BlackBerry Limited

TSX:BB Stock Report

Market Cap: CA$1.9b

BlackBerry Valuation

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

Valuation Score

3/6

Valuation Score 3/6

  • 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 BB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: BB (CA$3.29) is trading above our estimate of fair value (CA$0.66)

Significantly Below Fair Value: BB is trading above our estimate of fair value.

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for BB. This is calculated by dividing BB's market cap by their current revenue.
What is BB's PS Ratio?
PS Ratio2.2x
SalesUS$637.00m
Market CapUS$1.38b

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for BB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average11.3x
TCS Tecsys
3.8x10.2%CA$653.3m
SYZ Sylogist
3.5x6.2%CA$237.3m
VERS VERSES AI
36.4xn/aCA$62.2m
QIS Quorum Information Technologies
1.6x3.5%CA$60.3m
BB BlackBerry
2.2x21.7%CA$1.9b

Price-To-Sales vs Peers: BB is good value based on its Price-To-Sales Ratio (2.2x) compared to the peer average (11.3x).

Price to Sales Ratio vs Industry

How does BB's PS Ratio compare vs other companies in the CA Software Industry?

27 CompaniesPrice / SalesEstimated GrowthMarket Cap
QUIS Quisitive Technology Solutions
0.6x6.2%US$69.47m
BTCW Bitcoin Well
0.6xn/aUS$28.86m
PLUR Plurilock Security
0.4xn/aUS$18.45m
NOW NowVertical Group
0.5x5.3%US$17.79m
BB 2.2xIndustry Avg. 3.6xNo. of Companies27PS02.85.68.411.214+
27 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: BB is good value based on its Price-To-Sales Ratio (2.2x) compared to the Canadian Software industry average (3.6x).

Price to Sales Ratio vs Fair Ratio

What is BB'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.

BB PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio2.2x
Fair PS Ratio7.6x

Price-To-Sales vs Fair Ratio: BB is good value based on its Price-To-Sales Ratio (2.2x) compared to the estimated Fair Price-To-Sales Ratio (7.6x).

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 BB forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$3.29
CA$3.87
+17.7%
21.1%CA$4.69CA$3.05n/a2
Nov ’25CA$3.16
CA$3.87
+22.6%
21.1%CA$4.69CA$3.05n/a2
Oct ’25CA$3.29
CA$3.81
+15.7%
21.1%CA$4.61CA$3.00n/a2
Sep ’25CA$3.17
CA$4.54
+43.1%
33.9%CA$6.07CA$3.00n/a2
Aug ’25CA$3.19
CA$4.54
+42.2%
33.9%CA$6.07CA$3.00n/a2
Jul ’25CA$3.42
CA$4.83
+41.3%
20.0%CA$6.10CA$3.75n/a3
Jun ’25CA$3.80
CA$4.79
+26.0%
19.2%CA$5.98CA$3.75n/a3
May ’25CA$3.92
CA$4.79
+22.2%
19.2%CA$5.98CA$3.75n/a3
Apr ’25CA$3.68
CA$5.76
+56.5%
15.3%CA$6.41CA$4.51n/a3
Mar ’25CA$3.77
CA$5.76
+52.8%
15.3%CA$6.41CA$4.51n/a3
Feb ’25CA$3.72
CA$5.76
+54.8%
15.3%CA$6.41CA$4.51n/a3
Jan ’25CA$4.70
CA$5.76
+22.5%
15.3%CA$6.41CA$4.51n/a3
Dec ’24CA$5.18
CA$6.06
+17.1%
8.7%CA$6.59CA$5.53n/a2
Nov ’24CA$4.92
CA$6.06
+23.3%
8.7%CA$6.59CA$5.53CA$3.162
Oct ’24CA$6.43
CA$6.40
-0.5%
3.2%CA$6.60CA$6.19CA$3.292
Sep ’24CA$7.62
CA$6.24
-18.1%
3.8%CA$6.48CA$6.01CA$3.172
Aug ’24CA$6.75
CA$6.24
-7.5%
3.8%CA$6.48CA$6.01CA$3.192
Jul ’24CA$7.34
CA$6.03
-17.8%
8.8%CA$6.57CA$5.50CA$3.422
Jun ’24CA$7.24
CA$6.03
-16.7%
8.8%CA$6.57CA$5.50CA$3.802
May ’24CA$5.26
CA$6.03
+14.7%
8.8%CA$6.57CA$5.50CA$3.922
Apr ’24CA$6.20
CA$5.53
-10.7%
19.1%CA$6.59CA$4.47CA$3.682
Mar ’24CA$5.24
CA$6.25
+19.3%
27.9%CA$7.99CA$4.51CA$3.772
Feb ’24CA$5.99
CA$6.25
+4.3%
27.9%CA$7.99CA$4.51CA$3.722
Jan ’24CA$4.41
CA$6.25
+41.7%
27.9%CA$7.99CA$4.51CA$4.702
Dec ’23CA$6.81
CA$7.51
+10.3%
20.5%CA$9.05CA$5.97CA$5.182
Nov ’23CA$6.36
CA$7.51
+18.1%
20.5%CA$9.05CA$5.97CA$4.922

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

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