Société Centrale des Bois et des Scieries de la Manche S.A.

CBSM.PA

REIT - Diversified · Real Estate

Exchange

Euronext Paris

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Strong

Growth

Good

Cash Flow

Strong

Stability

Good

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

Société Centrale des Bois et des Scieries de la Manche is a French real estate company based in Normandy. Despite its historical name referencing timber and sawmills, it operates today as a diversified property holding company, owning and managing a portfolio of real estate assets in France. It is a small, thinly traded firm listed on the Euronext Paris exchange.

The company earns money primarily through rental income from its property holdings, which explains its high gross margin of over 90%. It operates almost entirely within France and has a very small market capitalization of around $100 million, making it a micro-cap by global standards. Its competitive position relies on the stable, long-term nature of property ownership rather than any unique operational advantage. The main risk the business faces is its very limited size and low trading liquidity, which can make it difficult for investors to buy or sell shares without affecting the price.

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

-2.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-25.5% YoY

YoY Growth Rate

Earnings declining

Insider Activity

76.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€29M cash & investments

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

Revenue declining

Société Centrale des Bois et des Scieries de la Manche 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.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

57.9%

Excellent — 57.9% operating margin

Return on the money invested

ROCE

4.5%

Weak — 4.5% 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

+47.5%

Fast-growing sales (+47.5% YoY)

Profit growth

EPS YoY

+4.6%

Modest earnings growth (+4.6% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

95%

Modest — 95% of profit becomes cash

Spare cash per sale

FCF Margin

43.0%

Converts sales into free cash efficiently (43.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.83

Moderate — manageable debt (0.83)

Covers its interest

Interest Cover

3.07x

Tight — interest eats into profit (3.1x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

8.8x

no trend

Attractive valuation — P/E 8.8

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

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

1.92%

no trend

Small dividend — 1.92% yield

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

Dividend record

Dividend Growth

+78.2%

no trend

Dividend growing fast (78.2% YoY)

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