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Cirsa Enterprises, S.A.

CIRSA.MC
60
Gambling, Resorts & Casinos · Consumer Cyclical
Price
€19.26
+0.92 (+5.02%)
Market Cap
€3.23B
Exchange
Madrid Stock Exchange
Winston Score
60
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Sep 10, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
Growth
Good
Cash Flow
Exceptional
Stability
Mixed
Valuation
Good
Dividends
Good
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§Winston Score History

The full picture

Cirsa is a Spanish gaming and entertainment company that operates casinos, slot machine arcades, sports betting shops, and online gambling platforms. Its customers are everyday consumers looking for leisure and gaming entertainment. Cirsa is one of the largest gaming operators in Southern Europe and Latin America, with a particularly strong presence in Spain, Italy, Mexico, Panama, and Colombia.

The company earns revenue from gaming machine operations, casino table games, sports betting, and online wagering. With thousands of gaming machines installed across multiple countries, Cirsa benefits from long-standing regulatory licenses and established local brand recognition that create meaningful barriers to entry. Key growth opportunities include expanding its online gambling business and deepening its footprint in Latin American markets, though the company faces risks from regulatory changes, economic slowdowns affecting consumer discretionary spending, and its relatively high debt levels.

Share count broadly stable

−0.0% over 3y

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

Diluted shares outstanding: 168.0M (2022) → 168.0M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
44.6%
Healthy — 44.6% gross margin
Profit after running costs
Operating Margin
16.2%
Healthy — 16.2% operating margin
Return on the money invested
ROCE
14.4%
Good — 14.4% 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
-23.0%
Shrinking sales (-23.0% YoY)
Profit growth
EPS YoY
+61.0%
Earnings growing fast (+61.0% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
678%
Turns 678% of profit into real cash
Spare cash per sale
FCF Margin
18.5%
Converts sales into free cash efficiently (18.5%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
2.51
Heavy debt load (2.51)
Covers its interest
Interest Cover
2.05x
Tight — interest eats into profit (2.1x)

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)
36.4x
Pricey — P/E 36.4

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+27.9
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (36.4 → 8.5)

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Dividends

Dividend
Dividend Yield
9.35%
Healthy income — 9.35% yield

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

Dividend record
Dividend Growth
N/A
no trend
Data not available

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