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1. Company Snapshot

1.a. Company Description


On September 18, 2017, Carmila joined the FTSE EPRA/NAREIT Global Real Estate (EMEA Region) indices.On September 24, 2018, Carmila joined the Euronext CAC Small, CAC Mid Small and CAC All-tradable indices.">

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 June 2020, its portfolio consisted of 215 shopping centres, leaders in their catchment area, valued at 6.2 billion euros.Putting proximity at the heart of all its actions, Carmila aims to simplify life and improve the daily lives of merchants and customers in the heart of all territories.


Driven by a true commercial culture, its teams integrate all the expertise dedicated to the attractiveness of its assets: operations, center management, marketing, local digital marketing, new business and CSR.Carmila is listed in Compartment A on Euronext-Paris under the symbol CARM.It benefits from the regime of listed real estate investment companies ("SIIC").


On September 18, 2017, Carmila joined the FTSE EPRA/NAREIT Global Real Estate (EMEA Region) indices.On September 24, 2018, Carmila joined the Euronext CAC Small, CAC Mid Small and CAC All-tradable indices.

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1.b. Last Insights on CARM

Carmila S.A.'s recent performance was negatively impacted by the divestiture of its Villers-Semeuse shopping centre, which was a strategic asset. The disposal of this centre, mandated by the French Competition Authority, resulted in a one-time loss. Additionally, the company's first-half 2025 results were not yet available, but the accelerated growth and revised upwards recurring earnings outlook announced in July 2025 may not be fully reflected in the recent performance.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Carmila: Information Concerning the Total Number of Voting Rights and Share

Nov -05

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Carmila: Changes in the composition of the Board of Directors

Oct -27

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Carmila: Third-Quarter 2025 Financial Information: Sustained Growth and Objectives Confirmed

Oct -23

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Carmila (ENXTPA:CARM): Exploring Valuation as Market Sentiment Shifts

Oct -11

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Successful Completion of Tender Offer on Carmila’s Bonds With €313,100,000 of Bonds Tendered

Oct -10

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Carmila: Information Concerning the Total Number of Voting Rights and Share

Oct -03

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Carmila: Successful €300 Million Green Bond Issue Maturing in January 2033 With an Annual Fixed Coupon of 3.75%

Oct -02

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Carmila Announces the Launch of a Tender Offer on Its Existing Notes Maturing in May 2027, March 2028, October 2028 and April 2029, and Announces Its Intention to Issue New Notes

Oct -02

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.50%)

6. Segments

Property Management of The Shopping Centers

Expected Growth: 4.5%

Carmila’s growth is fueled by its strategic location, diversified tenant mix, and proactive asset management, driving foot traffic and sales for its shopping centers.

7. Detailed Products

Shopping Centers

Carmila S.A. owns and operates a portfolio of shopping centers across Europe, offering a range of retail spaces for various brands and retailers.

Retail Parks

Carmila S.A. develops and manages retail parks, providing large retail spaces for big-box retailers and supermarkets.

High Street Retail

Carmila S.A. owns and operates high street retail properties in prime locations, catering to a range of retailers and restaurants.

Office Spaces

Carmila S.A. offers office spaces for businesses, providing flexible and modern work environments.

Logistics and Warehousing

Carmila S.A. develops and manages logistics and warehousing facilities, catering to the needs of e-commerce and logistics companies.

8. Carmila S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Carmila S.A. operates in a market with moderate threat of substitutes, as customers have some alternatives but they are not very attractive.

Bargaining Power Of Customers

Carmila S.A. has a diverse customer base, which reduces the bargaining power of individual customers.

Bargaining Power Of Suppliers

Carmila S.A. has a moderate dependence on its suppliers, but it has some bargaining power due to its size and reputation.

Threat Of New Entrants

The retail industry is highly competitive, and new entrants can easily enter the market, posing a significant threat to Carmila S.A.'s market share.

Intensity Of Rivalry

The retail industry is highly competitive, and Carmila S.A. faces intense rivalry from established players, which can lead to price wars and decreased profit margins.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 47.54%
Debt Cost 3.95%
Equity Weight 52.46%
Equity Cost 11.22%
WACC 7.76%
Leverage 90.64%

11. Quality Control: Carmila S.A. passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Carmila

A-Score: 6.9/10

Value: 6.8

Growth: 5.2

Quality: 6.6

Yield: 10.0

Momentum: 4.0

Volatility: 8.7

1-Year Total Return ->

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Patrimoine et Commerce

A-Score: 6.8/10

Value: 4.5

Growth: 4.8

Quality: 4.9

Yield: 8.8

Momentum: 8.0

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
Klépierre

A-Score: 6.6/10

Value: 4.3

Growth: 4.6

Quality: 5.8

Yield: 9.4

Momentum: 6.0

Volatility: 9.7

1-Year Total Return ->

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Stock-Card
Retail Estates

A-Score: 6.4/10

Value: 5.4

Growth: 3.9

Quality: 6.9

Yield: 9.4

Momentum: 4.0

Volatility: 9.0

1-Year Total Return ->

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Mercialys

A-Score: 5.7/10

Value: 3.8

Growth: 3.1

Quality: 4.9

Yield: 10.0

Momentum: 3.5

Volatility: 8.7

1-Year Total Return ->

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Vastned Retail

A-Score: 5.6/10

Value: 6.1

Growth: 3.7

Quality: 4.2

Yield: 10.0

Momentum: 3.0

Volatility: 6.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

16.76$

Current Price

16.76$

Potential

-0.00%

Expected Cash-Flows