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Bains Mer Monaco (BAIN) Fair Value & Analysis

Consumer Cyclical · FR · Market cap €3.4B · ISIN MC0000031187

What is Bains Mer Monaco really worth?

BM Bains Mer Monaco BAIN · PA
Price€135.00
Fair Value€63.02
Upside−53.3%
Quality58/100

A solid business, but trading 114% above our fair value of €63.02.

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Strengths

Solidly profitable · 13.1% net margin
Low debt · generates free cash flow

Risks

!Expensive Growth (revenue 5y +20.7 %/yr)
!Mixed vs. peers (6/14)
!Narrow moat 36/100
!Weak on past: 27 out of 100
!Weak on dividend: 27 out of 100

For context

·1.33% dividend yield
Evidence: High Range €55.18 – €99.69

Fair value as of: Aug 19, 2026

From 25 valuation models · updated 16 days ago

Share price −2.9% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (€99.69). The favourable scenario is already priced in.
  • Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (€55.18 to €99.69) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

€140.00 €55.94 Fair Value €63.02 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 19, 2026.

How to read this chart

60‑month range €55.94 – €140.00 · fair‑value band €55.18 – €99.69 · the €135.00 price screens above the €63.02 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 19, 2026.

Full chart & analysis →

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Analysis

Bains Mer Monaco (BAIN) currently trades at €135.00, while our model-based Fair Value estimate is €63.02, implying the stock looks roughly 114.2% overvalued today. The Quality Score stands at 58/100 (solid quality), in the Consumer Cyclical sector. Bull case: the Growth Earnings group reads highest at a median of €89.82 per share, and 0 of the 25 models we run sit above the €135.00 price. Bear case: the Growth DCF group reads lowest at €9.92, and 25 of the 25 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Bains Mer Monaco generated revenue of €815M at a net margin of 14.4%. Revenue grew 9.6% year over year. It earns a return on equity of 7.0%. The balance sheet holds a net cash position of €107M. Fundamentals as of Aug 19, 2026

Our scenario range runs from €55.18 (bear case) to €99.69 (bull case); at €135.00, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 4% below its 52-week high and 36% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 12% fair-value upside, at −53%, BAIN screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly €1.30 per share, which is 2.1 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF best evidence €8.30 €10.10 €12.73 82
Growth DCF €8.35 €9.92 €12.09 80
Owner Earnings €19.11 €26.65 €37.73 77
All 25 models by family
DCF Models
FCF DCF best evidence €8.30 €10.10 €12.73 82
Owner Earnings €19.11 €26.65 €37.73 77
5Y Revenue Exit €24.13 €40.04 €60.85 71
5Y EBITDA Exit €47.85 €84.55 €128.12 74
5Y P/E Exit €49.35 €87.36 €127.84 70
10Y Revenue Exit €17.29 €30.19 €48.31 65
10Y EBITDA Exit €32.95 €60.45 €98.65 66
10Y P/E Exit €33.89 €62.36 €98.43 62
Earnings-Based
Graham-Dodd €31.31 €99.06 €131.96 64
Lynch FV €21.76 €31.08 €40.41 61
PEG = 1.0 €21.76 €31.08 €40.41 57
EPV €39.59 €45.06 €49.78 74
Dividend Discount
Gordon GGM €15.85 €31.59 €47.84 67
DDM Multi-Stage €15.85 €25.95 €33.34 66
Multiples
P/E Multiple €75.98 €101.31 €126.64 63
P/S Multiple €31.63 €42.17 €52.72 58
P/B Multiple €58.71 €78.29 €97.86 55
EV/EBIT €62.12 €81.18 €100.24 66
EV/EBITDA €78.28 €102.72 €127.17 67
EV/Revenue €34.45 €47.11 €59.76 54
Asset-Based
NCAV (Graham) €34.22 €45.85 €68.44 54
Growth DCF
Growth DCF €8.35 €9.92 €12.09 80
Economic Profit
Residual Income €54.32 €56.60 €58.67 76
ROIC Compounder €39.59 €45.06 €49.78 72
Growth Earnings
Growth-Adj P/E €62.87 €89.82 €116.76 67

Widest divergence: Growth Earnings (€89.82) versus Growth DCF (€9.92). Highest evidence: FCF DCF (82).

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Key figures & financial health

P/E ratio 29.3
P/S ratio 3.84 P/E × margin
EPS (TTM) €4.61 price ÷ EPS = P/E 29.3
Dividend yield 1.3% payout 39.0%
Net margin 13.1% FY2026
Return on equity 6.8% TTM
More key figures
Profitability
Return on assets (EBIT) 3.5% avg 5y
Operating margin −5.9% TTM
Growth
Revenue (TTM) €862M TTM
Revenue growth (YoY) +16.9% 3y avg +8.9%
EPS growth (YoY) +6.1%
Balance sheet & cash flow
Free cash flow €7.6M FY2026
Net cash €107M FY2026

Figures from reported company fundamentals · as of Aug 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 58/100

Of which business quality 59 · Market factors (momentum, volatility) 68

Profitability 43
Margins and returns on capital today
Quality Growth 53
Are margins and returns improving?
Cashflow 43
Earnings quality: real cash, not paper profit
Fin. Strength 84
Balance sheet, leverage, solvency risk
Investment 55
Disciplined investing over empire-building
Low Volatility 90
Calm price path (market factor)
Momentum 53
Price trend over the last 3–12 months (market factor)
52W Momentum 71
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Société Anonyme des Bains de Mer et du Cercle des Étrangers à Monaco operates in the gaming, hotels, and rental sectors in Monaco. It operates casinos; hotels; restaurants; lounge bars and nightclubs; wellness and leisure facilities; shows and concert halls; shopping centers; and meetings and events centers.

Full 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. It operates casinos; hotels; restaurants; lounge bars and nightclubs; wellness and leisure facilities; shows and concert halls; shopping centers; and meetings and events centers. The company is also involved in the slot machines, table games, and other activities; and rental of residential properties, boutiques, and offices. In addition, it offers catering services. The company was incorporated in 1863 and is headquartered in Monaco.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Bains Mer Monaco reported revenue of €862M in FY2026 versus €531M in FY2022, a compound +12.9%/yr. Reported net income was €113M in FY2026, compounding +10.3%/yr from FY2022.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
€862M
Latest YoY
+12.2%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.9%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+20.7%
Avg. revenue growth/yr (26Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−3.2%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+18.4% (17.1 + 1.3)
Revenue +12.9%/yr
FY22 €531M
FY23 €667M
FY24 €704M
FY25 €768M
FY26 €862M
Net income +10.3%/yr
FY22 €76.4M
FY23 €896M
FY24 €104M
FY25 €110M
FY26 €113M

BAIN screens 114% overvalued. Compare with Las Vegas Sands Corp →

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Cite: Fair Value Calculator (2026). "Bains Mer Monaco Fair Value". https://www.fairvalue-calculator.com/stock/BAIN

Peer Group

Resorts & Casinos · 74 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 58 · Above median
Fair Value upside −53% · Bottom 25%
Return on equity (TTM) 7% · Above median
Return on assets 2% · Above median
Net margin (TTM) 13% · Top 25%
Operating margin (TTM) −6% · Bottom 25%
Revenue growth 17% · Top 25%
Dividend yield (TTM) 1.3% · Bottom 25%
Debt / equity 0.01× · Lower than 75% of peers

Valuation Multiples vs Resorts & Casinos median · lower = cheaper

P/E (TTM) 29.3× · Pricier than median
P/B 2.35× · Pricier than median
P/S (TTM) 4.58× · Pricier than 75% of peers
P/FCF 517.2× · Pricier than 75% of peers
EV/EBITDA 21.4× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 31
FUTURE85 · sector 25
PAST27 · sector 19
HEALTH99 · sector 82
DIVIDEND27 · sector 61

VALUE 0: the price sits above our fair-value range.

Insider activity: 45/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Gambling

Similar stocks

10 more Resorts & Casinos stocks, each showing price versus our Fair Value estimate (as of Aug 19, 2026).

Stock Price Fair Value vs Fair Value
Las Vegas Sands Corp LVS $46.23 $51.60 +12%
Galaxy Entertainment Group 0027 HK$33.86 HK$40.46 +19%
Sands China Ltd 1928 HK$14.45 HK$19.10 +32%
MGM Resorts International, through its subsidiaries, MGM $42.28 $17.73 −58%
Wynn Resorts, Limited WYNN $102.97 $69.39 −33%
Red Rock Resorts, Inc RRR $58.40 $18.01 −69%
Boyd Gaming Corporation BYD $80.63 $151.24 +88%
Caesars Entertainment, Inc CZR $29.63 $80.92 +173%
Genting Singapore Limited G13 0.6700 SGD 0.6900 SGD +3%
Vail Resorts, Inc MTN $148.36 $132.94 −10%

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Frequently asked questions

Is Bains Mer Monaco (BAIN) overvalued or undervalued?
As of Aug 19, 2026, our model estimates a fair value of €63.02 versus a price of €135.00, about −53% upside (overvalued).
What is the fair value of BAIN?
Our model-based fair value for Bains Mer Monaco is €63.02 (as of Aug 19, 2026), built from audited fundamentals. The current price: €135.00.
What is the quality score of BAIN?
Bains Mer Monaco has a Quality Score of 58/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Bains Mer Monaco (BAIN)?
Bains Mer Monaco reported trailing-twelve-month revenue of about €815M (latest available figure, as of Aug 19, 2026).
What is the net profit margin of BAIN?
The net profit margin of Bains Mer Monaco is about 14.4%, meaning it keeps roughly 14.4% of revenue as net income. Based on the latest reported figures.
Does Bains Mer Monaco pay a dividend?
Bains Mer Monaco currently shows a dividend yield of about 1.33% relative to its recent price (as of Aug 19, 2026).
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