Deep Value: cash covers more than 100% of the stock price

This company holds roughly $201M in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Groupe Partouche S.A.

PARP.PA

Gambling, Resorts & Casinos · Consumer Cyclical

Price

€17.80

+0.10 (+0.56%)

Market Cap

€171.2M

Exchange

Euronext Paris

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 24, 2026 · filings through Apr 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Good

Stability

Mixed

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

Groupe Partouche is a French company that runs casinos and gambling venues. It operates dozens of casinos across France, Belgium, Switzerland, and Tunisia, offering slot machines, table games, and poker to adult customers looking for entertainment. It is one of the largest casino operators in France by number of locations.

The company earns money primarily from gambling revenue — customers play games and, on average, the house keeps a portion of every bet. Partouche also generates smaller revenue from hotels, restaurants, and entertainment attached to its casino properties. The French casino market is heavily regulated, which limits new competitors but also caps growth opportunities. With a negative operating margin and low returns on capital, the company currently faces pressure to improve profitability, and its main challenge is driving more visitors to its venues as online gambling continues to pull customers away from physical casinos.

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

+3.0% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-45.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

86.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~2 years

€172M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Growth context

Groupe Partouche S.A. is growing revenue at 3% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

+0.1% over 4y

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

Diluted shares outstanding: 9.6M (2021) → 9.6M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

32.8%

Modest — 32.8% gross margin

Profit after running costs

Operating Margin

8.6%

Modest — 8.6% operating margin

Return on the money invested

ROCE

-1.9%

Weak — -1.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+4.5%

Slow sales growth (+4.5% YoY)

Profit growth

EPS YoY

+423.3%

Earnings growing fast (+423.3% YoY)

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

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

121%

Turns 121% of profit into real cash

Spare cash per sale

FCF Margin

-4.9%

Burning cash (-4.9%)

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

0.75

Moderate — manageable debt (0.75)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

3.8x

Attractive valuation — P/E 3.8

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-21.7

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

7.06%

Healthy income — 7.06% yield

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

Dividend record

Dividend Growth

-50.1%

Dividend cut (-50.1% YoY) — warning sign

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