Carmila SA

Carmila SA. Carmila SA, formerly Cardety SA, is a France-based company that operates in the real estate investment sector. The Company is primarily engaged in the acquisition, holding and managing of commercial real estate assets for lease. The Company's real estate assets include a supermarket under the ED brand in Forges-les-Eaux, a shopping center in Pau Lescar, a retail park in Mondeville, a shopping mall in Besancon Chalezeule, a building complex in Salaise-sur-Sanne and a business park project in Quetigny.
  • TickerCARM
  • ISINFR0010828137
  • ExchangeEuronext Paris
  • SectorReal Estate Investment Trusts
  • CountryFrance

Analysts

Alain William ...
  • Alexandre Iatrides
  • Benoit Valleaux
  • Emira Sagaama
  • Fatma Ayachi
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Olfa Taamallah
  • Roland Pfaender,MBA,CFA,CCRA
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/01/2020

We simulated the impact of COVID-19 on companies in our universe of coverage from an operating viewpoint. Setting target prices is a risky business amid uncertainty and very rapid movements in the financial markets, reacting more to political/sanitary news flow than to corporate disclosures. However, we tried to include the increase in the perceived risk premium and the change in aggregates in our valuations. As the current crisis is set to have radically different impacts on the twen...

Florent Laroche-Joubert

ODDO : How should we see the postponement of rents and dividends in France?

>Postponement of rents for SMEs - impact mainly on retail REITS - We think that it is mainly retail property companies that will be significantly impacted by the postponement of SME rents, as requested by the French government in its ordinance of 25 March. Activity at their shopping centres is 65-90% disrupted depending on whether or not their rental scope includes food retailers. As indicated in our latest Equity Flashes on Carmila, Klépierre and URW, we have opted f...

Alain William ...
  • Alexandre Iatrides
  • Benoit Valleaux
  • Emira Sagaama
  • Fatma Ayachi
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Olfa Taamallah
  • Roland Pfaender,MBA,CFA,CCRA
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 01/04/2020

Nous avons simulé l’impact du COVID-19 sur les sociétés de notre coverage d’un point de vue opérationnel. La détermination d’objectifs de cours est plus hasardeuse dans ce contexte d’incertitude et de mouvements très rapides des marchés financiers, réagissant davantage à un newsfow politique/sanitaire qu’aux communications des sociétés. Nous avons toutefois intégré l’augmentation de la prime de risque perçue et la modification des agrégats dans nos valorisations. Cette crise ayant des...

Florent Laroche-Joubert

ODDO : Quelle lecture avoir sur le report des loyers et les dividendes en France ?

>Report des loyers des TPE/PME, un impact surtout pour les foncières de commerce - Nous estimons que les foncières de commerce seront les plus impactées par les reports de loyers des TPE/PME tels que demandé par le gouvernement français dans son ordonnance du 25 mars. L’activité de leurs centres commerciaux est perturbée à hauteur de 65% à 90% en fonction de la présence ou non de surfaces alimentaires dans leur périmètre locatif. Comme indiqué dans nos derniers flashs...

Alain William ...
  • Baptiste Lebacq
  • Florent Laroche-Joubert
  • Jean-François Granjon
  • Nicolas Thorez

ODDO BHF Small & MIDCAP MORNING NEWS - 03/30/2020

...

Matthieu DRIOL

Short term view - CARMILA : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €18.67. The background trend would be questioned should prices rise above €24.95.

Matthieu DRIOL

Analyse court terme - CARMILA : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 18,67 €. La tendance de fond serait remise en cause en cas de franchissement de 24,95 €.

Matthieu DRIOL

Analyse court terme - CARMILA : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 18,67 €. La tendance de fond serait remise en cause en cas de franchissement de 24,95 €.

Matthieu DRIOL

Short term view - CARMILA : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €18.67. The background trend would be questioned should prices rise above €24.95.

Matthieu DRIOL

Analyse moyen terme - CARMILA : La tendance est baissière.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 18,17 €, puis 13,17 €. Le franchissement de 39,36 € remettrait en cause la suite de la baisse.

Florent Laroche-Joubert

ODDO : How should we see the postponement of rents and dividends in France?

>Postponement of rents for SMEs - impact mainly on retail REITS - We think that it is mainly retail property companies that will be significantly impacted by the postponement of SME rents, as requested by the French government in its ordinance of 25 March. Activity at their shopping centres is 65-90% disrupted depending on whether or not their rental scope includes food retailers. As indicated in our latest Equity Flashes on Carmila, Klépierre and URW, we have opted f...

Florent Laroche-Joubert

ODDO : Quelle lecture avoir sur le report des loyers et les dividendes en France ?

>Report des loyers des TPE/PME, un impact surtout pour les foncières de commerce - Nous estimons que les foncières de commerce seront les plus impactées par les reports de loyers des TPE/PME tels que demandé par le gouvernement français dans son ordonnance du 25 mars. L’activité de leurs centres commerciaux est perturbée à hauteur de 65% à 90% en fonction de la présence ou non de surfaces alimentaires dans leur périmètre locatif. Comme indiqué dans nos derniers flashs...

Florent Laroche-Joubert

Carmila : Uncertainty with COVID-19

>Portfolio particularly impacted by COVID-19 - With its portfolio of shopping centres, 72% of which are in France, 23% in Italy and 6% in Spain, Carmila is currently particularly impacted by the COVID-19 crisis. This is why S&P placed the group’s BBB /A-2 rating on a negative outlook (vs stable) on Friday night.We think that only around 10-15% approximately of retailers (pharmacies, opticians, bakers, etc.) are currently open. Following the administrative measure...

Florent Laroche-Joubert

Carmila : Des incertitudes face au COVID-19

>Un patrimoine particulièrement impacté par le COVID-19 - Avec un patrimoine de galeries commerciales localisé à près de 72% en France, 23% en Italie et 6% en Espagne, Carmila est aujourd’hui particulièrement impacté par la crise du COVID-19 et c’est notamment sur la base de ce constat que S&P a mis, vendredi soir, en perspective négative (vs stable) la notation BBB /A-2 de Carmila.Nous estimons de notre côté que seuls 10 à 15% environ des commerçants (pharmacies...

Benoît Faure-Jarrosson ...
  • Bruno Duclos
  • Stéphane Afonso
  • Vladimir Minot

INVEST SECURITIES - Carmila : Performances opérationnelles satisfaisantes - ACHAT, OC 21,5€

Carole Braudeau

Accor : Credit Feedback – Oddo BHF Forum 10 and 11 January

Our annual Forum in Lyon brought together 263 companies, including 41% of foreign companies, nearly 545 investors (33% foreigners), almost 6,500 one-to-one meetings. - This document gathers a brief feedback from the bond issuers and CB underlying companies in attendance. - - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties, Icade, JCDecaux, Klépierre, Lanxess, MT...

Carole Braudeau

Accor : Feedback Crédit Forum des 10 et 11 janvier 2019

Notre Forum annuel Oddo BHF 2019 vient de se dérouler à Lyon : il a réuni 263 sociétés, dont 41% étrangères, près de 545 investisseurs (33% étrangers), soit près de 6 500 one-to-one. - Ce document synthétise nos feed-back concernant les émetteurs obligataires présents et sous-jacents d’obligations convertibles. - - - >Investment Grade - Accorhotels, Aéroports de Paris, Arkema, Buzzi Unicem, Carmila, Coface, Easyjet, Edenred, Fresenius Medical Care, Grand City Properties,...

Alain William ...
  • Alexandre Iatrides
  • Benoit Valleaux
  • Emira Sagaama
  • Fatma Ayachi
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Olfa Taamallah
  • Roland Pfaender,MBA,CFA,CCRA
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/01/2020

We simulated the impact of COVID-19 on companies in our universe of coverage from an operating viewpoint. Setting target prices is a risky business amid uncertainty and very rapid movements in the financial markets, reacting more to political/sanitary news flow than to corporate disclosures. However, we tried to include the increase in the perceived risk premium and the change in aggregates in our valuations. As the current crisis is set to have radically different impacts on the twen...

Alain William ...
  • Alexandre Iatrides
  • Benoit Valleaux
  • Emira Sagaama
  • Fatma Ayachi
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Olfa Taamallah
  • Roland Pfaender,MBA,CFA,CCRA
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 01/04/2020

Nous avons simulé l’impact du COVID-19 sur les sociétés de notre coverage d’un point de vue opérationnel. La détermination d’objectifs de cours est plus hasardeuse dans ce contexte d’incertitude et de mouvements très rapides des marchés financiers, réagissant davantage à un newsfow politique/sanitaire qu’aux communications des sociétés. Nous avons toutefois intégré l’augmentation de la prime de risque perçue et la modification des agrégats dans nos valorisations. Cette crise ayant des...

Alain William ...
  • Baptiste Lebacq
  • Florent Laroche-Joubert
  • Jean-François Granjon
  • Nicolas Thorez

ODDO BHF Small & MIDCAP MORNING NEWS - 03/30/2020

...

Alain William ...
  • Baptiste Lebacq
  • Florent Laroche-Joubert
  • Jean-François Granjon
  • Nicolas Thorez

ODDO BHF Small & MIDCAP MORNING NEWS - 30/03/2020

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Florent Laroche-Joubert
  • Jean-François Granjon
  • Jerôme Bodin
  • Nicolas Thorez
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 02/14/2020

...

CARMILA SA sees a downgrade to Neutral on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of CARMILA SA (FR), active in the Real Estate Holding & Development industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date January 17, 2020, the closing price was EUR 18.04 and its target price was estimated at EUR 16.44.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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