olivLaw · European equity research
Bourse Direct BSD.PA
France · Euronext Paris · ISIN FR0000074254 · Vertical: Listed companies from France
Bourse Direct is a French online stock trading platform listed in Paris, offering trading for retail clients, savings products through life insurance and a PER pension plan, and white-label back-office services for financial institutions through the Direct Securities brand. With consolidated own cash of 59.7 million EUR at the end of 2025, the company aims in 2026 to remain a reference player in French online trading.
At the close of 05 Nov 2026, Bourse Direct (BSD.PA) stock was 5.24 EUR (−0.76% on the day), with market capitalisation 272.2 m EUR, P/E 13.8 on diluted EPS of 0.38 EUR over the last 12 months, dividend yield 3.82%, beta 0.30, 52-week range 4.07–5.92 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)
- 47.3
- neutral
- Bollinger (20, 2)
- 4.99 – 5.50
- in the lower half of the band · %B 0.49 · band width 9.6%
- SMA 50 / 200
- 5.39 / 5.20
- mixed trend
- MACD (12, 26, 9)
- -0.04 / -0.06
- 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 | −3.3% | +0.4% | −3.7 pp | — |
| 3 months | −6.8% | −3.3% | −3.5 pp | — |
| 6 months | +3.1% | +4.0% | −0.8 pp | — |
| Year to date | +18.8% | +8.1% | +10.7 pp | — |
| 1 year | +26.3% | +10.7% | +15.6 pp | −8.8% |
| 3 years | −6.1% | +50.1% | −56.2 pp | −10.0% |
| 5 years | +89.2% | +43.6% | +45.6 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 67 percentile of its own 3-quarter history (min 11.6, median 11.8, max 17.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 15.9 m | 19.1 m | 19.7 m |
| Net income YoY | unavailable | +20.1% | +3.2% |
| Diluted EPS | 0.30 | 0.37 | 0.38 |
| Diluted EPS YoY | unavailable | +23.3% | +2.7% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 59.7 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 88.7 m EUR
- Total assets
- 1.4 bn EUR
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 23.3%
- ROA
- 1.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | 21.8 m | 26.0 m | 26.6 m | esef· 29 Apr 2026verified |
| Depreciation & amortisation | 3.2 m | 3.4 m | 3.4 m | esef· 29 Apr 2026verified |
| EBITDA | 25.0 m ≈ | 29.4 m ≈ | 30.0 m ≈ | esef· 29 Apr 2026derived |
| Pre-tax income | 21.7 m | 26.0 m | 26.7 m | esef· 29 Apr 2026verified |
| Income tax | 5.6 m | 6.7 m | 6.9 m | esef· 29 Apr 2026verified |
| Net income | 15.9 m | 19.1 m | 19.7 m | esef· 29 Apr 2026verified |
| Diluted EPS | 0.30 | 0.37 | 0.38 | esef· 29 Apr 2026verified |
| Dividend per share | — | 0.16 | 0.20 | esef· 29 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 56.0 m | 56.4 m | 59.7 m | esef· 29 Apr 2026verified |
| Property, plant & equipment, net | 1.9 m | 3.4 m | 3.7 m | esef· 29 Apr 2026verified |
| Goodwill | 21.1 m | 21.1 m | 21.1 m | esef· 29 Apr 2026verified |
| Intangibles (excl. goodwill) | 6.9 m | 7.5 m | 8.5 m | esef· 29 Apr 2026verified |
| Total assets | 1.3 bn | 1.2 bn | 1.4 bn | esef· 29 Apr 2026verified |
| Total liabilities | 1.2 bn | 1.1 bn | 1.3 bn | esef· 29 Apr 2026verified |
| Equity | 75.9 m | 80.5 m | 88.7 m | esef· 29 Apr 2026verified |
| Shares outstanding at year end | 53.1 m | 51.7 m | 51.9 m | esef· 29 Apr 2026derived |
Cash flow · EUR
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
- indicators available: 1 of at least 6
- score weight coverage: 10.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 272.2 m EUR
Key indicators
Coverage and freshness
Score by group
10% · 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: 2.72 – 11.21 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E4.37 – 11.21 (Mid 6.76)21 companies used · median multiple 17.8x · quartiles 11.5x – 29.5x74SW.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, BN.PA
- Dividend discount (DDM)2.72 – 3.71 (Mid 3.14)
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: indicators available: 1 of at least 6; score weight coverage: 10.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| 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 | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 13.8x | 67 (vs peers) | 100% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial67/100 · 1/3 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
BOURSE DIRECT (BSD.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 23.4%.
The estimated value range is 3.54–7.46 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 4.95 EUR, the price of 5.24 EUR leaves a potential of -5.5% (value / price − 1) and a margin of safety of -5.8% (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 (indicators available: 1 of at least 6; score weight coverage: 10.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 40 companies
Multiples and returns vs the median
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% |
| BN.PADanone | 44.1 bn | 21.9 | 11.9% | 7.4% | −0.9% | −11% / +16% |
| 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% |
| 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 BSD.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
Scenarios are not available. input data missing
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
Bourse Direct is a French online stock trading platform listed in Paris, offering trading for retail clients, savings products through life insurance and a PER pension plan, and white-label back-office services for financial institutions through the Direct Securities brand. With consolidated own cash of 59.7 million EUR at the end of 2025 1, the company aims in 2026 to remain a reference player in French online trading 1.
SWOT
Strengths
- The company is independent and listed, with no tie to a bank or insurer, which sets it apart from the main French competitors 1.
- The offer is diversified across trading, savings and back-office services, which reduces dependence on a single revenue stream 1.
- Awards received in 2025 and the high satisfaction level among professional clients suggest a solid reputation 1.
Weaknesses
Opportunities
- Interest in retirement savings could support demand for the digital PER and life insurance contracts 1.
- If professional services expand, Exoé and Direct Securities could bring in new institutional clients 1.
- New developments on the website and mobile app could strengthen its position as a reference portal 1.
Risks
- Operational and execution riskmedium
Failures in transmitting orders to the market could affect clients and the company's reputation 1.
- IT and cyber riskhigh
External computer fraud is a growing risk for a company operating mainly online 1.
- Regulatory riskmedium
The AMF sanction procedure, still ongoing, has no determined financial impact in the accounts yet 1.
- Concentration on retail clientsmedium
Revenue depends on retail trading volumes, which can fluctuate with markets 1.
- Liquidity risklow
The company keeps a liquidity reserve to cover short-term obligations, but the risk remains to be monitored 1.
Investment thesis
What would need to be true (bull case)
- If interest in long-term savings grows, the life insurance and PER range could become a growth driver 1.
- Its awards and independent status could help it attract new clients in a concentrated market 1.
- Expanding professional services through Exoé and Direct Securities could diversify revenue sources 1.
What to watch
- Outcome of the sanction procedure opened by the AMF2026
- Development of the PER and life insurance range after the Generali partnership2026
- Launch of new features on the website and mobile app2026
- Growth of Exoé and Direct Securities services for institutional clientsnext 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
Bourse Direct mainly serves retail clients in France through its fully digital internet trading platform, with a trading desk reachable by phone from 8:30 to 18:00 and until 22:00 on derivatives markets 1. The company also offers savings products: two digital life insurance contracts, Bourse Direct Vie and Bourse Direct Horizon, and a digital Plan d'Epargne Retraite launched in November 2025 with Generali 1. It has stated it wants to become a reference financial portal, with new developments on its website and mobile app in 2026 1.
Bourse Direct is listed and, according to its annual report, is the only independent listed player in the sector, not tied to a bank or insurer 1. The company was created in 1996 and listed on the Nouveau Marché in 1999 1. Its head office is on rue Saint-Honoré in Paris 1.
Bourse Direct completed the acquisition of Exoé, a firm founded in 2006 that provides an outsourced external trading desk for asset management companies, and now holds its entire share capital 1. The combination creates a joint offer for institutional clients covering order execution and back-office services 1.
Segments
Online trading and retail services
This is the core activity, with an internet trading portal, a TradeBox for active traders covering futures, options, CFDs and forex including TradeBox ProRealtime, and a financial portal publishing general and market information 1. The company was elected 'Meilleur courtier français' in the Rankia France Best Brokers Awards 2025 1.
Savings and pensions
The range includes the Bourse Direct Horizon life insurance contract, awarded for the fifth consecutive year in 2025 in the dynamic profile category, alongside Bourse Direct Vie and the digital PER launched in November 2025 1. It offers ETFs, equities, funds and a euro fund, and the company says the product already met significant success at year end 1.
Direct Securities and Exoé for institutional clients
Under the Direct Securities brand the company provides white-label back-office services for asset managers, financial institutions, insurance groups and online brokers, and in 2025 ranked second in the Périclès barometer with a satisfaction level of 74 % 1. Exoé adds an external trading desk and custody services for professionals 1.
Market context
The French online trading market has become highly concentrated after the many entrants of the late 1990s, and players now include bank-backed firms such as Boursorama and Fortuneo 1. Bourse Direct positions itself as an independent player, but much of its client base remains retail investors trading online 1.
Clients must complete an investor knowledge questionnaire and undergo anti-money-laundering checks, and their assets are covered by the deposit guarantee fund under the securities guarantee scheme 1. Apart from access to deferred settlement through SRD and ROR, the company does not extend credit to clients, which keeps credit risk exposure limited 1.
Trends
- Digitalisation of retirement savingstailwind
Investor interest in long-term savings, particularly retirement, supports the company's digital PER launched with Generali 1. If demand for such products grows, the savings range could become a more important growth driver 1.
- Concentration in the banking sectorheadwind
Consolidation in the sector and the transformation of Boursorama and Fortuneo into online banks offering full banking services compete directly with Bourse Direct's offer 1.
- Cybersecurity and DORA regulationmixed
Risks of external computer fraud are rising, and from 2025 the company falls within the scope of the DORA regulation, which implies investment in security and compliance 1.
- Growth of services for professionalstailwind
The Exoé acquisition and the Direct Securities offer point to a focus on institutional clients and asset management professionals, which could diversify revenue if these services expand 1.
Competitive position
The main competitors in France are online banks linked to large banking groups, which have extended their range into full banking services 1. Bourse Direct differentiates itself through its status as an independent listed player, its back-office offer and the external trading desk provided through Exoé 1.
Service quality is another point of comparison, where the company was recognised both for its brokerage and for Direct Securities, but competitive pressure remains high in the retail segment 1.
- Boursorama
Online bank subsidiary of Société Générale that has become an online bank with multiple banking services; no US ticker.
- Fortuneo
Online bank within the Crédit Mutuel group that offers banking services beyond stock trading.
- Other French online brokers
A group of smaller players active in online trading, named only generically in the source.
- Back-office service providers for institutions
Competitors offering account administration and execution services to asset managers and financial institutions.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202529 Apr 2026
- Annual report 202429 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Bourse Direct · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.