Carmila S.A (CRMIF) fair value: what the stock is really worth
As of Sep 25, 2026: fair value of Carmila S.A $26.00, price $19.74, upside +31.7%, quality 66 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
32‑month range $14.00 – $20.55 · fair‑value band $15.21 – $32.49 · the $19.74 price screens below the $26.00 fair value. Dashed = 300-day average. As of Sep 24, 2026.
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Carmila S.A. is a leading European commercial real estate company, with 250 shopping centres across France, Spain and Italy. As of December 31, 2025, Carmila's portfolio was valued at 6.7 billion euros. Welcoming over 600 million visitors each year, Carmila creates local life hubs, vibrant places that are essential to everyday life.
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Carmila S.A. is a leading European commercial real estate company, with 250 shopping centres across France, Spain and Italy. As of December 31, 2025, Carmila's portfolio was valued at 6.7 billion euros. Welcoming over 600 million visitors each year, Carmila creates local life hubs, vibrant places that are essential to everyday life. Anchored by Carrefour hypermarkets, these centres act as catalysts for local commerce by integrating shopping, healthcare services, events, dining and leisure. Carmila is listed on Euronext Paris, Compartment A, under the ticker symbol CARM and benefits from the French listed real estate investment trust regime. The Group is a member of SBF 120 and CAC Mid 60 indices. Carmila S.A. was established on March 6, 1991 and incorporated in France.
Stock analysis
Carmila S.A (CRMIF) currently trades at $19.74, while our model-based Fair Value estimate is $26.00, implying the stock looks roughly 24.1% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $28.52 per share, and 9 of the 14 models we run sit above the $19.74 price.
Bear case: the Growth DCF group reads lowest at $17.25, and 5 of the 14 models stay below the price. Evidence for this calculation is medium.
Scenario range: $15.21 (bear) to $32.49 (bull), the price of $19.74 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 66/100 (solid quality), in the Real Estate sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Carmila S.A reported revenue of €544M in FY2025 versus €429M in FY2021, a compound +6.1%/yr. Reported net income was €185M in FY2025, compounding −0.9%/yr from FY2021.
Key figures
Market cap $2.8B · P/E ratio 12.8 · P/S ratio 4.37 · EPS (TTM) $1.54 · Net margin 34.1% · Return on equity 5.5% · Return on assets (EBIT) 4.8% · Operating margin 64.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).
What moves the price
The share trades at its 52-week high and 26% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −24% fair-value upside, at 32%, CRMIF screens cheaper than that median.
Fair Value models
Bear $15.21Fair Value $26.00Bull $32.49
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($1.16 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.78/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+7.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.9%
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+0.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+0.2%
Dividend (yield on the price)0.0%
Profit margin 2021 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.55% → 62%
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+4.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−0.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in EUR, euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +2.5% a year for the price and −2.6% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Retail · 91 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score68 · Top 25%
Fair Value upside+156.0% · Top 25%
Profitability
Return on equity (TTM)5.5% · Below median
Return on assets3.2% · Above median
Net margin (TTM)32.7% · Below median
Operating margin (TTM)64.3% · Above median
Growth and dividend
Revenue growth−1.4% · Bottom 25%
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity0.74× · Above median
Valuation Multiplesvs REIT - Retail median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Carmila S.A Fair Value". https://www.fairvalue-calculator.com/stock/CRMIF
Frequently asked questions
Is Carmila S.A (CRMIF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $26.00 versus the last price from Sep 25, 2026 of $19.74, about +32% upside (undervalued).
What is the fair value of CRMIF?
Our model-based fair value for Carmila S.A is $26.00 (as of Sep 24, 2026), built from audited fundamentals. Last price (from Sep 25, 2026): $19.74.
What is the quality score of CRMIF?
Carmila S.A has a Quality Score of 66/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Carmila S.A (CRMIF)?
Our model-based price target is the fair value of $26.00 (as of Sep 24, 2026) from 14 valuation models. Cautious scenario $15.21, optimistic scenario $32.49. It is a calculation from audited fundamentals, not an analyst target.
What is the Carmila S.A stock forecast for 2026?
Our models put fair value at $26.00, about +32% upside versus the last price from Sep 25, 2026 of $19.74 (undervalued). Cautious scenario $15.21, optimistic scenario $32.49. The calculation is refreshed regularly with new filings.
What is the revenue of Carmila S.A (CRMIF)?
Carmila S.A reported trailing-twelve-month revenue of about €566M (latest available figure, as of Sep 24, 2026).
What growth is priced into Carmila S.A (CRMIF)?
For today's price to be fair in a discounted-cash-flow model, Carmila S.A would have to grow free cash flow by +4.7 % per year for five years (discount rate 9.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 4 years revenue grew +6.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of CRMIF use?
Our models discount Carmila S.A at 9.0 %: a base by market capitalisation (mid), damped by beta 0.69, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Carmila S.A that is +4.7 % per year a year over ten years, using the same discount rate (9.0 %) and the same formula as our fair value.
How much growth has Carmila S.A (CRMIF) delivered so far?
Over the past 4 years revenue at Carmila S.A grew +6.1 % a year. The price currently implies +4.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Carmila S.A (CRMIF) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Carmila S.A (+4.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Carmila S.A (CRMIF)?
The free-cash-flow yield on the price is 11.90 %: that much free cash flow Carmila S.A produces per unit of market value. When it exceeds the discount rate of our models (9.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Carmila S.A (CRMIF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Carmila S.A it is $26.00 per share (as of Sep 24, 2026), against a price of $19.74. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Carmila S.A stock overvalued or undervalued in 2026?
As of Sep 24, 2026, CRMIF trades below its calculated fair value: price $19.74, fair value $26.00, a gap of about +32% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CRMIF?
No. The price is what the market pays today ($19.74); the fair value is what the company's own numbers justify ($26.00). For Carmila S.A the two are $6.26 per share apart. That gap is exactly why we show both numbers side by side.
How much is Carmila S.A worth?
The market values Carmila S.A at about $2.8B (market capitalisation, as of Sep 24, 2026). Per share that is $19.74; our models calculate a fair value of $26.00 per share.
What do the bullish and bearish scenarios say about CRMIF?
Our models span a range for Carmila S.A: cautious scenario $15.21, base $26.00, optimistic $32.49 per share (as of Sep 24, 2026, price $19.74). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CRMIF?
Carmila S.A trades at a price-to-earnings ratio of 12.8 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $26.00 is built from several models across several years. Other multiples: P/B 0.7, P/S 4.3, EV/EBITDA 13.9.
How solid is the balance sheet of Carmila S.A (CRMIF)?
Balance-sheet figures for Carmila S.A (as of Sep 24, 2026): return on equity 5.5%, debt of 0.74 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is CRMIF from its 52-week high?
Carmila S.A trades at $19.74, at its 52-week high of $19.74 and 26% above the low of $15.71 (as of Sep 25, 2026). Distance from the high says nothing about value: that is what the fair value of $26.00 is for.
Which stocks are comparable to Carmila S.A?
From the same area (Real Estate) we also value Simon Property Group, Realty Income Corporation, Kimco Realty Corporation, Unibail-Rodamco-Westfield SE, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Carmila S.A stock attractive at the current price?
The data as of Sep 24, 2026: price $19.74, calculated fair value $26.00 (+32%), Quality Score 66/100, from 14 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CRMIF calculated?
We run Carmila S.A through 14 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $26.00, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Carmila S.A currently trades 24 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Carmila S.A (CRMIF)?
The latest price we hold is from Sep 25, 2026 and stands at $19.74. Our model-based fair value is $26.00, about +32% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Carmila S.A right now?
Solid quality (66/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($15.21 to $32.49) leaves room in how you read the outcome. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Carmila S.A
How large is the market capitalisation of Carmila S.A (CRMIF)?
The market capitalisation of Carmila S.A is $2.8B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Carmila S.A (CRMIF)?
The price-to-sales ratio of Carmila S.A is 4.37 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Carmila S.A (CRMIF)?
Earnings per share at Carmila S.A are $1.54 (price ÷ EPS = P/E 12.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Carmila S.A (CRMIF)?
The net margin of Carmila S.A is 34.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Carmila S.A (CRMIF)?
The return on equity (ROE) of Carmila S.A is 5.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Carmila S.A (CRMIF)?
On an EBIT basis the return on assets of Carmila S.A is 4.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Carmila S.A (CRMIF)?
The operating margin of Carmila S.A is 64.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Carmila S.A (CRMIF)?
Revenue at Carmila S.A is growing −1.4% versus a year earlier (3y avg +6.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Carmila S.A (CRMIF)?
Earnings per share at Carmila S.A are growing −72.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Carmila S.A (CRMIF) carry?
The net debt of Carmila S.A is €2.5B (fiscal year 2025, ≈ 8.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Sep 24, 2026