Rankings Food, drinks & restaurants Maisons du Monde
Maisons du Monde
29
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Restructuring and dilution−15
- Margin−12
- Multiples vs own history−8
Strengths
- No documented strengths.
Speculative profile
A penny stock under DKK 3. The asymmetry rating is separate from the Bjarvik score and is not a recommendation.
- Asymmetry (1–10)
- 2
- Price
- 1.67 DKK
- Market value
- DKK 1,366m
- Cash runway
- 8 months
- Cash / debt
- 42.4 / 66.0m EUR
- Dilution, 12 months
- +1,991%
Bull case
The new owners turn operations around: revenue stabilises around 850m, cost savings (15m in H1) lift EBIT to +5% (about 40m), and the company becomes FCF-positive. That could justify a value of EUR 300-400m (1.6–2x now). A 3-10x is unlikely, because 95% of the shares already sit with the funds at EUR 0.28, and a squeeze-out typically happens near that level.
Bear case
Revenue continues to fall 7-10% a year, cash is drained during 2027, and TIROX carries out a new capital increase or a buyout at a low price. With only 8 months of runway and a consortium that already owns 95%, the minority could lose 50-80%.
Catalysts
- Jan–Feb 2027Revenue for 2026 (incl. Christmas trade) - shows whether the decline stops under the new ownersgradual globenewswire.com
- after 2027-07-30The consortium's commitment not to seek delisting expires - possible buyout of the last 4.8% (price unknown)binary globenewswire.com
Risk of going to zeromedium – debt is now low (net debt excl. IFRS 16 approx. 25m), but operations still lose money, runway is short, and the minority (4.8%) has no influence.
Next financingThe restructuring was completed 30/7/2026: EUR 218m of bank debt converted into 780.2m shares at EUR 0.28, with old shareholders holding 4.8%. What remains is 41m in bank loans and 25m in new senior financing (net debt excl. IFRS 16 pro forma 24.6m). Cash of 42.4m plus 25m of new money against FCF of −49.8m in H1 (about 25m per quarter) gives about 8 months of runway; H2 is normally seasonally stronger, so the real figure may be longer. If the losses continue, the next step is a capital increase from TIROX, which will dilute the minority further, or a buyout after July 2027.
Warrants & convertiblesNo warrants or convertibles mentioned in the refinancing announcement. New secured senior financing (bonds) of EUR 25m (tranche 1) plus possible tranche 2 of 7m and guarantee lines of 15m for two years.
Insiders, last 12 monthsNot examined in detail; no insider purchases found. TIROX (Alteri/Eicos) acquired 95.22% via debt conversion at EUR 0.28 on 30/7-2026.
Largest ownersTIROX S.à r.l. (Alteri Investors and Eicos Investment Group) 95.22%; others (old shareholders) 4.78%.
Circio check(1) Small market cap: partial – EUR 183m in total, but free float only approx. 9m. (2) Hot theme: no – home furnishings in decline. (3) Upcoming milestones: partial – Christmas trading and a possible buyout, no binary data. (4) Major partner: partial – two private equity funds as owners, not an industrial partner. (5) Funding for 2+ years: no – approx. 8 months of runway. (6) Price near the bottom: yes – −88% in a year and −99% from 2021 (18.49 → 0.2235 EUR).
Why this asymmetryDebt is cleared, but the gain from a turnaround mainly accrues to the funds, which own 95% bought at EUR 0.28. The minority is illiquid and risks new dilution or a buyout at a low price while operations continue to shrink.
How the score is built
From 100 to 29, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.19 EUR
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −91%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−28 of −30
- −12MarginCurrent EBIT −EUR 36.8m in H1 2026 (vs −22.0m) and net result −64.0m; TTM net loss −394m incl. write-downs. The gross margin fell 2.4 percentage points to 61.9%, and EBITDA fell to 27.1m from 46.0m.
- −7Quality of growthRevenue fell 7.1% in H1 2026 to EUR 412.8m and accelerated downward in Q2 (-9.8%); online fell 11.8%. Annual revenue has shrunk from EUR 1.35bn (2021) to 0.94bn TTM - five years in a row of decline.
- −4MoatMid-price segment for home furnishings squeezed from both sides: IKEA and Action at the bottom, Shein/Temu and online marketplaces. Falling online sales suggest weak competitiveness in the channel that was supposed to carry growth.
- −5Capital allocationThe company bought back shares in large amounts in 2022–2024 (buyback yield 14.6% in 2023 and 5.4% in 2024) and paid dividends with a payout of 135% in 2023, while debt grew – two years before a restructuring that diluted shareholders 95%.
Price
Today's multiples against the company's own history and its peers. · 1 finding−8 of −35
- −8Multiples vs own historyWith the correct share count the market cap is approx. EUR 183m, and EV incl. leasing is around 0.7x revenue – near the 2021–2025 range (0.74–1.15), but on an EBITDA that has halved, and with no profit. The share price (0.2235) is below the conversion price (0.28), but only 4.8% of the shares are freely traded.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−29 of −35
- −15Restructuring and dilutionCompleted debt conversion: 780.2 m new shares issued on 30/7-2026 (dilution 95.2%), bank debt fell from 250 to 41 m EUR. The old shareholders now own 4.8%.
- −8Continued cash burnFCF -EUR 49.8m in H1 2026 vs cash of 42.4m and new senior financing of only 25m (+7m possible). If the revenue decline continues, capital must be raised again, and the only realistic source is the new main owners.
- −6Main shareholder and liquidityTIROX (Alteri/Eicos) owns 95.22% and received AMF exemption from a mandatory takeover bid; the consortium will not seek delisting 'within 12 months' – after that a squeeze-out at a low price is possible. Daily turnover only about EUR 10,000.
Plus
Only documented strengths. · 0 findings±0 of +15
- No findings recorded.
Caveats
What the score does not capture, or where the data is weak.
Penny analysis (Under DKK 3 – Europe). French home furnishings and furniture chain (326 stores plus web shop). The restructuring was COMPLETED 30/7-2026 after proceedings at the commercial court in Nantes: the funds Alteri Investors and Eicos bought EUR 218m of bank debt and converted it into 780.2m new shares at EUR 0.28 via the vehicle TIROX, which now owns 95.22%; the old shareholders have 4.8%. Stockanalysis still shows the old share count (38.5m) and a market cap of EUR 8.7m – wrong. Market cap calculated myself: 819.4m shares × EUR 0.2235 = EUR 183m (about DKK 1,366m; Nordnet shows 1,346). Free float is only about 39m shares (about EUR 8.8m). Stockanalysis' TTM FCF (+100m) is distorted by IFRS 16 (lease payments sit in financing); the company's own FCF was −49.8m in H1 2026. No guidance for 2026–2027. Insider trades not investigated. Industry: 'Consumer: food, beverages & restaurants' is the closest category for consumer retail (no retail/home category).
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