B2 Impact ASA

DB:B28 Stock Report

Market Cap: €314.4m

B2 Impact Valuation

Is B28 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-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 B28 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: B28 (€0.84) is trading below our estimate of fair value (€0.99)

Significantly Below Fair Value: B28 is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for B28?

Key metric: As B28 is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for B28. This is calculated by dividing B28's market cap by their current earnings.
What is B28's PE Ratio?
PE Ratio11.2x
EarningsNOK 323.00m
Market CapNOK 3.63b

Price to Earnings Ratio vs Peers

How does B28's PE Ratio compare to its peers?

The above table shows the PE ratio for B28 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average22.1x
OT8 Eleving Group
9.3x29.7%€190.9m
E4I Multitude
6.7x15.2%€104.6m
O4B OVB Holding
15.3x3.5%€283.6m
JDC JDC Group
56.9x24.8%€317.8m
B28 B2 Impact
11.2x25.8%€3.6b

Price-To-Earnings vs Peers: B28 is good value based on its Price-To-Earnings Ratio (11.2x) compared to the peer average (22.1x).

Price to Earnings Ratio vs Industry

How does B28's PE Ratio compare vs other companies in the European Consumer Finance Industry?

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
B28 11.2xIndustry Avg. 8.5xNo. of Companies5PE0612182430+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: B28 is expensive based on its Price-To-Earnings Ratio (11.2x) compared to the European Consumer Finance industry average (8.5x).

Price to Earnings Ratio vs Fair Ratio

What is B28'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.

B28 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio11.2x
Fair PE Ratio14.9x

Price-To-Earnings vs Fair Ratio: B28 is good value based on its Price-To-Earnings Ratio (11.2x) compared to the estimated Fair Price-To-Earnings Ratio (14.9x).

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 B28 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€0.84
€0.94
+12.1%
8.1%€1.03€0.85n/a3
Nov ’25€0.79
€0.94
+18.7%
7.4%€1.02€0.85n/a3
Oct ’25€0.69
€0.89
+27.8%
3.0%€0.91€0.85n/a3
Sep ’25€0.71
€0.89
+25.5%
3.0%€0.91€0.85n/a3
Aug ’25€0.71
€0.92
+28.2%
3.0%€0.94€0.88n/a3
Jul ’25€0.71
€0.92
+28.1%
3.0%€0.94€0.88n/a3
Jun ’25€0.71
€0.92
+28.8%
3.0%€0.94€0.88n/a3
May ’25€0.71
€0.87
+22.6%
2.5%€0.89€0.84n/a3
Apr ’25€0.67
€0.92
+36.9%
2.5%€0.94€0.88n/a3
Mar ’25€0.67
€0.92
+37.3%
2.5%€0.94€0.88n/a3
Feb ’25€0.65
€0.86
+32.8%
2.1%€0.88€0.84n/a3
Jan ’25€0.62
€0.86
+38.8%
2.1%€0.88€0.84n/a3
Dec ’24€0.59
€0.86
+46.6%
2.1%€0.88€0.84n/a3
Nov ’24€0.60
€0.89
+47.2%
2.1%€0.91€0.87€0.793
Oct ’24€0.60
€0.88
+46.5%
2.1%€0.91€0.86€0.693
Sep ’24€0.58
€0.88
+52.6%
2.1%€0.91€0.86€0.713
Aug ’24€0.62
€0.93
+49.3%
7.8%€1.03€0.86€0.713
Jul ’24€0.56
€0.94
+68.9%
7.4%€1.02€0.85€0.713
Jun ’24€0.60
€0.94
+55.7%
7.4%€1.02€0.85€0.713
May ’24€0.62
€1.08
+72.5%
7.0%€1.15€0.97€0.713
Apr ’24€0.63
€1.08
+70.9%
7.0%€1.15€0.97€0.673
Mar ’24€0.68
€1.04
+52.3%
13.7%€1.19€0.82€0.674
Feb ’24€0.69
€1.16
+69.4%
18.5%€1.43€0.87€0.654
Jan ’24€0.74
€1.16
+56.9%
18.5%€1.43€0.87€0.624
Dec ’23€0.83
€1.16
+40.2%
18.5%€1.43€0.87€0.594
Nov ’23€0.76
€1.19
+56.0%
17.5%€1.43€0.87€0.604

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

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