ABC arbitrage S.A.

ABCA.PA

Asset Management · Financial Services

Also trades as: 0OPJ.L

Price

€5.18

+0.08 (+1.57%)

Market Cap

€307.9M

Exchange

Euronext Paris

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Good

Stability

Exceptional

Valuation

Strong

Dividends

Good

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Share count falling — buybacks

−2.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 61.1M (2021) → 59.8M (2025)

Winston Score History

The full picture

ABC Arbitrage is a French financial firm that makes money by spotting small price differences in stocks, currencies, and other assets across different markets and quickly trading to profit from those gaps. This strategy is called arbitrage. The company serves institutional clients and manages its own trading capital, operating mainly in European and global financial markets.

The firm earns revenue through trading gains and asset management fees, with much of its profit coming from its own proprietary trading book. It is a small company, listed on Euronext Paris, with a market cap around €300 million. Its edge comes from specialized quantitative trading systems and deep expertise in merger arbitrage and other event-driven strategies, which are harder for generalist competitors to replicate. The main risk is that low market volatility or fewer corporate deals can shrink the number of profitable arbitrage opportunities, directly squeezing revenue.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-18.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-60.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

39.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€169M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

ABC arbitrage S.A.'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

96.1%

Premium pricing power — 96.1% gross margin

Profit after running costs

Operating Margin

27.7%

Excellent — 27.7% operating margin

Return on the money invested

ROCE

14.0%

Good — 14.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+16.4%

Fast-growing sales (+16.4% YoY)

Profit growth

EPS YoY

-6.7%

Earnings shrinking (-6.7% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

90%

Modest — 90% of profit becomes cash

Spare cash per sale

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.01

Conservative — low debt load (0.01)

Covers its interest

Interest Cover

573.02x

Comfortably covers interest (573.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

12.3x

Attractive valuation — P/E 12.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+2.6

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

6.67%

Healthy income — 6.67% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+0.0%

Dividend flat

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