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Carmila SAS
(CARM)
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Rating:76Outperform
Price Target:
€19.00
▲(14.73% Upside)
Action:Reiterated
Date:08/04/26
The score is driven primarily by solid financial performance with strong recent growth and cash generation, plus an attractive valuation (low P/E and high dividend yield). Technicals add support as the stock is trending above key moving averages with positive momentum, while historical earnings/cash-flow volatility and meaningful REIT leverage temper the overall rating.
Positive Factors
Anchored tenant base
Having shopping centers anchored by large food retailers creates durable footfall and stickier lease relationships. Anchor tenants reduce vacancy risk, support stable rental income and attract complementary retailers, helping preserve occupancy and recurring cash flow over multi-year cycles.
Negative Factors
Leverage profile
Moderate-to-elevated leverage is typical for retail REITs but increases sensitivity to rising interest rates and refinancing risk. Meaningful debt relative to equity constrains capital allocation, can raise financing costs, and limits strategic flexibility during prolonged rate or cash-flow stress.
Read all positive and negative factors
Positive Factors
Negative Factors
Anchored tenant base
Having shopping centers anchored by large food retailers creates durable footfall and stickier lease relationships. Anchor tenants reduce vacancy risk, support stable rental income and attract complementary retailers, helping preserve occupancy and recurring cash flow over multi-year cycles.
Read all positive factors
Carmila SAS (CARM) vs. iShares MSCI France ETF (EWQ)
Market Cap
€2.36B
Dividend Yield8.05%
Average Volume (3M)99.34K
Price to Earnings (P/E)8.0
Beta (1Y)0.61
Revenue Growth-1.15%
EPS Growth-15.14%
CountryFR
Employees259
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)2.12
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
€20.00Price Target Upside20.77% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.86
Revenue Forecast (FY)€436.17M
Carmila SAS Business Overview & Revenue Model
Company Description
Carmila, a collaborative venture between Carrefour and prominent institutional investors, holds the distinction of being Continental Europe's third-largest publicly traded shopping center company. Its core objective is to revitalize and improve re...
How the Company Makes Money
Carmila primarily makes money from real estate rental income generated by leasing retail space in its shopping centers to tenants (e.g., national retailers, local shops, and service providers). Its recurring revenues are driven by base rents under...
Carmila SAS Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
66
Positive
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 568.83M | 574.35M | 506.94M | 486.12M | 472.69M | 444.34M |
| Gross Profit | 427.27M | 427.88M | 370.69M | 364.53M | 361.06M | 303.24M |
| EBITDA | 438.62M | 334.60M | 431.23M | 298.01M | 289.70M | 237.28M |
| Net Income | 294.14M | 185.47M | 313.84M | 2.78M | 219.33M | 192.12M |
Balance Sheet | ||||||
| Total Assets | 6.82B | 6.69B | 6.74B | 6.73B | 6.51B | 6.37B |
| Cash, Cash Equivalents and Short-Term Investments | 85.36M | 125.20M | 154.44M | 860.19M | 356.71M | 238.27M |
| Total Debt | 2.77B | 2.72B | 2.75B | 3.05B | 2.61B | 2.59B |
| Total Liabilities | 3.39B | 3.29B | 3.32B | 3.44B | 3.01B | 2.99B |
| Stockholders Equity | 3.42B | 3.39B | 3.41B | 3.29B | 3.50B | 3.37B |
Cash Flow | ||||||
| Free Cash Flow | 218.67M | 215.52M | 293.24M | 261.55M | 236.37M | 114.34M |
| Operating Cash Flow | 223.81M | 237.81M | 296.29M | 276.05M | 261.41M | 200.12M |
| Investing Cash Flow | -32.80M | -19.61M | -229.24M | 56.67M | 30.46M | -146.27M |
| Financing Cash Flow | -218.00M | -247.30M | -772.93M | 170.77M | -173.36M | -126.99M |
Carmila SAS Technical Analysis
Positive
16.56
Price Trends
16.62
Positive
16.19
Positive
15.82
Positive
Market Momentum
0.12
Negative
62.14
Neutral
71.34
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:CARM, the sentiment is Positive. The current price of 16.56 is below the 20-day moving average (MA) of 16.67, below the 50-day MA of 16.62, and above the 200-day MA of 15.82, indicating a bullish trend. The MACD of 0.12 indicates Negative momentum. The RSI at 62.14 is Neutral, neither overbought nor oversold. The STOCH value of 71.34 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | €2.36B | 7.97 | ― | 8.21% | -1.15% | -15.14% | |
74 Outperform | €11.09B | 8.25 | 11.02% | 4.92% | 3.02% | 15.66% | |
74 Outperform | €425.63M | 10.43 | ― | 5.92% | -6.71% | 4.10% | |
69 Neutral | €1.13B | 9.19 | 7.54% | 5.71% | 45.41% | 1859.21% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | €15.21B | 9.58 | 7.31% | 4.29% | -6.45% | 102.99% | |
55 Neutral | €1.12B | 21.05 | 5.80% | 8.50% | 3.19% | 70.45% |
* Real Estate Sector Average
FR:CARM
Carmila SAS
16.92
0.07
0.40%
FR:LI
Klepierre (ex Compagnie Fonciere Klepierre)
39.66
6.50
19.59%
FR:MERY
MERCIALYS
11.88
1.21
11.35%
FR:URW
Unibail Rodamco Westfield
104.30
19.51
23.02%
FR:FREY
Frey SA
35.60
8.19
29.86%
FR:PAT
Patrimoine et Commerce
26.60
3.92
17.29%
Carmila SAS Corporate Events
Carmila Updates Share Capital and Voting Rights Structure as of 31 July 2026
Aug 4, 2026
Carmila, the French retail real estate company listed in Paris, reported that its share capital as of 31 July 2026 is composed of 139,616,607 shares, reflecting the structure underpinning its listed equity base and governance framework under Frenc...
Carmila Corrects Voting Rights Disclosure Under French Market Rules
Aug 3, 2026
Carmila has updated its regulatory disclosure on share capital and voting rights, correcting figures previously released on July 2. As of June 30, 2026, the company reports 139,616,607 shares outstanding, with 138,561,725 actual voting rights afte...
Carmila Corrects May 2026 Share Capital and Voting Rights Disclosure
Aug 3, 2026
Carmila has updated its regulatory disclosure on capital and voting rights as of May 31, 2026, correcting figures previously announced on June 1. The company now reports 139,616,607 issued shares, 138,787,856 real voting rights excluding treasury ...
Carmila Lifts 2026 Earnings Guidance on Strong Leasing and Portfolio Gains
Jul 29, 2026
Carmila has upgraded its 2026 guidance for recurring net income per share to €1.87, implying 3.3% growth versus 2025, after a strong first half marked by resilient rental performance and margin expansion. Net rents at constant scope rose 1.4...
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.