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Investing.com -- Shares of Carmila (PARIS:CARM) climbed 5% after the company announced its 2024 operating results, which showed a recurring earnings per share (EPS) of €1.67, marking a 4.5% increase YoY. The results slightly surpassed the management’s guidance of €1.65 and matched analysts’ predictions.
Carmila’s performance was bolstered by a robust like-for-like rental growth of 4.2% YoY, which outpaced previous quarters, and a 3.4% increase from indexation. Retailer sales and footfall also saw upticks of 1.8% and 0.6% respectively, with the latter focusing on the company’s top 50 centers.
These positive trends were attributed to the strong performance of Carrefour (EPA:CARR) hypermarkets. Additionally, leasing rates showed a positive reversion of 3.0%, and the rent collection rate improved to a record high of 97%, up 50 basis points YoY.
The company’s 2024 EPRA Net Tangible Assets (NTA) per share reached €26.1, an 11% increase compared to the first half of the year and 1% higher than analyst estimates. This rise was driven by the successful integration of Galimmo, which positively impacted asset values. Despite a mixed regional performance, France led with the strongest valuation recovery. The portfolio net initial yield stood at 6.57% at the end of the fiscal year, up 15 basis points YoY.
The acquisition of Galimmo, completed in July 2024, has already proven to be accretive, contributing 5% annually to recurring earnings and EPRA Net Disposal Value (NDV). Carmila’s investment in the acquisition was approximately €300 million, at an acquisition price of €9.22 per share, representing a 38% discount to NDV.
Looking ahead to 2025, Carmila’s management anticipates a recurring EPS increase of 4.8% YoY to €1.75, aligning closely with analyst expectations of €1.76. This forecast is supported by expected solid indexation and the full-year impact of the Galimmo acquisition, although it may be slightly tempered by higher financing costs.
Furthermore, the company plans to initiate a third €10 million share buyback program in February 2025, following the successful completion of two previous buybacks in 2024.
Bernstein, a market analyst, commented on the results, stating, "Carmila reported a solid set of results, with all numbers in line with expectations." This analyst sentiment reflects the market’s positive reception to Carmila’s financial disclosures and strategic moves.
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