ENXTPA:CARM

Stock Analysis Report

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Executive Summary

Carmila was created by Carrefour and major institutional investors to transform and enhance the shopping centres adjoining Carrefour stores in France, Spain and Italy. More Details


Snowflake Analysis

Fair value with moderate growth potential.


Similar Companies

Share Price & News

How has Carmila's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: CARM's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-0.7%

CARM

1.4%

FR REITs

1.3%

FR Market


1 Year Return

-40.8%

CARM

-31.8%

FR REITs

-5.7%

FR Market

Return vs Industry: CARM underperformed the French REITs industry which returned -31.8% over the past year.

Return vs Market: CARM underperformed the French Market which returned -5.7% over the past year.


Shareholder returns

CARMIndustryMarket
7 Day-0.7%1.4%1.3%
30 Day6.0%-0.9%2.9%
90 Day-28.1%-10.7%3.1%
1 Year-35.4%-40.8%-27.1%-31.8%-3.7%-5.7%
3 Year-53.8%-63.5%-17.2%-30.7%10.6%1.0%
5 Yearn/a4.6%-21.8%45.3%25.8%

Price Volatility Vs. Market

How volatile is Carmila's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

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

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CARM (€9.08) is trading below our estimate of fair value (€27.54)

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 FR 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 (0.4x) compared to the FR REITs industry average (0.7x).


Next Steps

Future Growth

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

-25.4%

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 (0.6%).

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 (-0.6% per year).

High Growth Revenue: CARM's revenue is forecast to decline over the next 3 years (-0.6% 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 (7.9%).


Next Steps

Past Performance

How has Carmila performed over the past 5 years?

-40.9%

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 40.9% 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 (-1.39%), as it is currently unprofitable.


Next Steps

Financial Health

How is Carmila's financial position?


Financial Position Analysis

Short Term Liabilities: CARM's short term assets (€755.1M) exceed its short term liabilities (€693.7M).

Long Term Liabilities: CARM's short term assets (€755.1M) do not cover its long term liabilities (€2.8B).


Debt to Equity History and Analysis

Debt Level: CARM's debt to equity ratio (83.6%) is considered high.

Reducing Debt: CARM's debt to equity ratio has increased from 74.6% to 83.6% over the past 5 years.

Debt Coverage: CARM's debt is not well covered by operating cash flow (5.7%).

Interest Coverage: CARM is unprofitable, therefore interest payments are not well covered by earnings.


Balance Sheet


Next Steps

Dividend

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

11.01%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: CARM's dividend (11.01%) is higher than the bottom 25% of dividend payers in the French market (1.55%).

High Dividend: CARM's dividend (11.01%) is in the top 25% of dividend payers in the French market (4.97%)


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 3 years, and since then payments have fallen.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (65.2%), CARM's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: CARM's dividends in 3 years are not forecast to be well covered by earnings (105.1% payout ratio).


Next Steps

Management

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

1.7yrs

Average management tenure


CEO

Alexandre De Palmas (45 yo)

1.17yrs

Tenure

€393,834

Compensation

Mr. Alexandre De Palmas has been Chairman of the Board and Chief Executive Officer of Carmila S.A. since July 1, 2019. He serves as Executive Director of Spain at Carrefour SA since July 1, 2020. He served ...


CEO Compensation Analysis

Compensation vs Market: Alexandre's total compensation ($USD466.46K) is below average for companies of similar size in the French market ($USD959.80K).

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


Leadership Team

NamePositionTenureCompensationOwnership
Alexandre De Palmas
Chairman & CEO1.17yrs€393.83kno data
Géry Robert-Ambroix
Deputy Chief Executive Officer3.25yrs€819.35kno data
Sébastien Vanhoove
Deputy Chief Executive Officer2.17yrs€362.82kno data
Pierre-Yves Thirion
Chief Financial Officerno datano datano data
Frederic Despres
Head of Operations1yrno datano data
Morgan Lavielle
Head of Corporate Communicationno datano datano data
Éric Robert
Marketing Directorno datano datano data
Marie Muchir
Human Resources Directorno datano datano data
Marie-Flore Bachelier
General Secretary & Head of Capital Marketsno datano datano data
Quentin Jonas
Chief Customer2.67yrsno datano data
Florence Lonis
General Secretary0.17yrno datano data

1.7yrs

Average Tenure

52yo

Average Age

Experienced Management: CARM's management team is not considered experienced ( 1.7 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Alexandre De Palmas
Chairman & CEO1.17yrs€393.83kno data
Francis André Mauger
Non-Voting Director1.42yrsno datano data
Laurent Luccioni
Independent Director3.25yrsno data0.00072%
€ 9.3k
Nadra Moussalem
Independent Director3.25yrs€28.75k0.00070%
€ 9.1k
Séverine Farjon
Independent Director5.33yrs€40.00k0.00070%
€ 9.1k
Nathalie Robin
Independent Director3.25yrs€30.00kno data
Pedro Arias
Non-Voting Director3.25yrs€11.25kno data
Laurent Fléchet
Non-Voting Director3.25yrs€13.75kno data
Yann Briand
Independent Director3.25yrs€28.33kno data
Olivier Lecomte
Lead Independent Director3.25yrs€65.00k0.00070%
€ 9.1k
Emmanuel Chabas
Independent Director3.25yrsno datano data
Amal Del Monaco
Independent Director3.25yrsno datano data

3.3yrs

Average Tenure

47yo

Average Age

Experienced Board: CARM's board of directors are considered experienced (3.3 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 4.5%.


Top Shareholders

Company Information

Carmila S.A.'s company bio, 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: €1.293b
  • Shares outstanding: 142.43m
  • 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

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CARMENXTPA (Euronext Paris)YesNew Ordinary SharesFREURJun 2017

Biography

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 con ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/09/18 03:10
End of Day Share Price2020/09/17 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


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.