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1. Company Snapshot

1.a. Company Description

Société Anonyme des Bains de Mer et du Cercle des Étrangers à Monaco operates in the gaming, hotels, and rental sectors in Monaco.The company operates casinos; hotels; restaurants; lounge bars and nightclubs; wellness and leisure facilities; shows and concert halls; shopping centers; and meetings and events centers.It is also involved in the slot machines, table games, and other activities; and rental of commercial spaces, large luxury houses, and residential properties.


In addition, the company offers catering and bar services.The company was incorporated in 1863 and is headquartered in Monaco.

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1.b. Last Insights on BAIN

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1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Has Société des Bains de Mer’s 2025 Rally Gone Too Far After Latest Luxury Sector Surge?

Sep -15

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Telenor (OB:TEL): Is the Market Underestimating Its True Value?

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.50%)

6. Segments

Hotel

Expected Growth: 4.5%

The luxury hotel market in Monaco is driven by increasing tourism, high-end events, and the country's reputation as a tax haven. The Hotel de Paris, as a historic and iconic property, benefits from its prime location and reputation for excellence, attracting high-net-worth individuals and celebrities.

Games

Expected Growth: 4.5%

Growing demand for luxury entertainment, increasing tourism in Monaco, and expansion of high-stakes games offerings drive growth in the luxury casino and gaming facilities segment.

Rental

Expected Growth: 4.5%

The lucrative gaming concession in Monaco, granted to a private company, is expected to drive growth, fueled by increasing tourism, rising disposable income, and a strong brand reputation.

Other

Expected Growth: 4.5%

SBM's growth is driven by increasing tourism in Monaco, expansion of its luxury hotel and casino offerings, and strategic partnerships to enhance customer experience.

7. Detailed Products

Casino de Monte-Carlo

A luxurious casino offering a range of games, including slot machines, roulette, and poker.

Hôtel de Paris Monte-Carlo

A 5-star hotel offering luxurious accommodations, fine dining, and exceptional service.

Thermes Marins Monte-Carlo

A luxurious spa and wellness center offering a range of treatments and facilities.

Monte-Carlo Bay Hotel & Resort

A 4-star hotel offering comfortable accommodations, a private beach, and a range of leisure activities.

Sun Casino

A modern casino offering a range of games, including slot machines, roulette, and blackjack.

Monte-Carlo Golf Club

An 18-hole golf course offering stunning views of the Mediterranean Sea.

Monte-Carlo Country Club

A private club offering tennis, squash, and fitness facilities, as well as social events and activities.

8. Société Anonyme des Bains de Mer et du Cercle des Étrangers à Monaco's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes is low for Société Anonyme des Bains de Mer et du Cercle des Étrangers à Monaco as the company has a unique business model and there are no close substitutes for its services.

Bargaining Power Of Customers

The bargaining power of customers is medium for Société Anonyme des Bains de Mer et du Cercle des Étrangers à Monaco as customers have some bargaining power due to the availability of alternative options, but the company's strong brand and unique services mitigate this power.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low for Société Anonyme des Bains de Mer et du Cercle des Étrangers à Monaco as the company has a diversified supplier base and is not heavily dependent on any single supplier.

Threat Of New Entrants

The threat of new entrants is high for Société Anonyme des Bains de Mer et du Cercle des Étrangers à Monaco as the company operates in a highly competitive industry and new entrants can easily enter the market.

Intensity Of Rivalry

The intensity of rivalry is high for Société Anonyme des Bains de Mer et du Cercle des Étrangers à Monaco as the company operates in a highly competitive industry with many established players, leading to intense competition.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 1.35%
Debt Cost 4.44%
Equity Weight 98.65%
Equity Cost 4.44%
WACC 4.44%
Leverage 1.36%

11. Quality Control: Société Anonyme des Bains de Mer et du Cercle des Étrangers à Monaco passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
SBM

A-Score: 5.7/10

Value: 4.7

Growth: 6.7

Quality: 6.2

Yield: 1.2

Momentum: 7.0

Volatility: 8.3

1-Year Total Return ->

View Full Report
Stock-Card
La Française des Jeux

A-Score: 5.6/10

Value: 4.4

Growth: 7.1

Quality: 6.2

Yield: 7.5

Momentum: 2.0

Volatility: 6.7

1-Year Total Return ->

View Full Report
Stock-Card
NEXT

A-Score: 5.6/10

Value: 1.8

Growth: 5.7

Quality: 6.7

Yield: 4.4

Momentum: 7.0

Volatility: 8.0

1-Year Total Return ->

View Full Report
Stock-Card
IGT

A-Score: 5.0/10

Value: 5.7

Growth: 2.2

Quality: 4.6

Yield: 8.1

Momentum: 2.5

Volatility: 6.7

1-Year Total Return ->

View Full Report
Stock-Card
Redrow

A-Score: 4.9/10

Value: 6.7

Growth: 3.8

Quality: 7.4

Yield: 4.4

Momentum: 4.0

Volatility: 3.0

1-Year Total Return ->

View Full Report
Stock-Card
Entain

A-Score: 4.2/10

Value: 5.5

Growth: 4.1

Quality: 2.2

Yield: 3.1

Momentum: 7.5

Volatility: 3.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

104.5$

Current Price

104.5$

Potential

-0.00%

Expected Cash-Flows