(CARM) Carmila - Overview
Sector: Real Estate | Industry: REIT - Retail | Exchange: PA (France) | Market Cap: 2.280m EUR | Total Return: -2.2% in 12m
Avg Turnover: 2.76M
Warnings
Extended 1w Choppy
Tailwinds
No distinct edge detected
Carmila SA (CARM) is a French real estate investment trust (REIT) specializing in the management and development of shopping centers adjacent to Carrefour hypermarkets. The company operates a portfolio of 250 assets distributed across France, Spain, and Italy, functioning as regional hubs that integrate retail, healthcare, and leisure services.
The business model relies on a strategic partnership with Carrefour, which serves as the primary anchor tenant to drive consistent consumer footfall. As a REIT, Carmila is subject to specific tax transparency regulations in France, requiring the distribution of a significant portion of taxable income to shareholders in exchange for corporate tax exemptions.
Investors can further examine the companys valuation metrics and dividend history on ValueRay.
Listed on Euronext Paris and included in the SBF 120 index, the firm focuses on mid-sized shopping galleries that emphasize essential daily services. This positioning aims to mitigate risks associated with discretionary spending volatility by maintaining high occupancy through necessity-based retail tenants.
- Carrefour hypermarket footfall stability drives consistent tenant occupancy and rental income
- Interest rate fluctuations impact financing costs and property portfolio valuations
- Index-linked rent escalations provide hedge against rising European inflation levels
- Strategic divestments and asset rotations influence net asset value and dividends
- Expansion of healthcare and leisure services diversifies revenue beyond traditional retail
| Net Income: 499.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.07 > 0.02 and ΔFCF/TA 3.03 > 1.0 |
| NWC/Revenue: 15.49% < 20% (prev 43.56%; Δ -28.07% < -1%) |
| CFO/TA 0.07 > 3% & CFO 453.4m > Net Income 499.3m |
| Net Debt (2.64b) to EBITDA (776.8m): 3.40 < 3 |
| Current Ratio: 2.34 > 1.5 & < 3 |
| Outstanding Shares: last quarter (139.6m) vs 12m ago -1.88% < -2% |
| Gross Margin: 74.36% > 18% (prev 0.77%; Δ 7.36k% > 0.5%) |
| Asset Turnover: 16.44% > 50% (prev 10.61%; Δ 5.83% > 0%) |
| Interest Coverage Ratio: 6.85 > 6 (EBITDA TTM 776.8m / Interest Expense TTM 112.8m) |
| 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: 0.12 (EBIT TTM 772.3m / Avg Total Assets 6.71b) |
| D: 0.64 (Book Value of Equity 2.09b / Total Liabilities 3.29b) |
| Altman-Z'' = 2.21 = BBB |
| DSRI: 0.62 (Receivables 152.4m/158.9m, Revenue 1.10b/713.9m) |
| GMI: 1.03 (GM 74.36% / 76.55%) |
| AQI: 1.13 (AQ_t 0.95 / AQ_t-1 0.84) |
| SGI: 1.55 (Revenue 1.10b / 713.9m) |
| TATA: 0.01 (NI 499.3m - CFO 453.4m) / TA 6.69b) |
| Beneish M = -2.84 (Cap -4..+1) = A |
As of May 27, 2026, the stock is trading at EUR 16.42 with a total of 168,046 shares traded.
Over the past week, the price has changed by +6.49%,
over one month by +3.17%,
over three months by -1.39% and
over the past year by -2.15%.
Carmila has no consensus analysts rating.
P/E Trailing = 12.4394
P/E Forward = 8.569
P/S = 4.0252
P/B = 0.6553
Revenue TTM = 1.10b EUR
EBIT TTM = 772.3m EUR
EBITDA TTM = 776.8m 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 = 4.92b EUR (2.28b + Debt 2.77b - CCE 125.2m)
Interest Coverage Ratio = 6.85 (Ebit TTM 772.3m / Interest Expense TTM 112.8m)
EV/FCF = 9.96x (Enterprise Value 4.92b / FCF TTM 494.1m)
FCF Yield = 10.04% (FCF TTM 494.1m / Enterprise Value 4.92b)
FCF Margin = 44.79% (FCF TTM 494.1m / Revenue TTM 1.10b)
Net Margin = 45.27% (Net Income TTM 499.3m / Revenue TTM 1.10b)
Gross Margin = 74.36% ((Revenue TTM 1.10b - Cost of Revenue TTM 282.8m) / Revenue TTM)
Gross Margin QoQ = 79.38% (prev 70.76%)
Tobins Q-Ratio = 0.74 (Enterprise Value 4.92b / Total Assets 6.69b)
Interest Expense / Debt = 4.07% (Interest Expense 112.8m / Debt 2.77b)
Taxrate = 13.76% (9.99m / 72.6m)
NOPAT = 666.0m (EBIT 772.3m * (1 - 13.76%))
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 = 3.40 (Net Debt 2.64b / EBITDA 776.8m)
Debt / FCF = 5.35 (Net Debt 2.64b / FCF TTM 494.1m)
Total Stockholder Equity = 3.34b (last 4 quarters mean from totalStockholderEquity)
RoA = 7.44% (Net Income 499.3m / Total Assets 6.69b)
RoE = 14.95% (Net Income TTM 499.3m / Total Stockholder Equity 3.34b)
RoCE = 13.10% (EBIT 772.3m / Capital Employed (Equity 3.34b + L.T.Debt 2.56b))
RoIC = 10.03% (NOPAT 666.0m / Invested Capital 6.64b)
WACC = 4.64% (E(2.28b)/V(5.05b) * Re(6.0%) + D(2.77b)/V(5.05b) * Rd(4.07%) * (1-Tc(0.14)))
Discount Rate = 6.0% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -82.22 | Cagr: -1.00%
[DCF] Terminal Value 77.97% ; FCFF base≈413.7m ; Y1≈474.3m ; Y5≈698.0m
[DCF] Fair Price = 56.61 (EV 10.5b - Net Debt 2.64b = Equity 7.86b / Shares 138.9m; 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=+0.13% | Revisions=+20% | GrowthEPS=+2.8% | GrowthRev=+9.1%
EPS next Year (2027-12-31): EPS=1.94 | Chg30d=+0.04% | Revisions=+0% | GrowthEPS=+4.4% | GrowthRev=+3.8%
[Analyst] Revisions Ratio: +20%