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ABC arbitrage S.A.

ABCA.PA
65
Asset Management · Financial Services
Also trades as: 0OPJ.L GBP 0.06 (-0.17%)
Price
€5.69
+0.01 (+0.18%)
Market Cap
€338.2M
Exchange
Euronext Paris
Winston Score
65
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 12, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Exceptional
27/30
Growth
Mixed
6/20
Cash Flow
Mixed
4/10
Stability
Exceptional
10/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Mixed
2/5

65 of 100 counted points = Winston Score 65.

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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

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

Revenue Growth

+39.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+46.7% YoY

YoY Growth Rate

EPS growth accelerating

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

€189M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Revenue accelerating

ABC arbitrage S.A. grew revenue 40% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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
95.5%
Premium pricing power — 95.5% gross margin
Profit after running costs
Operating Margin
50.1%
Excellent — 50.1% operating margin
Return on the money invested
ROCE
16.8%
Strong — 16.8% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+14.4%
Fast-growing sales (+14.4% 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
69%
Modest — 69% 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
944.62x
Comfortably covers interest (944.6x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
10.2x
Attractive valuation — P/E 10.2

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
+0.1
GROWING
Earnings roughly flat

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Dividends

Dividend
Dividend Yield
3.03%
Moderate income — 3.03% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+0.0%
Dividend flat
Payout Ratio
61%
no trend
Most of the profit goes out as dividends. Little left to reinvest, and less cushion if earnings dip.

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