S.A. des Bains de Mer et du Cercle des Étrangers à Monaco

BMRMF

Gambling, Resorts & Casinos · Consumer Cyclical

Exchange

Other OTC

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Weak

Growth

Good

Cash Flow

Strong

Stability

Exceptional

Valuation

Mixed

Dividends

Good

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Winston Score History

The full picture

S.A. des Bains de Mer et du Cercle des Étrangers à Monaco — usually called SBM — runs the famous casinos, luxury hotels, restaurants, and entertainment venues in Monaco. Its best-known property is the Casino de Monte-Carlo, one of the most recognized gambling destinations in the world. The company serves wealthy tourists and high-rollers visiting the tiny principality of Monaco on the French Riviera.

SBM earns money from casino gaming, hotel stays, fine dining, and event hosting across its portfolio of properties. It operates almost entirely within Monaco, making it one of the most geographically concentrated hospitality companies anywhere. The Monegasque government holds a majority stake, which provides stability but also limits aggressive expansion. The company's main moat is its exclusive, iconic brand tied to Monaco's luxury reputation, but its tiny geographic footprint means revenue depends heavily on tourist flows and the spending habits of a small, ultra-wealthy customer base — a significant concentration risk.

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

+17.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-48.7% YoY

YoY Growth Rate

Earnings declining

Insider Activity

57.5%ownership

Insiders own a meaningful stake in the company

Cash Runway

~4 years

$825M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$825M cash & investments at current burn rate

Growth context

S.A. des Bains de Mer et du Cercle des Étrangers à Monaco is growing revenue at 17% 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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

0.3%

Thin — 0.3% gross margin

Profit after running costs

Operating Margin

0.3%

Thin — 0.3% operating margin

Return on the money invested

ROCE

6.1%

Weak — 6.1% 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

+12.5%

Fast-growing sales (+12.5% YoY)

Profit growth

EPS YoY

+2.7%

Flat earnings

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

179%

Turns 179% of profit into real cash

Spare cash per sale

FCF Margin

2.9%

Thin free cash flow (2.9%)

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

0.01

Conservative — low debt load (0.01)

Covers its interest

Interest Cover

133.18x

Comfortably covers interest (133.2x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

28.4x

no trend

Growth-priced — P/E 28.4

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

1.33%

no trend

Small dividend — 1.33% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+605.0%

no trend

Dividend growing fast (605.0% YoY)

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