Upcoming Dividend • May 13
Upcoming dividend of €0.24 per share Eligible shareholders must have bought the stock before 20 May 2026. Payment date: 22 May 2026. Payout ratio is a comfortable 63% and the cash payout ratio is 78%. Trailing yield: 4.5%. Lower than top quartile of French dividend payers (5.5%). Higher than average of industry peers (3.9%). Duyuru • Apr 07
Bourse Direct SA, Annual General Meeting, May 12, 2026 Bourse Direct SA, Annual General Meeting, May 12, 2026. Location: 374 rue saint honore, paris France Declared Dividend • Apr 06
Dividend increased to €0.24 Dividend of €0.24 is 20% higher than last year. Ex-date: 20th May 2026 Payment date: 22nd May 2026 Dividend yield will be 5.2%, which is higher than the industry average of 4.5%. Sustainability & Growth The dividend has increased by an average of 51% per year over the past 6 years and payments have been stable during that time. EPS is expected to remain steady over the next 2 years, which should provide adequate earnings cover for the dividend. Buy Or Sell Opportunity • Mar 20
Now 22% undervalued The stock has been flat over the last 90 days, currently trading at €4.42. The fair value is estimated to be €5.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue is forecast to grow by 4.4% in 2 years. Earnings are forecast to grow by 11% in the next 2 years. Reported Earnings • Feb 21
Full year 2025 earnings released Full year 2025 results: Revenue: €77.2m (up 3.8% from FY 2024). Net income: €19.7m (up 3.0% from FY 2024). Profit margin: 26% (in line with FY 2024). Revenue is forecast to grow 2.2% p.a. on average during the next 2 years, compared to a 6.6% growth forecast for the Capital Markets industry in France. New Risk • Feb 20
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to €5.28, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 15x in the Capital Markets industry in France. Total returns to shareholders of 69% over the past three years. Price Target Changed • Aug 22
Price target increased by 15% to €7.00 Up from €6.10, the current price target is provided by 1 analyst. New target price is 62% above last closing price of €4.31. Stock is down 18% over the past year. The company is forecast to post earnings per share of €0.34 for next year compared to €0.36 last year. Reported Earnings • Aug 05
First half 2025 earnings released First half 2025 results: Revenue: €37.2m (down 3.4% from 1H 2024). Net income: €9.30m (down 8.4% from 1H 2024). Profit margin: 25% (down from 26% in 1H 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to stay flat during the next 3 years compared to a 2.9% decline forecast for the Capital Markets industry in France. New Risk • Jul 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.5% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Upcoming Dividend • May 19
Upcoming dividend of €0.20 per share Eligible shareholders must have bought the stock before 26 May 2025. Payment date: 28 May 2025. Trailing yield: 4.6%. Lower than top quartile of French dividend payers (5.4%). Higher than average of industry peers (4.0%). Declared Dividend • Apr 11
Dividend increased to €0.20 Dividend of €0.20 is 25% higher than last year. Ex-date: 26th May 2025 Payment date: 28th May 2025 Dividend yield will be 4.7%, which is about the same as the industry average. Sustainability & Growth The dividend has increased by an average of 58% per year over the past 5 years and payments have been stable during that time. EPS is expected to remain steady over the next 2 years, which should provide adequate earnings cover for the dividend. Duyuru • Apr 10
Bourse Direct SA announces Annual dividend, payable on May 28, 2025 Bourse Direct SA announced Annual dividend of EUR 0.2000 per share payable on May 28, 2025, ex-date on May 26, 2025 and record date on May 27, 2025. Duyuru • Apr 09
Bourse Direct SA, Annual General Meeting, May 15, 2025 Bourse Direct SA, Annual General Meeting, May 15, 2025. Location: 374 rue saint honore, paris France Reported Earnings • Mar 05
Full year 2024 earnings released Full year 2024 results: Revenue: €76.4m (up 15% from FY 2023). Net income: €19.1m (up 20% from FY 2023). Profit margin: 25% (up from 24% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 2 years compared to a 2.4% growth forecast for the Capital Markets industry in France. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €4.89, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 14x in the Capital Markets industry in France. Total returns to shareholders of 50% over the past three years. Upcoming Dividend • May 15
Upcoming dividend of €0.16 per share Eligible shareholders must have bought the stock before 22 May 2024. Payment date: 24 May 2024. Trailing yield: 2.9%. Lower than top quartile of French dividend payers (5.1%). Lower than average of industry peers (4.4%). New Risk • May 12
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 42% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (42% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Feb 28
Full year 2023 earnings released Full year 2023 results: Revenue: €685.0m (up €637.0m from FY 2022). Net income: €159.0m (up €153.3m from FY 2022). Profit margin: 23% (up from 12% in FY 2022). The increase in margin was driven by higher revenue. Upcoming Dividend • May 15
Upcoming dividend of €0.08 per share at 1.5% yield Eligible shareholders must have bought the stock before 22 May 2023. Payment date: 24 May 2023. Trailing yield: 1.5%. Lower than top quartile of French dividend payers (5.3%). Lower than average of industry peers (4.5%). Upcoming Dividend • May 12
Upcoming dividend of €0.07 per share Eligible shareholders must have bought the stock before 19 May 2022. Payment date: 23 May 2022. Trailing yield: 1.5%. Lower than top quartile of French dividend payers (5.0%). Lower than average of industry peers (4.6%). Reported Earnings • Feb 28
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: €46.4m (up 3.7% from FY 2020). Net income: €7.30m (up 20% from FY 2020). Profit margin: 16% (up from 14% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Reported Earnings • Sep 05
First half 2021 earnings released: EPS €0.08 (vs €0.07 in 1H 2020) The company reported a solid first half result with improved earnings and revenues, although profit margins were flat. First half 2021 results: Revenue: €24.3m (up 3.2% from 1H 2020). Net income: €4.26m (up 7.9% from 1H 2020). Profit margin: 18% (in line with 1H 2020). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 10
Upcoming dividend of €0.05 per share Eligible shareholders must have bought the stock before 17 May 2021. Payment date: 19 May 2021. Trailing yield: 1.4%. Lower than top quartile of French dividend payers (4.0%). Lower than average of industry peers (2.7%). Reported Earnings • Apr 27
Full year 2020 earnings released: EPS €0.11 (vs €0.025 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €44.8m (up 40% from FY 2019). Net income: €6.11m (up 342% from FY 2019). Profit margin: 14% (up from 4.3% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 02
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: €44.9m (up 41% from FY 2019). Net income: €6.10m (up 341% from FY 2019). Profit margin: 14% (up from 4.3% in FY 2019). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment improved over the past week After last week's 17% share price gain to €3.38, the stock is trading at a trailing P/E ratio of 45.5x, up from the previous P/E ratio of 39x. This compares to an average P/E of 30x in the Capital Markets industry in France. Total returns to shareholders over the past three years are 112%. Is New 90 Day High Low • Feb 25
New 90-day high: €3.20 The company is up 34% from its price of €2.38 on 26 November 2020. The French market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 12% over the same period. Is New 90 Day High Low • Dec 08
New 90-day high: €2.76 The company is up 60% from its price of €1.73 on 09 September 2020. The French market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 8.0% over the same period. Valuation Update With 7 Day Price Move • Nov 25
Market bids up stock over the past week After last week's 21% share price gain to €2.34, the stock is trading at a trailing P/E ratio of 31.5x, up from the previous P/E ratio of 26.1x. This compares to an average P/E of 30x in the Capital Markets industry in France. Total returns to shareholders over the past three years are 45%. Valuation Update With 7 Day Price Move • Nov 19
Market bids up stock over the past week After last week's 22% share price gain to €2.20, the stock is trading at a trailing P/E ratio of 29.6x, up from the previous P/E ratio of 24.2x. This compares to an average P/E of 26x in the Capital Markets industry in France. Total returns to shareholders over the past three years are 35%. Valuation Update With 7 Day Price Move • Nov 17
Market bids up stock over the past week After last week's 26% share price gain to €2.06, the stock is trading at a trailing P/E ratio of 27.7x, up from the previous P/E ratio of 22.1x. This compares to an average P/E of 24x in the Capital Markets industry in France. Total returns to shareholders over the past three years are 23%. Is New 90 Day High Low • Nov 11
New 90-day low: €1.64 The company is down 2.0% from its price of €1.68 on 12 August 2020. The French market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is down 1.0% over the same period.