Bellevue Gold Limited

ASX:BGL Stock Report

Market Cap: AU$2.4b

Bellevue Gold Valuation

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

Valuation Score

4/6

Valuation Score 4/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

What is the Fair Price of BGL 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: BGL (A$1.64) is trading below our estimate of future cash flow value (A$3.94)

Significantly Below Future Cash Flow Value: BGL is trading below future cash flow value by more than 20%.

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for BGL. This is calculated by dividing BGL's market cap by their current revenue.
What is BGL's PS Ratio?
PS Ratio5.5x
SalesAU$441.36m
Market CapAU$2.44b

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for BGL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average4x
KCN Kingsgate Consolidated
3.4x17.53%AU$1.6b
OBM Ora Banda Mining
5.1x20.59%AU$2.8b
CYL Catalyst Metals
3.6x32.65%AU$1.6b
ALK Alkane Resources
4x18.14%AU$2.2b
BGL Bellevue Gold
5.5x18.53%AU$2.4b

Price-To-Sales vs Peers: BGL is expensive based on its Price-To-Sales Ratio (5.5x) compared to the peer average (4x).

Historical Price to Sales Ratio

Historical Price to Sales Ratio compares a stock's price to its sales over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Sales Ratio vs Industry

How does BGL's PS Ratio compare vs other companies in the AU Metals and Mining Industry?

119 CompaniesPrice / SalesEstimated GrowthMarket Cap
BHP BHP Group
3.8x0.50%US$203.30b
FMG Fortescue
2.7x-2.37%US$43.43b
NST Northern Star Resources
4.5x14.09%US$22.30b
NCM Newcrest Mining
3x5.16%US$13.37b
BGL 5.5xIndustry Avg. 93.5xNo. of Companies119PS020406080100+
119 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: BGL is good value based on its Price-To-Sales Ratio (5.5x) compared to the Australian Metals and Mining industry average (92x).

Price to Sales Ratio vs Fair Ratio

What is BGL'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.

BGL PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio5.5x
Fair PS Ratio1x

Price-To-Sales vs Fair Ratio: BGL is expensive based on its Price-To-Sales Ratio (5.5x) compared to the estimated Fair Price-To-Sales Ratio (1x).

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 BGL forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentAU$1.64
AU$2.06
+25.37%
14.64%AU$2.35AU$1.30n/a8
Apr ’27AU$1.61
AU$1.99
+23.53%
18.08%AU$2.30AU$1.05n/a9
Mar ’27AU$1.83
AU$2.03
+11.11%
17.48%AU$2.25AU$1.05n/a9
Feb ’27AU$1.89
AU$2.02
+7.28%
17.64%AU$2.25AU$1.05n/a9
Jan ’27AU$1.71
AU$1.71
+0.36%
18.11%AU$2.00AU$1.00n/a9
Dec ’26AU$1.32
AU$1.47
+11.53%
18.39%AU$2.00AU$1.00n/a9
Nov ’26AU$1.17
AU$1.41
+20.13%
21.63%AU$2.00AU$1.00n/a9
Oct ’26AU$1.18
AU$1.23
+4.68%
22.31%AU$1.75AU$0.84n/a8
Sep ’26AU$0.89
AU$1.11
+24.44%
22.40%AU$1.65AU$0.80n/a8
Aug ’26AU$0.78
AU$1.19
+53.87%
19.60%AU$1.65AU$0.90n/a8
Jul ’26AU$0.94
AU$1.16
+23.93%
23.76%AU$1.60AU$0.77n/a8
Jun ’26AU$0.99
AU$1.19
+19.75%
27.81%AU$1.90AU$0.77n/a9
May ’26AU$0.88
AU$1.15
+31.05%
27.06%AU$1.90AU$0.77n/a9
Apr ’26AU$1.15
AU$1.67
+46.14%
22.29%AU$2.20AU$1.01AU$1.619
Mar ’26AU$1.18
AU$1.61
+36.64%
24.41%AU$2.25AU$1.00AU$1.839
Feb ’26AU$1.25
AU$1.64
+31.00%
21.20%AU$2.25AU$1.15AU$1.898
Jan ’26AU$1.13
AU$1.79
+59.44%
15.86%AU$2.25AU$1.35AU$1.718
Dec ’25AU$1.28
AU$1.81
+41.28%
15.10%AU$2.25AU$1.35AU$1.326
Nov ’25AU$1.59
AU$1.81
+13.73%
15.10%AU$2.25AU$1.35AU$1.176
Oct ’25AU$1.33
AU$1.81
+36.82%
21.10%AU$2.54AU$1.25AU$1.187
Sep ’25AU$1.27
AU$1.93
+52.91%
19.55%AU$2.54AU$1.25AU$0.897
Aug ’25AU$1.40
AU$1.98
+41.79%
21.88%AU$2.54AU$1.25AU$0.785
Jul ’25AU$1.80
AU$2.23
+23.73%
9.19%AU$2.54AU$1.85AU$0.947
Jun ’25AU$1.96
AU$2.17
+10.88%
10.89%AU$2.54AU$1.85AU$0.996
May ’25AU$1.73
AU$2.12
+22.61%
10.30%AU$2.54AU$1.85AU$0.886
Apr ’25AU$1.89
AU$1.92
+1.59%
17.06%AU$2.54AU$1.45AU$1.156
AU$2.06
Fair Value
20.2% undervalued intrinsic discount
8
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/04/24 13:23
End of Day Share Price 2026/04/24 00:00
Earnings2025/12/31
Annual Earnings2025/06/30

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.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* 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

Bellevue Gold Limited is covered by 17 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Mollie UrquhartBarrenjoey Markets Pty Limited
Dale KoendersBarrenjoey Markets Pty Limited
Daniel MorganBarrenjoey Markets Pty Limited