Bourse Direct S.A. (BSD.PA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+61.3%

€8.33

vs €5.16 price

Levered DCF

€10.86

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.35

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	11.61×	11.76×	17.67×	31.09×	20.92×	26.73×	45.45×	23.86×
P/B	2.56×	2.82×	3.68×	2.71×	2.21×	2.47×	1.02×	0.88×
P/S	2.95×	2.95×	4.23×	3.78×	3.15×	3.54×	1.97×	1.67×
EV / EBITDA	1.85×	6.45×	6.82×	0.94×	-5.05×	6.1×	13.74×	0×
Gross margin	83.6%	90.0%	91.8%	82.0%	80.4%	82.7%	82.6%	82.4%
Operating margin	43.5%	36.3%	32.8%	17.0%	21.5%	21.7%	6.6%	8.9%
Net margin	25.5%	25.0%	24.0%	11.7%	15.4%	13.6%	4.3%	7.0%
Current ratio	25.9×	0×	0.16×	0×	0×	0×	0×	0×
Debt / equity	0.6×	0.53×	0.79×	0.86×	1.56×	1.57×	2.12×	1.57×
Interest coverage	4.87×	15.76×	11.83×	21.31×	105.27×	131.97×	26.76×	15.54×
Dividend yield	4.5%	3.7%	1.5%	2.0%	1.8%	0.7%	1.7%	0.0%
Payout ratio	52.4%	43.2%	26.8%	66.0%	37.5%	17.7%	79.2%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	22.2%	23.9%	20.9%	8.4%	10.8%	9.5%	2.2%	3.7%
Return on invested capital	1.8%	17.9%	-2.0%	13.3%	7.9%	6.7%	-36.5%	-61.7%
Return on assets	1.4%	1.6%	1.2%	0.4%	0.5%	0.5%	0.1%	0.3%
Free cash flow yield	7.0%	7.2%	7.5%	5.2%	-1.7%	8.2%	-1.3%	-4.5%
Earnings yield	8.7%	8.5%	5.7%	3.1%	4.9%	3.8%	2.2%	4.2%
Enterprise value	€57.6M	€201M	€183.8M	€10.5M	-€63.5M	€69.7M	€49.1M	€111M
Net debt / EBITDA	-5.46×	-0.78×	-3.6×	-15.48×	-16.67×	-7.82×	-3.88×	0×
Cash conversion cycle (days)	-115	4,981	-21	8,999	9,379	8,363	9,663	7,280