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Deutsche Balaton Valuation

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

BBHK (€1600) is trading below our estimate of [[fair value]] (€3920.21)

Is BBHK 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-Book vs Peers
Price-To-Book vs Industry
Price-To-Book vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: BBHK (€1600) is trading below our estimate of fair value (€3920.21)

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

Key Valuation Metric

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

Key metric: As BBHK 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 BBHK. This is calculated by dividing BBHK's market cap by their current book value.
What is BBHK's PB Ratio?
PB Ratio	0.5x
Book	€331.93m
Market Cap	€167.84m

BBHK 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	-3.7x
Enterprise Value/EBITDA	-1.5x
PEG Ratio	n/a

Price to Book Ratio vs Peers

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

The above table shows the PB ratio for BBHK 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	3x
SPT6 Sparta	0.9x	n/a	€156.3m
MPCK MPC Münchmeyer Petersen Capital	1.7x	5.4%	€208.0m
ECS Eight Capital Partners	6.8x	n/a	€93.7m
QB7 Quirin Privatbank	2.7x	n/a	€164.1m
BBHK Deutsche Balaton	0.5x	n/a	€167.8m

Price-To-Book vs Peers: BBHK is good value based on its Price-To-Book Ratio (0.5x) compared to the peer average (1.8x).

Price to Book Ratio vs Industry

How does BBHK's PB Ratio compare vs other companies in the DE Capital Markets Industry?

6 Companies	Price / Book	Estimated Growth	Market Cap
XE8 Black Sea Property	0.1x	n/a	US$7.78m
LEH Lehner Investments	0.1x	n/a	US$1.48m
FNZA China Finance Online	0.1x	n/a	US$1.21m
WD0 Smart Valor	0.06x	n/a	US$346.66k

6 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Book vs Industry: BBHK is good value based on its Price-To-Book Ratio (0.5x) compared to the German Capital Markets industry average (1x).

Price to Book Ratio vs Fair Ratio

What is BBHK'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.

BBHK 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 BBHK'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.

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