Bourse Direct SA (BSD) - Net Assets
Based on the latest financial reports, Bourse Direct SA (BSD) has net assets worth €88.74 Million EUR (≈ $103.75 Million USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (€1.37 Billion ≈ $1.60 Billion USD) and total liabilities (€1.28 Billion ≈ $1.50 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check tangible equity quality of Bourse Direct SA to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | €88.74 Million |
| % of Total Assets | 6.47% |
| Annual Growth Rate | 5.17% |
| 5-Year Change | 32.5% |
| 10-Year Change | 54.77% |
| Growth Volatility | 265.98 |
Bourse Direct SA - Net Assets Trend (2004–2025)
This chart illustrates how Bourse Direct SA's net assets have evolved over time, based on quarterly financial data. See BSD defensive asset coverage days to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Bourse Direct SA (2004–2025)
The table below shows the annual net assets of Bourse Direct SA from 2004 to 2025. For live valuation and market cap data, see market value of Bourse Direct SA.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | €88.74 Million ≈ $103.75 Million |
+10.22% |
| 2024-12-31 | €80.51 Million ≈ $94.12 Million |
+15.18% |
| 2023-12-31 | €69.90 Million ≈ $81.72 Million |
+2.23% |
| 2022-12-31 | €68.38 Million ≈ $79.94 Million |
+2.09% |
| 2021-12-31 | €66.97 Million ≈ $78.30 Million |
+3.89% |
| 2020-12-31 | €64.46 Million ≈ $75.36 Million |
+4.63% |
| 2019-12-31 | €61.61 Million ≈ $72.03 Million |
-92.37% |
| 2018-12-31 | €807.32 Million ≈ $943.84 Million |
+1244.13% |
| 2017-12-31 | €60.06 Million ≈ $70.22 Million |
+4.76% |
| 2016-12-31 | €57.34 Million ≈ $67.03 Million |
+4.21% |
| 2015-12-31 | €55.02 Million ≈ $64.33 Million |
+5.66% |
| 2014-12-31 | €52.08 Million ≈ $60.88 Million |
+6.58% |
| 2013-12-31 | €48.86 Million ≈ $57.12 Million |
+7.53% |
| 2012-12-31 | €45.44 Million ≈ $53.12 Million |
+1.97% |
| 2011-12-31 | €44.56 Million ≈ $52.09 Million |
+4.04% |
| 2010-12-31 | €42.83 Million ≈ $50.07 Million |
+1.34% |
| 2009-12-31 | €42.26 Million ≈ $49.41 Million |
+0.66% |
| 2008-12-31 | €41.98 Million ≈ $49.08 Million |
+13.07% |
| 2007-12-31 | €37.13 Million ≈ $43.41 Million |
+66.09% |
| 2006-12-31 | €22.35 Million ≈ $26.13 Million |
-51.71% |
| 2005-12-31 | €46.29 Million ≈ $54.12 Million |
+50.45% |
| 2004-12-31 | €30.77 Million ≈ $35.97 Million |
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Equity Component Analysis
This analysis shows how different components contribute to Bourse Direct SA's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 100.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | €12.90 Million | 14.54% |
| Other Comprehensive Income | €62.27 Million | 70.18% |
| Other Components | €13.56 Million | 15.28% |
| Total Equity | €88.74 Million | 100.00% |
Bourse Direct SA Competitors by Market Cap
The table below lists competitors of Bourse Direct SA ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Dogus Gayrimenkul Yatirim Ortakligi AS
IS:DGGYO
|
$261.16 Million |
|
ProCap Acquisition Corp Class A Ordinary Shares
NASDAQ:PCAP
|
$261.17 Million |
|
Heungkuk Fire & Marine Insurance Co Ltd
KO:000545
|
$261.22 Million |
|
LIFELINE SPAC I OYJ A EO1
F:0CD
|
$261.36 Million |
|
Wheels Up Experience Inc
NYSE:UP
|
$261.07 Million |
|
Shanghai Xintonglian Packaging Co Ltd
SHG:603022
|
$261.06 Million |
|
TQM CORPORATION
BK:TQM-R
|
$260.95 Million |
|
Brinova Fastigheter AB (publ)
ST:BRIN-B
|
$260.83 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Bourse Direct SA's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 80,058,000 to 88,739,000, a change of 8,681,000 (10.8%).
- Net income of 19,700,000 contributed positively to equity growth.
- Share repurchases of 10,322,000 reduced equity.
- Other comprehensive income increased equity by 8,680,999.
- Other factors decreased equity by 9,377,999.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | €19.70 Million | +22.2% |
| Share Repurchases | €10.32 Million | -11.63% |
| Other Comprehensive Income | €8.68 Million | +9.78% |
| Other Changes | €-9.38 Million | -10.57% |
| Total Change | €- | 10.84% |
Book Value vs Market Value Analysis
This analysis compares Bourse Direct SA's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 2.92x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 9.03x to 2.92x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2004-12-31 | €0.56 | €5.02 | x |
| 2005-12-31 | €0.84 | €5.02 | x |
| 2006-12-31 | €0.40 | €5.02 | x |
| 2007-12-31 | €0.67 | €5.02 | x |
| 2008-12-31 | €0.75 | €5.02 | x |
| 2009-12-31 | €0.76 | €5.02 | x |
| 2010-12-31 | €0.77 | €5.02 | x |
| 2011-12-31 | €0.79 | €5.02 | x |
| 2012-12-31 | €0.87 | €5.02 | x |
| 2013-12-31 | €0.86 | €5.02 | x |
| 2014-12-31 | €0.93 | €5.02 | x |
| 2015-12-31 | €0.93 | €5.02 | x |
| 2016-12-31 | €1.02 | €5.02 | x |
| 2017-12-31 | €1.08 | €5.02 | x |
| 2018-12-31 | €1.12 | €5.02 | x |
| 2019-12-31 | €1.13 | €5.02 | x |
| 2020-12-31 | €1.19 | €5.02 | x |
| 2021-12-31 | €1.23 | €5.02 | x |
| 2022-12-31 | €1.26 | €5.02 | x |
| 2023-12-31 | €1.44 | €5.02 | x |
| 2024-12-31 | €1.54 | €5.02 | x |
| 2025-12-31 | €1.72 | €5.02 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Bourse Direct SA utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 22.20%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 25.52%
- • Asset Turnover: 0.06x
- • Equity Multiplier: 15.45x
- Recent ROE (22.20%) is above the historical average (10.62%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2004 | 17.38% | 66.30% | 0.05x | 5.57x | €2.27 Million |
| 2005 | -5.66% | -17.47% | 0.09x | 3.76x | €-7.25 Million |
| 2006 | 13.14% | 16.41% | 0.07x | 11.75x | €701.60K |
| 2007 | 39.79% | 55.63% | 0.09x | 7.63x | €11.06 Million |
| 2008 | 11.56% | 18.95% | 0.11x | 5.64x | €654.90K |
| 2009 | 5.93% | 11.10% | 0.08x | 6.99x | €-1.72 Million |
| 2010 | 6.52% | 12.03% | 0.07x | 8.24x | €-1.49 Million |
| 2011 | 8.91% | 13.89% | 0.07x | 9.16x | €-487.16K |
| 2012 | 6.86% | 12.02% | 0.05x | 11.60x | €-1.43 Million |
| 2013 | 7.01% | 11.62% | 0.05x | 11.33x | €-1.46 Million |
| 2014 | 6.18% | 8.60% | 0.06x | 11.07x | €-1.99 Million |
| 2015 | 5.35% | 7.97% | 0.06x | 10.74x | €-2.56 Million |
| 2016 | 4.04% | 6.75% | 0.05x | 12.20x | €-3.42 Million |
| 2017 | 5.09% | 8.84% | 0.04x | 13.77x | €-2.97 Million |
| 2018 | 3.70% | 7.00% | 0.04x | 12.93x | €-3.95 Million |
| 2019 | 2.24% | 4.32% | 0.03x | 16.72x | €-4.78 Million |
| 2020 | 9.47% | 13.60% | 0.04x | 18.37x | €-341.22K |
| 2021 | 10.81% | 15.42% | 0.03x | 20.44x | €539.10K |
| 2022 | 8.41% | 11.73% | 0.04x | 19.65x | €-1.07 Million |
| 2023 | 20.87% | 23.98% | 0.05x | 17.06x | €8.30 Million |
| 2024 | 23.90% | 25.05% | 0.07x | 14.63x | €11.13 Million |
| 2025 | 22.20% | 25.52% | 0.06x | 15.45x | €10.83 Million |
Industry Comparison
This section compares Bourse Direct SA's net assets metrics with peer companies in the Capital Markets industry.
Industry Context
- Industry: Capital Markets
- Average net assets among peers: $177,640,140
- Average return on equity (ROE) among peers: 11.57%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Bourse Direct SA (BSD) | €88.74 Million | 17.38% | 14.45x | $261.14 Million |
| Euroland Corporate SA (MLERO) | $3.07 Million | 22.19% | 0.35x | $9.92 Million |
| Photonike Capital SA (MLPHO) | $114.63 Million | -0.64% | 0.08x | $12.17 Million |
| VIEL & Cie société anonyme (VIL) | $415.21 Million | 13.16% | 2.95x | $1.12 Billion |
About Bourse Direct SA
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, abssy… Read more