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Deep Value: cash covers about 92% of the stock price

This company holds roughly $168M in cash and investments — about 92% of 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.

Hexaom S.A. logo

Hexaom S.A.

ALHEX.PA
43
Residential Construction · Consumer Cyclical
Price
€27.30
+0.30 (+1.11%)
Market Cap
€187.1M
Exchange
Euronext Paris
Winston Score
43
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 23, 2026 · filings through Dec 31, 2025
How the score breaks down
Quality
Weak
Growth
Weak
Cash Flow
Good
Stability
Strong
Valuation
Strong
Dividends
Mixed

Share count rising — dilution

+1.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 6.8M (2021) → 6.9M (2025)

Winston Score History

The full picture

Hexaom is a French company that builds houses for regular families. It designs and constructs individual single-family homes, mostly for first-time buyers and people looking for affordable new homes in France. The company operates several well-known French house-building brands, including Maisons France Confort, and is one of the largest individual home builders in France.

Hexaom makes money by selling completed homes, typically on a fixed-price contract basis where customers pay for a house built to their specifications on their own land. The company operates almost entirely in France, with a small presence in Belgium and other nearby markets. Its scale and network of regional agencies give it some advantage over smaller local builders, but the business is heavily tied to French mortgage rates and housing demand. Rising interest rates and weak consumer confidence in France remain the main risks, as higher borrowing costs have sharply reduced the number of families who can afford to buy a new home.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
3.5%
Thin — 3.5% gross margin
Profit after running costs
Operating Margin
4.4%
Thin — 4.4% operating margin
Return on the money invested
ROCE
8.1%
Below par — 8.1% 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
-15.4%
Shrinking sales (-15.4% YoY)
Profit growth
EPS YoY
+2.0%
Flat earnings

Single-digit earnings growth — steady but not exciting.

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
109%
Turns 109% of profit into real cash
Spare cash per sale
FCF Margin
1.9%
Thin free cash flow (1.9%)

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
0.33
Conservative — low debt load (0.33)
Covers its interest
Interest Cover
13.02x
Comfortably covers interest (13.0x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
13.4x
Attractive valuation — P/E 13.4

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
+5.8
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (13.4 → 7.6)

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Dividends

Dividend
Dividend Yield
2.93%
Moderate income — 2.93% yield

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

Dividend record
Dividend Growth
-20.0%
Dividend cut (-20.0% YoY) — warning sign

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