olivLaw · European equity research
SOCIETE BIC BB.PA
France · Euronext Paris · ISIN FR0000120966 · Vertical: Listed companies from France
BIC is a French industrial group producing writing instruments, lighters and personal care products, and its 2025 sustainability report shows how it tracks its ESG strategy and vigilance duties under an increasingly strict regulatory framework. For investors the topic matters because the long-term incentives of executives now include a recyclable packaging dimension.
At the close of 05 Nov 2026, SOCIETE BIC (BB.PA) stock was 65.00 EUR (+1.40% on the day), with market capitalisation 2.7 bn EUR, P/E 31.3 on diluted EPS of 2.08 EUR over the last 12 months, dividend yield 4.74%, beta 0.43, 52-week range 46.60–69.00 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)
- 47.4
- neutral
- Bollinger (20, 2)
- 63.23 – 67.68
- in the lower half of the band · %B 0.40 · band width 6.8%
- SMA 50 / 200
- 66.24 / 60.06
- mixed trend
- MACD (12, 26, 9)
- -0.55 / -0.42
- MACD below 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 | −1.7% | −0.6% | −1.0 pp | — |
| 3 months | −1.8% | −4.2% | +2.4 pp | — |
| 6 months | +11.5% | +4.3% | +7.2 pp | — |
| Year to date | +26.2% | +7.5% | +18.7 pp | — |
| 1 year | +35.7% | +9.9% | +25.8 pp | −10.8% |
| 3 years | +9.0% | +49.8% | −40.9 pp | −15.9% |
| 5 years | +29.2% | +42.8% | −13.6 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 100 percentile of its own 3-quarter history (min 12.0, median 12.7, max 24.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2.3 bn | 2.2 bn | 2.1 bn |
| Revenue YoY | unavailable | −2.9% | −4.8% |
| Net income | 226.5 m | 212.0 m | 86.3 m |
| Net income YoY | unavailable | −6.4% | −59.3% |
| Diluted EPS | 5.24 | 5.04 | 2.08 |
| Diluted EPS YoY | unavailable | −3.8% | −58.7% |
| net % | 10.0% | 9.7% | 4.1% |
| Free cash flow | 259.0 m | 277.2 m | 225.8 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 461.0 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 1.7 bn EUR
- Total assets
- 2.6 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 2.42x
- ROE
- 5.0%
- ROA
- 3.2%
- FCF margin
- 10.8%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.3 bn | 2.2 bn | 2.1 bn | esef· 07 Apr 2026verified |
| Cost of revenue | 1.1 bn | 1.1 bn | 1.1 bn | esef· 07 Apr 2026verified |
| Gross profit | 1.1 bn | 1.1 bn | 1.0 bn | esef· 07 Apr 2026verified |
| Operating income | 320.5 m | 289.7 m | 156.4 m | esef· 07 Apr 2026verified |
| Pre-tax income | 313.0 m | 297.6 m | 139.1 m | esef· 07 Apr 2026verified |
| Income tax | 86.5 m | 85.6 m | 52.8 m | esef· 07 Apr 2026verified |
| Net income | 226.5 m | 212.0 m | 86.3 m | esef· 07 Apr 2026verified |
| Diluted EPS | 5.24 | 5.04 | 2.08 | esef· 07 Apr 2026verified |
| Dividend per share | 2.58 | 2.85 | 3.08 | esef· 07 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 467.7 m | 456.0 m | 461.0 m | esef· 07 Apr 2026verified |
| Receivables | 403.5 m | 456.4 m | 421.8 m | esef· 07 Apr 2026verified |
| Inventories | 558.0 m | 538.6 m | 477.6 m | esef· 07 Apr 2026verified |
| Current assets | 1.5 bn | 1.5 bn | 1.4 bn | esef· 07 Apr 2026verified |
| Goodwill | 283.3 m | 400.5 m | 338.5 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 99.1 m | 158.0 m | 84.2 m | esef· 07 Apr 2026verified |
| Total assets | 2.6 bn | 2.8 bn | 2.6 bn | esef· 07 Apr 2026verified |
| Current liabilities | 586.3 m | 685.5 m | 598.3 m | esef· 07 Apr 2026verified |
| Equity | 1.8 bn | 1.8 bn | 1.7 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 42.7 m | 41.6 m | 41.1 m | esef· 07 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 353.3 m | 357.7 m | 308.7 m | esef· 07 Apr 2026verified |
| Capex | 94.3 m | 80.5 m | 83.0 m | esef· 07 Apr 2026verified |
| Free cash flow | 259.0 m ≈ | 277.2 m ≈ | 225.8 m ≈ | esef· 07 Apr 2026derived |
| Investing cash flow | -114.1 m | -283.7 m | -60.2 m | esef· 07 Apr 2026verified |
| Financing cash flow | -192.1 m | -73.3 m | -222.7 m | esef· 07 Apr 2026verified |
| Dividends paid | 110.2 m | 178.0 m | 127.0 m | esef· 07 Apr 2026verified |
| Share repurchases | 115.9 m | 55.0 m | 40.4 m | esef· 07 Apr 2026verified |
≈ 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: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 2.7 bn EUR
Key indicators
Coverage and freshness
Score by group
46% · 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: 23.07 – 59.66 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/E23.07 – 59.66 (Mid 35.63)20 companies used · median multiple 17.1x · quartiles 11.1x – 28.7x74SW.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, BN.PA
- Dividend discount (DDM)41.89 – 57.12 (Mid 48.33)
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: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 4.1% | 74 (vs peers) | 14% |
| FCF conversion · Quality | 261.6% | 100 (on a fixed band) | 14% |
| 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 | 2.4x | 100 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 31.3x | 26 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 8.5% | 100 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | 6.3% | 90 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | 56.2% | 91 (on a fixed band) | 9% |
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
- Quality87/100 · 2/3 factors with a value
- Returns90/100 · 2/2 factors with a value
- Valuation59/100 · 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
SOCIETE BIC (BB.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.1 bn EUR in 2025; YoY growth -4.8%; net margin 4.1%; ROE 5.0%.
The estimated value range is 32.48–58.39 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 41.98 EUR, the price of 65.00 EUR leaves a potential of -35.4% (value / price − 1) and a margin of safety of -54.8% (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: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 4.1%
- FCF conversion: 261.6%
- Current ratio: 2.4x
- FCF yield: 8.5%
- Shareholder yield (distributions): 6.3%
- Payout ratio (FCF): 56.2%
What contradicts it
- P/E (TTM): 31.2x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA.
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% |
| 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 BB.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 | 35.15 Total return -44% · Per year -44% | 62.44 Total return -1% · Per year -1% | 94.48 Total return 49% · Per year 49% |
| 3 years | 28.00 Total return -51% · Per year -21% | 56.53 Total return -4% · Per year -1% | 94.76 Total return 57% · Per year 16% |
| 5 years | 22.31 Total return -56% · Per year -15% | 51.18 Total return -7% · Per year -2% | 95.05 Total return 65% · Per year 11% |
- Exit P/E± 14.13
- Net margin± 9.89
- Annual revenue growth± 8.92
- Annual dilution± 0.83
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
BIC is a French industrial group producing writing instruments, lighters and personal care products, and its 2025 sustainability report shows how it tracks its ESG strategy and vigilance duties under an increasingly strict regulatory framework. For investors the topic matters because the long-term incentives of executives now include a recyclable packaging dimension 1.
SWOT
Strengths
- A clear governance structure for sustainability, with a dedicated committee and quarterly reporting to the Board 1.
- A diversified brand portfolio, including recent acquisitions in the premium segment 1.
- A structured sustainability programme with objectives linked to the SDGs and recyclable packaging 1.
Weaknesses
- Reliance on an extensive supplier network makes full verification of vigilance risks more difficult 1.
- The risk mapping process partly relied on estimates, which limits the precision of some data 1.
- Some environmental indicators were recalculated after corrections to prior-year data, which complicates comparison 1.
Opportunities
- Developing recyclable packaging and alternative materials could open new markets and support innovation 1.
- Integrating sustainability criteria into executive pay could strengthen strategic alignment 1.
- Expansion in premium segments, through acquisitions such as a personal care brand, could diversify revenue 1.
Risks
- Supply chain vigilance riskshigh
Serious harm to human rights or the environment at suppliers could carry legal and reputational consequences 1.
- Lighter product safetyhigh
Safety standards for lighters are a major risk area, with effects on consumers and on the company's image 1.
- Compliance with new regulationmedium
The move to CSRD and the arrival of CSDDD could create reporting errors or additional verification requirements 1.
- Accuracy of environmental datamedium
Recalculating indicators and relying on estimates could affect confidence in the reported data 1.
- Climate transitionmedium
Decarbonisation costs and regulation could weigh on margins over the medium and long term 1.
Investment thesis
What would need to be true (bull case)
- If recyclable packaging and circular economy initiatives translate into competitive products, the group could gain share in segments sensitive to sustainability 1.
- Integrating ESG criteria into long-term executive pay could help execute the strategy over several years 1.
- If the Tangle Teezer acquisition brings growth in the premium segment, portfolio diversification could reduce dependence on traditional categories 1.
What would break the thesis
- If CSRD and CSDDD compliance costs grow faster than revenue, margins could come under pressure 1.
- If a lighter safety incident or a supplier vigilance case drew public attention, the group's reputation could suffer 1.
- If the shift to alternative materials requires more investment than estimated, returns on innovation could be delayed 1.
What to watch
- Trend in recyclable packaging indicators and circular economy targets2026
- Application of the first full CSRD reporting cycle and external verification of data2026
- Status of CSDDD transposition and impact on vigilance obligations2027
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
According to the 2025 annual report, the group includes the premium brand Tangle Teezer, acquired on 11 December 2024, and divested its Indian subsidiary BIC Cello in November 2025 1. Governance consists of a Board of Directors with a single executive member, the Chief Executive Officer, who leads an Executive Committee of seven members 1. The company organises its activities into divisions, including Flame for Life for lighters 1.
Segments
Flame for Life (lighters)
The lighter division is covered in the report through a chapter on product safety standards, which makes it a sensitive segment from a regulatory and reputational standpoint 1.
Writing instruments and stationery
Writing instruments form the historic core of the business, and packaging and recycled materials are tracked separately for these products in the sustainability report 1.
Market context
Trends
- CSRD reporting and ESRS standardsmixed
The first full cycle of CSRD and ESRS reporting requires more detailed data and external verification, which could raise administrative costs but also transparency for investors 1.
- CSDDD due diligence across the value chainheadwind
Extending vigilance obligations to suppliers and subcontractors could require the group to strengthen checks on partners outside Europe 1.
- Recyclable packaging and circular economymixed
Targets on recyclable packaging and the four Rs philosophy support materials innovation but require investment in recycled or alternative inputs 1.
- Pressure to decarbonisemixed
The climate framework and goals linked to SDG 13 could support energy efficiency in production, but also entail transition costs 1.
Competitive position
The annual report does not explicitly name direct competitors, so the competitive analysis remains limited to the available source. Comparison can only be made on the sustainability and packaging criteria the company presents 1.
- Competitors not named in the source
The source names no competitors, so none can be identified with certainty.
- Writing instrument manufacturers
The source contains no verifiable list of direct competitors for this category.
- Lighter manufacturers
Competition in lighters is not detailed in the sustainability report.
- Personal care product manufacturers
The source mentions the Tangle Teezer brand but does not provide a picture of competition in this segment.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / SOCIETE BIC · 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.