olivLaw · European equity research
Bolloré SE BOL.PA
France · Euronext Paris · ISIN FR0000039299 · Vertical: Listed companies from France
Bolloré SE is an industrial and logistics group with activities in petroleum logistics, packaging films, batteries and systems, according to its annual report. In 2025 the group updated its CSRD double materiality analysis, which shapes how it prioritises risks and action plans.
At the close of 05 Nov 2026, Bolloré SE (BOL.PA) stock was 3.82 EUR (−0.73% on the day), with market capitalisation 11.1 bn EUR, P/E 31.8 on diluted EPS of 0.12 EUR over the last 12 months, dividend yield 2.10%, beta 0.47, 52-week range 3.61–5.60 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)
- 59.8
- strong (55–70)
- Bollinger (20, 2)
- 3.59 – 3.83
- in the upper half of the band · %B 0.96 · band width 6.5%
- SMA 50 / 200
- 3.72 / 4.45
- mixed trend
- MACD (12, 26, 9)
- 0.02 / 0.00
- 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 | +0.2% | −0.6% | +0.9 pp | — |
| 3 months | +0.4% | −4.2% | +4.6 pp | — |
| 6 months | −28.0% | +4.3% | −32.3 pp | — |
| Year to date | −20.4% | +7.5% | −27.9 pp | — |
| 1 year | −19.7% | +9.9% | −29.6 pp | −6.8% |
| 3 years | −26.6% | +49.8% | −76.4 pp | −15.9% |
| 5 years | −25.0% | +42.8% | −67.8 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 33 percentile of its own 3-quarter history (min 9.3, median 39.9, max 62.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 3.2 bn | 3.1 bn | 2.9 bn |
| Revenue YoY | unavailable | −1.4% | −6.5% |
| Net income | 268.5 m | 1.8 bn | 348.1 m |
| Net income YoY | unavailable | +578.7% | −80.9% |
| Diluted EPS | 0.09 | 0.64 | 0.12 |
| Diluted EPS YoY | unavailable | +611.1% | −81.3% |
| net % | 8.5% | 58.2% | 11.9% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 5.2 bn EUR
- Financial debt
- 77.2 m EUR
- Net debt
- -5.1 bn EUR
- Equity
- 24.4 bn EUR
- Total assets
- 25.8 bn EUR
- Debt / equity
- 0.00x
- Current ratio
- 6.93x
- ROE
- 1.4%
- ROA
- 1.3%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 3.2 bn | 3.1 bn | 2.9 bn | esef· 29 Apr 2026verified |
| Operating income | 10.9 m | 10.7 m | — | esef· 07 May 2025verified |
| Income tax | 31.1 m | 27.4 m | 13.1 m | esef· 29 Apr 2026verified |
| Net income | 268.5 m | 1.8 bn | 348.1 m | esef· 29 Apr 2026verified |
| Diluted EPS | 0.09 | 0.64 | 0.12 | esef· 29 Apr 2026verified |
| Dividend per share | — | 0.07 | 0.08 | esef· 29 Apr 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 5.6 bn | 5.2 bn | 5.2 bn | esef· 29 Apr 2026verified |
| Receivables | 6.6 bn | 689.8 m | 644.8 m | esef· 29 Apr 2026verified |
| Inventories | 1.3 bn | 213.9 m | 182.4 m | esef· 29 Apr 2026verified |
| Current assets | 18.6 bn | 6.8 bn | 6.7 bn | esef· 29 Apr 2026verified |
| Goodwill | 9.8 bn | 134.3 m | 113.1 m | esef· 29 Apr 2026verified |
| Total assets | 63.2 bn | 27.7 bn | 25.8 bn | esef· 29 Apr 2026verified |
| Long-term debt | 3.2 bn | 123.8 m | 77.2 m | esef· 29 Apr 2026verified |
| Current liabilities | 18.3 bn | 1.5 bn | 960.4 m | esef· 29 Apr 2026verified |
| Equity | 36.4 bn | 25.7 bn | 24.4 bn | esef· 29 Apr 2026verified |
| Shares outstanding at year end | 3.0 bn | 2.8 bn | 2.9 bn | esef· 29 Apr 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Capex | 30.5 m | 34.7 m | 27.5 m | esef· 29 Apr 2026verified |
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: 4 of at least 6
- score weight coverage: 31.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 11.1 bn EUR
Key indicators
Coverage and freshness
Score by group
31% · 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: 1.09 – 3.58 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/E1.33 – 3.58 (Mid 2.06)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)1.09 – 1.48 (Mid 1.26)
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: 4 of at least 6; score weight coverage: 31.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 0.0% | 19 (vs peers) | 33% |
| Net margin · Quality | 11.9% | 92 (vs peers) | 20% |
| 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 | 6.9x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | 31.8x | 26 (vs peers) | 33% |
| 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· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality47/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial26/100 · 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
BOLLORE SE (BOL.PA). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.9 bn EUR in 2025; YoY growth -6.5%; net margin 11.9%; ROE 1.4%.
The estimated value range is 1.21–2.53 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 1.66 EUR, the price of 3.82 EUR leaves a potential of -56.6% (value / price − 1) and a margin of safety of -130.6% (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: 4 of at least 6; score weight coverage: 31.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 11.9%
- Current ratio: 6.9x
What contradicts it
- ROIC: 0.0%
- P/E (TTM): 31.8x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Shareholder yield (distributions), 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% |
| BOL.PABollore Se | 11.1 bn | 31.8 | 1.4% | 11.9% | −6.5% | −20% / −27% |
| 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 BOL.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 | 2.04 Total return -45% · Per year -45% | 3.63 Total return -3% · Per year -3% | 5.49 Total return 46% · Per year 46% |
| 3 years | 1.62 Total return -54% · Per year -23% | 3.27 Total return -9% · Per year -3% | 5.49 Total return 51% · Per year 15% |
| 5 years | 1.29 Total return -60% · Per year -17% | 2.95 Total return -14% · Per year -3% | 5.49 Total return 56% · Per year 9% |
- Exit P/E± 0.82
- Net margin± 0.57
- Annual revenue growth± 0.52
- Annual dilution± 0.05
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
Bolloré SE is an industrial and logistics group with activities in petroleum logistics, packaging films, batteries and systems, according to its annual report. In 2025 the group updated its CSRD double materiality analysis, which shapes how it prioritises risks and action plans.
SWOT
Strengths
- The group has a diversified structure of activities and sites, which management says limits overall exposure.
- A formal ESG governance framework exists, with audit, risk and ethics committees and an updated code of conduct.
- Structured dialogue with customers, suppliers, employees and authorities provides a basis for early identification of risks.
Weaknesses
- The double materiality analysis was updated in 2025 in its CSRD form for the first time, which implies a period of process adaptation.
- Sustainability data collection depends on networks of contributors across several entities, which raises the risk of errors.
- The materiality analysis was split by division, and the lack of a consolidated assessment could make comparing risks across activities harder.
Opportunities
- Greater transparency in ESG reporting could strengthen relations with investors and rating agencies.
- R&D investments by the Blue division could open new opportunities in energy storage solutions.
- If internal audit integrates verification of sustainability data, internal control could become more robust.
Threats
- CSRD reporting requirements and ESG investor demands could raise compliance costs.
- Operational incidents at petroleum product depots could attract sanctions and negative reactions from local communities.
- Regulatory changes on industrial safety and the environment could require additional investment.
Risks
- Industrial safety in petroleum logisticshigh
Petroleum product depots carry safety and environmental risks, and the group runs crisis exercises and inspections with the authorities 1. A major incident could have financial and reputational consequences.
- CSRD compliancemedium
The first application of CSRD requirements involves complex data to collect and verify from many entities, with a risk of reporting errors 1.
- Quality of non-financial datamedium
Collection of emissions and social impact data depends on a manual flow between subsidiaries and the CSR department, which can lead to inconsistencies 1.
- Reputational risk and relations with local communitiesmedium
Local impacts of industrial activities can affect the social acceptability of operations, and the group relies on dialogue with neighbours 1.
- Compliance and anti-corruptionlow
The group imposes mandatory training on compliance and anti-corruption, and any deviation from the code of conduct could have legal consequences 1.
Investment thesis
What would need to be true (bull case)
- If the group turns the double materiality analysis into a decision tool, it could improve capital allocation across divisions 1.
- Diversification of activities and sites could cushion shocks from any single division, as management suggests 1.
- ESG transparency and alignment with CSRD could attract investors focused on sustainability criteria 1.
What would break the thesis
- Petroleum logistics remains exposed to safety and environmental risks, with potential impact on reputation and results 1.
- The first application of CSRD and manual data collection processes could generate errors and additional compliance costs 1.
- The source does not provide consolidated financial data in the available extract, which limits assessment of current economic performance 1.
What to watch
- Results of the first CSRD reporting cycle and internal audit checks on sustainability data2026
- Trend in incidents and inspections at Bolloré Energy depots2026
- Results of Blue division R&D projects2026
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 annual report for the year ended 31 December 2025, Bolloré SE manages a diversified portfolio including divisions such as Bolloré Energy, Blue, Bolloré Innovative Thin Films and Systèmes 1. The group reports its ESG risks through an annual sustainability report, which since 2024 replaces the extra-financial performance statement 1. Management describes the diversified structure as limiting the group's overall exposure 1.
Petroleum logistics, carried out through Bolloré Energy, involves depots for petroleum products and local impacts on neighbouring communities, for which the group runs monitoring committees with authorities and local associations 1. Blue and Bolloré Innovative Thin Films were treated separately in the 2025 materiality analysis to better reflect their specific issues 1.
The group relies on structured dialogue with customers, suppliers, employees, investors, public authorities and NGOs, which feeds the identification of risks and opportunities 1. The governance framework includes an Audit Committee, a Risk Committee and an Ethics, CSR and Anti-corruption Committee 1.
Segments
Petroleum logistics (Bolloré Energy)
Bolloré Energy handles logistics and storage of petroleum products, and the report mentions crisis management exercises with the Dreal and fire services at large depots 1. The activity is subject to inspections by the environmental authority and to industrial safety risks 1.
Packaging films and batteries (Blue and ITF)
Blue and Bolloré Innovative Thin Films were analysed separately in the 2025 double materiality assessment, indicating different issues for each division 1. The report mentions R&D investments by Blue and consultations of food-industry customers on packaging films 1.
Market context
The annual report describes the group's activity in industrial and logistics sectors, without providing complete data on market share or market size in the available extract 1. The double materiality analysis assesses impacts, risks and opportunities at activity level, suggesting that exposure varies considerably between divisions 1.
Customers and investors emphasise transparency of non-financial data, and the group answers questionnaires from rating agencies such as CDP, Sustainalytics and Moody's 1. CSRD reporting requirements and ESG investor demands therefore form a framework that influences the markets in which the group operates 1.
Trends
- CSRD reporting and double materiality analysismixed
In 2025 the group updated its double materiality analysis in line with the CSRD directive, with the support of a firm of experts 1. If reporting requirements become stricter, the group could need additional resources to collect and verify data 1.
- Investor and ESG rating agency requirementsheadwind
Investors, banks and rating agencies increasingly ask for ESG criteria to be integrated into the group's strategy, and the report lists such requirements as part of its stakeholder dialogue 1. If these requirements grow, pressure on reporting and governance could increase 1.
- Commitment to ESG standards and transparencytailwind
The group adopted an Ethics and CSR Charter and a Code of conduct, updated in 2024, and runs mandatory training on compliance and CSR topics 1. These arrangements can support the group's reputation with partners and authorities 1.
- Industrial safety risks and local impactheadwind
Industrial and petroleum logistics activities can have local impacts on neighbours, and the group has run crisis management exercises and inspections with the authorities 1. If operational incidents increased, regulatory pressure could rise 1.
Competitive position
The annual report does not identify named competitors of the group in the available extract, so a competitive analysis cannot be completed from this document 1. Diversification of activities is cited as limiting overall exposure, but no comparative positions against other players are described 1.
Comparison with competitors by division requires additional sources, such as their own reports or sector data, because the source document focuses on ESG governance and materiality analysis 1.
- Competitors not named in source
The source provided does not identify direct competitors of the group.
- Petroleum logistics operators
The source mentions petroleum logistics activity but does not name other operators in the sector.
- Packaging film producers
Bolloré Innovative Thin Films is active in the packaging film market, with no competitors named in the text.
- Battery and energy storage producers
Blue invests in R&D projects, but the source does not name competitors in this segment.
News & filings
In the press
- Vincent Bolloré, le Christ et la présidentiellePolitico EU · 09 Sept 2026 · EN
- Vincent BolloréPolitico EU · 02 Jul 2026 · RO
- Morgan Stanley Drawn Into Probe Over €5.7 Billion Bolloré SaleBloomberg Markets · 02 Jun 2026 · EN
- Xenia Fedorova, une voix du Kremlin amplifiée par l’empire BolloréPolitico EU · 27 May 2026 · RO
- Javier Bardem, Ken Loach și Mark Ruffalo semnează o scrisoare deschisă împotriva miliardarului francez BolloréAgerpres · 21 May 2026 · RO
Annual reports (ESEF)
- Annual report 202529 Apr 2026
- Annual report 202407 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Bolloré SE · 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.