(BFM Stock Exchange) – The French number two of the distribution sold 7% of the capital of its property as part of a private placement, with accelerated construction of a book of orders. This exerts strong downward pressure on the title Carmila this Wednesday, June 4.

Carrefour has “his” land of which he is the first shareholder. It is Carmila which was mounted from scratch by number two of the distribution in 2014 with regard to the acquisition of the acquisition in Klépierre (then later in Unibail-Rodamco) of the merchant galleries adjoining its hypermarkets.

Carrefour which announced a strategic review of its assets, estimated that it was time to reduce its presence to the capital of its property, Carmila.com/invesseurs”>which he held on Tuesday, June 3, still 36.6% of the capital on Tuesday.

The group indicated, Tuesday evening, its intention to sell part of its actions in Carmila. And this Wednesday, June 4, Carrefour confirmed that it had placed with “success” 7% of the capital of La Foncière, or 9,866,421 shares, by private placement through an accelerated construction procedure of a book of orders. The unit price has established 17.30 euros.

This transfer represents an amount of 170.69 million euros. And the unit price of this placement reflects a discount of 7.63% compared to the closing course of Tuesday June 3 evening (18.62 euros).

Consequently, the title Carmila is under pressure on the Paris Stock Exchange this Wednesday, its course approaching the unit price of this placement. The title thus loses 6.87% around 12:30 p.m., accusing the highest drop in SBF 120.

A positive effect on the floating

At the end of the sale of shares, Carrefour will see its participation reduced to 29.8% of Carmila’s share capital. The distributor will however remain the first shareholder in La Foncière, before predica (9.9%), cardif life insurance (9.1%) and SOGECAP SA (6.1%). As part of the placement, Carmila bought “the equivalent of around 1 million euros in its own shares”, and thus completed its share buy -back program.

This transaction will also have the virtue of increasing the floating of the business property, and on the liquidity of the title, which is “a real subject for investors” reports Oddo BHF.

The floating “goes from 38.9% to 45% after Carmila was able to participate in this ABB (operation) with a volume of 1 million euros by finalizing its share buy-back program of 10 million euros which was already well advanced before the announcement of this operation,” said Florent Laroche-Joubert, Oddo BHF analyst in charge of file coverage.

“Carmila’s floating market capitalization is expected to increase to 1.2 billion euros against 1 billion euros yesterday (Tuesday June 3) and the volume of securities exchanged daily should increase in the coming days,” he said.

A reasonable valuation

Carrefour recalls his “intention to remain the reference shareholder of Carmila and reiterates his full confidence in Carmila’s strategy and management”. The distributor adds that this transfer “will not lead to any change in existing partnerships, mandates and service agreements between the two companies”.

“Carmila remains for us one of the best positioned business of the best positioned to have its net profit grows by recurring action in 2025 and beyond thanks to the integration of Galimmo acquired in mid-2024 and the progressive implementation of corresponding synergies”, appreciates Oddo BHF which renews its opinion to “outperformance” on the title and its target of 20.5 euros.

This target values ​​”the title still reasonably reasonably the cash flow expected for 2025 and 0.76 times the EPRA NTA (the net value of the active standards in the sector) anticipated for 2025 while the title presents an attractive dividend yield of 7.2% and that Klépierre and the average of our commercial land are treated respectively at 12.8 times and 11.1 times Cash-flow and 0.99 times and 0.71 times the Epra NTA expected for 2025, “said the design office.

For 2025, the company indicated count on a recurrent net profit per share of 1.75 euros, up 4.8% over a year compared to 2024. “The 2025 perspectives remain excellent,” then appreciated Invest Securities in reaction to these objectives announced during the publication of the 2024 annual accounts in Carmila.