olivLaw · European equity research
BOIRON BOI.PA
France · Euronext Paris · ISIN FR0000061129 · Vertical: Listed companies from France
BOIRON is a French laboratory specialised in homeopathic medicines, with production concentrated on a few sites in France and sales in several countries. The company is in a period of adjustment: reduced reimbursement in France and regulatory review of homeopathy are changing how it sells its products.
At the close of 05 Nov 2026, BOIRON (BOI.PA) stock was 19.50 EUR (+2.36% on the day), with market capitalisation 339.0 m EUR, P/E 7.6 on diluted EPS of 2.57 EUR over the last 12 months, dividend yield 4.87%, beta 0.22, 52-week range 16.90–31.70 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 53.5
- neutral
- Bollinger (20, 2)
- 16.96 – 19.54
- in the upper half of the band · %B 0.99 · band width 14.1%
- SMA 50 / 200
- 20.94 / 25.79
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.38 / -0.74
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +3.7% | −0.6% | +4.4 pp | — |
| 3 months | −28.3% | −4.2% | −24.1 pp | — |
| 6 months | −30.1% | +4.3% | −34.4 pp | — |
| Year to date | −35.6% | +7.5% | −43.2 pp | — |
| 1 year | −30.1% | +9.9% | −40.0 pp | −6.8% |
| 3 years | −52.0% | +49.8% | −101.8 pp | −15.9% |
| 5 years | −52.6% | +42.8% | −95.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 2-quarter history (min 19.7, median 20.8, max 21.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 |
|---|---|---|
| Revenue | 455.2 m | 534.2 m |
| Revenue YoY | unavailable | +17.4% |
| Net income | 28.6 m | 44.7 m |
| Net income YoY | unavailable | +56.4% |
| Diluted EPS | 1.63 | 2.57 |
| Diluted EPS YoY | unavailable | +57.7% |
| net % | 6.3% | 8.4% |
| Free cash flow | 22.3 m | 48.5 m |
Balance sheet & financial health
Fiscal year 2022 · 31 Dec 2022
- Cash
- 250.9 m EUR
- Financial debt
- 13.8 m EUR
- Net debt
- -237.1 m EUR
- Equity
- 557.3 m EUR
- Total assets
- 789.5 m EUR
- Debt / equity
- 0.02x
- Current ratio
- 3.12x
- ROE
- 8.2%
- ROA
- 5.7%
- FCF margin
- 9.1%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Revenue | 455.2 m | 534.2 m | esef· 18 Apr 2023verified |
| Cost of revenue | 127.6 m | 154.5 m | esef· 18 Apr 2023verified |
| Gross profit | 327.6 m ≈ | 379.7 m ≈ | esef· 18 Apr 2023derived |
| Research & development | 3.0 m | 6.1 m | esef· 18 Apr 2023verified |
| Operating income | 46.8 m | 63.4 m | esef· 18 Apr 2023verified |
| Pre-tax income | 46.1 m | 59.2 m | esef· 18 Apr 2023verified |
| Income tax | 17.6 m | 14.9 m | esef· 18 Apr 2023verified |
| Net income | 28.6 m | 44.7 m | esef· 18 Apr 2023verified |
| Diluted EPS | 1.63 | 2.57 | esef· 18 Apr 2023verified |
| Dividend per share | — | 0.95 | esef· 18 Apr 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · EUR
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Cash | 234.5 m | 250.9 m | esef· 18 Apr 2023verified |
| Receivables | 97.3 m | 100.5 m | esef· 18 Apr 2023verified |
| Inventories | 85.6 m | 96.9 m | esef· 18 Apr 2023verified |
| Current assets | 452.4 m | 477.8 m | esef· 18 Apr 2023verified |
| Property, plant & equipment, net | 162.8 m | 152.5 m | esef· 18 Apr 2023verified |
| Goodwill | 89.6 m | 94.0 m | esef· 18 Apr 2023verified |
| Intangibles (excl. goodwill) | 31.0 m | 31.9 m | esef· 18 Apr 2023verified |
| Total assets | 770.7 m | 789.5 m | esef· 18 Apr 2023verified |
| Short-term debt | 1.3 m | 2.2 m | esef· 18 Apr 2023verified |
| Long-term debt | 2.3 m | 11.6 m | esef· 18 Apr 2023verified |
| Current liabilities | 158.2 m | 153.2 m | esef· 18 Apr 2023verified |
| Equity | 531.8 m | 557.3 m | esef· 18 Apr 2023verified |
| Shares outstanding at year end | 17.5 m | 17.4 m | esef· 18 Apr 2023derived |
Cash flow · EUR
| Line | 2021 | 2022 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 33.3 m | 58.7 m | esef· 18 Apr 2023verified |
| Capex | 11.0 m | 10.2 m | esef· 18 Apr 2023verified |
| Free cash flow | 22.3 m ≈ | 48.5 m ≈ | esef· 18 Apr 2023derived |
| Investing cash flow | -11.9 m | -15.3 m | esef· 18 Apr 2023verified |
| Financing cash flow | -22.0 m | -27.6 m | esef· 18 Apr 2023verified |
| Share repurchases | — | 6.1 m | esef· 18 Apr 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 52.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 339.0 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
52% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 12.92 – 76.59 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E28.51 – 76.59 (Mid 44.03)20 companies used · median multiple 17.1x · quartiles 11.1x – 29.8x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, AI.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA
- Dividend discount (DDM)12.92 – 17.62 (Mid 14.91)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 52.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 15.3% | 71 (vs peers) | 20% |
| Net margin · Quality | 8.4% | 85 (vs peers) | 12% |
| FCF conversion · Quality | 108.5% | 100 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.1x | 100 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 7.6x | 83 (vs peers) | 20% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 14.3% | 100 (on a fixed band) | 16% |
| Shareholder yield (distributions) · Returns | 1.8% | 26 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality83/100 · 3/3 factors with a value
- Returns· partial26/100 · 1/2 factors with a value
- Valuation90/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BOIRON (BOI.PA). Latest full fiscal year: 2022; data up to 2022-12-31.
Figures computed from the financial statements: revenue 534.2 m EUR in 2022; YoY growth 17.4%; net margin 8.4%; ROE 8.2%.
The estimated value range is 20.71–47.10 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 29.47 EUR, the price of 19.50 EUR leaves a potential of 51.1% (value / price − 1) and a margin of safety of 33.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 52.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 15.3%
- Net margin: 8.4%
- FCF conversion: 108.5%
- Current ratio: 3.1x
- P/E (TTM): 7.6x
- FCF yield: 14.3%
- The price is below the estimated value range
What contradicts it
- Shareholder yield (distributions): 1.8%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 109.3 bn | 33.2 | 12.9% | 12.2% | −2.0% | +26% / +32% |
| AC.PAAccor | 13.8 bn | 30.7 | 9.6% | 8.0% | +0.6% | +6% / +56% |
| ADP.PAAeroports De Paris | 11.7 bn | 34.1 | 7.8% | 5.6% | +12.1% | −7% / +4% |
| AKE.PAArkema | 7.1 bn | 115.4 | 0.9% | 0.7% | −5.0% | +12% / −37% |
| ALO.PAAlstom | 5.8 bn | 18.3 | 3.1% | 1.7% | +3.7% | −51% / −4% |
| AF.PAAir France - Klm | 4.3 bn | 13.6 | — | 1.0% | +4.8% | +20% / +9% |
| ATE.PAAlten | 3.1 bn | 29.5 | 4.8% | 2.6% | −1.1% | +33% / −29% |
| BB.PASociete Bic | 2.7 bn | 31.3 | 5.0% | 4.1% | −4.8% | +32% / +5% |
| ANTIN.PAAntin Infrastructure Partners | 1.4 bn | 13.0 | 21.9% | 36.6% | −8.1% | −24% / −35% |
| 74SW.PA74software | 792.7 m | 20.9 | 8.9% | 8.5% | +44.8% | −13% / +41% |
| AUB.PAAubay | 667.4 m | 17.8 | 13.6% | 6.3% | +11.3% | +3% / +45% |
| ASY.PAAssystem | 507.1 m | 69.9 | 2.5% | 1.1% | +7.4% | −19% / −18% |
| ATO.PAAtos Se | 483.0 m | — | -23,400.0% | -17.5% | −16.5% | −45% / −94% |
| BOI.PABoiron | 339.0 m | 7.6 | 8.2% | 8.4% | +17.4% | −32% / −53% |
| ARAMI.PAAramis Group | 298.8 m | 15.0 | 10.0% | 0.8% | +6.3% | −33% / −16% |
| ARVEN.PAArverne Group | 246.1 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 189.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 145.0 m | 28.4 | 9.3% | 1.9% | +5.8% | +39% / +107% |
| ALCGM.PACegedim | 144.6 m | — | -2.6% | -1.2% | +10.9% | −26% / −49% |
| ATEME.PAAteme | 144.0 m | 151.3 | 2.8% | 1.0% | +2.2% | +82% / +77% |
| ALHEX.PAHexaom | 144.0 m | 6.7 | 9.9% | 2.2% | +13.1% | −32% / +7% |
| ALBON.PACompagnie Lebon | 111.7 m | 16.5 | 4.2% | 8.8% | −17.9% | +6% / +8% |
| ALHYF.PALhyfe | 75.8 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ALFER.PASergeferrari Group | 61.5 m | 11.5 | 5.1% | 1.5% | +7.4% | −33% / −27% |
| ABEO.PAAbeo | 60.8 m | 7.3 | 6.9% | 3.0% | +12.6% | −13% / −54% |
1- and 3-year price returns: for BOI.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 12.74 Total return -30% · Per year -30% | 22.43 Total return 21% · Per year 21% | 33.64 Total return 79% · Per year 79% |
| 3 years | 15.11 Total return -9% · Per year -3% | 29.66 Total return 72% · Per year 20% | 48.44 Total return 173% · Per year 40% |
| 5 years | 17.93 Total return 17% · Per year 3% | 39.22 Total return 139% · Per year 19% | 69.75 Total return 308% · Per year 32% |
- Exit P/E± 7.41
- Net margin± 5.19
- Annual revenue growth± 3.87
- Annual dilution± 0.44
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
BOIRON is a French laboratory specialised in homeopathic medicines, with production concentrated on a few sites in France and sales in several countries. The company is in a period of adjustment: reduced reimbursement in France and regulatory review of homeopathy are changing how it sells its products.
SWOT
Strengths
- Long-standing position in homeopathy, with an own product range and production network certified to pharmaceutical standards 1.
- Presence in several countries and OTC launches that reduce dependence on reimbursement in France 1.
- Investments in digitalising production and quality control, which could improve data traceability 1.
Weaknesses
Opportunities
- Development of OTC and non-seasonal products could widen the customer base and stabilise sales 1.
- If integrative medicine expands, cooperation with health professionals could support new prescriptions 1.
- Digitalisation of production could reduce errors and costs if projects are implemented as planned 1.
Threats
- Reimbursement withdrawal in France and negative public perception of homeopathy could reduce prescriptions 1.
- European Union and other national regulations could lead to abrogation of strains or delayed market access 1.
- Geopolitical tensions, protectionism and currency devaluation risk could affect international operations 1.
Risks
- Reimbursement withdrawal and decline of homeopathyhigh
Withdrawal of reimbursement in France and criticism of homeopathy could reduce prescriptions and the number of professionals trained in it 1.
- Re-registration of productshigh
The re-evaluation process for strains could lead to abrogation of products, and authority delays have already affected market access 1.
- Class actions in North Americamedium
US and Canadian subsidiaries may be targeted by collective actions, which require defence costs regardless of outcome 1.
- Dependence on seasonalitymedium
Sales depend on winter pathologies, and climate change could alter this pattern over the long term 1.
- Cyber and industrial riskmedium
A cyberattack or a fire at a major site could halt production or sales for a period 1.
Investment thesis
What would need to be true (bull case)
- If diversification towards OTC and non-seasonal products proves effective, the company could reduce its dependence on French reimbursement and on seasonality.
- Certified production standards and digitalisation investments could strengthen the company's position in regulated markets.
- If integrative medicine gains ground, homeopathy could benefit from renewed recognition among health professionals.
What would break the thesis
- Reimbursement withdrawal in France could continue to reduce prescriptions, and the 2022 sales decline could become a lasting trend.
- Abrogation of strains and regulatory delays could limit the product range available in several markets.
- Legal costs in North America and compliance costs could rise and weigh on profitability if they accumulate.
What to watch
- Evolution of homeopathy sales in France after reimbursement withdrawal2027
- Outcome of the strain re-evaluation process at ANSM2027
- Final text of the revision of EU Directive 2001/832024
- Contribution of OTC and non-seasonal products to revenuenext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
BOIRON manufactures, distributes and sells mainly homeopathic medicines, an activity the group has pursued since its origins. Main production is concentrated at the Messimy site, which accounts for 94% of production measured in units sold in 2022 1, while Montevrain covers the remaining 6% 1. The group has subsidiaries in several countries, and its annual report covers hiring, turnover and training metrics 1.
The group's activity has traditionally been linked to winter pathologies, which makes sales sensitive to yearly variations in the incidence of respiratory illnesses 1. To reduce this dependence, the company has been launching new products since 2020 that do not depend on seasonality 1. It has also launched OTC homeopathic medicines in France, such as Labiaméol®, Convaméo® and Prélinium® 1.
The company organises its distribution and production under strict pharmaceutical standards, with periodic inspections by health authorities and quality certifications for production sites 1. Information systems are strongly integrated into industrial and administrative processes, which brings efficiency but also exposure to cyber risk 1.
Segments
Prescription and OTC homeopathy
The main segment comprises homeopathic medicines, especially prescription ones. In France, sales of Homéopathie à Nom Commun fell by 9.9% in 2022 1, following the end of reimbursement by the French social security in 2021 1. The company responds by developing OTC products that serve consumers who do not depend on a prescription 1.
Market context
The homeopathy market is regulated differently in each country. In the European Union, the status of homeopathic medicines is governed by Directive 2001/83, which the European Commission reopened in 2022, with the final text expected in 2024 1. In France, the re-registration process led to 282 abrogations out of 1,020 authorised strains at end-2022 1.
Trends
- Reimbursement withdrawal for homeopathy in Franceheadwind
Since 1 January 2021, prescribed homeopathic medicines are no longer reimbursed by the French social security, although many mutual insurers continue to reimburse them 1. The effect on French sales was visible in 2022 1, so any recovery could depend on patient and prescriber reactions.
- Shift towards integrative medicinemixed
The evolution of medicine towards integrative approaches based on cooperation between therapies could open a new dynamic for homeopathy 1. The effect remains uncertain, since it depends on adoption of these approaches by health professionals.
- Stricter pharmaceutical regulationheadwind
Requirements on good manufacturing, preparation and distribution practices change constantly, and data digitalisation adds new obligations 1. These requirements could raise production costs and delay product launches 1.
- Digitalisation of production and controltailwind
The company introduced an electronic batch record through an MES system, starting March 2021, and a new LIMS system in 2022 1. These investments could improve traceability and efficiency if implementation proceeds as planned 1.
Competitive position
The analysed source does not explicitly identify competitors of BOIRON. The company operates in a specialised segment, homeopathic medicines, where regulation and product status limit entry for new players 1. Direct competition from other countries cannot be assessed with the data in the annual report 1.
Competitive pressure appears mainly through changes in the reimbursement framework and public perception of homeopathy, rather than through price competition among producers 1. Diversification towards OTC and non-seasonal products reflects a strategy to reduce dependence on a single segment 1.
- French mutual insurers
Not direct competitors, but their continued reimbursement of homeopathy by many mutuals influences demand for the group's products in France 1.
- Other pharmaceutical companies with OTC products
Companies selling over-the-counter products compete for the same consumer, especially in seasonal remedies, although the source does not name them 1.
- Producers of conventional prescription medicines
As integrative medicine grows, prescribers may choose between therapeutic alternatives, which affects homeopathic prescriptions 1.
- Suppliers of homeopathic raw materials
The source mentions the large diversity of raw materials used in homeopathy, which points to dependence on specialised suppliers 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202218 Apr 2023
- Annual report 202119 Apr 2022
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / BOIRON · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.