🔥 Société Fermière du Casino Municipal de Cannes – Euronext Paris: FCMC – OTC Adventures

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The Société Fermière du Casino Municipal de Cannes (SFCMC) and its resorts are majority-owned by the Desseigne-Barrière family.


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Some see it as a variable cost function of revenue instead of a fixed cost, and slow down fixing the property when revenue per available room or occupancy levels drop. The Principality of Monaco owns a big chunk. Share this post: Click to email this to a friend Opens in new window Click to share on Facebook Opens in new window Click to share on Twitter Opens in new window. Always a risk with controlled entities. French policies allows that you can be squeezed out. You absolutely cannot. Meanwhile, would it not make not sense for the group to wait for the next recession to buy out the minority holders for less? Gambling appears to be in long-term decline in the region as more gamblers opt for internet competitors. I think a superior means of valuing SFdCM is by looking at each asset. Alluvial Capital Management, LLC may hold any securities mentioned on this blog and may buy or sell these securities at any time. Yes, they hope to at least recoup their investment over time, but the most significant benefits to ownership do not show up on the profit-and-loss report. Thank you for presenting the idea. Zero debt you say….. Why deal with the hassle of a public listing when there is minimal trading activity and a depressed valuation? I experienced a bad squeeze out in a small german company once where they actually forced us out at a much lower price than market price due to ridiculous rules. Presently, the Majestic has rooms and 92 suites. They are usually looking for a nice profit 3rd, they resumed paying a nice dividend last year so that the holding will have more cash for the tender offer 4th, fimalac recently withdrew from the Paris stock exchange. Very common situation with family-controlled companies. Do you have any info on that front? The remaining shares trade sporadically on the Euronext. The ownership group here is extremely long-term oriented and understands the need to maintain the highest standards. Not an investment for activists. Very, very helpful information. I can e-mail it to you if you like. Where did you see the extraordinary 4. Notify me of follow-up comments by email. After a top-to-bottom renovation and a hurricane-related delay, the hotel is now open for business.

The group owns three world-class hotels, two on the French Riviera at Cannes and the other in St.

Of course renovation activity WAS expensive, but most of the heavy lifting seems to be done.

SFdCM also operates two Cannes casinos and several restaurants. I have no inside info so I could be very wrong… My thesis is that it will go between and within 2 years.

These casinos offer slot machines and 38 gaming tables, plus dining and entertainment. Even a per-key valuation of Eurwould yield a healthy premium, and Euris below where some very good hotels in strong markets have been priced, not rare assets in premiere locations. Looking at the age of D.

Many do not respect cannes casino municipal rights of minority investors or deal fairly with the company. Cannes casino municipal you for contributing.

Desseigne and M Ladreit de Lacharriere, there will have to be some succession management… 2nd, fimalac bought the shares at apiece in Needless to say that the situation is way better now and the cash has built.

Notify me of new posts by email. Again, high! But at a discount of this magnitude, I think shareholders will do rather well regardless of whether or not an offer materializes. However there is no official rule about it, the AMF do not exclude that possibility.

On the other hand, it does enjoy an incredible location and no expense was spared in its renovation or staffing. For the most part, nobody buys these trophy assets hoping for a financial bonanza. A lot of click at this page under-spend.

This room property employs more modern design, but nearly the same luxuries. The public entity is so thinly-traded that this is effectively a private company that the public can invest in. Discount to NAV. I used translation tools to produce an English language version of the annual report.

Are cannes casino municipal into French shareholder policies? And even The cash is also lower So in fact the PE is rather close of However to value it you would need to take into account that they own the real estate.

If so, what were they? Built inthe Mt airy casino smoking policy is a five-star Art Deco masterpiece.

If an offer does materialize, shareholders should not expect to receive full value for their shares. How can you force the monetisation of those assets? So, Please click for source Is It Cheap? Why is this a listed company?

I am French. Intriguing idea. The hotel is popular with film festival attendees. Do light show at crown casino forget that the float is not huge 6.

I doubt the vast majority of investors even realize the company is public. Great write up thank You. For transparency, I own shares so have an interest in it going up. I hear you — but they are not even paying a decent dividend in that case.

That could absolutely happen. We had to force them to provision for this in an escrow account. The hotel offers a private beach, several restaurants and nearly every imaginable amenity.

Regarding your idea that this stock is a good holding regardless, could it be that there are generational issues in the family of the largest holders which could result in the whole firm being sold.

Thank you again! The view from the Mediterranean. In recent years there was quite an effort to renovate which was not quite expensive.

That works out to a very undemanding multiple of I think a lot of value investors get caught up in the dollars cannes casino municipal euros and cents and fail to recognize the enormous public relations cannes casino municipal and cachet that owning cannes casino municipal trophy asset like an historic, high-end hotel brings.

How much are they paying for management? The hotel was built in and acquired by SFdCM a few years back. The SOP valuation of the expert is above the current share price, providing a floor 5th, most hotel chain trade between 20 and 25 times earnings and do not own the property asset light.

Your email address will cannes casino municipal be published. As always, investors must maintain skepticism when it comes to family-controlled companies. So I would not be afraid by a low bid to screw the minorities as the qatari wont be screwed. Classical value trap. The answer, like many of the companies profiled on this blog, is illiquidity and obscurity.

Interesting article, but i have a few comments: — results included 4. Do you have comps of discount to NAV in other French minority squeeze-outs? A consortium of Japanese corporations were playing the same angle when they bought the Pebble Beach Company in Interestingly, these transactions marked a peak for the acquirers with each falling upon difficulties not long after.

SFdCM operates the casinos under long-term concessions from Cannes. The signaling involved is far more important than the financial details.

However, how to you get the financials? Le Carl Gustaf is a boutique with 23 rooms and suites. Leave a Reply Cancel reply Your email address will not be published.

SFdCM is very much a family-controlled enterprise. But this independent person is paid by the society…. Fascinating post, thank you for sharing. Although, they had ample opportunity to force out minorities in the last recession and they did not. So that should help a little — MLdL did not buy shares afterwards, how could he with the liquidity…?