# Bollore (BOL.PA)

Canonical: https://gigainvestors.com/s/BOL.PA

Analysis as of: 2026-10-16T07:35:39.764Z. Financial observations: FY2004–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 3.67 per share; close as of 2026-10-15.

Estimated value: low EUR 3.54 per share, central EUR 3.96 per share, high EUR 4.51 per share. Buy at or below the central value EUR 3.96 per share. Valuation as of 2026-10-16T07:35:39.764Z; scenarios are not confidence intervals.

Expected annual return: 10.7% at the stated quote. About 10.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; FR 10-year bond 4.8% + 4 points).

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 0

- Operating margin variation: 1.22×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.05×

- FY2018: 0.06×

- FY2019: 0.06×

- FY2020: 0.03×

- FY2021: 0.02×

- FY2022: 0.06×

- FY2023: 0.06×

- FY2024: 0.00×

- FY2025: -0.07×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 6.5pp below the typical margin (limit 4pp)

- ROIC, median of available years: 4.2%

- ROIC, second-lowest year: 0.0%

- Typical minus recent gross margin: 6.5 pp

- Typical gross margin (annual median): 6.1%

- Recent gross margin (lower of latest and 3-year median): -0.4%

- Years with nonpositive capital: 1

- Capital spending / revenue: 3.7%

- ROIC including acquisitions, ten-year median: 5.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 4.2%

- FY2017: 49.9%

- FY2018: 4.5%

- FY2019: 44.6%

- FY2020: 9.5%

- FY2021: 1.2%

- FY2022: 4.2%

- FY2023: 2.9%

- FY2024: 0.0%

- FY2025: -1.1%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.06×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 13B

- Net income, five-year total: EUR 12B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -1.2 pp

- Working capital / revenue, change between three-year averages: -7.4 pp

- Working capital / revenue, final three-year average: 10.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.03×

- FY2022: 1.06×

- FY2023: 1.48×

- FY2024: 1.05×

- FY2025: 1.13×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 4.5% vs 0.0%

- Per-share earnings: 0.20 to 0.12 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.2%

- Ordinary dilution, 5-year annual growth: -0.8%

- Market cap gain: EUR 3.8B

- Cumulative retained earnings: EUR 12B

- Diluted shares, 10-year annual growth: -0.2%

- Diluted shares, 5-year annual growth: -0.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -5.6%

- Per-share value change: EUR -0.07

- Per-share value, starting three-year median: EUR 0.20

- Per-share value, ending three-year median: EUR 0.12

- Buybacks concentrated in cheaper years (correlation): -0.10

- Average buyback yield: 1.8%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 40B

- Cumulative net income, 10 years: EUR 14B

- ROIC, first three-year median: 4.5%

- ROIC, last three-year median: 0.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.15

- FY2017: EUR 0.25

- FY2018: EUR 0.08

- FY2019: EUR 0.08

- FY2020: EUR 0.15

- FY2021: EUR 2.06

- FY2022: EUR 1.16

- FY2023: EUR 0.09

- FY2024: EUR 0.64

- FY2025: EUR 0.12

### accounting: pass

- Sloan accruals: 0.1%

- Receivables to sales index (DSRI): 0.92×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.95×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.0%

- FY2017: -2.5%

- FY2018: -3.2%

- FY2019: -4.0%

- FY2020: -3.1%

- FY2021: 7.2%

- FY2022: 3.0%

- FY2023: 0.9%

- FY2024: 14.0%

- FY2025: 0.1%

## Holders

## Price story

Down 42% since Feb 2024 · sales -6.5%

Story as of 2026-10-16T10:00:05.766Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.2% a year for ten years

### Sales · FY2024–2025

sales -6.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 10B 

- FY2017: EUR 18B 

- FY2018: EUR 23B 

- FY2019: EUR 25B 

- FY2020: EUR 17B 

- FY2021: EUR 17B 

- FY2022: EUR 14B 

- FY2023: EUR 14B 

- FY2024: EUR 3.1B 

- FY2025: EUR 2.9B 

### Gross margin · FY2024

gross margin 4.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 39.6% 

- FY2017: 34.0% 

- FY2018: 32.4% 

- FY2019: 6.0% 

- FY2020: 2.8% 

- FY2021: 2.0% 

- FY2022: 6.3% 

- FY2023: 31.1% 

- FY2024: 4.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in entertainment; annual sales are EUR 2.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.764Z); FY2025: revenue 2926000000; grossProfit -11900000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BOL.PA: Bolloré SE engages in the transportation and logistics, communications, and industry businesses in France, rest of Europe, the Americas, the Asia-Pacific, and Africa. The company operates through Bolloré Energy, Communications, and Industry segments. It is involved in distribution and warehousing of oil products, as well as domestic fuel oil and transport and other diesel. The company also engages in the publishing and distribution of pay and free TV and production; sale and distribution of cinema films and TV series; design and release of downloadable video games on mobile devices and consoles; ticketing and venue services; communications consulting and advertising agencies; magazine sales; sales of goods and circulation of publications; travel retail sales; and sales of licenses and subscription services. In addition, it is involved in production and sale of electric batteries and their applications; and electric vehicles, and electricity storage and solutions and films. The company was founded in 1822 and is based in Puteaux, France. Bolloré SE operates as a subsidiary of Compagnie de l'Odet.

### Why customers stay

It earns 4.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.764Z); FY2023: grossProfit / revenue = 31.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.764Z); FY2024: grossProfit / revenue = 4.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.764Z); FY2025: grossProfit / revenue = -0.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.764Z); 10-year return on capital observations [[2016,0.04217235089701525],[2017,0.49940754599314],[2018,0.0451271931004829],[2019,0.4462244000502576],[2020,0.09520176722920037],[2021,0.011994802372317722],[2022,0.04243515916524623],[2023,0.02901524486975308],[2024,0.0004601616680465931],[2025,-0.011023155704172397]]; median 0.04230375503113074. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 260 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.764Z); FY2016: growth capex 0; upkeep 493000000; owner earnings 315200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.764Z); FY2017: growth capex 0; upkeep 709900000; owner earnings 801800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.764Z); FY2018: growth capex 0; upkeep 561100000; owner earnings 967500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.764Z); FY2019: growth capex 0; upkeep 1330500000; owner earnings 497700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.764Z); FY2020: growth capex 0; upkeep 689600000; owner earnings 984200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.764Z); FY2021: growth capex 0; upkeep 738200000; owner earnings 6262300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.764Z); FY2022: growth capex 0; upkeep 485600000; owner earnings 3604000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.764Z); FY2023: growth capex 0; upkeep 442100000; owner earnings 397800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.764Z); FY2024: growth capex 0; upkeep 34700000; owner earnings 1910300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.764Z); FY2025: growth capex 0; upkeep 35100000; owner earnings 391800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.764Z); Dividend observations: [[2016,135600000],[2017,134400000],[2018,144400000],[2019,135100000],[2020,175700000],[2021,175900000],[2022,176000000],[2023,170100000],[2024,198400000],[2025,223200000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.764Z); FY2025: cash repurchases 260000000 EUR.

### Are managers owners

Insiders own 77.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BOL.PA SharesStats.PercentInsiders = 77.254 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 0.2% yearly over ten years; actual decline was 1.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:39.764Z); Ten-year compound average after fade. Initial solved rate -0.015468939332409011. Price 3.674; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.1568660750131371 → FY2025 0.13920169003215707. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 3.00 per share

- 2016-11: EUR 3.10 per share

- 2016-12: EUR 3.35 per share

- 2017-01: EUR 3.70 per share

- 2017-02: EUR 3.66 per share

- 2017-03: EUR 3.63 per share

- 2017-04: EUR 3.74 per share

- 2017-05: EUR 4.10 per share

- 2017-06: EUR 3.98 per share

- 2017-07: EUR 3.92 per share

- 2017-08: EUR 3.90 per share

- 2017-09: EUR 4.23 per share

- 2017-10: EUR 4.15 per share

- 2017-11: EUR 4.46 per share

- 2017-12: EUR 4.53 per share

- 2018-01: EUR 4.68 per share

- 2018-02: EUR 4.65 per share

- 2018-03: EUR 4.33 per share

- 2018-04: EUR 4.12 per share

- 2018-05: EUR 4.21 per share

- 2018-06: EUR 3.98 per share

- 2018-07: EUR 3.98 per share

- 2018-08: EUR 4.12 per share

- 2018-09: EUR 3.72 per share

- 2018-10: EUR 3.74 per share

- 2018-11: EUR 3.87 per share

- 2018-12: EUR 3.50 per share

- 2019-01: EUR 3.60 per share

- 2019-02: EUR 3.91 per share

- 2019-03: EUR 4.03 per share

- 2019-04: EUR 4.24 per share

- 2019-05: EUR 4.04 per share

- 2019-06: EUR 3.88 per share

- 2019-07: EUR 3.89 per share

- 2019-08: EUR 3.86 per share

- 2019-09: EUR 3.80 per share

- 2019-10: EUR 3.88 per share

- 2019-11: EUR 3.88 per share

- 2019-12: EUR 3.89 per share

- 2020-01: EUR 3.67 per share

- 2020-02: EUR 3.10 per share

- 2020-03: EUR 2.51 per share

- 2020-04: EUR 2.42 per share

- 2020-05: EUR 2.57 per share

- 2020-06: EUR 2.80 per share

- 2020-07: EUR 2.83 per share

- 2020-08: EUR 3.15 per share

- 2020-09: EUR 3.19 per share

- 2020-10: EUR 3.08 per share

- 2020-11: EUR 3.25 per share

- 2020-12: EUR 3.38 per share

- 2021-01: EUR 3.35 per share

- 2021-02: EUR 3.97 per share

- 2021-03: EUR 4.12 per share

- 2021-04: EUR 4.20 per share

- 2021-05: EUR 4.27 per share

- 2021-06: EUR 4.52 per share

- 2021-07: EUR 4.71 per share

- 2021-08: EUR 5.01 per share

- 2021-09: EUR 5.01 per share

- 2021-10: EUR 5.01 per share

- 2021-11: EUR 4.74 per share

- 2021-12: EUR 4.92 per share

- 2022-01: EUR 4.76 per share

- 2022-02: EUR 4.54 per share

- 2022-03: EUR 4.75 per share

- 2022-04: EUR 4.47 per share

- 2022-05: EUR 4.96 per share

- 2022-06: EUR 4.42 per share

- 2022-07: EUR 4.92 per share

- 2022-08: EUR 4.78 per share

- 2022-09: EUR 4.72 per share

- 2022-10: EUR 5.07 per share

- 2022-11: EUR 5.36 per share

- 2022-12: EUR 5.22 per share

- 2023-01: EUR 5.13 per share

- 2023-02: EUR 5.29 per share

- 2023-03: EUR 5.69 per share

- 2023-04: EUR 6.12 per share

- 2023-05: EUR 5.99 per share

- 2023-06: EUR 5.71 per share

- 2023-07: EUR 5.75 per share

- 2023-08: EUR 5.47 per share

- 2023-09: EUR 5.09 per share

- 2023-10: EUR 5.15 per share

- 2023-11: EUR 5.25 per share

- 2023-12: EUR 5.66 per share

- 2024-01: EUR 6.13 per share

- 2024-02: EUR 6.34 per share

- 2024-03: EUR 6.19 per share

- 2024-04: EUR 6.10 per share

- 2024-05: EUR 6.17 per share

- 2024-06: EUR 5.48 per share

- 2024-07: EUR 5.76 per share

- 2024-08: EUR 5.96 per share

- 2024-09: EUR 5.99 per share

- 2024-10: EUR 5.74 per share

- 2024-11: EUR 5.84 per share

- 2024-12: EUR 5.94 per share

- 2025-01: EUR 5.71 per share

- 2025-02: EUR 5.82 per share

- 2025-03: EUR 5.40 per share

- 2025-04: EUR 5.44 per share

- 2025-05: EUR 5.60 per share

- 2025-06: EUR 5.33 per share

- 2025-07: EUR 5.07 per share

- 2025-08: EUR 4.99 per share

- 2025-09: EUR 4.82 per share

- 2025-10: EUR 4.83 per share

- 2025-11: EUR 4.78 per share

- 2025-12: EUR 4.79 per share

- 2026-01: EUR 4.81 per share

- 2026-02: EUR 4.96 per share

- 2026-03: EUR 4.90 per share

- 2026-04: EUR 5.37 per share

- 2026-05: EUR 5.44 per share

- 2026-06: EUR 4.06 per share

- 2026-07: EUR 3.87 per share

- 2026-08: EUR 3.84 per share

- 2026-09: EUR 3.67 per share

- 2026-10: EUR 3.69 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 1.59 per share, central EUR 1.75 per share, high EUR 1.97 per share

- FY2017: low EUR 3.53 per share, central EUR 4.29 per share, high EUR 4.85 per share

- FY2018: low EUR 5.99 per share, central EUR 7.24 per share, high EUR 8.15 per share

- FY2019: low EUR 5.00 per share, central EUR 5.85 per share, high EUR 6.66 per share

- FY2020: low EUR 3.34 per share, central EUR 3.70 per share, high EUR 4.18 per share

- FY2021: low EUR 4.39 per share, central EUR 4.77 per share, high EUR 5.26 per share

- FY2022: low EUR 4.68 per share, central EUR 5.09 per share, high EUR 5.64 per share

- FY2023: low EUR 4.36 per share, central EUR 4.79 per share, high EUR 5.35 per share

- FY2024: low EUR 5.21 per share, central EUR 5.65 per share, high EUR 6.23 per share

- FY2025: low EUR 5.05 per share, central EUR 5.46 per share, high EUR 6.01 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.