Its relevance now lies in an unstable market where prime positioning of assets and the financing structure matter for the portfolio's resilience.
At the close of 05 Nov 2026, IMMOBILIERE DASSAULT SA (IMDA.PA) stock was 40.10 EUR (−2.43% on the day), with market capitalisation 281.3 m EUR, P/E 10.0 on diluted EPS of 4.03 EUR over the last 12 months, beta 0.19, 52-week range 40.10–53.00 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 25.2
- oversold (≤ 30)
- Bollinger (20, 2)
- 40.61 – 41.73
- below the lower band · %B -0.46 · band width 2.7%
- SMA 50 / 200
- 42.56 / 47.85
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.47 / -0.50
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −3.6% | −0.6% | −3.0 pp | — |
| 3 months | −15.0% | −4.2% | −10.9 pp | — |
| 6 months | −21.4% | +4.3% | −25.7 pp | — |
| Year to date | −22.6% | +7.5% | −30.1 pp | — |
| 1 year | −19.8% | +9.9% | −29.7 pp | −8.8% |
| 3 years | −17.7% | +49.8% | −67.5 pp | −10.0% |
| 5 years | −36.8% | +42.8% | −79.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 2-quarter history (min 12.9, median 12.9, max 12.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -26.1 m | 27.3 m | 28.3 m |
| Net income YoY | unavailable | unavailable | +3.6% |
| Diluted EPS | unavailable | 3.99 | 4.03 |
| Diluted EPS YoY | unavailable | unavailable | +1.0% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 109.0 k EUR
- Financial debt
- 235.6 m EUR
- Net debt
- 235.5 m EUR
- Equity
- 639.7 m EUR
- Total assets
- 995.0 m EUR
- Debt / equity
- 0.37x
- Current ratio
- unavailable
- ROE
- 4.6%
- ROA
- 3.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | -15.3 m | 36.8 m | 35.9 m | esef· 10 Mar 2026verified |
| Pre-tax income | -25.9 m | 27.0 m | 28.0 m | esef· 10 Mar 2026verified |
| Income tax | 14.0 k | 16.0 k | 16.0 k | esef· 10 Mar 2026verified |
| Net income | -26.1 m | 27.3 m | 28.3 m | esef· 10 Mar 2026verified |
| Diluted EPS | — | 3.99 | 4.03 | esef· 10 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 653.0 k | 181.0 k | 109.0 k | esef· 10 Mar 2026verified |
| Intangibles (excl. goodwill) | 11.0 k | 6.0 k | 6.0 k | esef· 10 Mar 2026verified |
| Total assets | 856.9 m | 882.3 m | 995.0 m | esef· 10 Mar 2026verified |
| Long-term debt | 118.5 m | 97.1 m | 235.6 m | esef· 10 Mar 2026verified |
| Equity | 587.7 m | 600.8 m | 639.7 m | esef· 10 Mar 2026verified |
| Shares outstanding at year end | — | 6.8 m | 7.0 m | esef· 10 Mar 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 2 of at least 6
- score weight coverage: 20.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 281.3 m EUR
Key indicators
Coverage and freshness
Score by group
21% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 46.30 – 118.85 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E46.30 – 118.85 (Mid 71.72)21 companies used · median multiple 17.8x · quartiles 11.5x – 29.5x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA, BN.PA
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 20.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.6% | 41 (vs peers) | 50% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 10.0x | 79 (vs peers) | 50% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial41/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial79/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
IMMOBILIERE DASSAULT SA (IMDA.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 4.6%.
The estimated value range is 46.30–118.85 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 71.72 EUR, the price of 40.10 EUR leaves a potential of 78.9% (value / price − 1) and a margin of safety of 44.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 20.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 10.0x
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| BN.PADanone | 44.1 bn | 21.9 | 11.9% | 7.4% | −0.9% | −11% / +16% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for IMDA.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
IMMOBILIERE DASSAULT owns and manages mainly office, commercial, hotel and residential buildings in the Quartier Central des Affaires in Paris, with a portfolio that grew in 2025 through the rue de Rivoli acquisition. Its relevance now lies in an unstable market where prime positioning of assets and the financing structure matter for the portfolio's resilience 1.
SWOT
Strengths
- A portfolio concentrated in prime Paris locations, with quality tenants and firm lease terms that support income stability 1.
- A financing structure in which most debt is protected against rate increases, reducing exposure to rate shocks 1.
- A stable majority shareholder and a long-term holding policy that support the asset value strategy 1.
Weaknesses
- Geographic and sector concentration: the portfolio depends on Paris and the luxury segment, which raises sensitivity to a single market 1.
- Older assets may need constant renovation spending, and some protected buildings limit modernisation options 1.
- Vacancy in some offices being marketed shows that not all space is let quickly 1.
Opportunities
- The recovery in international tourism and growth in the luxury segment could strengthen hotel performance in the portfolio 1.
- A possible stabilisation of yields could support market values of prime assets 1.
- Acquisitions of quality Paris assets, such as the rue de Rivoli building, could extend the portfolio if conditions are favourable 1.
Threats
- A slowdown in the economy and falling consumer confidence could weigh on demand for retail space and rents 1.
- Political instability and international tensions could delay investment and raise financing costs 1.
- Regulatory and environmental requirements could impose extra costs for renovation and compliance 1.
Risks
- Fluctuation in asset values and rentshigh
The value of the buildings depends on market rents and yields. A decline in these could reduce the appraised value of the portfolio 1.
- Vacancy and tenant riskmedium
A tenant's insolvency or non-renewal of leases could lead to vacancy, with a direct effect on cash flow 1.
- Interest rate riskmedium
Floating-rate debt could raise financial costs if not hedged, affecting financial results and valuation yields 1.
- Loss of the SIIC tax regimemedium
Failure to meet SIIC conditions could lead to taxation of profits and payment of a supplementary tax 1.
- Administrative and construction risklow
Restructuring works may face delays, extra costs or challenges, which could postpone expected income 1.
Investment thesis
What would need to be true (bull case)
- A prime Paris portfolio with quality tenants and firm leases could stay resilient if the market stabilises, and asset values could benefit from investor demand for top-tier property 1.
- A large share of fixed or hedged debt could protect the company from rate shocks and support results if financing costs stay stable 1.
- A recovery in international tourism and growth in the luxury segment could support Paris hotel performance if the trend holds 1.
What would break the thesis
- Concentration on Paris and the luxury segment makes the company vulnerable to slower demand or a downturn in luxury, which could reduce rents and occupancy 1.
- A slowing economy and weak consumer confidence could weigh on retail and commercial rents, especially in less prime areas 1.
- Renovation and compliance costs for older buildings could rise, and environmental rules could reduce the value of weaker assets 1.
What to watch
- Evolution of portfolio occupancy and the vacancy at the rue de la Paix officesNext 10-K
- Trend in prime office yields in the Paris QCA2026
- Economic cost of debt and the share of fixed or hedged interest2026
- Progress of restructuring works and permits for Passage Jouffroy2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company operates and develops its own property portfolio and manages, under mandate, assets entrusted by third parties. At 31 December 2025 the rental portfolio comprised fifteen buildings or assets, mostly in the Paris QCA, with a total rental area of 42,288 m² 1. The group emphasises renovation, restructuring and asset management, and in 2025 it bought an office and retail building of about 6,000 m² on rue de Rivoli 1.
Activity rests on a small number of high-quality assets with large tenants and firm lease terms, giving visibility on income. Physical occupancy across the portfolio stayed close to its prior level at 92.02% on 31 December 2025 versus 92.49% a year earlier, with vacancy mainly linked to offices being marketed on rue de la Paix 1.
The capital structure is relatively conservative: the debt drawn is largely fixed-rate or hedged, and the economic cost of debt edged down in 2025 1. The company belongs to a group with a majority family shareholder, which shapes governance and the long-term policy 1.
Segments
Offices
Offices represent a significant part of rental income, and assets in the QCA and the Etoile sector are classed as prime. The reference prime rent is 1,250 EUR per square metre per year 1.
Hotels
Paris hotel assets benefit from a recovery in international tourist demand, and the upper segment has outperformed the economy segment. The company's hotel exposure is tied to Paris buildings, where a consolidation of operating performance is expected 1.
Retail
Commercial premises on the best Paris streets are valued with yields between 4.50% and 5.50%. The retail market was weighed down by weak consumption and low household confidence, while the luxury anchor in the area remained relatively solid 1.
Market context
The Ile-de-France office investment market recorded 3.3 billion EUR in the first nine months of 2025, up 82% year on year, with most volumes concentrated in Paris intramuros 1. The prime reference yield in the QCA held around 3.90%, and sources estimate a possible stabilisation or slight decompression of rates, depending on geopolitical and economic conditions 1.
In the hotel market, the number of overnight stays moved slightly above pre-pandemic levels and the luxury segment performed best, while the economy segment lost guests. Hotel investment stayed high in 2025 but below the record level of 2024, and retail was affected by weak consumption, e-commerce growth of 7.9% and a concentration of deals in large assets 1.
Trends
- Stabilisation or slight decompression of yieldstailwind
Market sources indicate that yields could remain stable or ease slightly if geopolitical and economic conditions improve. For a prime Paris portfolio this could support asset market values 1.
- Recovery in international tourismtailwind
Rising international air traffic and more tourists from the Maghreb, Europe and Britain support Paris hotel performance. However, the lower average price and weak demand in the economy segment show the benefit is not uniform 1.
- Slowdown in consumption and the economyheadwind
Household confidence has reached a two-year low and growth forecasts were cut, which could weigh on demand for retail space and rents outside the most prime locations 1.
- Political uncertainty and financing riskmixed
Political instability and geopolitical tensions could delay investment decisions and raise risk premiums. For the company, however, the cost of debt remains relatively controlled, given the large share of fixed or hedged interest 1.
Competitive position
The company operates in a competitive environment of many real estate investors, some with greater resources and different strategies, which can limit acquisition opportunities and the growth of cash flow 1. In the Paris market, competition for prime assets is intense, and large deals are dominated by institutional investors and funds 1.
The company's stated advantage rests on asset quality, prime locations and the ability to handle complex investments rather than on scale. External sources do not identify US-listed competitors, so no US tickers are given 1.
- Institutional investors and property funds active in Paris
Players competing for large office and retail deals with larger financial resources, according to the sources 1.
- UK and US investors active in Paris hotels
Funds that bought large Paris hotels and could compete for the same assets 1.
- Retail property investment funds
Investors that acquired large commercial portfolios and compete for city-centre assets 1.
- Listed French property companies
Companies listed on the Paris exchange with similar prime office portfolios that take part in the same transactions 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202510 Mar 2026
- Annual report 202424 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / IMMOBILIERE DASSAULT SA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.