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.
Plain-English pros, cons, and what to watch. Pro feature.
See what each model says, the assumptions behind it, the bad, normal and good cases, and why the fair value changed.
The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.
The full analyst picture: the price-target distribution against the current price, forward consensus estimates, and how ACCE's own models compare.
Trades are only made public after a delay. We show the delay so you know how old the news is.
Follow the informed money: 13F position changes, insider and Congress trades, and 13D activist filings.
| Date | Type | New | Previous | Price |
|---|---|---|---|---|
| 23 Oct 2026, 01:53 CEST | ACCE price target | €15.20 | first publication | €14.44 |
| 22 Oct 2026, 13:04 CEST | Fair value | €14.83 | first publication | €14.40 |
| 22 Oct 2026, 13:04 CEST | Rating | Fairly valued | first publication | €14.40 |
Answered from Carmila S.A. fundamentals + recent valuations. Every number shows its source and date.
| Company | Price | Fair value | vs fair value | P/E | ROE | Quality | Score |
|---|---|---|---|---|---|---|---|
| CARM.PA Carmila S.A. | €14.44 | €15 | 3% below | 6.8x | 8.7% | 76 | 56 |
| IVT InvenTrust Properties Corp. Common Stock | $30.08 | $42 | 29% below | 158.6x | 0.9% | 63 | 45 |
| FCPT Four Corners Property Trust Inc. Common Stock | $22.15 | - | - | 19.3x | 7.6% | 81 | 50 |
| UE Urban Edge Properties Common Shares of Beneficial Interest | $19.33 | - | - | 36.9x | 5.1% | 73 | 47 |
| AKR Acadia Realty Trust Common Stock | $18.78 | - | - | 55.2x | 5.7% | 73 | 55 |
| HMSO.L Hammerson Plc | £3.51 | £5 | 33% below | 8.8x | 10.6% | 81 | 70 |
| RGN.AX Region Group | A$2.26 | A$3 | 17% below | 9.8x | 9.3% | 81 | 50 |
Where CARM.PA ranks against its sector peers on each metric.