Carmila stock goes into the weekend at €16.9 after a quiet few months in the market, with the 90 day move only slightly down. That calm surface hides a punchier story in the latest half year release. The headline is simple: recurring earnings are firm enough for management to lift full year recurring earnings per share guidance to €1.87, and the company still trades on a single digit P/E multiple that sits well below both peers and the wider European retail real estate investment trust sector.
If you like the combination of firmer recurring earnings and a low P/E at Carmila but want a wider set of value ideas with solid fundamentals to compare it against, take a look at the 260 high quality undervalued stocks.
H1 2026 Earnings Summary
- Total Revenue (H1 2026 vs. H2 2025): €561.571m vs. €566.415m (broadly stable on a trailing twelve month basis)
- Net Income Excl. Extra Items (H1 2026 vs. H2 2025): €294.139m vs. €185.467m (very large increase on a trailing twelve month basis)
- Basic EPS (H1 2026 vs. H2 2025): €2.113678 vs. €1.321071 (very large increase on a trailing twelve month basis)
- EBITDA Margin (H1 2026 vs. prior period like for like, LFL): 80.8% compared with the earlier period margin level (up 80 bps, indicating firmer profitability on rental income)
Prefer clear visuals over another wall of earnings tables and P/E ratios? See Carmila’s full financial picture in a simple visual view of its valuation in the company report for Carmila..
Carmila bull case leans on execution milestones
Bulls argue Carmila can use leasing momentum, asset transformation and new revenue streams to support recurring earnings and portfolio values. H1 points to several milestones hit. Net rental income grew 1.4% like for like and EBITDA rose 1.9% like for like. Margin expanded 80 bps to 80.8%. Recurring EPS reached €0.97 and full year guidance moved up to €1.87. That suggests the core income engine is holding. Occupancy sits around 96% with record leasing of 530 contracts and reversion 2.8% above indexation, which backs the claim of healthy demand for its centers. Portfolio value increased 2.6% like for like to €6.8b with around €100m attributed to asset transformation and €13.7m of recurring non traditional revenue up 13%. Retail Media and Next Tower are still small, yet they now show measurable contribution, which supports the diversification story.
Bear case focuses on leverage, retail and concentration
Bears worry that Carmila’s exposure to physical retail, concentrated geographies and debt could outweigh operational gains. H1 does not remove those concerns but it frames them more tightly. Net debt stands at 7.3x EBITDA and EPRA loan to value is reported at either 49.3% or 39.3%. Both figures keep leverage front and centre even though management describes debt metrics as strong and funding cost around 3% with average maturity of 4.2 years. Tenant risk tied to Carrefour and discretionary spending remains, yet occupancy near 96%, retailer sales growth of 2.3% and footfall up about 1% suggest no broad stress signal for now. Spain, a key market, shows retailer sales up 6.6% but management also flags tougher competition for acquisitions there. That supports the bear view that future external growth may be harder to secure on attractive terms.
Compare Carmila’s firm recurring earnings story with what the market is pricing in after the latest €16.9 close. See the consensus price target analysis for Carmila to check whether analysts think the stock still has room to move or are turning more cautious.Take Charge of Your Next Move
If Carmila’s combination of firmer recurring earnings, high occupancy and a single digit P/E has your attention, register for free with Simply Wall St and add it to a Watchlist to track the share price against fair value and watch for an entry point that fits your plan. Once you are invested, use the Portfolio Command Center to cut through noise and focus on alerts that actually matter for your holdings. For the longer haul, tap into crowd insight through the Community to see how other investors are thinking about the same risks and potential catalysts. By spotting both opportunity and pressure points early, you can make decisions faster and stay ahead of the market.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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