BHG Group AB (publ)

OM:BHG Stock Report

Market Cap: SEK 3.3b

BHG Group Valuation

Is BHG undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of BHG when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: BHG (SEK18.16) is trading below our estimate of fair value (SEK28.13)

Significantly Below Fair Value: BHG is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BHG?

Key metric: As BHG is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for BHG. This is calculated by dividing BHG's market cap by their current revenue.
What is BHG's PS Ratio?
PS Ratio0.3x
SalesSEK 9.91b
Market CapSEK 3.25b

Price to Sales Ratio vs Peers

How does BHG's PS Ratio compare to its peers?

The above table shows the PS ratio for BHG vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average1.2x
BMAX Byggmax Group
0.4x6.1%SEK 2.6b
CLAS B Clas Ohlson
1.1x5.0%SEK 12.0b
RVRC RVRC Holding
2.2x13.6%SEK 4.1b
SYNSAM Synsam
1x8.5%SEK 6.4b
BHG BHG Group
0.3x5.5%SEK 3.3b

Price-To-Sales vs Peers: BHG is good value based on its Price-To-Sales Ratio (0.3x) compared to the peer average (1.2x).

Price to Sales Ratio vs Industry

How does BHG's PS Ratio compare vs other companies in the SE Specialty Retail Industry?

3 CompaniesPrice / SalesEstimated GrowthMarket Cap
ELON Elon
0.08xn/aUS$34.35m
DSNO Desenio Group
0.05xn/aUS$3.99m
ANIMA B Anima Group
0.08xn/aUS$95.30k
No more companies available in this PS range
BHG 0.3xIndustry Avg. 0.5xNo. of Companies5PS00.40.81.21.62+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: BHG is good value based on its Price-To-Sales Ratio (0.3x) compared to the Swedish Specialty Retail industry average (0.5x).

Price to Sales Ratio vs Fair Ratio

What is BHG's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BHG PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.3x
Fair PS Ratio0.3x

Price-To-Sales vs Fair Ratio: BHG is expensive based on its Price-To-Sales Ratio (0.3x) compared to the estimated Fair Price-To-Sales Ratio (0.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst BHG forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentSEK 18.16
SEK 20.50
+12.9%
7.3%SEK 22.00SEK 19.00n/a2
Nov ’25SEK 18.12
SEK 20.50
+13.1%
7.3%SEK 22.00SEK 19.00n/a2
Oct ’25SEK 15.09
SEK 19.00
+25.9%
15.8%SEK 22.00SEK 16.00n/a2
Sep ’25SEK 15.82
SEK 19.00
+20.1%
15.8%SEK 22.00SEK 16.00n/a2
Aug ’25SEK 15.07
SEK 19.00
+26.1%
15.8%SEK 22.00SEK 16.00n/a2
Jul ’25SEK 17.20
SEK 18.50
+7.6%
18.9%SEK 22.00SEK 15.00n/a2
Jun ’25SEK 17.50
SEK 17.00
-2.9%
11.8%SEK 19.00SEK 15.00n/a2
May ’25SEK 13.94
SEK 17.00
+22.0%
11.8%SEK 19.00SEK 15.00n/a2
Apr ’25SEK 18.50
SEK 18.00
-2.7%
5.6%SEK 19.00SEK 17.00n/a2
Feb ’25SEK 17.15
SEK 16.00
-6.7%
6.3%SEK 17.00SEK 15.00n/a2
Jan ’25SEK 14.06
SEK 12.50
-11.1%
12.0%SEK 14.00SEK 11.00n/a2
Dec ’24SEK 11.85
SEK 12.50
+5.5%
12.0%SEK 14.00SEK 11.00n/a2
Nov ’24SEK 9.64
SEK 15.50
+60.9%
29.0%SEK 20.00SEK 11.00SEK 18.122
Oct ’24SEK 13.10
SEK 19.00
+45.0%
5.3%SEK 20.00SEK 18.00SEK 15.092
Sep ’24SEK 15.22
SEK 19.00
+24.8%
5.3%SEK 20.00SEK 18.00SEK 15.822
Aug ’24SEK 19.20
SEK 19.00
-1.0%
5.3%SEK 20.00SEK 18.00SEK 15.072
Jun ’24SEK 12.79
SEK 8.75
-31.6%
14.3%SEK 10.00SEK 7.50SEK 17.502
May ’24SEK 11.64
SEK 8.75
-24.8%
14.3%SEK 10.00SEK 7.50SEK 13.942
Apr ’24SEK 9.57
SEK 8.75
-8.5%
14.3%SEK 10.00SEK 7.50SEK 18.502
Mar ’24SEK 12.79
SEK 23.25
+81.8%
29.0%SEK 30.00SEK 16.50SEK 17.272
Feb ’24SEK 15.14
SEK 23.25
+53.6%
29.0%SEK 30.00SEK 16.50SEK 17.152
Jan ’24SEK 18.57
SEK 21.67
+16.7%
27.3%SEK 30.00SEK 17.00SEK 14.063
Dec ’23SEK 21.58
SEK 21.67
+0.4%
27.3%SEK 30.00SEK 17.00SEK 11.853
Nov ’23SEK 19.68
SEK 21.67
+10.1%
27.3%SEK 30.00SEK 17.00SEK 9.643

Analyst Forecast: Target price is less than 20% higher than the current share price.

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