Melbana Energy Valuation

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

Valuation Score

2/6

Valuation Score 2/6

Below Future Cash Flow Value
Significantly Below Future Cash Flow Value
Price-To-Book vs Peers
Price-To-Book vs Industry
Price-To-Book vs Fair Ratio
Analyst Forecast

Share Price vs Future Cash Flow Value

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

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: Insufficient data to calculate MAY's future cash flow value for valuation analysis.

Significantly Below Future Cash Flow Value: Insufficient data to calculate MAY's future cash flow value for valuation analysis.

Key Valuation Metric

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

Key metric: As MAY is unprofitable and pre-revenue we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for MAY. This is calculated by dividing MAY's market cap by their current book value.
What is MAY's PB Ratio?
PB Ratio	0.5x
Book	AU$55.93m
Market Cap	AU$30.26m

MAY key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	n/a
Enterprise Value/EBITDA	-6.8x
PEG Ratio	n/a

Price to Book Ratio vs Peers

How does MAY's PB Ratio compare to its peers?

The above table shows the PB ratio for MAY vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PB	Estimated Growth	Market Cap
Peer Average	1.1x
ATS Australis Oil & Gas	0.5x	n/a	AU$30.6m
P1E Pure One	2.2x	114.56%	AU$28.4m
HE8 Helios Energy	0.8x	n/a	AU$36.3m
HHR Hartshead Resources	1.1x	n/a	AU$36.6m
MAY Melbana Energy	0.5x	n/a	AU$30.3m

Price-To-Book vs Peers: MAY is good value based on its Price-To-Book Ratio (0.5x) compared to the peer average (1.1x).

Historical Price to Book Ratio

Historical Price to Book Ratio compares a stock's price to the book value of it's equity over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Book Ratio vs Industry

How does MAY's PB Ratio compare vs other companies in the AU Oil and Gas Industry?

7 Companies	Price / Book	Estimated Growth	Market Cap
BYE Byron Energy	0.3x	-10.28%	US$37.64m
88E 88 Energy	0.2x	68.57%	US$17.19m
BLU Blue Energy	0.2x	58.02%	US$9.03m
TOU Tlou Energy	0.2x	n/a	US$7.35m

7 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Book vs Industry: MAY is good value based on its Price-To-Book Ratio (0.5x) compared to the Australian Oil and Gas industry average (1.6x).

Price to Book Ratio vs Fair Ratio

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

MAY PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio	0.5x
Fair PB Ratio	n/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate MAY's Price-To-Book Fair Ratio for valuation analysis.

Analyst Price Targets

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

Analyst Forecast: Insufficient data to show price forecast.

Discover undervalued companies

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2026/02/14 02:16
End of Day Share Price	2026/02/13 00:00
Earnings	2025/06/30
Annual Earnings	2025/06/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Melbana Energy Limited is covered by 3 analysts. 0 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Ivor Ries	Canaccord Genuity Historic (Wilsons Advisory and Stockbroking Ltd.
Ian McLelland	Edison Investment Research
Timothy Heeley	Edison Investment Research