Carmila's Stock Bounces to €15.76 but Remains Below Its Moving Averages
Carmila's stock gains 2.2% to €15.76 mid-session, buoyed by the SBF 120's rise (+0.58%). However, the commercial center manager backed by Carrefour is still down 5.06% for the week and 10.35% over three months. Today's rebound does not offset the losses accumulated since February.
A Technical Rebound That Leaves the Stock Below Its Three Main Moving Averages
At €15.76, the price remains below the MM20 (€17.00), MM50 (€17.11), and MM200 (€17.02), with a gap of about 7.3% below these three benchmarks. This setup reflects a bearish trend that has been established for several weeks. The RSI at 45 remains neutral, with no sign of seller exhaustion despite a 13.79% decline over the year.
A Stock Decline That Contrasts With Operational Solidity Shown in the First Quarter
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The real estate company had published its quarterly indicators on April 24, showing a 1.2% organic growth in net rents, which is 80 basis points above the indexation, and a 1.1% increase in merchants' turnover, driven by Spain. The release did not prevent the stock from losing 2.5% that day. Based on the consensus of six analysts updated on May 17, 2026, the stock is trading at about 8.5 times the expected earnings for the current fiscal year, compared to a 'Real Estate' sector average of 13.3 times. The expected growth in earnings per share from one fiscal year to the next is 4.4%. The next financial calendar event is the annual general meeting on June 15, 2026, followed by the semi-annual results on July 28.
Carmila is confidently reiterating its objectives for 2026
Risks mentioned
No new supply and increasing scarcity of profitable spaces may limit future expansion opportunities
Interest rate sensitivity despite current full hedging in 2026-2027, potentially impacting cost of capital for future acquisitions
Retail market concentration in Western Europe and exposure to economic downturn affecting footfall and retailer demand
Opportunities identified
Accretive acquisition of Grand Quetigny (Dijon) generating rental uplift and innovation-based revenues leveraging Carmila's asset management expertise
Rising retailer demand and occupancy expansion (96.0%, +70 bps) supporting sustainable rental revenue growth across three countries
Innovation-driven revenues (Specialty leasing, Retail media, Next Tower, Marketing services) from 620 million annual visits
Outlook / guidance
Management commentary: Carmila is confidently reiterating its objectives for 2026 and expects to generate recurring earnings per share of €1.87.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
