Buy Or Sell Opportunity • Jul 26
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 26% to €2,920. The fair value is estimated to be €2,430, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last year. Earnings per share has grown by 19%. Buy Or Sell Opportunity • Jul 06
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to €2,900. The fair value is estimated to be €2,404, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.8% over the last year. Earnings per share has grown by 19%. New Risk • Jul 02
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended April 2025. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risk Latest financial reports are more than 1 year old (reported April 2025 fiscal period end). Minor Risk Share price has been volatile over the past 3 months (8.1% average weekly change). New Risk • May 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €2,660, the stock trades at a trailing P/E ratio of 14.7x. Average trailing P/E is 14x in the Hospitality industry in France. Total returns to shareholders of 58% over the past three years. Reported Earnings • Mar 04
Full year 2025 earnings released: EPS: €181 (vs €145 in FY 2024) Full year 2025 results: EPS: €181 (up from €145 in FY 2024). Revenue: €161.2m (up 5.0% from FY 2024). Net income: €28.5m (up 25% from FY 2024). Profit margin: 18% (up from 15% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Feb 14
Société Fermière du Casino Municipal de Cannes, Annual General Meeting, Mar 25, 2026 Société Fermière du Casino Municipal de Cannes, Annual General Meeting, Mar 25, 2026. Location: hotel barriere le majestic, 10 boulevard de la croisette, cannes France New Risk • Jan 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended April 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported April 2025 fiscal period end). Share price has been volatile over the past 3 months (8.1% average weekly change). New Risk • Dec 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of French stocks, typically moving 2.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to €1,900, the stock trades at a trailing P/E ratio of 12.1x. Average trailing P/E is 16x in the Hospitality industry in France. Total returns to shareholders of 53% over the past three years. Board Change • Oct 24
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 10 non-independent directors. Director Dominique d'Ouince was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 03
First half 2025 earnings released: €8.75 loss per share (vs €21.20 loss in 1H 2024) First half 2025 results: €8.75 loss per share (improved from €21.20 loss in 1H 2024). Revenue: €43.8m (up 3.3% from 1H 2024). Net loss: €1.38m (loss narrowed 59% from 1H 2024). Reported Earnings • Mar 03
Full year 2024 earnings released: EPS: €145 (vs €60.04 in FY 2023) Full year 2024 results: EPS: €145 (up from €60.04 in FY 2023). Revenue: €153.6m (up 4.3% from FY 2023). Net income: €22.8m (up 119% from FY 2023). Profit margin: 15% (up from 7.1% in FY 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Feb 21
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.0% to €1,450. The fair value is estimated to be €1,819, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.9% over the last year. Meanwhile, the company has become profitable. Announcement • Feb 13
Société Fermière du Casino Municipal de Cannes, Annual General Meeting, Mar 25, 2025 Société Fermière du Casino Municipal de Cannes, Annual General Meeting, Mar 25, 2025. Location: hotel barriere le majestic, 10 boulevard de la croisette, cannes France New Risk • Jan 21
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended April 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Jan 02
Now 27% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.3% to €1,500. The fair value is estimated to be €2,055, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.9% over the last year. Meanwhile, the company has become profitable. Board Change • Dec 27
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: No independent directors. 9 non-independent directors. Director Sophie Etchandy-Stabile was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Board Change • Dec 04
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: No independent directors. 11 non-independent directors. Director Sophie Etchandy-Stabile was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Reported Earnings • Jul 10
First half 2024 earnings released: €21.20 loss per share (vs €84.18 loss in 1H 2023) First half 2024 results: €21.20 loss per share (improved from €84.18 loss in 1H 2023). Revenue: €42.4m (up 1.7% from 1H 2023). Net loss: €3.34m (loss narrowed 77% from 1H 2023). Buy Or Sell Opportunity • May 06
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to €1,500. The fair value is estimated to be €1,887, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Feb 29
Full year 2023 earnings released: EPS: €60.04 (vs €155 in FY 2022) Full year 2023 results: EPS: €60.04 (down from €155 in FY 2022). Revenue: €147.2m (flat on FY 2022). Net income: €10.4m (down 62% from FY 2022). Profit margin: 7.1% (down from 18% in FY 2022). Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. New Risk • Jul 04
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 27% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 3.0% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (98% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (9.1% net profit margin). Reported Earnings • Jul 04
First half 2023 earnings released First half 2023 results: €84.18 loss per share. Net loss: €14.7m (flat on 1H 2022). Upcoming Dividend • May 05
Upcoming dividend of €77.00 per share at 4.5% yield Eligible shareholders must have bought the stock before 11 May 2023. Payment date: 15 May 2023. Trailing yield: 4.5%. Lower than top quartile of French dividend payers (5.4%). Higher than average of industry peers (2.7%). Reported Earnings • Feb 15
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: €22.14 (up from €74.57 loss in FY 2020). Revenue: €83.8m (up 52% from FY 2020). Net income: €3.88m (up €16.9m from FY 2020). Profit margin: 4.6% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 7.8%. Earnings per share (EPS) exceeded analyst estimates. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Mar 09
New 90-day high: €1,270 The company is up 9.0% from its price of €1,170 on 08 December 2020. The French market is up 5.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Hospitality industry, which is up 12% over the same period. Is New 90 Day High Low • Jan 14
New 90-day high: €1,260 The company is up 17% from its price of €1,080 on 15 October 2020. The French market is up 14% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Hospitality industry, which is up 18% over the same period. 
