Bourse Direct SA (BSD) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Bourse Direct SA €4.96, price €5.48, upside -9.5%, quality 67 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range €2.09 – €5.92 · fair‑value band €3.72 – €7.43 · the €5.48 price screens above the €4.96 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
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Bourse Direct SA provides Internet stock brokerage services in France.
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Bourse Direct SA provides Internet stock brokerage services in France. It offers a platform of services, tools, and financial products, including French and foreign equities, derivatives, trackers, warrants, certificates, turbos, mutual funds, UCITS, and CFDs, as well as tax exemption, retirement, real estate, and life insurance products through the boursedirect.fr, capitol.fr, tradebox.fr, abssysteme.fr, wargny.com, and mesactions.com sites. It also provides back-office and advisory service for institutional clients. The company was founded in 1996 and is headquartered in Paris, France. Bourse Direct SA is a subsidiary of E-VIEL SA. Bourse Direct et Bourse Discount SA provides French and foreign equities, derivatives, trackers, warrants, certificates, turbos, UCITS, CFDs, tax exemption products, real estate products, and direct horizon stock exchange life insurance contracts. The company was was incorporated in 1996 and is based in Paris, France. Bourse Direct SA operates as a subsidiary of E-VIEL SA
Stock analysis
Bourse Direct SA (BSD) currently trades at €5.48, while our model-based Fair Value estimate is €4.96, implying the stock looks roughly 10.5% fairly valued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €9.30 per share, and 6 of the 13 models we run sit above the €5.48 price.
Bear case: the Asset-Based group reads lowest at €1.15, and 7 of the 13 models stay below the price. Evidence for this calculation is high.
Scenario range: €3.72 (bear) to €7.43 (bull), the price of €5.48 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 67/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Bourse Direct SA reported revenue of €77.2M in FY2025 versus €46.5M in FY2021, a compound +13.5%/yr. Reported net income was €19.7M in FY2025, compounding +28.8%/yr from FY2021.
Key figures
Market cap €283M · P/E ratio 14.4 · P/S ratio 3.68 · EPS (TTM) €0.3800 · Dividend yield 4.4% · Net margin 25.5% · Return on equity 23.4% · Return on assets (EBIT) 1.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 7% below its 52-week high and 53% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −20% fair-value upside, at −9%, BSD screens cheaper than that median.
Fair Value models
Bear €3.72Fair Value €4.96Bull €7.43
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (€0.1024 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.94/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+1.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.5%
Start year 2020 (pandemic). Over 10 years: +7.6% a year
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.4%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+32.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+27.6%
Dividend (yield on the price)4.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.28% vs 23%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.22% → 44%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+2.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +0.5% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Capital Markets · 463 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score69 · Top 25%
Fair Value upside−10% · Below median
Profitability
Return on equity (TTM)23% · Top 25%
Return on assets2% · Above median
Net margin (TTM)26% · Above median
Operating margin (TTM)35% · Above median
Growth and dividend
Revenue growth3% · Below median
Dividend yield (TTM)4.4% · Top 25%
Balance sheet
Debt / equity0.16× · Above median
Valuation Multiplesvs Capital Markets median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Bourse Direct SA Fair Value". https://www.fairvalue-calculator.com/stock/BSD
Frequently asked questions
Is Bourse Direct SA (BSD) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of €4.96 versus a price of €5.48, about −9% upside (fairly valued).
What is the fair value of BSD?
Our model-based fair value for Bourse Direct SA is €4.96 (as of Sep 23, 2026), built from audited fundamentals. The current price: €5.48.
What is the quality score of BSD?
Bourse Direct SA has a Quality Score of 67/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Bourse Direct SA (BSD)?
Our model-based price target is the fair value of €4.96 (as of Sep 23, 2026) from 13 valuation models. Cautious scenario €3.72, optimistic scenario €7.43. It is a calculation from audited fundamentals, not an analyst target.
What is the Bourse Direct SA stock forecast for 2026?
Our models put fair value at €4.96, about −9% upside versus a price of €5.48 (fairly valued). Cautious scenario €3.72, optimistic scenario €7.43. The calculation is refreshed regularly with new filings.
What is the revenue of Bourse Direct SA (BSD)?
Bourse Direct SA reported trailing-twelve-month revenue of about €76.0M (latest available figure, as of Sep 23, 2026).
Does Bourse Direct SA pay a dividend?
Bourse Direct SA currently shows a dividend yield of about 4.38% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Bourse Direct SA (BSD)?
For today's price to be fair in a discounted-cash-flow model, Bourse Direct SA would have to grow free cash flow by +2.7 % per year for five years (discount rate 11.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +11.5 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of BSD use?
Our models discount Bourse Direct SA at 11.9 %: a base by market capitalisation (micro), damped by beta 0.58, country premium for France. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Bourse Direct SA that is +2.7 % per year a year over ten years, using the same discount rate (11.9 %) and the same formula as our fair value.
How much growth has Bourse Direct SA (BSD) delivered so far?
Over the past 5 years revenue at Bourse Direct SA grew +11.5 % a year. The price currently implies +2.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Bourse Direct SA (BSD) growing?
The median revenue growth in the sector is +8.4 % a year. That is the yardstick for the growth priced into Bourse Direct SA (+2.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Bourse Direct SA (BSD)?
The free-cash-flow yield on the price is 5.64 %: that much free cash flow Bourse Direct SA produces per unit of market value. When it exceeds the discount rate of our models (11.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Bourse Direct SA (BSD)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bourse Direct SA it is €4.96 per share (as of Sep 23, 2026), against a price of €5.48. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Bourse Direct SA stock overvalued or undervalued in 2026?
As of Sep 23, 2026, BSD trades above its calculated fair value: price €5.48, fair value €4.96, a gap of about −9% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BSD?
No. The price is what the market pays today (€5.48); the fair value is what the company's own numbers justify (€4.96). For Bourse Direct SA the two are €0.5200 per share apart. That gap is exactly why we show both numbers side by side.
How much is Bourse Direct SA worth?
The market values Bourse Direct SA at about €283M (market capitalisation, as of Sep 23, 2026). Per share that is €5.48; our models calculate a fair value of €4.96 per share.
What do the bullish and bearish scenarios say about BSD?
Our models span a range for Bourse Direct SA: cautious scenario €3.72, base €4.96, optimistic €7.43 per share (as of Sep 23, 2026, price €5.48). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BSD?
Bourse Direct SA trades at a price-to-earnings ratio of 14.4 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €4.96 is built from several models across several years. Other multiples: P/B 3.6, P/S 4.2, EV/EBITDA 3.4.
How solid is the balance sheet of Bourse Direct SA (BSD)?
Balance-sheet figures for Bourse Direct SA (as of Sep 23, 2026): return on equity 23.4%, debt of 0.16 per unit of equity. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is BSD from its 52-week high?
Bourse Direct SA trades at €5.48, about 7% below its 52-week high of €5.92 and 53% above the low of €3.58 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of €4.96 is for.
Which stocks are comparable to Bourse Direct SA?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Bourse Direct SA stock attractive at the current price?
The data as of Sep 23, 2026: price €5.48, calculated fair value €4.96 (−9%), Quality Score 67/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BSD calculated?
We run Bourse Direct SA through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €4.96, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Bourse Direct SA itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Bourse Direct SA (BSD)?
The closing price on Sep 23, 2026 was €5.48. Our model-based fair value is €4.96, about −9% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bourse Direct SA right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (€3.72 to €7.43) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Bourse Direct SA (BSD) come from?
Earnings per share at Bourse Direct SA grew +24.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +9.2 %, EBIT margin +14.5 %, tax rate −0.1 %, residual (interest, one-offs) −0.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Bourse Direct SA
How large is the market capitalisation of Bourse Direct SA (BSD)?
The market capitalisation of Bourse Direct SA is €283M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Bourse Direct SA (BSD)?
The price-to-sales ratio of Bourse Direct SA is 3.68 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Bourse Direct SA (BSD)?
Earnings per share at Bourse Direct SA are €0.3800 (price ÷ EPS = P/E 14.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Bourse Direct SA (BSD)?
The dividend yield of Bourse Direct SA is 4.4% (payout 63.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Bourse Direct SA (BSD)?
The net margin of Bourse Direct SA is 25.5% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Bourse Direct SA (BSD)?
The return on equity (ROE) of Bourse Direct SA is 23.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Bourse Direct SA (BSD)?
On an EBIT basis the return on assets of Bourse Direct SA is 1.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Bourse Direct SA (BSD)?
The operating margin of Bourse Direct SA is 35.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bourse Direct SA (BSD)?
Revenue at Bourse Direct SA is growing +3.2% versus a year earlier (3y avg +16.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Bourse Direct SA (BSD)?
Earnings per share at Bourse Direct SA are growing +17.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Bourse Direct SA (BSD) hold?
Bourse Direct SA holds more cash than debt, €164M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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