2025-06-04-Bernstein-卡米拉（CARM）_卡米拉_恢复覆盖_12页_581kb

报告摘要

Coverage Resumed: On April 4, 2025, following a suspension, coverage of Carmila is resumed with an Underperform rating.
Price Target: €18.50, indicating a slight downside from the closing price of €18.62.
Investment Implications: Rating reflects potential underperformance relative to the EDM benchmark. Key financial metrics include a 52-week range of €18.84/14.44, with steady revenue growth but recent declines, and a payout ratio of 75%.

Method: Discounted Cash Flow (DCF) model with an average WACC of 8.4% and a long-term growth rate of 1.5%, leading to a net present value and terminal value analysis.
Key Forecasts: Adjusted EPS expected to grow from €1.67 in 2025 to €1.83 in 2026, supporting the €18.50 PT. Downside risk noted in cash flow projections.

Revenue: Stable growth in rental income, but recent periods show slight deceleration. Service charges and administrative expenses are managed.
Performance: YTD and longer-term absolute performance show mixed results, with relative underperformance against benchmarks.
Balance Sheet: Indicators like EPRA LTV and NTA suggest moderate leverage and asset stability, but net debt impacts shareholder value.

Upward Risks: Higher-than-expected growth from acquisitions or asset values could support the price.
Downward Risks: Slight downside potential due to current financial metrics.
Disclosures: Standard Bernstein disclosures apply, including conflicts of interest with shareholders owning Carmila stocks and expectations of future investment banking services.

For detailed financial data and appurtenza, refer to the attached exhibits and disclosures.

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