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1. Company Snapshot

1.a. Company Description

Groupe Partouche SA, through its subsidiaries, operates casinos, hotels, restaurants, dancehalls, and bars in France, other European countries, and internationally.The company operates through three divisions: Casino, Hotel, and Other Activities.Its casinos offer table games, such as the ball game; French, English, or American roulette; the Battle War; Punto Banco; Blockjack; Stud Poker; Casino and Texas Hold'em Poker; Omaha Poker 4 high; Bingo; electronic roulette, Blackjack, and Texas Hold'em Poker, as well as slot machines.


The company also owns and operates diners, gourmet and themed restaurants, and health spas and golf courses; develops interactive television (TV) programs and mobile TV gaming offerings; interactive television games associated with online gaming offering; markets gaming solutions and lotteries; and produces televised programs and events.In addition, it operates Quarisma, a platform for the real time management of quality services between customers and casino operators; and manages casino information systems, as well as hardware and data communication networks.Further, the company engages in real estate and sports betting businesses.


As of October 31, 2021, it operated 41 casinos with 4,815 slot machines installed in France and 436 machines installed internationally, as well as 1,207 electronic English roulette wheels installed in France and 22 wheels installed internationally; 8 hotels with approximately 310 rooms; and 60 restaurants, as well as 5 health spas and 1 golf courses.The company was incorporated in 1903 and is headquartered in Paris, France.Groupe Partouche SA is a subsidiary of Financiere Partouche SA.

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1.b. Last Insights on PARP

Groupe Partouche SA's recent performance was negatively impacted by the decline in gaming revenue, despite a 2.5% increase in overall turnover to €434.3M. The company's casinos, which were renovated and reopened, failed to drive significant growth in gaming revenue. Additionally, the company's financial year 2024 results were not accompanied by any share buyback announcements, which could have provided a boost to shareholder value. The lack of significant growth in gaming revenue and the absence of a share buyback program are the key negative drivers behind the company's recent performance.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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GROUPE PARTOUCHE: Turnover first 9 months - € 347.8 M up +6.2% - Solid momentum confirmed in all activities - Closure of the Financière Partouche safeguard plan

Sep -09

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GROUPE PARTOUCHE: Solid Half-Year Income in a period of significant growth investments

Jun -24

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GROUPE PARTOUCHE: Solid growth in turnover in the first half of 2025: +5.7 % at € 233.3 M / Key step towards exiting Financière Partouche safeguard plan

Jun -10

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GROUPE PARTOUCHE: 1st quarter 2025 Turnover: +6.5% - Excellent dynamics across all activities - General Meeting of 26th March 2025 - Proposal for distribution of a stable dividend of € 0.32/share

Mar -11

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GROUPE PARTOUCHE: Annual Income 2023/2024 - A year of transition marked by numerous growth-driving investments

Jan -28

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GROUPE PARTOUCHE: A Good performance for the financial year 2024 - Turnover: € 434.3 M (+2.5 %) - Inauguration after renovations, of the Group’s three largest casinos

Dec -10

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GROUPE PARTOUCHE: Solid turnover for the first 9 months of the fiscal year: +2.1 % at € 327.3 M

Sep -10

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GROUPE PARTOUCHE: Solid Half-Year Income & Financial Structure in a resumption period of significant growth investments

Jun -25

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.35%)

6. Segments

Casinos

Expected Growth: 4.5%

Growing demand for entertainment and leisure activities, increasing tourism in France, and expansion of online gaming platforms drive the growth of Groupe Partouche SA's casinos. Additionally, the company's strategic focus on enhancing customer experience and investing in digital transformation will further boost revenue.

Other

Expected Growth: 4.5%

The 'Other' segment's growth is driven by increasing demand for hospitality services, expansion of hotel operations, and diversification of entertainment offerings, leading to a forecasted CAGR of 4.5%.

Elimination

Expected Growth: 2.5%

Groupe Partouche SA's elimination from specific markets or disposal of subsidiaries is driven by financial and strategic reasons, such as declining revenue, increased competition, and regulatory pressures, leading to a forecast CAGR of 2.5%.

Hotels

Expected Growth: 4.5%

Growing demand for luxury travel, increasing popularity of casino resorts, and strategic partnerships with iconic brands like Casino de la Vallée and Casino du Lac drive growth in Groupe Partouche SA's hotel segment.

7. Detailed Products

Casinos

Groupe Partouche SA operates a chain of casinos across Europe, offering a range of games, entertainment, and dining options.

Hotels

The company owns and operates hotels, providing accommodation and hospitality services to guests.

Restaurants and Bars

Groupe Partouche SA operates a range of restaurants and bars, offering fine dining, casual meals, and drinks.

Spas and Wellness

The company offers spa and wellness services, including massages, fitness centers, and relaxation areas.

Event and Conference Services

Groupe Partouche SA provides event and conference services, including meeting spaces, catering, and audiovisual equipment.

8. Groupe Partouche SA's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Groupe Partouche SA is moderate due to the presence of alternative forms of entertainment and leisure activities.

Bargaining Power Of Customers

The bargaining power of customers is low due to the lack of concentration of buyers and the high switching costs.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate due to the presence of multiple suppliers and the moderate switching costs.

Threat Of New Entrants

The threat of new entrants is high due to the low barriers to entry and the high growth potential of the industry.

Intensity Of Rivalry

The intensity of rivalry is high due to the high competition among existing players and the high stakes of the industry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 31.57%
Debt Cost 4.01%
Equity Weight 68.43%
Equity Cost 9.68%
WACC 7.89%
Leverage 46.13%

11. Quality Control: Groupe Partouche SA passed 3 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

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Betsson

A-Score: 6.7/10

Value: 6.8

Growth: 7.9

Quality: 8.4

Yield: 3.8

Momentum: 7.5

Volatility: 6.0

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SkiStar

A-Score: 5.2/10

Value: 3.6

Growth: 7.1

Quality: 5.7

Yield: 2.5

Momentum: 4.0

Volatility: 8.3

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Partouche

A-Score: 4.8/10

Value: 8.3

Growth: 4.7

Quality: 2.1

Yield: 1.9

Momentum: 3.0

Volatility: 9.0

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Gambling.com

A-Score: 4.2/10

Value: 5.6

Growth: 9.7

Quality: 6.4

Yield: 0.0

Momentum: 2.0

Volatility: 1.3

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Gaming Innovation Group

A-Score: 3.9/10

Value: 4.6

Growth: 7.1

Quality: 5.3

Yield: 0.0

Momentum: 4.0

Volatility: 2.7

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Playtech

A-Score: 3.8/10

Value: 8.0

Growth: 2.8

Quality: 6.2

Yield: 5.0

Momentum: 0.0

Volatility: 1.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

18.0$

Current Price

18$

Potential

-0.00%

Expected Cash-Flows