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

This company holds roughly $901M 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.

Séché Environnement S.A.

SCHP.PA

Waste Management · Industrials

Also trades as: 0OG6.L

Price

€80.10

+0.20 (+0.25%)

Market Cap

€622.0M

Exchange

Euronext Paris

Winston Score

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

Mixed

Cash Flow

Strong

Stability

Mixed

Valuation

Strong

Dividends

Good

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Winston Score History

The full picture

Séché Environnement is a French company that handles hazardous and non-hazardous waste. It collects, treats, and disposes of industrial waste, contaminated soil, and other difficult materials that factories, hospitals, and governments need to get rid of safely. The company operates specialized facilities across France and several other countries, focusing on waste streams that require technical expertise to manage legally and safely.

Séché makes money by charging industrial and public-sector clients fees to collect, process, and store their waste. It operates mainly in France, which generates the majority of its revenue, with a growing presence in Africa, Latin America, and other international markets. Its moat comes from the high cost and regulatory difficulty of building licensed hazardous waste treatment facilities, which limits competition. The main risk is that its profitability remains thin — a 6.3% operating margin and 2.7% return on invested capital leave little room for error if volumes drop or regulatory costs rise.

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

-1.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-79.8% 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

71.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€771M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Séché Environnement S.A.'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

−0.6% over 4y

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

Diluted shares outstanding: 7.8M (2021) → 7.8M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

3.6%

Thin — 3.6% gross margin

Profit after running costs

Operating Margin

4.6%

Thin — 4.6% operating margin

Return on the money invested

ROCE

4.3%

Weak — 4.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+5.4%

Slow sales growth (+5.4% YoY)

Profit growth

EPS YoY

-39.7%

Earnings shrinking (-39.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

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

959%

Turns 959% of profit into real cash

Spare cash per sale

FCF Margin

7.7%

Modest free cash flow (7.7%)

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

1.76

Elevated debt (1.76)

Covers its interest

Interest Cover

1.74x

Dangerous — barely covers interest (1.7x)

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)

28.9x

Growth-priced — P/E 28.9

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

Cheaper or dearer next year

P/E vs Forward

+10.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (28.9 → 18.4)

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Dividends

Dividend

Dividend Yield

1.51%

Small dividend — 1.51% yield

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

Dividend record

Dividend Growth

+22.1%

Dividend growing fast (22.1% YoY)

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