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Owns shopping centres anchored by Carrefour hypermarkets across France, Spain and Italy.
Owns shopping centres anchored by Carrefour hypermarkets across France, Spain and Italy.
Owns the gallery of shops attached to Carrefour hypermarkets and collects rent from those shops, relying on the hypermarket's footfall. Rents are indexed to inflation through lease clauses, and smaller fees come from temporary stalls and advertising. Created in 2014 when Carrefour pooled its mall assets with investors.
Moat: narrow (switching costs, scale). Long-term leases with its founding shareholder Carrefour anchor stable, contracted rental income.
Headquarters: Paris, France · Founded: 2014 · Employees: 259
Size Carmila (CARM.PA) is a France Consumer Staples company (Discount Stores) with a market value of $2.40B, the 101st largest of 206 France companies the cockpit tracks. Shares closed at €15.36 on 6 Nov 2026.
Performance Over six months the shares fell 6.6%, against +7.7% for the median peer and -0.4% for the France market (cap-weighted) — 3rd lowest of 10 in its peer set.
Growth Revenue fell 1.1% over the last twelve months (peer median +3.6%); the operating margin is 59.6% (peer median 7.6%).
Valuation It trades at 8.2× forward earnings against a peer median of 16.6× (cheapest of 10).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.8 points below its cost of capital (7.0% WACC).
Credit Carmila has 5 bonds outstanding ($1.88B), rated BBB by the agencies and trading like A- at a weighted spread of 105 bp.
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €569M | €574M | €534M | €486M | €473M |
| Revenue growth | — | +8% | +10% | +3% | — |
| Gross profit | €430M | €431M | €395M | €365M | €361M |
| EBITDA | €342M | €341M | €457M | €290M | €290M |
| Net income | €294M | €185M | €314M | €2.78M | €219M |
| Free cash flow | €219M | €216M | €213M | €199M | €236M |
| Capital expenditure | €5.14M | €22.3M | €3.05M | €14.5M | €25.0M |
| Total debt | n/a | €2.68B | €2.72B | €3.02B | €2.59B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Carmila CARM.PA | $2.40B | -7% | -1% | 60% | 8.2× | 4.3% |
| Klepierre LI.PA | $11.6B | +8% | +3% | 63% | 13.1× | n/a |
| Unibail-Rodamco-Westfield SE Stapled Secs Cons of 1 Sh Unibail Rodamco + 1 Sh WFD Unib Rod URW.PA | n/a | -7% | n/a | n/a | n/a | n/a |
| Mercialys MERY.PA | $1.05B | -15% | +3% | 69% | 7.7× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CARM.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.0% | +7.6% | 5th highest of 10 |
| 6-month return | -6.6% | +7.7% | 3rd lowest of 10 |
| Distance from 52-week high | -17.6% | -14.2% | 3rd lowest of 10 |
| Revenue growth (TTM) | -1.1% | +3.6% | 4th lowest of 10 |
| Operating margin | 59.6% | 7.6% | highest of 10 |
| Forward P/E | 8.2× | 16.6× | cheapest of 10 |
| Growth the price implies (Req g, 7 yrs) | 4.3% | 0.1% | 4th most demanding of 10 |
| Growth delivered (Del g) | +5.5% | +4.8% | 5th highest of 10 |
| Hurdle (Req g minus delivered) | -1.1 pp | -4.4 pp | 4th most demanding of 10 |
| ROIC minus cost of capital | -2.8 pp | +2.5 pp | lowest of 10 |
| EV / EBITDA | 14.1× | 7.5× | 2nd most expensive of 8 |
| Net debt / EBITDA | 7.8× | 2.6× | most indebted of 9 |
| Bond spread | 105 bp | 142 bp | 3rd tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Carmila CARM.PA | France | $2.40B | -7% | -1% | 60% | 8.2× | 4.3% | +5.5% |
| Lagardere MMB.PA | France | $2.92B | +4% | +4% | 7% | 8.7× | -5.5% | +16.0% |
| B&M European Value Retail BME.L | United Kingdom | $3.79B | +71% | +4% | 8% | 12.9× | -0.6% | +3.8% |
| Europris EPR.OL | Norway | $1.44B | -9% | +3% | 9% | 15.2× | -4.3% | +13.2% |
| Avolta AVOL.SW | Switzerland | $8.03B | +8% | -1% | 7% | 13.8× | -1.6% | +40.3% |
| Five Below FIVE | United States | $13.2B | +8% | +26% | 15% | 23.7× | 8.1% | +19.4% |
| China Tourism Group Duty Free 601888.SS | China | $15.9B | -17% | -1% | 10% | 24.7× | 8.6% | +0.4% |
| Can Do 2698.T | Japan | $307M | -4% | +4% | 1% | 69.5× | 12.4% | +3.6% |
| Dollar Tree DLTR | United States | $24.6B | +39% | -8% | 11% | 19.1× | 0.1% | -5.3% |
| Dollar General DG | United States | $29.5B | +18% | +5% | 6% | 16.6× | 0.9% | +4.8% |
Carmila has 5 bonds outstanding with $1.88B face value. The agencies rate it BBB; its bonds trade like A-. Weighted yield 4.29%, a spread of 105 bp over government bonds.