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Bourse Direct SA
(BSD)
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Rating:79Outperform
Price Target:
€6.00
▲(41.51% Upside)
Action:Reiterated
Date:04/28/26
The score is driven primarily by strong financial performance, particularly expanding profitability and generally solid cash generation, partly offset by recent free-cash-flow growth weakness and some balance-sheet uncertainty (higher 2025 debt and limited recent leverage/return detail). Valuation is supportive with a moderate P/E and a ~4% dividend yield, while technicals are mildly positive but not strongly trending.
Positive Factors
Expanding Profitability
Meaningful margin expansion indicates the business has improved operational efficiency and pricing power; higher and expanding net and operating margins support durable earnings, better cash conversion and capacity to fund investments or shareholder distributions over multiple years.
Negative Factors
Weak FCF Growth Recently
Declining free cash flow growth over recent years reduces the company’s ability to sustainably fund growth initiatives, capital expenditures or shareholder returns without relying on external financing; it also signals sensitivity of cash conversion to market cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Expanding Profitability
Meaningful margin expansion indicates the business has improved operational efficiency and pricing power; higher and expanding net and operating margins support durable earnings, better cash conversion and capacity to fund investments or shareholder distributions over multiple years.
Read all positive factors
Bourse Direct SA (BSD) vs. iShares MSCI France ETF (EWQ)
Market Cap
€242.92M
Dividend Yield4.63%
Average Volume (3M)4.11K
Price to Earnings (P/E)12.6
Beta (1Y)0.58
Revenue Growth1.02%
EPS Growth3.18%
CountryFR
Employees145
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)0.38
Shares Outstanding51,608,963
10 Day Avg. Volume4,890
30 Day Avg. Volume4,113
Financial Highlights & Ratios
PEG Ratio4.27
Price to Book (P/B)2.56
Price to Sales (P/S)2.95
P/FCF Ratio14.26
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.42
Revenue Forecast (FY)€77.15M
Bourse Direct SA Business Overview & Revenue Model
Company Description
Bourse Direct SA is a prominent French online brokerage firm, specializing in internet-based stock trading services. The company provides a comprehensive digital platform that offers clients a wide spectrum of financial instruments and investment ...
How the Company Makes Money
BSD primarily generates revenue from brokerage-related fees and financial intermediation associated with client trading and investment accounts. Key revenue streams typically include: (1) Transaction-based brokerage commissions charged when client...
Bourse Direct SA Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
72
Positive
Cash Flow
78
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 77.20M | 76.39M | 66.44M | 48.46M | 46.45M |
| Gross Profit | 64.56M | 68.72M | 60.97M | 39.74M | 37.36M |
| EBITDA | 31.14M | 31.16M | 26.94M | 11.16M | 12.59M |
| Net Income | 19.70M | 19.13M | 15.93M | 5.68M | 7.16M |
Balance Sheet | |||||
| Total Assets | 1.37B | 1.17B | 1.30B | 1.33B | 1.35B |
| Cash, Cash Equivalents and Short-Term Investments | 222.82M | 53.92M | 157.66M | 230.56M | 313.43M |
| Total Debt | 52.80M | 42.62M | 60.61M | 57.84M | 103.53M |
| Total Liabilities | 1.28B | 1.09B | 1.23B | 1.26B | 1.29B |
| Stockholders Equity | 88.74M | 80.06M | 76.36M | 67.60M | 66.25M |
Cash Flow | |||||
| Free Cash Flow | 15.96M | 16.28M | 21.14M | 9.44M | -2.49M |
| Operating Cash Flow | 19.73M | 20.78M | 23.18M | 12.76M | -538.00K |
| Investing Cash Flow | -5.12M | -6.01M | -2.04M | -3.22M | -7.54M |
| Financing Cash Flow | -11.29M | -14.47M | -8.32M | -5.41M | -4.14M |
Bourse Direct SA Technical Analysis
Negative
4.24
Price Trends
5.07
Negative
4.87
Negative
4.58
Positive
Market Momentum
-0.08
Positive
37.31
Neutral
11.86
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:BSD, the sentiment is Negative. The current price of 4.24 is below the 20-day moving average (MA) of 5.00, below the 50-day MA of 5.07, and below the 200-day MA of 4.58, indicating a neutral trend. The MACD of -0.08 indicates Positive momentum. The RSI at 37.31 is Neutral, neither overbought nor oversold. The STOCH value of 11.86 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:BSD.
Bourse Direct SA Peers Comparison
UnderperformOutperform
Sector (68)
FR:BSD
Bourse Direct SA
4.80
0.54
12.76%
FR:ABCA
ABC Arbitrage
5.26
-0.63
-10.68%
FR:CRAV
Caisse Regionale de Credit Agricole Mutuel Atlantique Vendee Cert.Coop.d'Inv.
151.00
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51.99%
FR:CRTO
Caisse Regionale de Credit Agricole Mutuel de la Touraine et du Poitou Cert.Coop.d'Invt.
143.30
49.38
52.58%
FR:MLCFM
CFM Indosuez Wealth SA
1,250.00
1.83
0.15%
FR:CMO
CRCAM Morbihan CCI
121.50
43.91
56.60%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.