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1. Company Snapshot

1.a. Company Description

Société BIC SA manufactures and sells stationery, lighter, shaver, and other products worldwide.It offers ball and coloring felt pens, markers, sticky notes, leads, whiteboards, and correction tapes, as well as graphite, coloring, mechanical, and other pencils; reusable notebooks, smart pens, erasers, crayons, art and craft kits, refillable shavers, razors shave cream, body and face lotions, finger painting products, and watercolors; permanent, single, metallic, and temporary tattoo markers; gel ink, roller, and fineliner pens; and ball and gel pen, color, and mechanical refills.The company also provides pocket, utility, decorated, non-decorated classic, electronic, and multipurpose lighters.


In addition, it sells pantyhoses, batteries, and shaving preps; and advertising and promotional products.Further, the company is involved in the provision of delivery services; production of industrial equipment; and manufacture and distribution of IT solutions and consumer products, as well as in real estate and insurance activities.It markets its products primarily under the BIC, BIC Kids, Cello, Lucky, RocketBook, Tipp-Ex, BIC Wite-Out, DJEEP, BIC Soleil, Us, MADE FOR YOU, BIC Evolution, and BodyMark brands through a range of channels, including retail mass-market distributors, traditional stores, and office product stationers, as well as an e-commerce site.


The company was founded in 1944 and is headquartered in Clichy, France.

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1.b. Last Insights on BB

Société BIC's recent performance was driven by improved momentum in the second half of 2025, with resilient free cash flow generation and a renewed governance and executive leadership team. The company's full-year 2025 results showed a challenging year with a 0.9% decline in net sales at constant currency. Initial strategic actions were launched in H2 2025 to streamline the portfolio. A share buyback program was implemented, with 759,848 shares acquired and cancelled, reducing the company's share capital. This move is expected to have a positive impact on shareholder value.

1.c. Company Highlights

2. BIC's 2025 Results: Challenges and Opportunities Ahead

BIC's 2025 full-year results were marked by a net sales decline of 0.9% at constant currency to EUR 2.1 billion, with an adjusted EBIT margin of 13.6% and a resilient free cash flow generation of EUR 222 million. The adjusted EPS was EUR 4.74, down from EUR 6.15 in 2024, while the actual EPS came out at EUR 1.66, slightly below estimates of EUR 1.68. The company's financial performance was impacted by a volatile macroeconomic environment, softer consumer markets, and geopolitical uncertainty.

Publication Date: Mar -02

📋 Highlights
  • Sales & Profitability:: Net sales declined 0.9% to EUR 2.1 billion, yet adjusted EBIT margin remained stable at 13.6% (EUR 283 million), with free cash flow of EUR 222 million despite macroeconomic challenges.
  • Tangle Teezer Integration:: Acquisition drove double-digit growth, contributing 4.1% to group sales and achieving #1 market share in the UK and #3 in the US, with production expanding to Tunisia in 2026.
  • Dividend & Buyback Commitment:: Proposed EUR 2.40 dividend (50.6% payout ratio) and EUR 40 million share buyback program in 2026 underscore shareholder returns amid stabilized free cash flow.
  • Strategic Restructuring:: Exit of underperforming businesses (Rocketbook, Cello) and cost management initiatives aim to boost organic growth and EBIT margin expansion in 2026.
  • Tariff Impact & Mitigation:: Annual EUR 31 million tariff burden (EUR 18 million in 2026) countered by pricing adjustments, supply chain optimization, and production diversification.

Segment Performance and Strategic Initiatives

BIC faced challenges in the US, Latin America, and in specific product segments such as lighters, shavers, and ball pens. However, the company saw improved performance in the second half of the year, particularly in the Middle East and Africa and in the US. The successful integration of Tangle Teezer contributed to growth, with double-digit top-line growth and accretive margins. BIC also launched several innovations, including the BIC Soleil 5 Glide and the BIC 4-Color Smooth pens, and executed partnerships with Netflix.

Cash Flow and Dividend

The company's free cash flow generation remained resilient at EUR 222 million, despite a decline of EUR 49 million versus last year. The Board of Directors will propose an ordinary dividend of EUR 2.40, representing a 50.6% payout ratio. BIC is also renewing its share buyback program in 2026 with a total consideration that can reach up to EUR 40 million.

Outlook and Valuation

BIC anticipates improving organic net sales trends, a slight expansion in adjusted EBIT margin, and stable free cash flow generation in 2026. The company's exit from underperforming businesses and the continued growth of Tangle Teezer are expected to drive growth and profitability. With a P/E Ratio of 24.84 and a Dividend Yield of 8.52%, the market is pricing in a certain level of growth and income generation. Analysts estimate next year's revenue growth at 1.9%, which is relatively modest. The company's new leadership team is optimistic about its prospects for sustainable, profitable growth.

Leadership and Strategy

BIC has a new leadership team in place, with a clear objective of improving the business going forward. The company will continue to focus on protecting its cash, simplifying its organization, and driving growth and profitability. BIC's leadership and governance changes are complete, positioning the company to implement its new strategy, which will be presented later in the year.

3. NewsRoom

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BIC: FULL YEAR 2025 RESULTS

Feb -24

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BIC: Disclosure Of Trading In Own Shares for January 2026

Feb -05

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BIC: Disclosure of total number of voting rights and number of shares forming the capital as of January 31, 2026

Feb -05

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Exacompta Clairefontaine And 2 Other Leading European Dividend Stocks

Jan -21

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BIC: Disclosure of total number of voting rights and number of shares forming the capital as of December 31, 2025

Jan -08

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A Look At Société BIC (ENXTPA:BB) Valuation After Recent Share Price Moves

Jan -08

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BIC: Disclosure Of Trading In Own Shares For December 2025

Jan -06

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BIC: Half-Year Liquidity Contract Statement

Jan -05

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.77%)

6. Segments

Flame for Life

Expected Growth: 2.5%

Flame for Life's 2.5% growth is driven by increasing demand for outdoor and recreational activities, expanding distribution channels, and innovative product offerings. Additionally, the brand's focus on sustainability and eco-friendliness resonates with environmentally conscious consumers, contributing to its growth momentum.

Human Expression

Expected Growth: 2.8%

Société BIC SA's Human Expression segment growth of 2.8% is driven by increasing demand for creative and artistic products, particularly among younger generations. The rise of social media and influencer marketing has fueled the desire for unique and personalized writing instruments, while the growing importance of mental health and wellness has led to increased adoption of art therapy and creative expression.

Blade Excellence

Expected Growth: 3.2%

Blade Excellence from Société BIC SA's 3.2% growth is driven by increasing demand for premium razors, successful product innovation, and expansion in emerging markets. Additionally, the company's focus on sustainability and eco-friendly products resonates with environmentally conscious consumers, contributing to its growth momentum.

Other Products

Expected Growth: 2.2%

Société BIC SA's 2.2% growth in Other Products is driven by increasing demand for sustainable and eco-friendly products, expansion into emerging markets, and strategic partnerships. Additionally, the company's focus on innovation, such as the development of refillable and recyclable products, has contributed to its growth.

7. Detailed Products

Stationery

A range of writing and drawing instruments, including pens, pencils, markers, and coloring products

Lighters

A variety of lighters, including disposable and refillable models, for indoor and outdoor use

Shavers

A range of razors and shaving accessories, including disposable and reusable models

Correction Products

A range of correction tapes, fluids, and other products for correcting mistakes

Art Products

A range of art supplies, including paints, markers, and other creative materials

8. Société BIC SA's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Société BIC SA is moderate due to the presence of alternative products such as pencils, markers, and digital writing tools.

Bargaining Power Of Customers

The bargaining power of customers is low due to the company's strong brand recognition and wide distribution network, making it difficult for customers to negotiate prices.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate due to the company's dependence on a few large suppliers for raw materials, but the company's large scale of operations gives it some negotiating power.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry, including the need for significant capital investment and established distribution networks.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several established competitors in the writing and stationery industry, leading to intense competition for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 7.80%
Debt Cost 5.57%
Equity Weight 92.20%
Equity Cost 5.57%
WACC 5.57%
Leverage 8.46%

11. Quality Control: Société BIC SA passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
BIC

A-Score: 6.6/10

Value: 7.4

Growth: 4.1

Quality: 6.7

Yield: 8.1

Momentum: 5.5

Volatility: 8.0

1-Year Total Return ->

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Stock-Card
Zinzino

A-Score: 5.7/10

Value: 3.3

Growth: 9.0

Quality: 7.8

Yield: 3.8

Momentum: 9.5

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
Cranswick

A-Score: 5.3/10

Value: 4.1

Growth: 6.7

Quality: 5.4

Yield: 1.9

Momentum: 4.0

Volatility: 10.0

1-Year Total Return ->

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Stock-Card
Interparfums

A-Score: 5.3/10

Value: 4.2

Growth: 7.8

Quality: 8.2

Yield: 6.2

Momentum: 0.5

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
Colruyt

A-Score: 5.0/10

Value: 6.7

Growth: 4.6

Quality: 4.2

Yield: 5.6

Momentum: 1.0

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
SalMar

A-Score: 4.5/10

Value: 1.0

Growth: 6.6

Quality: 3.2

Yield: 5.6

Momentum: 4.0

Volatility: 6.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

53.0$

Current Price

53$

Potential

-0.00%

Expected Cash-Flows