Cirsa Enterprises SAU (CIRSA) fair value: what the stock is really worth
As of Nov 12, 2026: fair value (intrinsic value) of Cirsa Enterprises SAU stock €19.10, price €19.88, that is 3.9% below the price, quality 53 out of 100. Rating: fairly valued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 12, 2026.
How to read this chart
16‑month range €12.22 – €20.15 · fair‑value band €14.34 – €23.88 · the €19.88 price screens above the €19.10 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 12, 2026.
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Cirsa Enterprises, S.A. is a gaming company, together with its subsidiaries, engages in the operation of slot machines, casinos, and gaming halls in Panama, Mexico, Colombia, Spain, Peru, Costa Rica, Dominican Republic, and Morocco.
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The company also involved in online betting and gambling activities, as well as providing arcade machines. Cirsa Enterprises, S.A. was founded in 1978 and is based in Terrassa, Spain. Cirsa Enterprises, S.A. operates as a subsidiary of LHMC Midco S.à r.l.
Stock analysis
Cirsa Enterprises SAU (CIRSA) currently trades at €19.88, while our model-based Fair Value estimate is €19.10, so the stock looks roughly fairly valued today (gap 4.1%).
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Valuation
Bull case: the DCF Models group reads highest at a median of €25.98 per share, and 7 of the 24 models we run sit above the €19.88 price.
Bear case: the Dividend Discount group reads lowest at €2.18, and 17 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: €14.34 (bear) to €23.88 (bull), the price of €19.88 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 53/100 (solid quality), in the Consumer Cyclical sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Cirsa Enterprises SAU reported revenue of €1.7B in FY2025 versus €798M in FY2021, a compound +19.9%/yr. Reported net income was €72.9M in FY2025.
Key figures
Market cap €3.3B Mid · P/E ratio 28.0 · P/S ratio 1.33 · EPS (TTM) €0.7100 · Dividend yield 2.3% · Net margin 4.8% · Return on equity 26.8% · Return on assets (EBIT) 8.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (low confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 1% below its 52-week high and 63% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 36% fair-value upside, at −4%, CIRSA screens richer than that median.
Fair Value models
Bear€14.34Fair Value €19.10Bull€23.88
Price €19.88 · Downside -3.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€0.2258 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+39.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.5%
Revenue growth 6 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.4%
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What shareholders gained per year (last 3 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+4.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+2.2%
Dividend (yield on the price)2.3%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−38% → 27%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+2.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+14.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about −0.1% a year for the price and +12.1% for the forecasts.
AI conclusion: The business shows modest positioning in a commoditized casino market with the main strength being the approved absorption into Lottomatica for a larger European platform, while high leverage remains the key weakness that may constrain operations.
Main risk: Differences in operations and oversight across borders could constrain synergies from the combination with Lottomatica and limit the benefits of the larger gaming platform.
The boards of Cirsa and Lottomatica have just approved the detailed plan for Cirsa to be fully absorbed into the Italian operator. This cross-border combination aims to build a larger gaming platform spanning retail casinos and online betting across key European markets. Does the deal unlock meaningful synergies from shared technology and scale, or do differences in operations and oversight across borders constrain the outcome?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Resorts & Casinos · 64 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score53 · Below median
Fair Value upside−3.9% · Below median
Profitability
Return on equity (12 months)26.8% · Top 25%
Return on assets3.1% · Below median
Net margin (12 months)7.8% · Above median
Operating margin (12 months)15.0% · Above median
Growth and dividend
Revenue growth (quarter YoY)12.0% · Above median
Dividend yield (12 months)2.3% · Below median
Balance sheet
Debt / equity2.58× · Highest 25%
Valuation Multiplesvs Resorts & Casinos median · lower = cheaper
P/E (12 months)28.0× · Priciest 25%
P/B4.69× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)2.14× · Pricier than median
Price / free cash flow (fiscal year)12.3× · Cheaper than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Cirsa Enterprises SAU Fair Value". https://www.fairvalue-calculator.com/stock/CIRSA
Frequently asked questions
Is Cirsa Enterprises SAU (CIRSA) overvalued or undervalued?
As of Nov 12, 2026, our model estimates a fair value of €19.10 versus a price of €19.88, about 4% lower (fairly valued).
What is the fair value of CIRSA?
Our model-based fair value for Cirsa Enterprises SAU is €19.10 (as of Nov 12, 2026), built from audited fundamentals. The current price: €19.88.
What is the quality score of CIRSA?
Cirsa Enterprises SAU has a Quality Score of 53/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Cirsa Enterprises SAU (CIRSA)?
Our model-based price target is the fair value of €19.10 (as of Nov 12, 2026) from 24 valuation models. Cautious scenario €14.34, optimistic scenario €23.88. It is a calculation from audited fundamentals, not an analyst target.
What is the Cirsa Enterprises SAU stock forecast for 2026?
Our models put fair value at €19.10, about 4% lower versus a price of €19.88 (fairly valued). Cautious scenario €14.34, optimistic scenario €23.88. The calculation is refreshed regularly with new filings.
What is the revenue of Cirsa Enterprises SAU (CIRSA)?
Cirsa Enterprises SAU reported trailing-twelve-month revenue of about €2.5B (latest available figure, as of Nov 12, 2026).
Does Cirsa Enterprises SAU pay a dividend?
Cirsa Enterprises SAU currently shows a dividend yield of 2.26% relative to its recent price (as of Nov 12, 2026).
How much is the dividend of Cirsa Enterprises SAU (CIRSA) and when is the ex-dividend date?
Cirsa Enterprises SAU pays a dividend of €0.45 per share a year, a dividend yield of 2.3%. The last ex-dividend date was Apr 29, 2026. The payout ratio is 63.4% of earnings. Free cash flow covers the dividend 5.77 times. Our assessment: Sustainable. Payout and cash coverage both look sustainable.
What growth is priced into Cirsa Enterprises SAU (CIRSA)?
For today's price to be fair in a discounted-cash-flow model, Cirsa Enterprises SAU would have to grow free cash flow by +2.1 % per year for five years (discount rate 11.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +25.2 % per year. As of Nov 12, 2026.
What discount rate (WACC) does the fair value of CIRSA use?
Our models discount Cirsa Enterprises SAU at 11.1 %: a base by market capitalisation (mid), country premium for Spain. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Cirsa Enterprises SAU that is +2.1 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.1 %) and the same formula as our fair value.
How much growth has Cirsa Enterprises SAU (CIRSA) delivered so far?
Over the past 5 years revenue at Cirsa Enterprises SAU grew +25.2 % a year. The price currently implies free-cash-flow growth of +2.1 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Cirsa Enterprises SAU (CIRSA) growing?
The median revenue growth in the sector is +9.3 % a year. That is the yardstick for the growth priced into Cirsa Enterprises SAU (+2.1 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Cirsa Enterprises SAU (CIRSA)?
The free-cash-flow yield on the price is 13.07 %: that much free cash flow Cirsa Enterprises SAU produces per unit of market value. When it exceeds the discount rate of our models (11.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Cirsa Enterprises SAU (CIRSA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Cirsa Enterprises SAU it is €19.10 per share (as of Nov 12, 2026), against a price of €19.88. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is Cirsa Enterprises SAU stock overvalued or undervalued in 2026?
As of Nov 12, 2026, CIRSA trades above its calculated fair value: price €19.88, fair value €19.10, a gap of about −4% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CIRSA?
No. The price is what the market pays today (€19.88); the fair value is what the company's own numbers justify (€19.10). For Cirsa Enterprises SAU the two are €0.7800 per share apart. That gap is exactly why we show both numbers side by side.
How much is Cirsa Enterprises SAU worth?
The market values Cirsa Enterprises SAU at about €3.3B (market capitalisation, as of Nov 12, 2026). Per share that is €19.88; our models calculate a fair value of €19.10 per share.
What do the bullish and bearish scenarios say about CIRSA?
Our models span a range for Cirsa Enterprises SAU: cautious scenario €14.34, base €19.10, optimistic €23.88 per share (as of Nov 12, 2026, price €19.88). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CIRSA?
Cirsa Enterprises SAU trades at a price-to-earnings ratio of 28.0 (as of Nov 12, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €19.10 is built from several models across several years. Other multiples: P/B 4.7, P/S 2.1, EV/EBITDA 11.2.
How solid is the balance sheet of Cirsa Enterprises SAU (CIRSA)?
Balance-sheet figures for Cirsa Enterprises SAU (as of Nov 12, 2026): return on equity 26.8%, debt of 2.58 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is CIRSA from its 52-week high?
Cirsa Enterprises SAU trades at €19.88, about 1% below its 52-week high of €20.15 and 63% above the low of €12.22 (as of Nov 12, 2026). Distance from the high says nothing about value: that is what the fair value of €19.10 is for.
Which stocks are comparable to Cirsa Enterprises SAU?
From the same area (Consumer Cyclical) we also value Las Vegas Sands Corp, Galaxy Entertainment Group, Sands China Ltd, Wynn Resorts, Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Cirsa Enterprises SAU stock attractive at the current price?
The data as of Nov 12, 2026: price €19.88, calculated fair value €19.10 (−4%), Quality Score 53/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CIRSA calculated?
We run Cirsa Enterprises SAU through 24 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €19.10 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.3% above its aggregate fair value. Cirsa Enterprises SAU itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Cirsa Enterprises SAU (CIRSA)?
The closing price on Nov 12, 2026 was €19.88. Our model-based fair value is €19.10, about 4% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Cirsa Enterprises SAU right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the upper half of our model range, so the margin of safety is thin. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Key figures of Cirsa Enterprises SAU
How large is the market capitalisation of Cirsa Enterprises SAU (CIRSA)?
The market capitalisation of Cirsa Enterprises SAU is €3.3B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Cirsa Enterprises SAU (CIRSA)?
The price-to-sales ratio of Cirsa Enterprises SAU is 1.33 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Cirsa Enterprises SAU (CIRSA)?
Earnings per share at Cirsa Enterprises SAU are €0.7100 (price ÷ EPS = P/E 28.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Cirsa Enterprises SAU (CIRSA)?
The dividend yield of Cirsa Enterprises SAU is 2.3% (payout 63.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Cirsa Enterprises SAU (CIRSA)?
The net margin of Cirsa Enterprises SAU is 4.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Cirsa Enterprises SAU (CIRSA)?
The return on equity (ROE) of Cirsa Enterprises SAU is 26.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Cirsa Enterprises SAU (CIRSA)?
On an EBIT basis the return on assets of Cirsa Enterprises SAU is 8.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Cirsa Enterprises SAU (CIRSA)?
The operating margin of Cirsa Enterprises SAU is 15.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Cirsa Enterprises SAU (CIRSA)?
Revenue at Cirsa Enterprises SAU is growing +12.0% versus a year earlier (3y avg −1.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Cirsa Enterprises SAU (CIRSA)?
Earnings per share at Cirsa Enterprises SAU are growing +48.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Cirsa Enterprises SAU (CIRSA) carry?
The net debt of Cirsa Enterprises SAU is €1.9B (fiscal year 2025, ≈ 4.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Nov 12, 2026