BNP Paribas S.A.
BNP Paribas SA provides various banking and financial products and services in Europe, the Middle East, Africa, the Americas, and the Asia Pacific. It operates through three divisions: Corporate & Institutional Banking; Commercial, Personal Banking & Services; and Investment & Protection Services. …
BNP Paribas SA provides various banking and financial products and services in Europe, the Middle East, Africa, the Americas, and the Asia Pacific. It operates through three divisions: Corporate & Institutional Banking; Commercial, Personal Banking & Services; and Investment & Protection Services. The Corporate & Institutional Banking division offers capital market, securities, financing, risk management, securities clearing, custody, consulting, transaction banking, cash management, investment banking, and financial advisory services for corporate and institutional clients. Its Commercial, Personal Banking & Services division provides financing and equipment leasing services, lending, investment, financial and non-financial services, mobility, and digital banking services, as well as current accounts, savings products, bancassurance, insurance products and services, and consumer loans. The Investment & Protection Services division provides protection, savings, investment, and real estate services to support individuals, professionals, corporate clients, and institutions, as well as asset management, insurance, protection, pensions, and private banking services. The company was formerly known as Banque Nationale de Paris and changed its name to BNP Paribas SA in May 2000. BNP Paribas SA was founded in 1822 and is headquartered in Paris, France.Looks undervalued
Why: Banks and insurers earn their money on their balance sheet, so value follows book value and how much the company earns on it (return on equity).
Details and the full model are below.
Market price below modeled range
Justified P/B (ROE) using Fiscal year 2025 net income and book equity: return on equity of 9.7% gives a fair price-to-book of 1.02x, with 2.4% growth (capped at the terminal rate) and 9.6% discount. The range varies growth and discount by 1 percentage point; it is illustrative, not a statistical confidence interval or investment advice.
Assumptions: growth 3% (limited from 5.38% because the latest annual revenue declined), discount rate 9.60%, terminal growth 2.40%. See a worked example.
Blended growth assumption: 5.4% (sector default 5.4%, own revenue history 7.6%, analyst revenue consensus 4.3%).
5-year outlook: relative outlook of about 12.4% a year (Medium confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.
Analyst consensus expects revenue growth of 4.3% a year; the growth assumption used is 3.0%.
Adjust assumptions
Why this model: Banks and insurers earn their money on their balance sheet, so value follows book value and how much the company earns on it (return on equity).
Compare models- Recommended: Justified P/B (ROE) — EUR 114.30 (+22.8%)
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EPS-based Gordon proxy
— EUR 155.31 (+66.8%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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FCFF (steady state)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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EV/EBITDA (12x)
— not applicable
Not used: Cannot be computed: EBITDA is missing, zero or negative.
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Fade DCF (10-year growth fade)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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EV/Sales (Rule of 40)
— not applicable
Not used: Cannot be computed: revenue is missing.
| Bear EUR 101.64 | 8.4% |
| Base EUR 114.30 | 18.6% |
| Bull EUR 136.70 | 31.9% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 62 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 3 of 5 years | 12 / 20 |
| Growth | revenue +7.6% a year | 20 / 20 |
| Balance sheet | net debt 19.8x EBITDA | 0 / 20 |
| Margins | EBITDA margin 17% | 10 / 20 |
Peers in Financials
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| BNP.PA (this company) | EUR 93.09 | 18.6% | 8.5 | 0.8 | 2.8% | 62 |
| PSH.L Pershing Square Holdings, Ltd. | GBP 38.88 | 68.1% | 3.7 | 0.6 | 1.3% | 76 |
| LRE.L Lancashire Holdings Limited | GBP 6.89 | 45.5% | 7.1 | 1.6 | 3.3% | 76 |
| ACA.PA Credit Agricole S.A. | EUR 15.88 | 36.0% | 6.8 | 0.7 | 6.9% | 78 |
| PRU.L Prudential plc | GBP 9.29 | 33.9% | 8.1 | 1.6 | 1.9% | 78 |
| V Visa Inc. | USD 422.59 | 33.3% | 8.9 | – | 0.2% | 100 |
| AGS.BR ageas SA/NV | EUR 77.60 | 32.5% | 8.2 | 1.5 | 5.0% | 76 |
| SYF Synchrony Financial | USD 74.07 | 29.9% | 7.2 | 1.4 | 2.1% | 100 |
| NWG.L NatWest Group plc | GBP 5.92 | 29.6% | 8.3 | 1.3 | 4.9% | 88 |
| Peer median | 7.6 | 1.4 | ||||
Dividends
Paid in the last 12 months: EUR 5.80 per share · yield 6.23% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 5.800 |
| 2025 | 7.380 |
| 2024 | 4.600 |
| 2023 | 3.900 |
| 2022 | 3.670 |
| 2021 | 2.660 |
Annual financial statement
Saved annual report · Fiscal year 2025 · EODHD annual statements · period ended 31 Dec 2025
| Revenue | EUR 144,384,000,000 |
|---|---|
| EBITDA | EUR 24,343,000,000 |
| EBIT | EUR 16,288,000,000 |
| Net income | EUR 12,225,000,000 |
| Free cash flow | EUR 43,696,000,000 |
| Capital expenditures | EUR 2,875,000,000 |
| Debt | EUR 809,206,000,000 |
| Cash | EUR 326,959,000,000 |
| Working capital | EUR -638,954,000,000 |
| Shares outstanding | 1,119,494,000 |
| Reported dividends per share | EUR 2.5824 |