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B&M European Value Retail S.A.

BMRRY
42
Discount Stores · Consumer Defensive
Price
$12.23
-0.05 (-0.41%)
Market Cap
$3.07B
Exchange
Other OTC
Winston Score
42
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Sep 4, 2026 · filings through Mar 31, 2026
How the score breaks down
Quality
Good
Growth
Weak
Cash Flow
Strong
Stability
Mixed
Valuation
Strong
Dividends
Good

Winston Score History

The full picture

B&M is a discount retail chain that sells everyday items like groceries, household goods, toys, and garden products at low prices. Its main customers are budget-conscious shoppers looking for value. The company is one of the largest variety discount retailers in the UK, also operating stores in France under the Babou and B&M brands.

B&M makes money by selling products at high volume with low prices, keeping costs down through a no-frills store format and direct sourcing from suppliers, especially in Asia. It operates over 1,100 stores across the UK and France, with a market cap around $3.1 billion. Its competitive advantage comes from its buying power and ability to offer branded and private-label goods cheaper than traditional retailers. Growth depends on continued UK store expansion and improving profitability in France, though consumer spending slowdowns and cost inflation remain key risks.

Share count broadly stable

+0.3% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 250.8M (2022) → 251.5M (2026)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
31.4%
Modest — 31.4% gross margin
Profit after running costs
Operating Margin
8.2%
Modest — 8.2% operating margin
Return on the money invested
ROCE
20.1%
Exceptional — 20.1% 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
-10.0%
Shrinking sales (-10.0% YoY)
Profit growth
EPS YoY
-54.9%
Earnings shrinking (-54.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
410%
Turns 410% of profit into real cash
Spare cash per sale
FCF Margin
9.3%
Modest free cash flow (9.3%)

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
1.51
Elevated debt (1.51)
Covers its interest
Interest Cover
2.60x
Tight — interest eats into profit (2.6x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
13.9x
Attractive valuation — P/E 13.9

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
+2.2
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
5.34%
Healthy income — 5.34% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
-11.9%
Dividend cut (-11.9% YoY) — warning sign

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