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Bourse Direct SA
(BSD)
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Rating:73Outperform
Price Target:
€6.00
▲(7.53% Upside)
Action:Reiterated
Date:10/07/26
The score is driven primarily by strong financial performance, led by materially expanding profitability and generally solid cash generation despite some recent free cash flow growth softness and a 2025 debt uptick. Valuation is supportive with a moderate P/E and an attractive dividend yield. Technical signals are more neutral, with mixed moving-average positioning and slightly negative momentum, limiting the overall score.
Positive Factors
Expanding profitability
The sharp, multi-year expansion in net and operating margins indicates improving earnings power and stronger conversion of revenue into profit. If maintained, this creates more internal capacity to invest in the digital brokerage platform, support shareholder returns, and absorb normal fluctuations in trading activity.
Negative Factors
Recent debt increase
The latest increase in total debt partially reverses the longer-term improvement in leverage and could reduce financial flexibility if it persists. Higher obligations may also compete with technology investment, distributions, or other uses of cash, making the recent balance-sheet trend important to monitor.
Read all positive and negative factors
Positive Factors
Negative Factors
Expanding profitability
The sharp, multi-year expansion in net and operating margins indicates improving earnings power and stronger conversion of revenue into profit. If maintained, this creates more internal capacity to invest in the digital brokerage platform, support shareholder returns, and absorb normal fluctuations in trading activity.
Read all positive factors
Bourse Direct SA (BSD) vs. iShares MSCI France ETF (EWQ)
Market Cap
€274.30M
Dividend Yield4.44%
Average Volume (3M)4.27K
Price to Earnings (P/E)12.9
Beta (1Y)0.56
Revenue Growth12.76%
EPS Growth19.53%
CountryFR
Employees148
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)0.42
Shares Outstanding51,608,963
10 Day Avg. Volume4,477
30 Day Avg. Volume4,269
Financial Highlights & Ratios
PEG Ratio4.29
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)€80.20M
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 makes money by earning fees and commissions linked to client investment activity and account servicing. Key revenue streams typically include: (1) Brokerage/trading commissions charged when clients buy or sell financial instruments (...
Bourse Direct SA Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
72
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 84.07M | 77.20M | 76.39M | 66.44M | 48.46M | 46.45M |
| Gross Profit | 74.31M | 64.56M | 68.72M | 60.97M | 39.74M | 37.36M |
| EBITDA | 37.11M | 31.14M | 31.16M | 26.94M | 11.16M | 12.59M |
| Net Income | 21.86M | 19.70M | 19.13M | 15.93M | 5.68M | 7.16M |
Balance Sheet | ||||||
| Total Assets | 1.48B | 1.37B | 1.17B | 1.30B | 1.33B | 1.35B |
| Cash, Cash Equivalents and Short-Term Investments | 179.20M | 222.82M | 53.92M | 157.66M | 230.56M | 313.43M |
| Total Debt | 77.07M | 52.80M | 42.62M | 60.61M | 57.84M | 103.53M |
| Total Liabilities | 1.39B | 1.28B | 1.09B | 1.23B | 1.26B | 1.29B |
| Stockholders Equity | 87.84M | 88.74M | 80.06M | 76.36M | 67.60M | 66.25M |
Cash Flow | ||||||
| Free Cash Flow | 19.77M | 15.96M | 16.28M | 21.14M | 9.44M | -2.49M |
| Operating Cash Flow | 24.19M | 19.73M | 20.78M | 23.18M | 12.76M | -538.00K |
| Investing Cash Flow | -5.66M | -5.12M | -6.01M | -2.04M | -3.22M | -7.54M |
| Financing Cash Flow | -12.15M | -11.29M | -14.47M | -8.32M | -5.41M | -4.14M |
Bourse Direct SA Technical Analysis
Neutral
5.58
Price Trends
5.57
Negative
5.35
Positive
5.08
Positive
Market Momentum
-0.03
Negative
45.79
Neutral
57.78
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:BSD, the sentiment is Neutral. The current price of 5.58 is above the 20-day moving average (MA) of 5.41, above the 50-day MA of 5.57, and above the 200-day MA of 5.08, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 45.79 is Neutral, neither overbought nor oversold. The STOCH value of 57.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FR:BSD.
Bourse Direct SA Peers Comparison
UnderperformOutperform
Sector (68)
FR:BSD
Bourse Direct SA
5.40
1.57
41.10%
FR:ABCA
ABC Arbitrage
5.70
0.52
9.93%
FR:CRAV
Caisse Regionale de Credit Agricole Mutuel Atlantique Vendee Cert.Coop.d'Inv.
116.70
-26.85
-18.70%
FR:CRTO
Caisse Regionale de Credit Agricole Mutuel de la Touraine et du Poitou Cert.Coop.d'Invt.
109.20
-19.94
-15.44%
FR:MLCFM
CFM Indosuez Wealth SA
1,300.00
23.47
1.84%
FR:CMO
CRCAM Morbihan CCI
101.00
-10.94
-9.77%
Bourse Direct SA Corporate Events
Bourse Direct Expands Retail Education Drive During World Investor Week 2026
Oct 6, 2026
Bourse Direct is reinforcing its role as a leading French online broker by combining low-cost execution with a strong focus on financial education for retail clients. Through trading tools, long-term savings solutions and listed shares accessible ...
Bourse Direct Tightens Fund Selection With Semiannual Review of Savings Contracts
Sep 22, 2026
Bourse Direct, a leading French online broker, has built its business on providing accessible trading platforms, competitive fees and long-term savings solutions, including life insurance and PER products, to help individuals manage and grow their...
Bourse Direct Marks 30 Years With New Services and Hybrid Brokerage Model
Sep 17, 2026
Marking its 30th anniversary, Bourse Direct is highlighting how its pioneering online brokerage model has evolved into a comprehensive investing and savings platform for French retail clients. With more than 425,000 accounts, the firm now combines...
Bourse Direct Publishes Reviewed Half-Year Financial Report for 2026
Aug 4, 2026
Bourse Direct has released its half-year financial report for the period ending 30 June 2026 and filed it with the French securities regulator, the Autorité des marchés financiers. The accounts in this report have undergone a limited rev...
Bourse Direct boosts profits on surging trading activity in H1 2026
Jul 28, 2026
Bourse Direct reported robust growth in the first half of 2026, with order volumes up 16.7% to 3.3 million and its client base rising 9.2% to about 425,000 accounts. Banking operating income increased 20.2% to €44.7 million, net banking inco...
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.