Carmila S.A. (CARM.PA) : juste valeur

Thèse ACCE

Carmila owns and operates shopping centres anchored by Carrefour hypermarkets across France, Spain and Italy, with the bulk of its rental income coming from the French portfolio. The structural case rests on that anchor: grocery-led centres with long leases and a dominant food tenant hold up better in downturns than discretionary malls, and the 59.4% operating margin reflects how little the business has to spend to earn its rent. Revenue is shrinking slightly (down 1.3%), so the catalysts are about cash flow and leasing rather than top-line growth, with the investment question being whether a stable rent roll and a low multiple of 6.8x trailing earnings are enough to offset a sub-9% ROE and a shrinking top line. At a 2.0 billion euro market cap and a forward P/E of 7.5x, the stock is priced for little growth, which makes it worth a look if you want to test whether the anchor-tenant model is as defensive as it appears. The thesis needs the portfolio's occupancy, lease expiry profile and debt maturities before it can be taken further.