BELLSYSTEM24 Holdings Valuation

Is B24 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-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of B24 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: B24 (€7.85) is trading below our estimate of fair value (€26.22)

Significantly Below Fair Value: B24 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for B24?

Key metric: As B24 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for B24. This is calculated by dividing B24's market cap by their current earnings.
What is B24's PE Ratio?
PE Ratio	15.8x
Earnings	JP¥6.07b
Market Cap	JP¥95.78b

B24 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	1x
Enterprise Value/EBITDA	7.7x
PEG Ratio	1.1x

Price to Earnings Ratio vs Peers

How does B24's PE Ratio compare to its peers?

The above table shows the PE ratio for B24 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	11.7x
AAD Amadeus FiRe	12x	7.2%	€418.3m
CWC CEWE Stiftung KGaA	10.7x	2.3%	€691.2m
BFSA Befesa	13.4x	29.5%	€740.0m
BDT Bertrandt	10.7x	64.3%	€182.4m
B24 BELLSYSTEM24 Holdings	15.8x	14.3%	€95.8b

Price-To-Earnings vs Peers: B24 is expensive based on its Price-To-Earnings Ratio (15.8x) compared to the peer average (11.7x).

Price to Earnings Ratio vs Industry

How does B24's PE Ratio compare vs other companies in the European Professional Services Industry?

4 Companies	Price / Earnings	Estimated Growth	Market Cap

4 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: B24 is good value based on its Price-To-Earnings Ratio (15.8x) compared to the European Professional Services industry average (18.3x).

Price to Earnings Ratio vs Fair Ratio

What is B24's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

B24 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	15.8x
Fair PE Ratio	10x

Price-To-Earnings vs Fair Ratio: B24 is expensive based on its Price-To-Earnings Ratio (15.8x) compared to the estimated Fair Price-To-Earnings Ratio (10x).

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 B24 forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	€7.85	€10.23 +30.3%	8.7%	€11.46	€9.05	n/a	4
Nov ’25	€7.75	€10.23 +32.0%	8.7%	€11.46	€9.05	n/a	4
Oct ’25	€9.30	€11.00 +18.3%	13.0%	€13.24	€9.38	n/a	4
Sep ’25	€9.25	€11.00 +18.9%	13.0%	€13.24	€9.38	n/a	4
Aug ’25	€9.20	€11.00 +19.6%	13.0%	€13.24	€9.38	n/a	4
Jul ’25	€9.10	€11.00 +20.9%	13.0%	€13.24	€9.38	n/a	4
Jun ’25	€9.25	€11.15 +20.5%	13.3%	€13.60	€9.63	n/a	4
May ’25	€9.00	€11.15 +23.8%	13.3%	€13.60	€9.63	n/a	4
Apr ’25	€9.30	€11.24 +20.8%	5.2%	€12.09	€10.49	n/a	5
Mar ’25	€10.10	€11.24 +11.3%	5.2%	€12.09	€10.49	n/a	5
Feb ’25	€10.90	€11.52 +5.7%	4.4%	€12.19	€10.89	n/a	4
Jan ’25	€10.90	€12.17 +11.6%	3.5%	€12.64	€11.61	n/a	3
Dec ’24	€10.10	€12.22 +21.0%	5.6%	€13.23	€11.34	n/a	4
Nov ’24	€9.55	€12.22 +28.0%	5.6%	€13.23	€11.34	€7.75	4
Oct ’24	€9.75	€12.34 +26.6%	10.6%	€14.56	€11.39	€9.30	4
Sep ’24	€9.55	€12.34 +29.2%	11.2%	€14.75	€11.54	€9.25	4
Aug ’24	€8.65	€12.34 +42.7%	11.2%	€14.75	€11.54	€9.20	4
Jul ’24	€8.35	€13.09 +56.8%	7.7%	€14.10	€12.09	€9.10	4
Jun ’24	€9.00	€13.09 +45.5%	7.7%	€14.10	€12.09	€9.25	4
May ’24	€9.15	€12.63 +38.0%	12.1%	€14.26	€10.18	€9.00	5
Apr ’24	€9.65	€13.52 +40.1%	12.8%	€15.10	€10.93	€9.30	4
Mar ’24	€9.75	€13.52 +38.7%	12.8%	€15.10	€10.93	€10.10	4
Feb ’24	€10.10	€13.52 +33.9%	12.8%	€15.10	€10.93	€10.90	4
Jan ’24	€9.40	€13.14 +39.8%	13.4%	€15.12	€10.65	€10.90	4
Dec ’23	€9.15	€13.14 +43.7%	13.4%	€15.12	€10.65	€10.10	4
Nov ’23	€9.10	€13.17 +44.8%	11.9%	€15.10	€10.64	€9.55	5

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