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Bourse Direct

BST:BD6
Snowflake Description

Imperfect balance sheet and overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BD6
BST
€62M
Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

Bourse Direct SA provides Internet stock brokerage services in France. The last earnings update was 201 days ago. More info.


Add to Portfolio Compare Print
BD6 Share Price and Events
7 Day Returns
11%
BST:BD6
15%
DE Capital Markets
9.9%
DE Market
1 Year Returns
-5.4%
BST:BD6
-6.8%
DE Capital Markets
-17.5%
DE Market
BD6 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Bourse Direct (BD6) 11% -4.5% -2.8% -5.4% -38.4% -30.7%
DE Capital Markets 15% -18.3% -13.9% -6.8% -25.4% -54.7%
DE Market 9.9% -16.6% -24.8% -17.5% -24.5% -28.1%
1 Year Return vs Industry and Market
  • BD6 outperformed the Capital Markets industry which returned -6.8% over the past year.
  • BD6 outperformed the Market in Germany which returned -17.5% over the past year.
Price Volatility
BD6
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Bourse Direct undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Bourse Direct to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Bourse Direct.

BST:BD6 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= €1.08 * 4.3%
€0.05
Book Value of Equity per Share Median Book Value from the past 5 years. €1.08
Discount Rate (Cost of Equity) See below 9.2%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BST:BD6
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 6.1%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.76
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.757 (1 + (1- 33%) (221.08%))
1.588
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.59
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.588 * 6.07%)
9.25%

Discounted Cash Flow Calculation for BST:BD6 using Excess Returns Model Model

The calculations below outline how an intrinsic value for Bourse Direct is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

BST:BD6 Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (4.3% – 9.25%) * €1.08)
€-0.05
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= €-0.05 / (9.25% - -0.39%)
€-0.56
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= €1.08 + €-0.56
€0.52
BST:BD6 Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in BST:BD6 represents 0.94643x of ENXTPA:BSD
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.94643x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (EUR) x Listing Adjustment Factor
= € 0.52 x 0.94643
€0.50
Value per share (EUR) From above. €0.50
Current discount Discount to share price of €1.06
= -1 x (€1.06 - €0.50) / €0.50
-113.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Bourse Direct is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Bourse Direct's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Bourse Direct's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BST:BD6 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in EUR €0.02
ENXTPA:BSD Share Price ** ENXTPA (2020-03-31) in EUR €1.12
Germany Capital Markets Industry PE Ratio Median Figure of 17 Publicly-Listed Capital Markets Companies 22.26x
Germany Market PE Ratio Median Figure of 399 Publicly-Listed Companies 16.31x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Bourse Direct.

BST:BD6 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ENXTPA:BSD Share Price ÷ EPS (both in EUR)

= 1.12 ÷ 0.02

45.33x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bourse Direct is overvalued based on earnings compared to the DE Capital Markets industry average.
  • Bourse Direct is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Bourse Direct's expected growth come at a high price?
Raw Data
BST:BD6 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 45.33x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
Germany Capital Markets Industry PEG Ratio Median Figure of 7 Publicly-Listed Capital Markets Companies 1.62x
Germany Market PEG Ratio Median Figure of 255 Publicly-Listed Companies 1.18x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Bourse Direct, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Bourse Direct's assets?
Raw Data
BST:BD6 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in EUR €1.11
ENXTPA:BSD Share Price * ENXTPA (2020-03-31) in EUR €1.12
Germany Capital Markets Industry PB Ratio Median Figure of 32 Publicly-Listed Capital Markets Companies 1.56x
Germany Market PB Ratio Median Figure of 571 Publicly-Listed Companies 1.43x
BST:BD6 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ENXTPA:BSD Share Price ÷ Book Value per Share (both in EUR)

= 1.12 ÷ 1.11

1.01x

* Primary Listing of Bourse Direct.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bourse Direct is good value based on assets compared to the DE Capital Markets industry average.
X
Value checks
We assess Bourse Direct's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. Bourse Direct has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Bourse Direct expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

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 Bourse Direct 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 Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
38.9%
Expected Capital Markets industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Bourse Direct expected to grow at an attractive rate?
  • Unable to compare Bourse Direct's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Bourse Direct's earnings growth to the Germany market average as no estimate data is available.
  • Unable to compare Bourse Direct's revenue growth to the Germany market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
BST:BD6 Future Growth Rates Data Sources
Data Point Source Value (per year)
Germany Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 38.9%
Germany Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 1.1%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.4%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BST:BD6 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (9 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in EUR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BST:BD6 Past Financials Data
Date (Data in EUR Millions) Revenue Cash Flow Net Income *
2019-06-30 32 -2 1
2019-03-31 32 -1 2
2018-12-31 33 0 2
2018-09-30 34 3 3
2018-06-30 35 6 3
2018-03-31 35 7 3
2017-12-31 35 9 3
2017-09-30 34 7 3
2017-06-30 34 4 3
2017-03-31 34 3 3
2016-12-31 34 2 2
2016-09-30 35 3 2

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Bourse Direct is high growth as no earnings estimate data is available.
  • Unable to determine if Bourse Direct is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BST:BD6 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (9 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Bourse Direct Company Filings, last reported 9 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BST:BD6 Past Financials Data
Date (Data in EUR Millions) EPS *
2019-06-30 0.02
2019-03-31 0.03
2018-12-31 0.04
2018-09-30 0.05
2018-06-30 0.07
2018-03-31 0.06
2017-12-31 0.05
2017-09-30 0.06
2017-06-30 0.06
2017-03-31 0.05
2016-12-31 0.04
2016-09-30 0.04

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Bourse Direct will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Take a look at our analysis of BD6’s management and see if the CEO’s compensation is within a reasonable range, who is on the board and if insiders have been trading lately.
  2. Bourse Direct's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Diversified Financials companies here
  3. Bourse Direct's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Bourse Direct's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Bourse Direct has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Bourse Direct performed over the past 5 years?

  • Bourse Direct's last earnings update was 201 days ago.
The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Bourse Direct's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Bourse Direct's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Bourse Direct's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Bourse Direct's 1-year earnings growth is negative, it can't be compared to the DE Capital Markets industry average.
Earnings and Revenue History
Bourse Direct's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Bourse Direct Company Filings, last reported 9 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BST:BD6 Past Revenue, Cash Flow and Net Income Data
Date (Data in EUR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 31.62 1.19 1.74
2019-03-31 32.41 1.76 1.66
2018-12-31 33.19 2.32 1.58
2018-09-30 33.91 2.77 1.67
2018-06-30 34.63 3.22 1.76
2018-03-31 34.69 3.15 1.77
2017-12-31 34.75 3.07 1.79
2017-09-30 34.46 2.97 -0.16
2017-06-30 34.16 2.87 1.62
2017-03-31 34.24 2.59 1.74
2016-12-31 34.31 2.31
2016-09-30 34.80 2.23 0.13
2016-06-30 35.29 2.14 1.81
2016-03-31 36.13 2.54 1.76
2015-12-31 36.98 2.95
2015-09-30 36.98 2.74 0.05
2015-06-30 36.97 2.53 1.80
2015-03-31 37.17 2.87 1.75
2014-12-31 37.37 3.22
2014-09-30 37.04 3.58 -0.05
2014-06-30 36.70 3.94 1.33
2014-03-31 35.38 3.68 1.45
2013-12-31 34.05 3.42
2013-09-30 33.05 3.16 6.42
2013-06-30 32.04 2.89 11.27

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Bourse Direct has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Bourse Direct used its assets less efficiently than the DE Capital Markets industry average last year based on Return on Assets.
  • Unable to establish if Bourse Direct improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Bourse Direct's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Bourse Direct has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Bourse Direct's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Bourse Direct's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Bourse Direct's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Bourse Direct's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Bourse Direct's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 5.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Bourse Direct Company Filings, last reported 9 months ago.

BST:BD6 Past Debt and Equity Data
Date (Data in EUR Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 61.62 138.06 14.71
2019-03-31 61.62 138.06 14.71
2018-12-31 62.73 96.68 15.57
2018-09-30 62.73 96.68 15.57
2018-06-30 61.87 115.88 18.99
2018-03-31 61.87 115.88 18.99
2017-12-31 60.41 134.13 8.35
2017-09-30 60.41 134.13 8.35
2017-06-30 58.65 117.74 137.39
2017-03-31 58.65 117.74 137.39
2016-12-31 57.34 77.10 10.00
2016-09-30 57.34 75.31 10.00
2016-06-30 55.78 118.07 121.79
2016-03-31 55.78 118.07 121.79
2015-12-31 55.02 97.76 6.84
2015-09-30 55.02 96.01 6.84
2015-06-30 53.64 107.05 131.47
2015-03-31 53.64 107.05 131.47
2014-12-31 52.08 100.54 10.31
2014-09-30 52.08 95.84 10.31
2014-06-30 51.11 123.02 134.00
2014-03-31 51.11 123.02 134.00
2013-12-31 48.86 75.23 21.40
2013-09-30 48.86 67.20 114.51
2013-06-30 47.18 111.91 130.05
  • Bourse Direct's level of debt (224%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (240% vs 224% today).
  • Operating cash flow is negative therefore debt is not well covered.
  • Unable to confirm if the interest payments on Bourse Direct's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Bourse Direct's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Bourse Direct has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Bourse Direct's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Bourse Direct dividends.
If you bought €2,000 of Bourse Direct shares you are expected to receive €0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Bourse Direct's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Bourse Direct's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BST:BD6 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Germany Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 15 Stocks 3.2%
Germany Market Average Dividend Yield Market Cap Weighted Average of 323 Stocks 3.8%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BST:BD6 Past Annualized Dividends Data
Date (Data in €) Dividend per share (annual) Avg. Yield (%)
2014-03-19 0.000 0.000
2014-02-17 0.000 0.000
2013-08-28 0.000 0.000
2013-07-19 0.000 0.000
2013-04-30 0.000 0.000
2012-04-26 0.040 4.378
2011-04-29 0.040 3.441
2011-02-17 0.040 3.481
2010-04-29 0.040 3.878
2010-02-18 0.040 3.366
2009-04-30 0.040 3.370

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Bourse Direct has not reported any payouts.
  • Unable to verify if Bourse Direct's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Bourse Direct's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Bourse Direct has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Bourse Direct's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Bourse Direct afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Bourse Direct has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Bourse Direct's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Catherine Nini
COMPENSATION €195,189
AGE 51
TENURE AS CEO 15.8 years
CEO Bio

Ms. Catherine Nini serves as the Chief Executive Officer and Managing Director of Capitol SA (renamed E-VIEL). She serves as the Chief Financial Officer of VIEL & Cie. Ms. Nini served as Financial Director at VIEL & Cie. She is the Chief Executive Officer at E-VIEL SA. Ms. Nini serves as the Managing Director of VIEL et Compagnie Finance SE. Ms. Nini serves as the Chairwoman of the Management Board, Chief Executive Officer and Head of Financial Information of Bourse Direct Société Anonyme and served as its Chairman. Ms. Nini served as Managing Director of Bourse Direct SA. She served as the Chief Executive Officer of ABS, SA. She served as Managing Director of VIEL et Compagnie Finance. She serves as Chairperson of Supervisory Board of SCS Gestion Privée. She served as Chairman of Supervisory Board of ABS, SA. She serves as a Director of Arpège Finances, SwissLife Banque Priv e, SwissLife Gestion Priv e and VIEL & Cie Société Anonyme since June 17, 2011.

CEO Compensation
  • Catherine's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Catherine's remuneration is lower than average for companies of similar size in Germany.
Management Team

Catherine Nini

TITLE
Chairperson of the Management Board & CEO
COMPENSATION
€195K
AGE
51
TENURE
15.8 yrs

Virginie de Vichet

TITLE
Executive VP & Member of the Management Board
COMPENSATION
€239K
AGE
60
Board of Directors Tenure

Average tenure and age of the Bourse Direct board of directors in years:

5.8
Average Tenure
54
Average Age
  • The tenure for the Bourse Direct board of directors is about average.
Board of Directors

William Wostyn

TITLE
Chairman of the Supervisory Board
AGE
45

Christian Baillet

TITLE
Vice Chairman of the Supervisory Board
COMPENSATION
€5K
AGE
68

Dominique Velter

TITLE
Member of the Supervisory Board
AGE
54
TENURE
5.8 yrs

Yves Naccache

TITLE
Member of the Supervisory Board
AGE
50
TENURE
5.8 yrs

Catherine Bienstock

TITLE
Member of the Supervisory Board
COMPENSATION
€5K
AGE
64
TENURE
5.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Bourse Direct's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Bourse Direct has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Bourse Direct SA provides Internet stock brokerage services in France. The company 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, real estate, and life insurance products through the Boursedirect.fr, Capitol.fr, mesactions.com, and Absysteme.fr sites. It also provides automated execution and back-office services comprising online transmission and reception of orders in real time; trading and clearing; and maintaining accounts and conserving securities for management companies, financial institutions, and online brokers. The company was founded in 1996 and is headquartered in Paris, France. Bourse Direct SA is a subsidiary of VIEL & Cie.

Details
Name: Bourse Direct SA
BD6
Exchange: BST
Founded: 1996
€62,445,508
55,754,918
Website: http://www.boursedirect.fr
Address: Bourse Direct SA
374 rue Saint-Honoré,
Paris,
Ile-de-France, 75001,
France
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
ENXTPA BSD Ordinary Shares Euronext Paris FR EUR 18. Nov 1999
BST BD6 Ordinary Shares Boerse-Stuttgart DE EUR 18. Nov 1999
LSE 0DPY Ordinary Shares London Stock Exchange GB EUR 18. Nov 1999
Number of employees
Current staff
Staff numbers
113
Bourse Direct employees.
Industry
Investment Banking and Brokerage
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/31 21:07
End of day share price update: 2020/03/31 00:00
Last earnings filing: 2019/09/12
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.