(CARM) Carmila - Ratings and Ratios
Shopping Centers, Retail Property, Commercial Real Estate
Dividends
| Dividend Yield | 7.43% |
| Yield on Cost 5y | 15.32% |
| Yield CAGR 5y | 4.66% |
| Payout Consistency | 83.6% |
| Payout Ratio | 50.4% |
| Risk via 5d forecast | |
|---|---|
| Volatility | 19.4% |
| Value at Risk 5%th | 30.5% |
| Relative Tail Risk | -4.73% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.43 |
| Alpha | 7.75 |
| CAGR/Max DD | 0.85 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.403 |
| Beta | 0.032 |
| Beta Downside | 0.129 |
| Drawdowns 3y | |
|---|---|
| Max DD | 18.03% |
| Mean DD | 6.53% |
| Median DD | 6.95% |
Description: CARM Carmila November 10, 2025
Carmila SA (Euronext-Paris: CARM) is the third-largest listed owner of commercial property in Europe, created by Carrefour together with large institutional investors to manage and upgrade shopping centres attached to Carrefour hypermarkets in France, Spain, and Italy. As of 31 December 2024 the company owned 251 shopping centres valued at roughly €6.7 billion, giving it leading market positions within each catch-area. The REIT benefits from the French SIIC tax regime and has been a constituent of the SBF 120 index since June 2022.
Key operating metrics from the most recent FY 2024 filing show an average occupancy rate of 96 % and a weighted-average lease term of 12 years, underscoring the portfolio’s stability. FY 2024 funds-from-operations (FFO) grew 4 % year-on-year to €0.85 per share, supporting a dividend yield of about 5.5 % and a payout ratio near 95 %. The company’s net-debt-to-EBITDA ratio stood at 4.2×, reflecting a moderate leverage profile in a sector where rising interest rates are compressing financing costs. Macro-level drivers include the ongoing shift toward experience-focused retail, the resilience of grocery-anchored malls to e-commerce disruption, and the sensitivity of French commercial-real-estate yields to European monetary-policy tightening.
For a deeper, data-driven assessment of Carmila’s valuation multiples and peer dynamics, the ValueRay platform provides a granular, up-to-date analytics suite worth exploring.
Piotroski VR‑10 (Strict, 0-10) 6.0
| Net Income (404.9m TTM) > 0 and > 6% of Revenue (6% = 63.8m TTM) |
| FCFTA 0.07 (>2.0%) and ΔFCFTA 4.06pp (YES ≥ +1.0pp, WARN ≥ +0.5pp) |
| NWC/Revenue -10.75% (prev 50.42%; Δ -61.17pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp) |
| CFO/TA 0.07 (>3.0%) and CFO 450.9m > Net Income 404.9m (YES >=105%, WARN >=100%) |
| Net Debt (2.68b) to EBITDA (773.3m) ratio: 3.47 <= 3.0 (WARN <= 3.5) |
| Current Ratio 0.74 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active) |
| Outstanding Shares last Quarter (141.2m) change vs 12m ago -1.69% (target <= -2.0% for YES) |
| Gross Margin 74.02% (prev 75.56%; Δ -1.54pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0) |
| Asset Turnover 15.80% (prev 7.23%; Δ 8.58pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0) |
| Interest Coverage Ratio 7.54 (EBITDA TTM 773.3m / Interest Expense TTM 102.1m) >= 6 (WARN >= 3) |
Altman Z'' 1.85
| (A) -0.02 = (Total Current Assets 320.0m - Total Current Liabilities 434.3m) / Total Assets 6.73b |
| (B) 0.17 = Retained Earnings (Balance) 1.17b / Total Assets 6.73b |
| (C) 0.11 = EBIT TTM 769.1m / Avg Total Assets 6.73b |
| (D) 0.60 = Book Value of Equity 2.03b / Total Liabilities 3.38b |
| Total Rating: 1.85 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D) |
ValueRay F-Score (Strict, 0-100) 82.16
| 1. Piotroski 6.0pt |
| 2. FCF Yield 9.48% |
| 3. FCF Margin 45.56% |
| 4. Debt/Equity 0.83 |
| 5. Debt/Ebitda 3.47 |
| 6. ROIC - WACC (= 8.70)% |
| 7. RoE 12.22% |
| 8. Rev. Trend 78.54% |
| 9. EPS Trend 25.06% |
What is the price of CARM shares?
Over the past week, the price has changed by -0.24%, over one month by +2.44%, over three months by -2.10% and over the past year by +14.25%.
Is CARM a buy, sell or hold?
What are the forecasts/targets for the CARM price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 21.2 | 26.2% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 20.3 | 20.9% |
CARM Fundamental Data Overview December 22, 2025
Market Cap EUR = 2.33b (2.33b EUR * 1.0 EUR.EUR)
P/E Trailing = 6.7581
P/E Forward = 8.8183
P/S = 4.0856
P/B = 0.6962
Beta = 0.695
Revenue TTM = 1.06b EUR
EBIT TTM = 769.1m EUR
EBITDA TTM = 773.3m EUR
Long Term Debt = 2.58b EUR (from longTermDebt, last quarter)
Short Term Debt = 215.6m EUR (from shortTermDebt, last quarter)
Debt = 2.79b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 2.68b EUR (from netDebt column, last quarter)
Enterprise Value = 5.11b EUR (2.33b + Debt 2.79b - CCE 14.0m)
Interest Coverage Ratio = 7.54 (Ebit TTM 769.1m / Interest Expense TTM 102.1m)
FCF Yield = 9.48% (FCF TTM 484.4m / Enterprise Value 5.11b)
FCF Margin = 45.56% (FCF TTM 484.4m / Revenue TTM 1.06b)
Net Margin = 38.07% (Net Income TTM 404.9m / Revenue TTM 1.06b)
Gross Margin = 74.02% ((Revenue TTM 1.06b - Cost of Revenue TTM 276.3m) / Revenue TTM)
Gross Margin QoQ = 70.76% (prev 77.11%)
Tobins Q-Ratio = 0.76 (Enterprise Value 5.11b / Total Assets 6.73b)
Interest Expense / Debt = 0.34% (Interest Expense 9.47m / Debt 2.79b)
Taxrate = 6.38% (8.40m / 131.7m)
NOPAT = 720.0m (EBIT 769.1m * (1 - 6.38%))
Current Ratio = 0.74 (Total Current Assets 320.0m / Total Current Liabilities 434.3m)
Debt / Equity = 0.83 (Debt 2.79b / totalStockholderEquity, last quarter 3.35b)
Debt / EBITDA = 3.47 (Net Debt 2.68b / EBITDA 773.3m)
Debt / FCF = 5.53 (Net Debt 2.68b / FCF TTM 484.4m)
Total Stockholder Equity = 3.31b (last 4 quarters mean from totalStockholderEquity)
RoA = 6.02% (Net Income 404.9m / Total Assets 6.73b)
RoE = 12.22% (Net Income TTM 404.9m / Total Stockholder Equity 3.31b)
RoCE = 13.05% (EBIT 769.1m / Capital Employed (Equity 3.31b + L.T.Debt 2.58b))
RoIC = 11.66% (NOPAT 720.0m / Invested Capital 6.18b)
WACC = 2.96% (E(2.33b)/V(5.12b) * Re(6.13%) + D(2.79b)/V(5.12b) * Rd(0.34%) * (1-Tc(0.06)))
Discount Rate = 6.13% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 8.05%
Shares Correlation 3-Years: -100.0 | Cagr: -0.37%
[DCF Debug] Terminal Value 70.46% ; FCFE base≈375.0m ; Y1≈246.2m ; Y5≈112.6m
Fair Price DCF = 15.92 (DCF Value 2.21b / Shares Outstanding 139.0m; 5y FCF grow -40.0% → 3.0% )
EPS Correlation: 25.06 | EPS CAGR: 123.3% | SUE: 2.85 | # QB: 2
Revenue Correlation: 78.54 | Revenue CAGR: 15.21% | SUE: 1.30 | # QB: 2
EPS next Year (2026-12-31): EPS=1.86 | Chg30d=-0.006 | Revisions Net=+0 | Growth EPS=+3.3% | Growth Revenue=+1.9%