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Compagnie Du Mont-Blanc

MLCMB.PA
41
Leisure · Consumer Cyclical
Price
€252.00
-4.00 (-1.56%)
Market Cap
€226.9M
Exchange
Euronext Paris
Winston Score
41
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Based on the IPO prospectus (annual filing). This score will refine automatically once the company reports its first quarters.
Data as of Aug 23, 2026
How the score breaks down
Quality
Mixed
Growth
Weak
Cash Flow
Good
Stability
Strong
Valuation
Good
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Winston Score History

The full picture

Compagnie du Mont-Blanc operates the ski lifts, gondolas, and mountain transport systems in the Chamonix-Mont-Blanc valley in the French Alps. It serves skiers, hikers, and tourists who want to access the mountains around one of Europe's most famous alpine destinations, including the iconic Aiguille du Midi cable car. The company is essentially the gatekeeper of mountain access in this specific region of France.

Revenue comes mainly from ticket sales and lift passes, with additional income from related services like ski schools and mountain facilities. The business operates almost entirely in the Chamonix valley, making it highly concentrated geographically, which is both its moat and its main risk. Its competitive advantage is the exclusive control over infrastructure in a world-renowned location, but that same concentration means revenue is vulnerable to poor snow seasons, warm winters driven by climate change, and any disruption to tourism in a single area.

Growth Profile

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

R&D Spend

€0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

73.7%ownership

→ Flat

Insider ownership roughly steady over the past year

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.

Share count broadly stable

+0.5% over 4y

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

Diluted shares outstanding: 896K (2021) → 901K (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
27.5%
no trend
Modest — 27.5% gross margin
Profit after running costs
Operating Margin
19.0%
no trend
Healthy — 19.0% operating margin
Return on the money invested
ROCE
7.4%
no trend
Weak — 7.4% 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
+5.4%
no trend
Slow sales growth (+5.4% YoY)
Profit growth
EPS YoY
-3.8%
no trend
Earnings shrinking (-3.8% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is
EPS Consistency
N/A
no trend
Data not available

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Cash Flow

Profit that turns into cash
Cash Conversion
173%
no trend
Turns 173% of profit into real cash
Spare cash per sale
FCF Margin
-10.5%
no trend
Burning cash (-10.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.98
no trend
Moderate — manageable debt (0.98)
Covers its interest
Interest Cover
21.06x
no trend
Comfortably covers interest (21.1x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
11.7x
no trend
Attractive valuation — P/E 11.7

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
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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