olivLaw · European equity research
BLEECKER BLEE.PA
France · Euronext Paris · ISIN FR0000062150 · Vertical: Listed companies from France
BLEECKER is a real estate company listed on Euronext Paris that owns and manages a portfolio of commercial assets in France and operates under the SIIC tax regime. With interest rates easing and total debt of 311.2 M EUR at 31 August 2025, attention is shifting to refinancing loans that fall due in the coming period.
At the close of 04 Nov 2026, BLEECKER (BLEE.PA) stock was 101.00 EUR (+0.00% on the day), with market capitalisation 113.6 m EUR, beta -0.01, 52-week range 91.00–138.00 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)
- 49.0
- neutral
- Bollinger (20, 2)
- 90.36 – 108.24
- in the upper half of the band · %B 0.60 · band width 18.0%
- SMA 50 / 200
- 104.20 / 124.13
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.74 / -1.38
- 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 | −1.9% | −0.6% | −1.3 pp | — |
| 3 months | 0.0% | −4.2% | +4.2 pp | — |
| 6 months | −21.7% | +4.3% | −26.0 pp | — |
| Year to date | −3.8% | +7.5% | −11.3 pp | — |
| 1 year | unavailable | +9.9% | unavailable | −8.8% |
| 3 years | −43.3% | +49.8% | −93.1 pp | −10.0% |
| 5 years | −33.6% | +42.8% | −76.4 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -26.0 m | -41.3 m | -9.4 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -23.13 | -36.76 | -8.37 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Aug 2025
- Cash
- 1.1 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 249.8 m EUR
- Total assets
- 609.1 m EUR
- Debt / equity
- unavailable
- Current ratio
- 0.56x
- ROE
- -3.7%
- 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 | -11.9 m | -23.3 m | 5.2 m | esef· 08 Jan 2026verified |
| Interest expense | 14.2 m | 18.4 m | 14.7 m | esef· 08 Jan 2026verified |
| Income tax | 0 | 0 | 0 | esef· 08 Jan 2026verified |
| Net income | -26.0 m | -41.3 m | -9.4 m | esef· 08 Jan 2026verified |
| Diluted EPS | -23.13 | -36.76 | -8.37 | esef· 08 Jan 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 6.4 m | 5.1 m | 1.1 m | esef· 08 Jan 2026verified |
| Current assets | 33.9 m | 27.4 m | 25.3 m | esef· 08 Jan 2026verified |
| Intangibles (excl. goodwill) | 3.0 m | 3.0 m | 3.0 m | esef· 08 Jan 2026verified |
| Total assets | 735.1 m | 592.3 m | 609.1 m | esef· 08 Jan 2026verified |
| Current liabilities | 67.9 m | 31.6 m | 45.5 m | esef· 08 Jan 2026verified |
| Equity | 300.6 m | 259.3 m | 249.8 m | esef· 08 Jan 2026verified |
| Shares outstanding at year end | 1.1 m | 1.1 m | 1.1 m | esef· 08 Jan 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: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 113.6 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
10% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
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/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
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: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1
| 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 | 0.4x | 0 (on a fixed band) | 60% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 40% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| 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 sheet0/100 · 2/3 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· partialunavailable · 0/3 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
BLEECKER (BLEE.PA). Latest full fiscal year: 2025; data up to 2025-08-31.
Figures computed from the financial statements: ROE -3.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1).
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
- Interest coverage: 0.4x
- Current ratio: 0.6x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), 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 BLEE.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
BLEECKER is a real estate company listed on Euronext Paris that owns and manages a portfolio of commercial assets in France and operates under the SIIC tax regime. With interest rates easing and total debt of 311.2 M EUR at 31 August 2025, attention is shifting to refinancing loans that fall due in the coming period 1.
SWOT
Strengths
- A commercial property portfolio with a high share of commercial leases, providing recurring income and a stable long-term leasing base 1.
- A diversified financing structure with asset-backed bank loans and shareholder current accounts that complement short-term liquidity 1.
- A multi-year financing plan and active covenant monitoring, with all thresholds met at 31 August 2025 1.
Weaknesses
- High leverage, with total debt of 311.2 M EUR, which makes the company sensitive to refinancing conditions 1.
- Reliance on an asset manager controlled by the same executives, which raises questions of conflict of interest 1.
- One loan recorded a breach of a soft LTV covenant in July 2024, addressed through an excess cash-flow remediation mechanism 1.
Opportunities
- Lower reference rates could ease refinancing costs and improve net margin if the trend holds 1.
- Higher occupancy and renovations could raise portfolio value, especially for the most significant assets 1.
- BREEAM In Use environmental certification on major assets could help attract tenants and sustainable financing 1.
Threats
- Changes to the SIIC regime or a higher mandatory distribution rate could affect investment strategy and net income 1.
- Changes to commercial lease rules could reduce flexibility on renewal and rent adjustment 1.
- Stricter environmental and public health regulation could generate additional compliance costs for the portfolio 1.
Risks
- Refinancing of loans with near-term maturitieshigh
Loans linked to MAHLER and MOUSSORGSKI fall due in December 2026, and refinancing is not yet secured. Bank terms could be more restrictive than current ones 1.
- Breaches of bank covenantshigh
Financing contracts include LTV and DSCR thresholds; a breach could lead to partial early repayment or the creation of liquidity reserves 1.
- Change to the SIIC tax regimemedium
If the SIIC regime is modified or the company fails to meet distribution and ownership conditions, results could be taxed at the ordinary corporate rate 1.
- Vacancy in commercial premisesmedium
Tenants can terminate leases at the end of each three-year period, which could lead to lost rental income 1.
- Conflict of interest in managementmedium
Asset management is outsourced to a company controlled by management, which could affect the independence of management decisions 1.
Investment thesis
What would need to be true (bull case)
- Lower financing costs and a portfolio with stable rental income could support a better financial result in coming periods, if refinancing is achieved on acceptable terms 1.
- Compliance with all covenants at 31 August 2025, with consolidated LTV ratios below the 65 % threshold, provides a safety margin against falling property values 1.
- If renovations and higher occupancy materialise, asset values and income could rise without the need for new acquisitions 1.
What would break the thesis
- High total debt and a concentration of maturities in the coming years could make the company vulnerable if banks demand harsher refinancing terms 1.
- The conflict-of-interest risk from outsourcing asset management to a company controlled by management could weigh on investor confidence 1.
- Reliance on the SIIC regime and mandatory distribution conditions limits financial flexibility to reinvest profits 1.
What to watch
- Outcome of the refinancing of the MAHLER and MOUSSORGSKI loans2026
- Compliance with the LTV covenant of the loan under soft-breach remediation, at the test date30 April 2026
- Development of occupancy rates and commercial leases in the next annual reportnext 10-K
- Any change to the SIIC regime or to the mandatory distribution rate2027
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
The BLEECKER group invests in property, leases it out and revalues it, with a strategy based on occupancy and on outsourced asset management. According to the annual report for the year ended 31 August 2025, the company opted for the SIIC tax regime, which makes the exemption from corporate tax conditional on distributing at least 95 % of rental profits 1. Operations are backed by asset-level bank financing, each loan carrying its own covenants.
Group financing combines bank loans secured on property with current accounts from shareholders THALIE and AM DEVELOPPEMENT, which complement short-term liquidity 1. Asset management and leasing are outsourced to SINOUHE IMMOBILIER, a company majority-controlled by the company's management, which the report flags as a potential conflict of interest 1.
Liquidity risk is monitored through a multi-year financing plan that takes into account debt maturities and refinancing windows. Management states that the company is able to meet its upcoming maturities, provided cash flows from its properties remain predictable 1.
Segments
Commercial property leasing
Most leases are baux commerciaux, French commercial leases regulated by statute, which make up a large share of the portfolio. They protect the tenant and can limit the owner's flexibility on renewal or rent adjustment 1.
Asset management and value creation
Asset management and day-to-day leasing are outsourced, and raising occupancy rates, carrying out renovations and optimising operating costs are the main levers for growing portfolio value 1.
Market context
The French commercial property market is sensitive to the cost of financing. The average 3-month Euribor fell from 3.85 % in fiscal 2024 to 2.54 % in fiscal 2025, a factor that eases the cost of floating-rate debt but does not remove refinancing risk 1. The SIIC regime and the rules on commercial leases largely define the operating framework.
The company operates in a framework where distribution obligations and leasing rules can quickly change profitability. The sources provided do not give detailed data on market share or sector size, so the analysis is limited to the financial and regulatory structure 1.
Trends
- Lower reference interest ratestailwind
The fall in average Euribor between fiscal 2024 and fiscal 2025 reduces financial charges on floating-rate loans and contributed to a better financial result 1.
- Refinancing of major loansheadwind
A significant part of the debt, linked to the MAHLER and MOUSSORGSKI assets, falls due in December 2026, and discussions with banks on refinancing are already under way 1. The outcome depends on the terms banks will accept.
- Shift towards regulated commercial leasesmixed
The high weight of commercial leases protects tenants and can limit rent adjustments, but it also provides long-term contractual stability 1.
- Occupancy rates and vacancy riskheadwind
Tenants can leave premises at each three-year period, which could lead to vacancy and lost income if assets are not re-let quickly 1.
Competitive position
The analysed sources do not explicitly name direct competitors of BLEECKER. Comparison could be made with other listed property companies in France and Europe operating under similar SIIC-type regimes, but such information is not in the documents provided 1.
Competitive positioning depends on the ability to obtain financing at reasonable cost, maintain occupancy and comply with bank covenants. These are the factors that could differentiate the company from other operators in the market 1.
- Other SIIC-regime property companies listed on Euronext Paris
The sources do not name specific competitors; comparison could be made with other listed French property companies.
- Commercial property operators in Europe
Competition for tenants and financing, not identified by name in the documents reviewed.
- Institutional investors in commercial assets
Competition for asset acquisitions and yields, not detailed in the annual report.
- Independent property managers
Competition on leasing management services, where BLEECKER has outsourced the activity.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202508 Jan 2026
- Annual report 202407 Jan 2025
Sources
- [1] Annual report, fiscal year ended 2025-08-31 (ESEF) · SEC / BLEECKER · 31 Aug 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.