olivLaw · European equity research
Groupe Partouche PARP.PA
France · Euronext Paris · ISIN FR0012612646 · Vertical: Listed companies from France
Groupe Partouche operates casinos in France, with a business tied to local concessions, physical gaming and regulated operations. Its outlook depends on regulation of physical gaming, competition on the coast and pressure from online gambling, factors that matter now for the group. The annual report also flags material risks in security, money laundering and climate change.
At the close of 05 Nov 2026, Groupe Partouche (PARP.PA) stock was 17.30 EUR (+0.00% on the day), with market capitalisation 166.5 m EUR, P/E 3.3 on diluted EPS of 5.31 EUR over the last 12 months, dividend yield 1.85%, beta 0.16, 52-week range 17.00–19.60 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 49.8
- neutral
- Bollinger (20, 2)
- 17.00 – 17.46
- in the upper half of the band · %B 0.65 · band width 2.7%
- SMA 50 / 200
- 17.51 / 17.86
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.05 / -0.08
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | 0.0% | −0.6% | +0.6 pp | — |
| 3 months | −2.5% | −4.2% | +1.6 pp | — |
| 6 months | −3.6% | +4.3% | −8.0 pp | — |
| Year to date | −3.9% | +7.5% | −11.4 pp | — |
| 1 year | −4.4% | +9.9% | −14.3 pp | −6.8% |
| 3 years | −6.0% | +49.8% | −55.8 pp | −15.9% |
| 5 years | −17.2% | +42.8% | −60.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 4-quarter history (min 3.5, median 6.7, max 190.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 388.8 m | 423.8 m | 434.3 m | 460.2 m |
| Revenue YoY | unavailable | +9.0% | +2.5% | +6.0% |
| Net income | 34.2 m | 18.9 m | 1.1 m | 51.1 m |
| Net income YoY | unavailable | −44.7% | −94.2% | +4,571.2% |
| Diluted EPS | 4.00 | 2.00 | 0.11 | 5.31 |
| Diluted EPS YoY | unavailable | −50.0% | −94.5% | +4,727.3% |
| net % | 8.8% | 4.5% | 0.3% | 11.1% |
| Free cash flow | 37.7 m | 12.0 m | -28.8 m | -61.3 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Oct 2025
- Cash
- 164.1 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 410.5 m EUR
- Total assets
- 1.0 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 0.88x
- ROE
- 13.2%
- ROA
- 5.5%
- FCF margin
- -13.3%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 388.8 m | 423.8 m | 434.3 m | 460.2 m | esef· 10 Mar 2026verified |
| Operating income | 40.7 m | 27.4 m | 15.2 m | 86.9 m | esef· 10 Mar 2026verified |
| Depreciation & amortisation | 51.5 m | 48.9 m | 51.8 m | 60.8 m | esef· 10 Mar 2026verified |
| EBITDA | 92.2 m ≈ | 76.3 m ≈ | 67.0 m ≈ | 147.7 m ≈ | esef· 10 Mar 2026derived |
| Pre-tax income | 38.4 m | 24.5 m | 11.9 m | 80.4 m | esef· 10 Mar 2026verified |
| Income tax | 1.2 m | 1.1 m | 7.5 m | 22.8 m | esef· 10 Mar 2026verified |
| Net income | 34.2 m | 18.9 m | 1.1 m | 51.1 m | esef· 10 Mar 2026verified |
| Diluted EPS | 4.00 | 2.00 | 0.11 | 5.31 | esef· 10 Mar 2026verified |
| Dividend per share | 0.00 | 0.33 | 0.31 | 0.32 | esef· 10 Mar 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 166.9 m | 149.4 m | 117.2 m | 164.1 m | esef· 10 Mar 2026verified |
| Current assets | 205.3 m | 190.9 m | 166.9 m | 222.0 m | esef· 10 Mar 2026verified |
| Property, plant & equipment, net | 370.5 m | 387.2 m | 454.2 m | 547.5 m | esef· 10 Mar 2026verified |
| Goodwill | 203.2 m | 203.2 m | 200.1 m | 200.6 m | esef· 10 Mar 2026verified |
| Intangibles (excl. goodwill) | 4.2 m | 4.0 m | 4.3 m | 4.1 m | esef· 10 Mar 2026verified |
| Total assets | 798.3 m | 804.3 m | 845.1 m | 1.0 bn | esef· 10 Mar 2026verified |
| Current liabilities | 179.0 m | 184.3 m | 205.8 m | 253.3 m | esef· 10 Mar 2026verified |
| Total liabilities | 798.3 m | 804.3 m | 845.1 m | 1.0 bn | esef· 10 Mar 2026verified |
| Equity | 354.0 m | 366.9 m | 365.0 m | 410.5 m | esef· 10 Mar 2026verified |
| Shares outstanding at year end | 8.6 m | 9.4 m | 9.9 m | 9.6 m | esef· 10 Mar 2026derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 78.5 m | 66.3 m | 62.8 m | 71.4 m | esef· 10 Mar 2026verified |
| Capex | 40.9 m | 54.3 m | 91.6 m | 132.6 m | esef· 10 Mar 2026verified |
| Free cash flow | 37.7 m ≈ | 12.0 m ≈ | -28.8 m ≈ | -61.3 m ≈ | esef· 10 Mar 2026derived |
| Investing cash flow | -16.2 m | -59.4 m | -93.2 m | -107.1 m | esef· 10 Mar 2026verified |
| Financing cash flow | -75.6 m | -24.7 m | -1.8 m | 82.6 m | esef· 10 Mar 2026verified |
| Dividends paid | 0 | 3.1 m | 3.1 m | 3.1 m | esef· 10 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 166.5 m EUR
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 58.90 – 158.24 EUR.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E58.90 – 158.24 (Mid 90.96)20 companies used · median multiple 17.1x · quartiles 11.1x – 29.8x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
- Dividend discount (DDM)outside the aggregate4.35 – 5.93 (Mid 5.02)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 11.1% | 92 (vs peers) | 11% |
| FCF conversion · Quality | -119.9% | 0 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 5.8% | 48 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | 9.9% | 66 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.9x | 6 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 3.3x | 91 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -36.8% | 0 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 1.8% | 26 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial6/100 · 1/3 factors with a value
- Growth57/100 · 2/2 factors with a value
- Quality46/100 · 2/3 factors with a value
- Returns· partial26/100 · 1/2 factors with a value
- Valuation51/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
GROUPE PARTOUCHE (PARP.PA). Latest full fiscal year: 2025; data up to 2025-10-31.
Figures computed from the financial statements: revenue 460.2 m EUR in 2025; YoY growth 6.0%; net margin 11.1%; ROE 14.0%.
The estimated value range is 58.90–158.24 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 90.96 EUR, the price of 17.30 EUR leaves a potential of 425.8% (value / price − 1) and a margin of safety of 81.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 11.1%
- P/E (TTM): 3.3x
- The price is below the estimated value range
What contradicts it
- FCF conversion: -119.9%
- Current ratio: 0.9x
- FCF yield: -36.8%
- Shareholder yield (distributions): 1.8%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| PARP.PAGroupe Partouche | 166.5 m | 3.3 | 14.0% | 11.1% | +6.0% | −3% / −11% |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for PARP.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 10.36 Total return -39% · Per year -39% | 18.30 Total return 8% · Per year 8% | 27.55 Total return 62% · Per year 62% |
| 3 years | 10.31 Total return -36% · Per year -14% | 20.48 Total return 25% · Per year 8% | 33.81 Total return 103% · Per year 27% |
| 5 years | 10.27 Total return -33% · Per year -8% | 22.92 Total return 43% · Per year 7% | 41.50 Total return 154% · Per year 21% |
- Exit P/E± 5.12
- Net margin± 3.58
- Annual revenue growth± 2.91
- Annual dilution± 0.30
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Groupe Partouche operates casinos in France, with a business tied to local concessions, physical gaming and regulated operations. Its outlook depends on regulation of physical gaming, competition on the coast and pressure from online gambling, factors that matter now for the group 1. The annual report also flags material risks in security, money laundering and climate change 1.
SWOT
Strengths
- A network of casinos with local monopolies in several towns and a long record of operating gaming venues.
- The group has built compliance and security procedures required both by regulation and by internal decision.
- Innovation and renewal of the casino customer experience are presented as a defence against competition.
Weaknesses
- Dependence on physical casinos exposes the group to sudden drops in attendance, as seen during the pandemic.
- Many units are concentrated on the coast, where local competition is particularly intense.
- The carrying value of equity interests on the balance sheet depends on management estimates of subsidiaries' future performance.
Opportunities
- Modernising venues and expanding non-gaming services could attract new customers.
- Investment in technology and security may reduce operational risks and associated costs.
- If online gambling regulation evolves, the group could explore complementary offers.
Threats
- Legalising online casino games in France could reduce attendance at physical casinos.
- Opening new casinos in existing catchment areas could affect results at units already operating.
- Pandemics and restriction measures can lead to temporary closures of units.
Risks
- Local competition and new openingshigh
Opening new casinos in the catchment areas of the group's units may reduce revenue, and the risk is higher in large cities and on the coast 1.
- Legalisation of online gamblinghigh
If online casino games become legal in France, attendance at physical casinos could fall, with effects on group results 1.
- Pandemic and restrictionsmedium
Lockdown or health restrictions may force full or partial closure of units, affecting revenue and liquidity 1.
- Money laundering and fraudmedium
Handling large sums of cash exposes the group to fraud, cheating and administrative or criminal sanctions if rules are not followed 1.
- Physical security and climate changelow
Armed robbery, theft and climate effects could affect operations, buildings and attendance 1.
Investment thesis
What would need to be true (bull case)
- The local monopoly of casinos and the group's long experience could support revenue if attendance remains stable.
- If online gambling stays limited in France, direct competition for physical casinos could remain lower.
- Investment in security, cash recycling and customer experience innovation could reduce operating costs and risks.
What would break the thesis
- Opening new casinos in existing areas could quickly reduce revenue at units already operating.
- Legalising online gambling in France could reduce attendance at physical casinos, especially among younger players.
- The value of equity interests depends on estimates, so a negative revision could weigh on the parent's balance sheet.
What to watch
- Evolution of online gambling regulation in France2027
- Trend in revenue and current operating result2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Groupe Partouche runs casinos in France, and its main activity involves handling large sums of cash, which brings specific risks of fraud, cheating and money laundering 1. The group is subject to strict gaming regulation, including approval of managers and gaming staff, which limits competition in some towns 1. Beyond casinos, the parent holds significant equity interests in subsidiaries whose carrying values are checked each year by auditors 1.
Segments
Physical casinos
The core segment is physical casinos in France, many on the coast where competition is stronger. Among the most exposed units are the casinos in Cannes, Nice, Hyères and Le Havre 1. The opening of new casinos within the catchment area of existing ones has already hurt results at some units, for example at Bandol and Hyères 1.
Equity interests and subsidiaries
The group holds equity interests in subsidiaries, which make up the largest item on the parent's balance sheet. Their value depends on management estimates of profitability and business forecasts, so weaker subsidiary performance could lead to impairment 1.
Market context
The reference market is French gaming, where casinos enjoy a local monopoly but face competition from the state lottery, horse racing and online gambling. Casino games are banned online in France except poker, and legalising online slots or roulette could affect attendance at physical casinos 1.
Trends
- Legalisation of online gamblingheadwind
If France opened a legal offer of online slots or roulette, attendance at physical casinos could fall. Experience in Belgium and Switzerland suggests the impact there was limited 1.
- New casinos in existing catchment areasheadwind
Opening new units within the group's catchment areas may reduce revenue, especially on the coast. Authorities weigh an impact study, but the already high number of French casinos limits saturation risk 1.
- Security measures and digitalisationmixed
Investment in video surveillance, cash recycling machines and access control systems may reduce the risk of theft and losses, and the group has also described protection against armed robbery 1.
- Climate risk and environmental rulesmixed
Climate change could reduce attendance and tighten regulatory standards for buildings and energy use. The group is working on a low-carbon transition strategy 1.
Competitive position
Competition comes from other casinos in the same areas, especially on the coast, from state-run gambling, horse racing and online games. The group also cites destination competition such as Monaco and Las Vegas 1. The local monopoly gives each casino some advantage in its catchment, but new openings can erode it 1.
- La Française des Jeux
State-run gambling operator in France, cited by the group as a source of competition for gaming spend.
- Horse racing betting
Pari-mutuel betting is cited in the report as an alternative competing for gaming customers.
- Monaco casinos
Destination resort cited by the group as a rival drawing French customers.
- Las Vegas casinos
International gaming destination named in the report among destination competitors.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202510 Mar 2026
- Annual report 202425 Feb 2025
Sources
- [1] Annual report, fiscal year ended 2025-10-31 (ESEF) · SEC / Groupe Partouche · 31 Oct 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.