Societe Anonyme des Bains de Mer - Sharing the love

Under comprehensive new management, Société des Bains de Mer (SBM) is building on its continued success (newly reported record EBITDA of c €150m for FY24) by looking to monetise its iconic Monte-Carlo brand in ‘new directions’ of international development and property. The purchase of a proposed luxury hotel in the French Alps (Courchevel), the company’s first such international transaction, and a new partnership with global restaurant group D.ream mark its intention to reach its customers where they travel and reside. While not immediately earnings transformative (the hotel faces long-term renovation and just one restaurant, in Dubai next year, has been announced), these moves suggest an arguably symbolic ‘opening up’ of SBM and are a clear growth driver, enabled by strong finances (net cash + liquid investments €385m + 10% of Banijay, c €375m).