Société BIC SA (BB.PA) | Investment Case

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.

Show Full description

1.b. Last Insights on BB

Société BIC SA faced challenges in Q3 2025, with soft performance leading to a revision of its 2025 outlook. The company's net sales were €519 million, up only 0.3% at constant currency, and down 3.3% excluding Tangle Teezer. Specifically, Human Expression segment saw Q3 net sales of €192 million, down 0.5% at constant currency. Additionally, BIC announced the divestiture of its Cello activities in India. These developments may impact investor sentiment. (Source: BIC Q3 & 9M 2025 Net Sales)

1.c. Company Highlights

Last Price	47.5
Change Percentage	0.00%
Open	47.9
Previous Close	47.5
Market Cap ( Millions)	1958
Volume	24640
Year High	69.7
Year Low	46.2
M A 50	50.2
M A 200	54.16

FCF Yield	11.53%
Dividend Yield	9.47%
ROE	10.19%
Debt / Equity	21.74%
Net Debt / EBIDTA	15.05%
Price To Book	1.18
Price Earnings Ratio	11.19
Price To FCF	8.67
Price To sales	0.92
EV / EBITDA	5.52

2. BIC's Resilience Shines Amidst Volatility, but Growth Remains Elusive

BIC's first half 2025 results revealed a mixed bag, with total group net sales declining 2.4% at constant currencies, but a solid rebound in Q2, driven by sequential improvements across all three core businesses and geographies. Net sales reached EUR 1.1 billion, with an adjusted EBIT margin of 13.7%, down 120 basis points versus last year. Adjusted EPS came in at EUR 2.35, down from EUR 2.95 last year, missing analysts' estimates of EUR 2.68. As Gonzalve Bich, CEO, noted, "BIC continued to demonstrate its resilience in a highly volatile trading environment."

Publication Date: Aug -07

                                    📋 Highlights
                                    Total Net Sales Decline in H1 2025:
                                                Group net sales fell 2.4% at constant currencies to EUR 1.1 billion for the first half, though Q2 saw 1.4% growth to EUR 598 million.
Human Expression Rebounds in Key Regions:
                                                Growth in the U.S. driven by mechanical pencils and correction products offset challenges, showing sequential improvement in Q2.
Adjusted EBIT Margin Contracts:
                                                Adjusted EBIT reached EUR 147 million with a 13.7% margin in H1, down 120 basis points year-on-year.
Tangle Teezer Drives Blade Excellence Growth:
                                                Premium hair brush brand delivered double-digit growth in H1, contributing to margin expansion and solidifying 2026 expectations.
Outlook Confirmed Amid FX Headwinds:
                                                2025 guidance remains at 0–3% sales growth and 15% EBIT margin, despite unfavorable USD, real, and peso impacts in H2.

                                

Segment-wise Performance

In Human Expression, BIC saw encouraging momentum in key regions like the U.S., supported by growth in core stationary segments like mechanical pencils and correction products. Flame for Life navigated headwinds in the U.S. and faced heightened competitive activity in Latin America, but demonstrated resilience, improving quarter-on-quarter performance across all geographies and returning to growth in Europe and the Middle East and Africa. Blade Excellence performed well, fueled by the premium hair brush brand, Tangle Teezer, and solid growth in Latin America and the Middle East and Africa.

Outlook and Valuation

Despite macroeconomic and industry challenges, BIC confirmed its 2025 outlook, expecting net sales to grow between 0% and 3% at constant currencies, with an adjusted EBIT margin of around 15% and free cash flow above EUR 240 million. With a P/E Ratio of 10.29 and a Dividend Yield of 8.57%, the stock appears reasonably valued, considering the company's resilience and growth potential. However, the ROIC of 8.91% and ROE of 11.72% suggest that there is still room for improvement in terms of profitability and capital allocation.

3. NewsRoom

BIC: Disclosure Of Trading In Own Shares For November 2025

Dec -04

Source:

BIC: Disclosure of total number of voting rights and number of shares forming the capital as of November 30, 2025

Dec -04

Source:

BIC discontinues Rocketbook and its Skin Creative activities

Dec -04

Source:

Has the Recent Drop Created an Opportunity in Société BIC Shares for 2025?

Nov -27

Source:

BIC Announces Chief Financial Officer succession

Nov -19

Source:

Disclosure of total number of voting rights and number of shares forming the capital as of October 31, 2025

Nov -06

Source:

Disclosure Of Trading In Own Shares For October 2025

Nov -06

Source:

BIC: Q3 & 9M 2025 Net Sales

Oct -28

Source:

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

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

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

BIC

A-Score: 6.0/10

Value: 7.6

Growth: 4.1

Quality: 6.7

Yield: 8.1

Momentum: 1.5

Volatility: 7.7

1-Year Total Return ->

Zinzino

A-Score: 5.6/10

Value: 3.9

Growth: 9.0

Quality: 7.4

Yield: 4.4

Momentum: 8.0

Volatility: 1.0

1-Year Total Return ->

Cranswick

A-Score: 5.5/10

Value: 4.4

Growth: 6.7

Quality: 5.2

Yield: 3.1

Momentum: 4.0

Volatility: 9.7

1-Year Total Return ->

Colruyt

A-Score: 5.2/10

Value: 7.7

Growth: 4.6

Quality: 4.3

Yield: 6.9

Momentum: 1.0

Volatility: 7.0

1-Year Total Return ->

Interparfums

A-Score: 5.1/10

Value: 3.4

Growth: 7.8

Quality: 8.1

Yield: 5.6

Momentum: 0.5

Volatility: 5.3

1-Year Total Return ->

SalMar

A-Score: 4.8/10

Value: 3.0

Growth: 6.6

Quality: 3.3

Yield: 6.2

Momentum: 4.0

Volatility: 5.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-7.89%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

5.57%

Société BIC SA - FR0000120966

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on BB

1.c. Company Highlights

Strong Momentum

Better Quality

Average Yield

Cheaper

Higher Yield

Fairly Valued

Weak Momentum

Revenues Miss

Revenues Beats

Stable Momentum

Medium Volatility

Average Quality

Average Growth

2. BIC's Resilience Shines Amidst Volatility, but Growth Remains Elusive

Segment-wise Performance

Outlook and Valuation

3. NewsRoom

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%

Human Expression

Expected Growth: 2.8%

Blade Excellence

Expected Growth: 3.2%

Other Products

Expected Growth: 2.2%

7. Detailed Products

Stationery

Lighters

Shavers

Correction Products

Art Products

8. Société BIC SA's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

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

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

47.5$

Current Price

47.5$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA