Voyageurs du Monde S.A.

ALVDM.PA

Travel Services · Consumer Cyclical

Price

€179.50

+0.50 (+0.28%)

Market Cap

€794.4M

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

Good

Growth

Mixed

Cash Flow

Strong

Stability

Exceptional

Valuation

Mixed

Dividends

Strong

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Share count rising — dilution

+18.5% over 4y

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

Diluted shares outstanding: 3.7M (2021) → 4.4M (2025)

Winston Score History

The full picture

Voyageurs du Monde is a French travel company that designs and sells custom, high-end trips to destinations around the world. It serves wealthy individual travelers who want personalized itineraries rather than standard package tours. The company owns several travel brands, including its flagship Voyageurs du Monde brand and Terres d'Aventure, which focuses on adventure and trekking trips.

The company makes money by charging customers for fully arranged travel packages, earning a margin on flights, hotels, guides, and local services it bundles together. It operates primarily out of France but sends clients to destinations across every continent. Its main competitive advantage is its network of local experts and its reputation for highly tailored service, which makes it hard for budget travel sites to replicate. The key risk is that luxury travel spending drops sharply during economic downturns or global disruptions like pandemics, which can quickly reduce bookings and 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

+4.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-24.0% 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

92.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~2 years

€283M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

€283M cash & investments at current burn rate

Growth context

Voyageurs du Monde S.A. is growing revenue at 5% 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

36.3%

Modest — 36.3% gross margin

Profit after running costs

Operating Margin

12.2%

Healthy — 12.2% operating margin

Return on the money invested

ROCE

27.1%

Exceptional — 27.1% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+6.8%

Slow sales growth (+6.8% YoY)

Profit growth

EPS YoY

-19.9%

Earnings shrinking (-19.9% YoY)

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

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

132%

Turns 132% of profit into real cash

Spare cash per sale

FCF Margin

6.2%

Modest free cash flow (6.2%)

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

0.02

Conservative — low debt load (0.02)

Covers its interest

Interest Cover

63.63x

Comfortably covers interest (63.6x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

16.2x

Fair value — P/E 16.2

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

-1.1

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

3.75%

Moderate income — 3.75% yield

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

Dividend record

Dividend Growth

+230.8%

Dividend growing fast (230.8% YoY)

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