卡米拉：恢复覆盖

Coverage ResumptionValerie Jacob+44 20 7762 4885valerie.jacob@bernsteinsg.com Marios Pastou+44 20 7676 6881marios.pastou@bernsteinsg.com RatingUnderperform(Coverage SuspendedOLD) Nikita Talwar+44 20 7676 8785nikita.talwar@bernsteinsg.com Price Target CARM.FP 18.50 EUR(0.000OLD) Specialist Sales Sara Bellenda+44 207 762 1867sara.bellenda@bernsteinsg.com Carmila: Resumption of coverage We resume coverage of Carmila with an underperform rating and price target of €18.50. Allestimates, including price target and rating, remain unchanged from pre-suspension. Investment ImplicationsWe rate Carmila Underperform with an €18.50 price target. APPENDIX - FINANCIAL FORECASTS BERNSTEIN TICKER TABLE I. REQUIRED DISCLOSURES References to "Bernstein" or the “Firm” in these disclosures relate to the following entities: Bernstein Institutional Services LLC(April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024 onwards), Sanford C. Bernstein (Hong Kong) Limited盛博香港有限公司,Sanford C. Bernstein (Canada) Limited, SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited andSanford C. Bernstein Japan KK(サンフォード・C・バーンスタイン株式会社). On April 1, 2024, Société Générale (SG) and AllianceBernstein, L.P. (AB) completed a transaction that created a new joint venturein which their respective cash equities and research businesses operate in a new business combination. Although their respectiveownership percentages in the joint venture differ between North America and the rest of the world, the creation, production andpublication of research is handled collaboratively on a global basis across the two research brands, “Bernstein” and “Autonomous”.Unless specifically noted otherwise, for purposes of these disclosures, references to Bernstein’s “affiliates” relate to both SG andAB and their respective affiliates. VALUATION METHODOLOGY Carmila We calculate our €18.5 PT using a 10-year DCF valuation with an average WACC of 8.4% and a long-term growth rate of 1.5%(based on country-weighted average long-term inflation forecasts with a 40bp discount applied). Our DCF valuation is based onour estimates of net operating profit after tax adjusted for net acquisitions/disposals and capex discounted by WACC to one-yearforward. We deduct the market value of net debt and derivatives (including hybrids classified as equity, where applicable) andminority interests. RISKS Carmila Upside — Upside from Galimmo acquisition higher than expected; higher growth than expected in asset values; higher thanexpected rental growth as offline retail sales growth is strong. RATINGS DEFINITIONS, BENCHMARKS AND DISTRIBUTION Bernstein brand The Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500 forstocks listed on the U.S. and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap PriceReturn Index (EDM) for stocks listed on the European exchanges and emerging markets exchanges outside of the Asia Pacificregion, versus the Bloomberg Japan Large and Mid Cap Price Return Index USD (JP) for stocks listed on the Japanese exchanges,and versus the Bloomberg Asia ex-Japan Large and Mid Cap Price Return Index (ASIAX) for stocks listed on the Asian (ex-Japan)exchanges -unless otherwise specified. The Bernstein brand has three categories of ratings: •Outperform: Stock will outpace the market index by more than 15 pp •Underperform: Stock will trail the performance of the market index by more than 15 pp Coverage Suspended: Coverage of a company under the Bernstein research brand has been suspended. Ratings and price targetsare suspended temporarily, are no longer current, and should therefore not be relied upon. Not Rated: A rating assigned when the stock cannot be accurately valued, or the performance of the company accuratelypredicted, at the present time. The covering analyst may continue to publish research reports on the company to update investorson events and developments. Not Covered (NC) denotes companies that are not under coverage. Autonomous brand The Autonomous brand rates stocks as indicated below. As our benchmarks we use the Bloomberg Europe 500 Banks AndFinancial Services Index (BEBANKS) and Bloomberg Europe Dev Mkt Financials Large and Mid Cap Price Ret Index EUR (EDMFI)index for developed European banks and Payments, the Bloomberg Europe 500 Insurance Index (BEINSUR) for Europeaninsurers, the S&P 500 and S&P Financials for US banks and Payments coverage, S5LIFE for US Insurance, the S&P InsuranceSelect Industry (SPSIINS) for US Non-Life Insurers coverage, and the Bloomberg Emerging Markets Financials Large, Mid andSmall Cap Price Return Index (EMLSF) for emerging market banks and insurers and Payments. Ratings are stated relative to thesector (not the market).The Autonomous brand has three categories of r