Earnings resilience, tenant diversification - Berenberg starts Carmila at 'buy'

Carmila SA

14/10/2026 08:14

** Berenberg initiates Carmila CARM.PA with "buy", saying the French real estate firm's recent share underperformance does not reflect its earnings resilience, tenant diversification and solid balance sheet 
** Berenberg points out that apart from France (74.9%), Carmila has a sizeable exposure to Spain (20.2%) and Italy (4.9%) where the "market fundamentals are currently very strong"
** Berenberg sees the company's plan to grow its portfolio by €100m annually as realistic, and expects FY2026 recurrent EPS of €1.88, slightly above Carmila's €1.87 guidance 
** Carmila's stock has been underperforming, Berenberg says, adding it is valued at an above-average earnings yield of 12.5% for FY2027 -- sets PT at €18.10
** Out of eight analysts covering Carmila, six rate the stock "strong buy" or "buy", ​two rate "hold" -- LSEG data

(Reporting by Ronan Corcoran in Gdańsk)
((ronan.corcoran@thomsonreuters.com))