CARM Stock Analysis: Carmila | PA
REIT - Retail | PA, France | Market Cap: 2.314m EUR | 12M Return: 6.3% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 2.30M
Warnings
Tailwinds
No distinct edge detected
Seasonality 10.5 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Carmila S.A. is a European commercial real estate company specialising in retail property, with a portfolio of 250 shopping centres located across France, Spain and Italy. The portfolio was valued at 6.7 billion euros as of December 31, 2025, and the centres collectively welcome over 600 million visitors per year.
The business operates under an anchor-tenant model, with its shopping centres built around Carrefour hypermarkets and combining retail, healthcare, dining, leisure and event spaces to function as local community hubs. Carmila is listed on Euronext Paris (Compartment A) under the ticker CARM and benefits from Frances SIIC (Société dInvestissement Immobilier Cotée) REIT regime, a tax-transparent structure commonly used by listed European property companies. It is a constituent of the SBF 120 and CAC Mid 60 indices and was incorporated in France on March 6, 1991.
- ECB rate cuts ease debt costs but pressure cap rates
- French, Spanish and Italian retail sales drive occupancy and rental income
- Carrefour anchor performance and portfolio revaluation support NAV
| Net Income: 185.5m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.04 > 0.02 and ΔFCF/TA 1.06 > 1.0 |
| NWC/Revenue: 29.93% < 20% (prev 11.53%; Δ 18.39% < -1%) |
| CFO/TA 0.04 > 3% & CFO 237.8m > Net Income 185.5m |
| Net Debt (2.64b) to EBITDA (319.4m): 8.28 < 3 |
| Current Ratio: 2.34 > 1.5 & < 3 |
| Outstanding Shares: last quarter (139.6m) vs 12m ago -1.88% < -2% |
| Gross Margin: 74.80% > 18% (prev 73.89%; Δ 0.91% > 0.5%) |
| Asset Turnover: 8.50% > 50% (prev 7.89%; Δ 0.61% > 0%) |
| Interest Coverage Ratio: 4.07 > 6 (EBIT TTM 317.5m / Interest Expense TTM 77.9m) |
| A: 0.03 (Total Current Assets 298.0m - Total Current Liabilities 127.2m) / Total Assets 6.69b |
| B: 0.18 (Retained Earnings 1.23b / Total Assets 6.69b) |
| C: 0.05 (EBIT TTM 317.5m / Avg Total Assets 6.72b) |
| D: 1.03 (Book Value of Equity 3.39b / Total Liabilities 3.29b) |
| Altman-Z'' = 2.17 = BBB |
| DSRI: 0.91 (Receivables 152.4m/156.3m, Revenue 570.8m/532.2m) |
| GMI: 0.99 (GM 73.89% / 74.80%) |
| AQI: 1.01 (AQ_t 0.95 / AQ_t-1 0.95) |
| SGI: 1.07 (Revenue 570.8m / 532.2m) |
| TATA: -0.01 (NI 185.5m - CFO 237.8m) / TA 6.69b) |
| Beneish M = -3.06 (Cap -4..+1) = AA |
As of July 13, 2026, the stock is trading at EUR 16.62 with a total of 55,932 shares traded. Over the past week, the price has changed by -1.19%, over one month by -2.69%, over three months by +4.30% and over the past year by +6.26%.
Current recommended Stop Loss: 16.20 (which is 2.5% or 1.6 ATR below the current price).
Carmila has no consensus analysts rating.
P/E Trailing = 12.6667
P/E Forward = 8.9928
P/S = 4.0848
P/B = 0.6857
Revenue TTM = 570.8m EUR
EBIT TTM = 317.5m EUR
EBITDA TTM = 319.4m EUR
Long Term Debt = 2.56b EUR (from longTermDebt, last quarter)
Short Term Debt = 129.7m EUR (from shortTermDebt, last quarter)
Debt = 2.77b EUR (from shortLongTermDebtTotal, last quarter) + Leases 43.8m
Net Debt = 2.64b EUR (calculated: Debt 2.77b - CCE 125.2m)
Enterprise Value = 4.96b EUR (2.31b + Debt 2.77b - CCE 125.2m)
Interest Coverage Ratio = 4.07 (Ebit TTM 317.5m / Interest Expense TTM 77.9m)
EV/FCF = 17.61x (Enterprise Value 4.96b / FCF TTM 281.6m)
FCF Yield = 5.68% (FCF TTM 281.6m / Enterprise Value 4.96b)
FCF Margin = 49.33% (FCF TTM 281.6m / Revenue TTM 570.8m)
Net Margin = 32.49% (Net Income TTM 185.5m / Revenue TTM 570.8m)
Gross Margin = 74.80% ((Revenue TTM 570.8m - Cost of Revenue TTM 143.8m) / Revenue TTM)
Gross Margin QoQ = 79.38% (prev 70.76%)
Tobins Q-Ratio = 0.74 (Enterprise Value 4.96b / Total Assets 6.69b)
Interest Expense / Debt = 2.82% (Interest Expense 77.9m / Debt 2.77b)
Taxrate = 9.00% (18.4m / 204.3m)
NOPAT = 288.9m (EBIT 317.5m * (1 - 9.00%))
Current Ratio = 2.34 (Total Current Assets 298.0m / Total Current Liabilities 127.2m)
Debt / Equity = 0.82 (Debt 2.77b / totalStockholderEquity, last quarter 3.39b)
Debt / EBITDA = 8.28 (Net Debt 2.64b / EBITDA 319.4m)
Debt / FCF = 9.39 (Net Debt 2.64b / FCF TTM 281.6m)
Total Stockholder Equity = 3.34b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.76% (Net Income 185.5m / Total Assets 6.69b)
RoE = 5.55% (Net Income TTM 185.5m / Total Stockholder Equity 3.34b)
RoCE = 5.38% (EBIT 317.5m / Capital Employed (Equity 3.34b + L.T.Debt 2.56b))
RoIC = 4.34% (NOPAT 288.9m / Invested Capital 6.66b)
WACC = 4.03% (E(2.31b)/V(5.08b) * Re(5.78%) + D(2.77b)/V(5.08b) * Rd(2.82%) * (1-Tc(0.09)))
Discount Rate = 5.78% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -82.22 | Cagr: -1.00%
[DCF] Terminal Value 77.97% ; FCFF base≈253.9m ; Y1≈291.1m ; Y5≈428.4m
[DCF] Fair Price = 27.49 (EV 6.45b - Net Debt 2.64b = Equity 3.80b / Shares 138.4m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 43.37 | EPS CAGR: 24.05% | SUE: N/A | # QB: 0
Revenue Correlation: 94.43 | Revenue CAGR: 8.07% | SUE: 1.53 | # QB: 1
EPS current Year (2026-12-31): EPS=1.86 | Chg30d=+0.00% | Revisions=+25% | GrowthEPS=+2.9% | GrowthRev=+7.6%
EPS next Year (2027-12-31): EPS=1.94 | Chg30d=+0.00% | Revisions=+0% | GrowthEPS=+4.1% | GrowthRev=+3.6%
[Analyst] Revisions Ratio: +17% (up=2, down=1)