BSE

Bulgarian Stock Exchange ADBUL:BSE Stock Report

Market Cap

лв62.3m

7D

8.0%

1Y

119.9%

Updated

23 Sep, 2021

Data

Company Financials
BSE fundamental analysis
Snowflake Score
Valuation3/6
Future Growth0/6
Past Performance6/6
Financial Health6/6
Dividends1/6

BSE Overview

Bulgarian Stock Exchange AD, together with its subsidiaries, operates as a stock exchange in Bulgaria.

Bulgarian Stock Exchange AD Competitors

London Stock Exchange Group

LSE:LSEG

UK£44.3b

Deutsche Börse

XTRA:DB1

€26.4b

Cboe Global Markets

BATS:CBOE

US$13.2b

Euronext

ENXTPA:ENX

€10.8b

Price History & Performance

Summary of all time highs, changes and price drops for Bulgarian Stock Exchange AD
Historical stock prices
Current Share Priceлв9.50
52 Week Highлв4.00
52 Week Lowлв9.50
Beta0.52
1 Month Change17.28%
3 Month Change52.00%
1 Year Change119.91%
3 Year Change57.03%
5 Year Change302.54%
Change since IPO281.83%

Recent News & Updates

Shareholder Returns

BSEBG Capital MarketsBG Market
7D8.0%0.3%-0.2%
1Y119.9%13.2%4.4%

Return vs Industry: BSE exceeded the BG Capital Markets industry which returned 13.2% over the past year.

Return vs Market: BSE exceeded the BG Market which returned 4.4% over the past year.

Price Volatility

Is BSE's price volatile compared to industry and market?
BSE volatility
BSE Beta0.52
Industry Beta0.99
Market Beta1

Stable Share Price: BSE is not significantly more volatile than the rest of BG stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: BSE's weekly volatility (5%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
199142Manyu Moravenovhttps://www.bse-sofia.bg

Bulgarian Stock Exchange AD, together with its subsidiaries, operates as a stock exchange in Bulgaria. It operates through Trading in Financial Instruments, Information Services, Registration and Maintenance of Issues for Trading Regulated Market, and Electricity Trade segments. It offers T7, an electronic trading platform for cash market trading in equities and various other instruments, including exchange traded funds (ETFs), exchange traded products (ETPs), mutual funds, bonds, warrants, certificates, and subscription rights; and BSE indices, such as SOFIX, BGBX40, BGTR30, and BGREIT.

Bulgarian Stock Exchange AD Fundamentals Summary

How do Bulgarian Stock Exchange AD's earnings and revenue compare to its market cap?
BSE fundamental statistics
Market Capлв62.35m
Earnings (TTM)лв5.53m
Revenue (TTM)лв14.25m

11.3x

P/E Ratio

4.4x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
BSE income statement (TTM)
Revenueлв14.25m
Cost of Revenueлв141.00k
Gross Profitлв14.11m
Expensesлв8.58m
Earningsлв5.53m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)0.84
Gross Margin99.01%
Net Profit Margin38.83%
Debt/Equity Ratio0%

How did BSE perform over the long term?

See historical performance and comparison

Dividends

0.8%

Current Dividend Yield

10%

Payout Ratio

Valuation

Is Bulgarian Stock Exchange AD undervalued compared to its fair value and its price relative to the market?

12.9%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: BSE (BGN9.5) is trading below our estimate of fair value (BGN10.91)

Significantly Below Fair Value: BSE is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: BSE is good value based on its PE Ratio (11.3x) compared to the BG Capital Markets industry average (15.9x).

PE vs Market: BSE is good value based on its PE Ratio (11.3x) compared to the BG market (16.5x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate BSE's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: BSE is overvalued based on its PB Ratio (2.5x) compared to the BG Capital Markets industry average (1.3x).


Future Growth

How is Bulgarian Stock Exchange AD forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

12.0%

Forecasted Diversified Financials industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Bulgarian Stock Exchange AD has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Past Performance

How has Bulgarian Stock Exchange AD performed over the past 5 years?

40.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BSE has high quality earnings.

Growing Profit Margin: BSE's current net profit margins (38.8%) are higher than last year (24.7%).


Past Earnings Growth Analysis

Earnings Trend: BSE has become profitable over the past 5 years, growing earnings by 40.1% per year.

Accelerating Growth: BSE's earnings growth over the past year (104.1%) exceeds its 5-year average (40.1% per year).

Earnings vs Industry: BSE earnings growth over the past year (104.1%) exceeded the Capital Markets industry 38.4%.


Return on Equity

High ROE: BSE's Return on Equity (21.8%) is considered high.


Financial Health

How is Bulgarian Stock Exchange AD's financial position?


Financial Position Analysis

Short Term Liabilities: BSE's short term assets (BGN184.6M) exceed its short term liabilities (BGN168.3M).

Long Term Liabilities: BSE's short term assets (BGN184.6M) exceed its long term liabilities (BGN802.0K).


Debt to Equity History and Analysis

Debt Level: BSE is debt free.

Reducing Debt: BSE had no debt 5 years ago.

Debt Coverage: BSE has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: BSE has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet


Dividend

What is Bulgarian Stock Exchange AD current dividend yield, its reliability and sustainability?

0.84%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: BSE's dividend (0.84%) isn’t notable compared to the bottom 25% of dividend payers in the BG market (1.39%).

High Dividend: BSE's dividend (0.84%) is low compared to the top 25% of dividend payers in the BG market (5.33%).


Stability and Growth of Payments

Stable Dividend: BSE has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: BSE's dividend payments have increased, but the company has only paid a dividend for 9 years.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (9.5%), BSE's dividend payments are thoroughly covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

2.6yrs

Average board tenure


CEO

Manyu Moravenov

2yrs

Tenure

лв123,401

Compensation

Assoc. Prof. Manyu Todorov Moravenov, Ph D., serves as Executive Director at Bulgarian Stock Exchange AD since September 17, 2019 and also serves as its Chief Executive officer since September 2019. He ser...


Board Members

Experienced Board: BSE's board of directors are not considered experienced ( 2.6 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Bulgarian Stock Exchange AD's employee growth, exchange listings and data sources


Key Information

  • Name: Bulgarian Stock Exchange AD
  • Ticker: BSE
  • Exchange: BUL
  • Founded: 1991
  • Industry: Financial Exchanges and Data
  • Sector: Diversified Financials
  • Market Cap: лв62.347m
  • Shares outstanding: 6.56m
  • Website: https://www.bse-sofia.bg

Number of Employees


Location

  • Bulgarian Stock Exchange AD
  • Sofia 6 Tri ushi Street
  • Sofia
  • 1000
  • Bulgaria

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/09/23 21:39
End of Day Share Price2021/09/23 00:00
Earnings2021/06/30
Annual Earnings2020/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.