Stock

Société Anonyme des Bains de Mer et du Cercle des Étrangers à Monaco

BAIN.PA

Gambling, Resorts & Casinos · Consumer Cyclical

Also trades as: 0O80.L GBP 1.45 (+1.40%)

Price

€148.00

+3.00 (+2.07%)

Market Cap

€3.63B

Exchange

Euronext Paris

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Oct 8, 2026 · filings through Mar 31, 2026

§How the score breaks down

Quality

Mixed

14/30

Growth

Good

10/20

Cash Flow

Strong

7/10

Stability

Exceptional

10/10

Valuation

Weak

2/10

Ownership

Good

10/15

Dividends

Good

3/5

56 of 100 counted points = Winston Score 56.

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§Winston Score History

The full picture

Société des Bains de Mer (SBM) runs the most famous casinos and luxury hotels in Monaco, a tiny country on the French Riviera. Its best-known properties include the Casino de Monte-Carlo, the Hôtel de Paris, and the Café de Paris. The company serves wealthy tourists and high-rollers from around the world, and it is majority-owned by the Monegasque government.

SBM makes money from casino gambling, hotel stays, restaurants, spas, and entertainment events across its Monaco properties. Because Monaco is one of the wealthiest places on earth and SBM controls most of the prime real estate there, the company has a strong location-based moat that is nearly impossible to replicate. However, the business is heavily dependent on a very small geographic area and on the spending habits of a narrow group of ultra-wealthy visitors, meaning any slowdown in luxury travel or regional instability could quickly hurt revenue.

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

+17.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-46.2% 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

57.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~4 years

€823M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

€823M cash & investments at current burn rate

Growth context

Société Anonyme 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.

Share count broadly stable

+0.0% over 4y

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

Diluted shares outstanding: 24.5M (2022) → 24.5M (2026)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

201.0%

Premium pricing power — 201.0% gross margin

Profit after running costs

Operating Margin

0.3%

Thin — 0.3% operating margin

Return on the money invested

ROCE

6.0%

Weak — 6.0% 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

+12.2%

Fast-growing sales (+12.2% 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

0.03

Conservative — low debt load (0.03)

Covers its interest

Interest Cover

147.30x

Comfortably covers interest (147.3x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

32.1x

Pricey — P/E 32.1

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

1.35%

Small dividend — 1.35% yield

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

Dividend record

Dividend Growth

+531.1%

Dividend growing fast (531.1% YoY)

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