Société Anonyme des Bains de Mer et du Cercle des Étrangers à Mona (BAIN.PA) Stock Analysis & Winston Score

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.

Winston Score History

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

+5.6% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+37.1% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

57.5%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~9 months

$154M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

Société Anonyme des Bains de Mer et du Cercle des Étrangers à Mona has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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

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Quality

Gross Margin

157.6%

Premium pricing power — 157.6% gross margin

Operating Margin

-7.1%

Losing money on operations — -7.1%

ROCE

-1.2%

Weak — -1.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+17.8%

Fast-growing sales (17.8% YoY)

EPS YoY

-78.6%

Earnings shrinking (-78.6% YoY)

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

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

146%

Turns 146% of profit into real cash

FCF Margin

6.4%

Modest free cash flow (6.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.02

Conservative — low debt load (0.02)

Interest Cover

52.41x

Comfortably covers interest (52.4x)

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

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Valuation

P/E Ratio (TTM)

15.3x

Fair value — P/E 15.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

1.33%

Small dividend — 1.33% yield

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

Dividend Growth

+13650.0%

Dividend growing fast (13650.0% YoY)

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