CARM

CarmilaENXTPA:CARM Stock Report

Market Cap

€1.9b

7D

6.6%

1Y

55.6%

Updated

17 Sep, 2021

Data

Company Financials +
CARM fundamental analysis
Snowflake Score
Valuation3/6
Future Growth3/6
Past Performance0/6
Financial Health1/6
Dividends3/6

CARM Overview

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.

Carmila Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Carmila
Historical stock prices
Current Share Price€12.98
52 Week High€6.54
52 Week Low€15.26
Beta2.06
1 Month Change10.19%
3 Month Change4.17%
1 Year Change55.64%
3 Year Change-41.00%
5 Year Changen/a
Change since IPO-55.70%

Recent News & Updates

Shareholder Returns

CARMFR REITsFR Market
7D6.6%-1.4%-1.6%
1Y55.6%26.6%31.8%

Return vs Industry: CARM exceeded the French REITs industry which returned 26.6% over the past year.

Return vs Market: CARM exceeded the French Market which returned 31.8% over the past year.

Price Volatility

Is CARM's price volatile compared to industry and market?
CARM volatility
CARM Beta2.06
Industry Beta1.29
Market Beta1

Stable Share Price: CARM is not significantly more volatile than the rest of French stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: CARM's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2014212Marie Chevalhttps://www.carmila.com/en/

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.

Carmila Fundamentals Summary

How do Carmila's earnings and revenue compare to its market cap?
CARM fundamental statistics
Market Cap€1.90b
Earnings (TTM)-€53.30m
Revenue (TTM)€449.54m

4.2x

P/S Ratio

-35.6x

P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
CARM income statement (TTM)
Revenue€449.54m
Cost of Revenue€186.24m
Gross Profit€263.30m
Expenses€316.60m
Earnings-€53.30m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

Oct 21, 2021

Earnings per share (EPS)-0.37
Gross Margin58.57%
Net Profit Margin-11.86%
Debt/Equity Ratio82.5%

How did CARM perform over the long term?

See historical performance and comparison

Dividends

3.7%

Current Dividend Yield

82%

Payout Ratio

Valuation

Is Carmila undervalued compared to its fair value and its price relative to the market?

38.7%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CARM (€12.98) is trading below our estimate of fair value (€21.16)

Significantly Below Fair Value: CARM is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: CARM is unprofitable, so we can't compare its PE Ratio to the French REITs industry average.

PE vs Market: CARM is unprofitable, so we can't compare its PE Ratio to the French market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate CARM's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: CARM is good value based on its PB Ratio (0.6x) compared to the FR REITs industry average (0.7x).


Future Growth

How is Carmila forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

61.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CARM is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (0.4%).

Earnings vs Market: CARM is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: CARM's is expected to become profitable in the next 3 years.

Revenue vs Market: CARM's revenue is expected to decline over the next 3 years (-1% per year).

High Growth Revenue: CARM's revenue is forecast to decline over the next 3 years (-1% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: CARM's Return on Equity is forecast to be low in 3 years time (9.1%).


Past Performance

How has Carmila performed over the past 5 years?

-60.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CARM is currently unprofitable.

Growing Profit Margin: CARM is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: CARM is unprofitable, and losses have increased over the past 5 years at a rate of 60.8% per year.

Accelerating Growth: Unable to compare CARM's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: CARM is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (-13.2%).


Return on Equity

High ROE: CARM has a negative Return on Equity (-1.64%), as it is currently unprofitable.


Financial Health

How is Carmila's financial position?


Financial Position Analysis

Short Term Liabilities: CARM's short term assets (€423.7M) do not cover its short term liabilities (€449.9M).

Long Term Liabilities: CARM's short term assets (€423.7M) do not cover its long term liabilities (€2.7B).


Debt to Equity History and Analysis

Debt Level: CARM's debt to equity ratio (82.5%) is considered high.

Reducing Debt: CARM's debt to equity ratio has increased from 80.2% to 82.5% over the past 5 years.

Debt Coverage: CARM's debt is not well covered by operating cash flow (7.7%).

Interest Coverage: CARM's interest payments on its debt are well covered by EBIT (3.3x coverage).


Balance Sheet


Dividend

What is Carmila current dividend yield, its reliability and sustainability?

3.70%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: CARM's dividend (3.7%) is higher than the bottom 25% of dividend payers in the French market (1.29%).

High Dividend: CARM's dividend (3.7%) is low compared to the top 25% of dividend payers in the French market (3.91%).


Stability and Growth of Payments

Stable Dividend: CARM has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: CARM has only been paying a dividend for 4 years, and since then payments have fallen.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (82.3%), CARM's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: CARM's dividends in 3 years are forecast to be covered by earnings (91.7% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

0.5yrs

Average management tenure


CEO

Marie Cheval (47 yo)

0.83

Tenure

€571,702

Compensation

Ms. Marie Cheval is Deputy Chairwoman of Supervisory Board Member since 2019 and was Supervisory Board member until 2019 at Métropole Télévision S.A. She has been Executive Director of Financial Services a...


CEO Compensation Analysis

Compensation vs Market: Marie's total compensation ($USD671.09K) is below average for companies of similar size in the French market ($USD1.03M).

Compensation vs Earnings: Insufficient data to compare Marie's compensation with company performance.


Leadership Team

Experienced Management: CARM's management team is not considered experienced ( 0.5 years average tenure), which suggests a new team.


Board Members

Experienced Board: CARM's board of directors are considered experienced (4.3 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 2.8%.


Top Shareholders

Company Information

Carmila S.A.'s employee growth, exchange listings and data sources


Key Information

  • Name: Carmila S.A.
  • Ticker: CARM
  • Exchange: ENXTPA
  • Founded: 2014
  • Industry: Retail REITs
  • Sector: Real Estate
  • Market Cap: €1.897b
  • Shares outstanding: 146.18m
  • Website: https://www.carmila.com/en/

Number of Employees


Location

  • Carmila S.A.
  • 58, avenue Émile-Zola
  • Boulogne-Billancourt
  • Ile-de-France
  • 92100
  • France

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/09/17 22:31
End of Day Share Price2021/09/17 00:00
Earnings2021/06/30
Annual Earnings2020/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.