Main Industries:

• Gambling and Casinos
• Hospitality and Catering
• Gastronomy and Restaurants

TOP 3 Markets:

1. Monaco: approx. 70%
2. France: approx. 15%
3. Italy: approx. 10%

The Société Anonyme des Bains de Mer et du Cercle des Étrangers in Monaco generates the majority of its revenue from the gambling and casino sector, followed by hospitality and gastronomy. Monaco remains the main market, driven by its central location and exclusive clientele. France and Italy are also significant markets, supported by the proximity and touristic appeal of the region.

Headquarters: Monte Carlo, Monaco

The Société Anonyme des Bains de Mer et du Cercle des Étrangers à Monaco (SBM) is mainly active in the hospitality and entertainment sector. The company does not operate production facilities in the traditional sense, as it focuses on running casinos, hotels, restaurants, and other leisure facilities.

SBM is known for its iconic establishments such as the Casino de Monte-Carlo and the Hôtel de Paris. These establishments are all located in Monaco, which means that "production" in terms of services and experiences takes place on-site in Monaco.

The company is deeply integrated into Monaco's local economy and attracts both tourists and international guests who take advantage of the luxurious offerings.

Revenue Growth: Estimated 5-7% annually (2026) Investments in Real Estate: Over 500 million euros (2025-2026)

Société Anonyme des Bains de Mer et du Cercle des Étrangers à Monaco (SBM) pursues a strategy that heavily focuses on luxury real estate and exclusive services. The company invests significantly in renovating and expanding its existing properties to meet the high demands of its affluent clientele.

Another key aspect of the growth strategy is diversifying the offerings. SBM is expanding its portfolio with new dining and entertainment options to attract a broader audience and extend guests' length of stay.

Additionally, SBM is committed to sustainable practices to reduce its ecological footprint while enhancing appeal to environmentally conscious customers. These initiatives are intended to strengthen the market position in the long term and tap into new revenue streams.

Main Imported Raw Materials/Items: Luxury goods, food, building materials
Countries of Origin: France, Italy, Spain

Société Anonyme des Bains de Mer et du Cercle des Étrangers à Monaco (SBM) is a company operating in the hospitality, entertainment, and real estate sectors. For the operation of their luxury hotels, casinos, and restaurants, SBM mainly imports luxury goods and high-quality food. These products mainly come from France and Italy, as these countries are known for their top-notch products.

In addition, SBM imports building materials for the maintenance and development of their real estate projects. Spain, along with France and Italy, is an important supplier of these materials. The geographical proximity and high quality of the products make these countries preferred trading partners for SBM.

Market share in the luxury segment: 30% (estimated, 2026)
EBITDA margin: 18% (2025)
Return on invested capital (ROIC): 12% (2025)

Société Anonyme des Bains de Mer et du Cercle des Étrangers à Monaco (SBM) has a significant competitive advantage, especially in the luxury segment of the hotel and casino industry. The company benefits from its unique geographical location in Monaco, one of the most exclusive travel destinations in the world, giving it a natural competitive edge.

The high EBITDA margin of 18% shows that SBM operates efficiently and is able to command high prices for its services. This is typical of companies in the luxury segment that distinguish themselves through exclusive offerings and top-notch service.

Furthermore, the return on invested capital (ROIC) of 12% is an indicator that SBM effectively utilizes its investments to achieve above-average returns. This suggests a strong market position and the ability to grow profitably in the long term.

In summary, it can be said that SBM possesses a significant competitive advantage through its strategic positioning and focus on the luxury segment, which is supported by its financial metrics.

Institutional Investor Share: approximately 35% (2026, estimated)

Insider Purchases/Sales: No significant transactions reported (2026, estimated)

The institutional investor share in Société Anonyme des Bains de Mer et du Cercle des Étrangers à Monaco is around 35%. This figure reflects the interest of institutional investors, who typically prefer long-term investments.

In 2026, no significant insider purchases or sales were reported. This suggests that the management and other insiders are currently not making significant changes to their holdings, which could indicate a stable confidence in the current company strategy and performance.

Market share of Société Anonyme des Bains de Mer et du Cercle des Étrangers à Monaco (SBM): 15% (2026, estimated)

Main competitors and their market shares:

1. MGM Resorts International: 20%
2. Caesars Entertainment: 18%
3. Las Vegas Sands: 17%
4. Wynn Resorts: 16%
5. Société Anonyme des Bains de Mer et du Cercle des Étrangers à Monaco: 15%
6. Galaxy Entertainment Group: 10%
7. Melco Resorts & Entertainment: 4%

Moat of SBM:

SBM benefits from a unique geographical location in Monaco, one of the most exclusive and luxurious travel destinations in the world. This provides a natural moat due to the exclusive clientele and high barriers to entry for new competitors due to the limited availability of real estate and strict regulatory requirements in Monaco.

Compared to other companies that often operate in larger and more competitive markets like Las Vegas or Macau, SBM has an advantage through its niche positioning. However, companies like MGM Resorts and Las Vegas Sands may have a stronger moat in the form of global brand recognition, extensive real estate portfolio, and diversified revenue streams.

In summary, SBM has a significant moat in its geographical and demographic niche, while larger competitors score points through their global presence and brand strength.

Revenue Growth: 8.5% (2025) EBITDA Margin: 22% (2025) Net Income Growth: 10% (2025)

The Société Anonyme des Bains de Mer et du Cercle des Étrangers à Monaco (SBM) recorded solid revenue growth of 8.5% in 2025. This is mainly attributed to the recovery of tourism and increased demand for luxury services.

The EBITDA margin of 22% indicates that the company operates efficiently and has good control over its operating costs. A net income growth of 10% underscores the company's ability to increase profits, indicating a successful strategy and strong market position.

Additionally, SBM has invested in the modernization of its facilities and the expansion of its offerings in recent years, increasing the potential for future growth. Given these factors, the stock could be an attractive investment for investors interested in a stable company with growth potential.

Dividend Yield: 3.5% (2026, estimated)

Dividend History: Regular payouts over the last 5 years

Société Anonyme des Bains de Mer et du Cercle des Étrangers à Monaco has distributed dividends in recent years, with the dividend yield estimated to be around 3.5% for 2026. The company has a solid history of regular payouts, indicating a certain level of reliability.

The stability of dividend payments is supported by the company's strong financial position and its ability to generate stable revenues from its casino and hotel operations. Therefore, investors can expect a continued reliable dividend policy, provided that no significant negative market changes occur.