Carmila SAS (FR:CARM)
:CARM
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Carmila SAS
(CARM)
Select Model
Select Model
Rating:71Outperform
Price Target:
€19.50
▲(12.20% Upside)
Action:ReiteratedDate:03/04/26
The score is driven primarily by solid financial performance (strong recent profitability and free cash flow, despite leverage and historical volatility) and an attractive income/valuation profile (reasonable P/E and high dividend yield). Technicals are positive on trend but held back by overbought momentum signals.
Positive Factors
Stable rental model anchored by Carrefour
Carmila’s core model — owning and redeveloping shopping centers leased to retailers and anchored by Carrefour — generates recurring base rent and turnover-linked income. Carrefour anchoring tends to sustain footfall and tenant demand, supporting long-term occupancy, steady rent rolls and resilience across retail cycles.
Negative Factors
Moderate-to-elevated leverage
Leverage around 0.8x equity is common for REITs but increases sensitivity to interest‑rate rises and refinancing risk. Elevated debt limits financial flexibility for large redevelopment projects or opportunistic acquisitions and can pressure distributable cash if financing costs increase materially.
Read all positive and negative factors
Positive Factors
Negative Factors
Stable rental model anchored by Carrefour
Carmila’s core model — owning and redeveloping shopping centers leased to retailers and anchored by Carrefour — generates recurring base rent and turnover-linked income. Carrefour anchoring tends to sustain footfall and tenant demand, supporting long-term occupancy, steady rent rolls and resilience across retail cycles.
Read all positive factors
Carmila SAS (CARM) vs. iShares MSCI France ETF (EWQ)
Market Cap
€2.31B
Dividend Yield7.42%
Average Volume (3M)99.34K
Price to Earnings (P/E)12.9
Beta (1Y)0.62
Revenue Growth16.69%
EPS Growth574.43%
CountryFR
Employees260
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.88
Shares Outstanding139,616,610
10 Day Avg. Volume78,847
30 Day Avg. Volume99,345
Financial Highlights & Ratios
PEG Ratio-0.32
Price to Book (P/B)0.70
Price to Sales (P/S)4.16
P/FCF Ratio11.07
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€22.80Price Target Upside31.19% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.86
Revenue Forecast (FY)€461.03M
Carmila SAS Business Overview & Revenue Model
Company Description
The third listed company of shopping centres in Continental Europe, Carmila was created by Carrefour and major institutional investors to transform and enhance the shopping centres adjoining Carrefour stores in France, Spain and Italy. As of 30 Ju...
How the Company Makes Money
Carmila generates revenue primarily through leasing its retail spaces to a variety of tenants, which provides a stable income stream. The company benefits from long-term leases, ensuring predictable cash flow. Additionally, Carmila may earn income...
Carmila SAS Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
66
Positive
Cash Flow
71
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 574.35M | 506.94M | 486.12M | 472.69M | 444.34M |
| Gross Profit | 427.88M | 370.69M | 364.53M | 361.06M | 303.24M |
| EBITDA | 334.60M | 431.23M | 298.01M | 289.70M | 237.28M |
| Net Income | 185.47M | 313.84M | 2.78M | 219.33M | 192.12M |
Balance Sheet | |||||
| Total Assets | 6.69B | 6.74B | 6.73B | 6.51B | 6.37B |
| Cash, Cash Equivalents and Short-Term Investments | 125.20M | 154.44M | 860.19M | 356.71M | 238.27M |
| Total Debt | 2.72B | 2.75B | 3.05B | 2.61B | 2.59B |
| Total Liabilities | 3.29B | 3.32B | 3.44B | 3.01B | 2.99B |
| Stockholders Equity | 3.39B | 3.41B | 3.29B | 3.50B | 3.37B |
Cash Flow | |||||
| Free Cash Flow | 215.52M | 293.24M | 261.55M | 236.37M | 114.34M |
| Operating Cash Flow | 237.81M | 296.29M | 276.05M | 261.41M | 200.12M |
| Investing Cash Flow | -19.61M | -229.24M | 56.67M | 30.46M | -146.27M |
| Financing Cash Flow | -247.30M | -772.93M | 170.77M | -173.36M | -126.99M |
Carmila SAS Technical Analysis
Negative
17.38
Price Trends
17.05
Negative
16.85
Negative
17.00
Negative
Market Momentum
-0.02
Positive
39.08
Neutral
23.89
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:CARM, the sentiment is Negative. The current price of 17.38 is below the 20-day moving average (MA) of 17.55, above the 50-day MA of 17.05, and above the 200-day MA of 17.00, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 39.08 is Neutral, neither overbought nor oversold. The STOCH value of 23.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:CARM.
Carmila SAS Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | €2.31B | 12.87 | ― | 7.42% | 16.69% | 574.43% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | €1.03B | 12.17 | 0.61% | 6.51% | 8.81% | -78.28% | |
61 Neutral | €5.84B | 8.50 | 5.11% | 6.37% | 8.36% | ― | |
58 Neutral | €2.56B | -453.64 | -0.71% | 7.34% | -4.87% | 97.55% | |
52 Neutral | €1.08B | 30.52 | 5.80% | 9.24% | -1.19% | -46.75% | |
51 Neutral | €1.46B | -13.56 | -4.49% | 20.25% | -6.91% | 80.39% |
* Real Estate Sector Average
FR:CARM
Carmila SAS
16.56
0.10
0.61%
FR:ALTA
ALTAREA
110.40
15.50
16.33%
FR:COV
Covivio SA
51.55
5.02
10.78%
FR:ICAD
Icade SA
19.14
0.40
2.12%
FR:MERY
MERCIALYS
11.48
1.05
10.05%
FR:FREY
Frey SA
32.00
6.14
23.73%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.