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Societe BIC (BICEY)
OTHER OTC:BICEY
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Societe BIC
(OTC:BICEY)
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Rating:64Neutral
Price Target:
$33.00
▲(7.63% Upside)
Action:DowngradedDate:02/26/26
The score is primarily supported by a strong financial foundation (low leverage and resilient free cash flow) and management’s guidance for stabilization with slight margin improvement. It is held back by the latest-year earnings and organic sales declines, a relatively high P/E despite those pressures, and technical signals that are positive but close to overbought.
Positive Factors
Balance Sheet Strength
Société BIC's low leverage and conservative balance sheet provide durable financial flexibility. With modest debt ratios, the company can absorb near-term earnings volatility, fund targeted buybacks/dividends, and invest in sourcing or local production to offset structural headwinds without immediate refinancing risk.
Consistent Free Cash Flow
Reliable operating cash conversion even in a down year underpins BIC's ability to sustain capital returns and fund strategic shifts. Positive free cash flow supports dividends, the €40m buyback program, and transitionary investments (sourcing, manufacturing) needed to mitigate structural margin pressures.
Brand & Portfolio Momentum (Tangle Teezer)
The successful integration and strong growth of Tangle Teezer demonstrate BIC's ability to acquire and scale complementary, higher-margin brands. Margin accretion, local production rollout, and premiumized product launches indicate sustainable portfolio-led growth that can structurally improve mix and support medium-term margin recovery.
Negative Factors
Organic Revenue Decline
A multi-percentage organic sales decline signals durable demand weakness or market share erosion across core categories. Persistent organic contraction constrains operating leverage, limits pricing power, and makes margin recovery harder unless product mix improvement or distribution wins are sustained over subsequent quarters.
Tariff Headwinds
Ongoing tariff costs are a structural margin headwind that reduce gross profitability until fully offset by sourcing, price or local production changes. The remaining ~€18m annualized impact requires sustained supply-chain adjustments or permanent price actions, pressuring margins over the medium term.
Regional & Channel Execution Issues
Market share losses and channel-specific weakness indicate execution risks that can persist beyond a quarter. Weakness in Mexico and U.S. convenience reduces top-line resilience and suggests that commercial and distribution fixes, plus possible organizational changes, will be needed to restore volumes and normalize margins.
Societe BIC (BICEY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.51B
Dividend Yield8.92%
Average Volume (3M)160.00
Price to Earnings (P/E)27.2
Beta (1Y)0.46
Revenue Growth-3.58%
EPS Growth-16.42%
CountryUS
Employees10,192
SectorConsumer Defensive
Sector Strength42
IndustryHousehold & Personal Products
Share Statistics
EPS (TTM)0.14
Shares Outstanding81,722,626
10 Day Avg. Volume265
30 Day Avg. Volume160
Financial Highlights & Ratios
PEG Ratio-0.43
Price to Book (P/B)1.30
Price to Sales (P/S)1.08
P/FCF Ratio10.17
Enterprise Value/Market Cap0.81
Enterprise Value/Revenue0.97
Enterprise Value/Gross Profit1.88
Enterprise Value/Ebitda12.93
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Societe BIC Business Overview & Revenue Model
Company DescriptionSociété 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.
How the Company Makes MoneyBIC generates revenue primarily through the sale of its core products in the stationery, lighters, and shavers segments. The company operates on a business-to-consumer model, selling its products through various retail channels, including supermarkets, office supply stores, and online platforms. Key revenue streams include direct sales of writing instruments, disposable lighters, and grooming products. BIC also benefits from strong brand recognition and customer loyalty, which drives consistent demand for its products. Additionally, the company engages in strategic partnerships with retailers and distributors to enhance market reach and optimize supply chain efficiency, contributing to its overall profitability.
Societe BIC Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 28, 2026
Earnings Call Sentiment Neutral
The call was mixed. BIC reported meaningful top-line and margin pressures for 2025 (organic sales down 4.7%, adjusted EBIT margin down 2.0 percentage points) and incurred substantial one-off charges and tariff headwinds. However, management highlighted clear stabilization in H2 and Q4, resilient free cash flow (EUR 222m), successful integration and strong growth from Tangle Teezer (double-digit growth, +4.1 points to group growth), tangible product and ESG progress, and a committed capital return policy. The company positions 2026 as a transitional year with an expectation of improving organic trends and slight margin expansion driven by portfolio simplification and cost discipline.Q4-2025 Updates
Positive Updates
Stabilized Sales and H2 Improvement
Full year net sales of EUR 2.1 billion (down 0.9% at constant currency) with improved momentum in H2 and Q4 net sales of EUR 495 million (up 1.1% at constant currency). Management highlighted stabilization and modest second-half growth after a weak first half.
Strong Free Cash Flow and Shareholder Returns
Resilient free cash flow of EUR 222 million (down EUR 49 million year-on-year) enabled a proposed ordinary dividend of EUR 2.40 per share (50.6% payout ratio) and the renewal of a share buyback program up to EUR 40 million.
Tangle Teezer Integration and Outperformance
Tangle Teezer integrated successfully, delivered double-digit net sales growth in its first year within BIC, was margin accretive, contributed 4.1 points to group growth, consolidated #1 position in the U.K. and reached #3 in the U.S.; local production started (Mexico) with Tunisia planned in 2026.
Innovation and Product Mix Momentum
Successful launches and value-added SKUs (4-Color Smooth, BIC Flex 5, Soleil Glide, BIC Soleil 5 Glide, EZ Load lighter) drove mix improvements and premiumization in several categories; certain innovations showed strong consumer resonance and distribution gains.
ESG Progress and Sustainable Product Development
Notable ESG milestones: 100% of cardboard packaging from certified recycled sources, a 47% reduction in Scope 1 greenhouse gas emissions vs 2019, launch of Twin Lady razor with 87% recycled-plastic handle and blades with 70% recycled steel, and educational impact reaching 245 million children via BIC Foundation.
Disciplined Cost Management and Margin Recovery Plans
Adjusted EBIT of EUR 283 million with an adjusted EBIT margin of 13.6% (management expects slight margin expansion in 2026 driven by exited underperforming businesses and disciplined cost control).
Negative Updates
Organic Revenue Decline and Earnings Pressure
Net sales down 4.7% on an organic basis for the full year, adjusted EPS fell to EUR 4.74 from EUR 6.15 in 2024, adjusted EBIT down EUR 60 million year-on-year, and adjusted net income group share down to EUR 195 million from EUR 256 million.
Adjusted EBIT Margin Contraction
Adjusted EBIT margin decreased to 13.6% from 15.6% in the prior year (a 2.0 percentage-point decline), with gross profit headwinds of 1.6 points driven by higher raw material costs and the negative impact of U.S. tariffs.
Division-Specific Weaknesses
Human Expression net sales EUR 736 million, down 5.6% organically; Flame For Life net sales EUR 723 million, down 6.7% organically; Blade Excellence only modestly down (EUR 602 million, -0.8% organically) but faced margin pressure. U.S. categories (lighters, shavers, ballpens) were down mid-single digits.
Tariff Headwinds and Profitability Impact
Tariffs represented an overall impact of EUR 31 million on a 2025/26 annualised basis (EUR 13 million hit in 2025 and EUR 18 million expected ahead), contributing materially to margin pressure and needing offsetting measures (pricing, sourcing, manufacturing adjustments).
Nonrecurring Charges and Portfolio Exits
Nonrecurring items totaled EUR 127 million, largely related to the sale of Cello and the discontinuation of Skin Creative and Rocketbook (approximately EUR 104 million), which materially reduced reported income before tax and net income group share (net income EUR 86 million vs EUR 212 million prior year).
Regional Execution Issues — Mexico and Convenience Channel
Significant distribution losses and intense competition in Mexico led to poor performance and management changes; convenience channel in the U.S. lighters business was notably weak, contributing to the overall top-line decline.
Company Guidance
Management guided that 2026 will focus on improving organic net sales trends (they will now report on organic net sales as the key KPI) while targeting a slight expansion in adjusted EBIT margin versus 2025’s 13.6% (down 2.0 pts from 15.6% in 2024) and stable free cash flow year‑on‑year versus the EUR222m generated in 2025; they expect Q1 to be roughly flat on an organic basis, will continue to offset an estimated EUR31m annual U.S. tariff impact (EUR13m hit in 2025 with ~EUR18m remaining), and plan to return capital via a proposed ordinary dividend of EUR2.40 (50.6% payout) plus a share buyback program up to EUR40m—while noting that 2025 included EUR127m of non‑recurring items (EUR104m for discontinued Skin Creative/Rocketbook, EUR11m on Cello, EUR10m PPA adjustments) and that accretive contributors like Tangle Teezer (double‑digit growth and +4.1 pts to group growth) should support margin and sales improvement.Societe BIC Financial Statement Overview
Summary
Balance sheet strength and liquidity are solid (low leverage and consistently positive free cash flow), but operating performance weakened materially in the latest year with softer revenue and a sharp drop in net income, indicating a near-term earnings reset.Income Statement
Revenue has softened recently (2025 down ~5.9% after a modest decline in 2024), and profitability deteriorated sharply in 2025 with net income falling to ~€83M from ~€212M in 2024. While historical gross margin was solid and improved from 2022–2024, the 2025 step-down in earnings suggests either cost pressure and/or higher below-the-line drag. Overall: proven profitability profile over time, but the latest year shows a meaningful reset in earnings power.54
Neutral
Balance Sheet
The balance sheet looks conservative: debt remains modest versus equity (debt-to-equity was ~0.06–0.19 from 2020–2024), and equity is large relative to the asset base. Leverage ticked up in 2024 versus 2023 but still screens low, supporting financial flexibility. Returns on equity were healthy in 2021–2024 (~10–18%), though the 2025 profit decline (net income) is a watch item for forward returns.76
Positive
Cash Flow
Cash generation is a clear strength: operating cash flow and free cash flow have been consistently positive across the period, with 2025 still producing ~€213M of free cash flow despite the earnings drop. Free cash flow growth was slightly negative in 2025 after growth in 2024 and 2023, indicating some normalization, but the business continues to convert operations into cash reliably.71
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.01B | 2.20B | 2.26B | 2.23B | 1.83B |
| Gross Profit | 978.78M | 1.19B | 1.15B | 1.08B | 930.75M |
| EBITDA | 264.15M | 424.52M | 442.92M | 401.94M | 563.32M |
| Net Income | 82.61M | 212.01M | 226.51M | 198.60M | 314.19M |
Balance Sheet | |||||
| Total Assets | 2.61B | 2.83B | 2.65B | 2.69B | 2.50B |
| Cash, Cash Equivalents and Short-Term Investments | 478.80M | 459.17M | 477.26M | 422.86M | 468.91M |
| Total Debt | 317.86M | 334.90M | 156.19M | 119.38M | 100.07M |
| Total Liabilities | 947.60M | 1.04B | 800.74M | 820.38M | 772.02M |
| Stockholders Equity | 1.66B | 1.79B | 1.85B | 1.87B | 1.72B |
Cash Flow | |||||
| Free Cash Flow | 213.24M | 270.59M | 258.97M | 216.40M | 214.38M |
| Operating Cash Flow | 296.80M | 357.71M | 353.30M | 299.99M | 280.56M |
| Investing Cash Flow | -57.63M | -283.71M | -114.06M | -172.46M | 57.57M |
| Financing Cash Flow | -214.20M | -73.26M | -192.06M | -175.18M | -148.27M |
Societe BIC Technical Analysis
Neutral
30.66
Price Trends
31.48
Negative
30.12
Positive
30.62
Positive
Market Momentum
0.12
Positive
41.27
Neutral
11.98
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BICEY, the sentiment is Neutral. The current price of 30.66 is below the 20-day moving average (MA) of 32.62, below the 50-day MA of 31.48, and above the 200-day MA of 30.62, indicating a neutral trend. The MACD of 0.12 indicates Positive momentum. The RSI at 41.27 is Neutral, neither overbought nor oversold. The STOCH value of 11.98 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for BICEY.
Societe BIC Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $24.60B | 34.77 | 17.62% | 1.38% | 1.45% | 42.04% | |
68 Neutral | $1.83B | 18.35 | 5.34% | 3.15% | -5.21% | 1.96% | |
64 Neutral | $2.51B | 27.21 | 9.84% | 8.92% | -3.58% | -16.42% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
62 Neutral | $15.33B | 20.78 | ― | 5.05% | -9.35% | 123.06% | |
52 Neutral | $1.04B | -26.24 | 1.62% | 3.51% | -1.34% | -73.59% | |
49 Neutral | $1.86B | -6.52 | -11.09% | 7.76% | -5.88% | 90.23% |
* Consumer Defensive Sector Average
BICEY
Societe BIC
31.07
1.18
3.96%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.