Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Bourse Direct S.A. (BSD.PA)

Company Dividend Discount ModelIndustry: Financial - Capital MarketsSector: Financial Services

Valuation Snapshot

Stable Growth$16.13 - $42.30$24.58
Multi-Stage$11.57 - $12.62$12.09
Blended Fair Value$18.33
Current Price$4.35
Upside321.39%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS0.00%0.00%0.160.080.000.050.000.000.000.000.000.00
YoY Growth--93.58%0.00%-100.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
Dividend Yield--3.63%1.54%0.00%1.89%0.00%0.00%0.00%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)36.34
(-) Cash Dividends Paid (M)18.58
(=) Cash Retained (M)17.76
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)7.274.542.73
Cash Retained (M)17.7617.7617.76
(-) Cash Required (M)-7.27-4.54-2.73
(=) Excess Retained (M)10.4913.2115.03
(/) Shares Outstanding (M)52.3152.3152.31
(=) Excess Retained per Share0.200.250.29
LTM Dividend per Share0.360.360.36
(+) Excess Retained per Share0.200.250.29
(=) Adjusted Dividend0.560.610.64
WACC / Discount Rate9.04%9.04%9.04%
Growth Rate5.41%6.41%7.41%
Fair Value$16.13$24.58$42.30
Upside / Downside270.78%464.95%872.31%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)36.3438.6741.1443.7846.5949.5851.06
Payout Ratio51.14%58.91%66.68%74.46%82.23%90.00%92.50%
Projected Dividends (M)18.5822.7827.4432.6038.3144.6247.23

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.04%9.04%9.04%
Growth Rate5.41%6.41%7.41%
Year 1 PV (M)20.6920.8921.09
Year 2 PV (M)22.6423.0823.51
Year 3 PV (M)24.4425.1425.86
Year 4 PV (M)26.0927.1028.13
Year 5 PV (M)27.6128.9430.33
PV of Terminal Value (M)483.72507.10531.38
Equity Value (M)605.20632.25660.30
Shares Outstanding (M)52.3152.3152.31
Fair Value$11.57$12.09$12.62
Upside / Downside165.95%177.83%190.16%

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