olivLaw · European equity research
Crosswood S.A. CROS.PA
France · Euronext Paris · ISIN FR0000050395 · Vertical: Listed companies from France
Crosswood is a small French real estate company whose main activity is now holding a 35.15% stake in SCBSM, a timber and sawmill company. Its own property portfolio has shrunk after the sale of the Champigny-sur-Marne shopping centre, so the result depends almost entirely on the SCBSM stake. Rental revenue was only 73 thousand EUR in fiscal 2025.
At the close of 04 Nov 2026, Crosswood S.A. (CROS.PA) stock was 8.85 EUR (+0.00% on the day), with market capitalisation 95.1 m EUR, P/E 22.1 on diluted EPS of 0.40 EUR over the last 12 months, beta 0.14, 52-week range 8.70–11.10 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)
- 43.3
- weak (30–45)
- Bollinger (20, 2)
- 8.34 – 10.11
- in the lower half of the band · %B 0.29 · band width 19.2%
- SMA 50 / 200
- 9.55 / 9.48
- mixed trend
- MACD (12, 26, 9)
- -0.19 / -0.15
- MACD below 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 | +0.6% | −0.6% | +1.2 pp | — |
| 3 months | unavailable | −4.2% | unavailable | — |
| 6 months | unavailable | +4.3% | unavailable | — |
| Year to date | unavailable | +7.5% | unavailable | — |
| 1 year | −18.8% | +9.9% | −28.7 pp | −6.8% |
| 3 years | +6.0% | +49.8% | −43.9 pp | −15.9% |
| 5 years | +39.4% | +42.8% | −3.5 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 50 percentile of its own 2-quarter history (min 19.6, median 23.4, max 27.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.0 m | 888.0 k | 73.0 k |
| Revenue YoY | unavailable | −12.5% | −91.8% |
| Net income | -1.8 m | 5.5 m | 4.3 m |
| Net income YoY | unavailable | unavailable | −21.3% |
| Diluted EPS | -0.17 | 0.51 | 0.40 |
| Diluted EPS YoY | unavailable | unavailable | −21.6% |
| net % | -176.5% | 615.2% | 5,886.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 4.3 m EUR
- Financial debt
- 0 EUR
- Net debt
- -4.3 m EUR
- Equity
- 88.0 m EUR
- Total assets
- 105.2 m EUR
- Debt / equity
- 0.00x
- Current ratio
- 8.05x
- ROE
- 5.0%
- ROA
- 4.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.0 m | 888.0 k | 73.0 k | esef· 29 Apr 2026verified |
| Operating income | 1.6 m | 898.0 k | -399.0 k | esef· 29 Apr 2026verified |
| Income tax | -971.0 k | 1.2 m | 886.0 k | esef· 29 Apr 2026verified |
| Net income | -1.8 m | 5.5 m | 4.3 m | esef· 29 Apr 2026verified |
| Diluted EPS | -0.17 | 0.51 | 0.40 | esef· 29 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 72.0 k | 5.4 m | 4.3 m | esef· 29 Apr 2026verified |
| Current assets | 1.9 m | 6.4 m | 5.5 m | esef· 29 Apr 2026verified |
| Total assets | 99.7 m | 101.3 m | 105.2 m | esef· 29 Apr 2026verified |
| Long-term debt | 3.8 m | 36.0 k | 0 | esef· 29 Apr 2026verified |
| Current liabilities | 1.3 m | 2.0 m | 679.0 k | esef· 29 Apr 2026verified |
| Equity | 79.3 m | 83.7 m | 88.0 m | esef· 29 Apr 2026verified |
| Shares outstanding at year end | 10.5 m | 10.7 m | 10.7 m | esef· 29 Apr 2026derived |
Cash flow · EUR
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
- indicators available: 4 of at least 6
- score weight coverage: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 95.1 m EUR
Key indicators
Coverage and freshness
Score by group
31% · 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: 4.44 – 11.92 EUR.
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 · input data missing
- Peers: P/E4.44 – 11.92 (Mid 6.85)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)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: indicators available: 4 of at least 6; score weight coverage: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -0.4% | 19 (vs peers) | 33% |
| Net margin · Quality | 5,886.3% | 100 (vs peers) | 20% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 8.0x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 22.1x | 43 (vs peers) | 33% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality49/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial43/100 · 1/3 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
CROSSWOOD (CROS.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 73.0 k EUR in 2025; YoY growth -91.8%; net margin 5,886.3%; ROE 5.0%.
The estimated value range is 4.44–11.92 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 6.85 EUR, the price of 8.85 EUR leaves a potential of -22.6% (value / price − 1) and a margin of safety of -29.2% (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 (indicators available: 4 of at least 6; score weight coverage: 31.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 5,886.3%
- Current ratio: 8.0x
What contradicts it
- ROIC: -0.4%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Shareholder yield (distributions), 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 |
| 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% |
| CROS.PACrosswood | 95.1 m | 22.1 | 5.0% | 5,886.3% | −91.8% | −20% / +5% |
| 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 CROS.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 | 4.73 Total return -47% · Per year -47% | 8.41 Total return -5% · Per year -5% | 12.72 Total return 44% · Per year 44% |
| 3 years | 3.76 Total return -58% · Per year -25% | 7.59 Total return -14% · Per year -5% | 12.72 Total return 44% · Per year 13% |
| 5 years | 2.98 Total return -66% · Per year -20% | 6.85 Total return -23% · Per year -5% | 12.72 Total return 44% · Per year 8% |
- Exit P/E± 1.90
- Net margin± 1.33
- Annual revenue growth± 1.20
- Annual dilution± 0.11
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
Crosswood is a small French real estate company whose main activity is now holding a 35.15% stake in SCBSM, a timber and sawmill company. Its own property portfolio has shrunk after the sale of the Champigny-sur-Marne shopping centre, so the result depends almost entirely on the SCBSM stake 1. Rental revenue was only 73 thousand EUR in fiscal 2025 1.
SWOT
Strengths
- Majority-level stake in the capital of SCBSM, whose book value rose during 2025.
- Minimal financial debt with no covenant-type clauses, which reduces liquidity risk.
- The Praz-sur-Arly chalets are new and offer good energy performance.
Weaknesses
- Rental income is very low after the shopping centre was sold.
- Operating result is negative before the change in property value, and structural costs have risen.
- Dependence on a single stake makes the result sensitive to one company's performance.
Opportunities
- If dividends from SCBSM are sustained, they could finance group costs and possible distributions.
- Narrowing the gap between market value and book value could support the share price.
- Possible renovation of the portfolio could reshape rental income.
Threats
- A fall in the value of SCBSM could directly reduce net asset value and the group's result.
- Energy and planning regulation could generate unforeseen compliance costs.
- The significant gap to market value could widen investor scepticism.
Risks
- Dependence on SCBSMhigh
Almost all of the result and assets come from the SCBSM stake, so any deterioration at that company would pass directly to the group.
- Gap to market valuehigh
The market value of the stake is far below book value, which could affect investor confidence.
- Asset valuationmedium
Property values rely on external experts and the fair value method, and a change in yields could reduce valuations.
- Energy regulationmedium
Energy performance rules could require compliance spending, although the impact could be limited.
- Liquiditylow
The remaining loan is repaid by June 2026, and the company states it has enough cash to meet upcoming maturities.
Investment thesis
What would need to be true (bull case)
- If SCBSM keeps growing its net assets, the value of the group's stake could keep rising.
- Almost no debt and positive net cash give a financial safety margin.
- The gap to market value could narrow if the market recognises the underlying asset value.
What would break the thesis
- Own operating activity is almost nonexistent, and structural costs could keep drawing down cash.
- Dependence on a single stake makes the company vulnerable to any problem at SCBSM.
- The low market value relative to book value could signal a lack of market confidence in the group's assets.
What to watch
- Evolution of the SCBSM stake value and of the gap to market pricenext 10-K
- Full repayment of the corporate loan2026
- Level of structural costs compared with rental income2026
- Effects of energy rules on the chalets and the land2027
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
Crosswood S.A. is a French company that owns a plot of land under a construction lease (bail à construction) at Champigny-sur-Marne and three seasonal rental chalets at Praz-sur-Arly 1. Besides its property activity, the group holds a significant stake in the capital of SCBSM, consolidated under the equity method 1. Rental management and asset management for offices and shops are outsourced to Brocéliande Patrimoine 1.
The group's result for fiscal 2025 was a net profit of 4,297 thousand EUR, but almost entirely due to its share of SCBSM's results of 5,484 thousand EUR, while operating result before the change in property value was negative at (610) thousand EUR 1. Structural costs rose to 661 thousand EUR from 330 thousand EUR 1. The company therefore depends on the SCBSM stake to cover its costs 1.
The financial structure is simple: financial debt is reduced to a single amortising corporate loan maturing in June 2026, at an average cost of 1.06% 1. Net cash of 4,332 thousand EUR and the absence of covenant-type clauses are noted in the source document 1.
Segments
Market context
The company operates in the French real estate market, where valuations are performed by independent experts, mainly Newmark, using the fair value method 1. The liquidation NAV per share net of tax was 8.24 EUR and the reconstitution NAV per share was 9.69 EUR at 31 December 2025 1. The source document notes that the market value of the SCBSM stake is well below its book value, which could change investor perception 1.
The French property and energy regulatory framework keeps changing, and the group expects that energy performance rules could generate additional compliance costs 1. The company relies on external advisers to monitor legislation 1.
Trends
- Rising value of SCBSMtailwind
The rise in SCBSM's net assets lifted the value of the stake and the liquidation NAV by 4.7% versus 31 December 2024; if this trend holds it could support future results 1.
- Gap between book and market valueheadwind
The market value of SCBSM is considerably lower than its balance-sheet value, which could limit the market value recognised for the group if this gap persists 1.
- Energy regulation of buildingsheadwind
Tougher energy performance rules could require additional investment in the properties held, although the new chalets reduce the exposure 1.
- Disappearance of rental incomemixed
After the shopping centre sale, rental income is almost nonexistent, so the company depends on its financial stake 1.
Competitive position
The source documents do not identify direct competitors of Crosswood and give no comparative data for other listed companies. Possible comparisons are limited to other small French property companies and holders of timber company stakes. The company is more a holding with a small property base than an operator comparable to large foncières.
- Small French foncières
The source documents do not name competitors; the category is described generally, without naming any company.
- French timber and sawmill companies
Relevant for valuing the SCBSM stake, but not named in the sources provided.
- Small real estate holding companies
Comparison is made through net asset value, not revenue.
- Operators of seasonal chalet rentals
Competition for the Praz-sur-Arly chalets, not identified in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202529 Apr 2026
- Annual report 202424 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Crosswood S.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.