BBMG Valuation

Q: What is the Fair Price of 9BM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

9BM (€0.09) is trading above our estimate of [[fair value]] (€0.06)

Is 9BM 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 9BM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 9BM (€0.09) is trading above our estimate of fair value (€0.06)

Significantly Below Fair Value: 9BM is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 9BM?

Key metric: As 9BM is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 9BM. This is calculated by dividing 9BM's market cap by their current revenue.
What is 9BM's PS Ratio?
PS Ratio	0.07x
Sales	CN¥112.40b
Market Cap	CN¥18.23b

9BM 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	1.3x
Enterprise Value/EBITDA	33.2x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does 9BM's PS Ratio compare to its peers?

The above table shows the PS ratio for 9BM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	0.5x
STO3 Sto SE KGaA	0.4x	1.8%	€683.7m
HEI Heidelberg Materials	1.1x	3.9%	€22.1b
TKA thyssenkrupp	0.07x	1.1%	€2.4b
LXS LANXESS	0.4x	2.7%	€2.3b
9BM BBMG	0.07x	1.8%	€19.5b

Price-To-Sales vs Peers: 9BM is good value based on its Price-To-Sales Ratio (0.1x) compared to the peer average (0.5x).

Price to Sales Ratio vs Industry

How does 9BM's PS Ratio compare vs other companies in the European Basic Materials Industry?

1 Company	Price / Sales	Estimated Growth	Market Cap
Industry Avg.	1.0x	4.4%
9BM BBMG	0.07x	1.8%	US$2.50b

1 Company		Estimated Growth	Market Cap
Industry Avg.	1.0x	12.0%
9BM BBMG	0.07x	62.6%	US$2.50b

No more companies

Price-To-Sales vs Industry: 9BM is good value based on its Price-To-Sales Ratio (0.1x) compared to the European Basic Materials industry average (1x).

Price to Sales Ratio vs Fair Ratio

What is 9BM'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.

9BM PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.07x
Fair PS Ratio	0.4x

Price-To-Sales vs Fair Ratio: 9BM is good value based on its Price-To-Sales Ratio (0.1x) compared to the estimated Fair Price-To-Sales Ratio (0.4x).

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 9BM 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	€0.091	€0.14 +50.5%	37.5%	€0.21	€0.073	n/a	5
Nov ’25	€0.084	€0.14 +63.8%	35.7%	€0.21	€0.072	n/a	5
Oct ’25	€0.082	€0.14 +71.6%	38.7%	€0.23	€0.071	n/a	5
Sep ’25	€0.057	€0.15 +158.6%	38.5%	€0.24	€0.071	n/a	5
Aug ’25	€0.059	€0.15 +147.6%	38.5%	€0.24	€0.071	n/a	5
Jul ’25	€0.057	€0.15 +156.3%	38.5%	€0.24	€0.071	n/a	5
Jun ’25	€0.068	€0.15 +117.7%	37.4%	€0.23	€0.071	n/a	5
May ’25	€0.067	€0.15 +126.9%	38.3%	€0.24	€0.071	n/a	5
Apr ’25	€0.063	€0.17 +168.7%	48.0%	€0.31	€0.07	n/a	5
Mar ’25	€0.066	€0.17 +154.5%	48.0%	€0.31	€0.07	n/a	5
Feb ’25	€0.064	€0.17 +164.5%	48.0%	€0.31	€0.07	n/a	5
Jan ’25	€0.075	€0.18 +134.1%	43.1%	€0.31	€0.096	n/a	5
Dec ’24	€0.079	€0.17 +122.1%	43.6%	€0.31	€0.095	€0.089	5
Nov ’24	€0.083	€0.18 +115.8%	50.3%	€0.32	€0.096	€0.084	4
Oct ’24	€0.089	€0.17 +84.9%	50.2%	€0.31	€0.095	€0.082	5
Sep ’24	€0.09	€0.16 +75.9%	46.8%	€0.31	€0.094	€0.057	6
Aug ’24	€0.097	€0.16 +62.5%	46.5%	€0.31	€0.094	€0.059	6
Jul ’24	€0.089	€0.17 +86.0%	45.1%	€0.32	€0.10	€0.057	6
Jun ’24	€0.093	€0.17 +78.0%	45.1%	€0.32	€0.10	€0.068	6
May ’24	€0.11	€0.17 +56.9%	45.5%	€0.32	€0.10	€0.067	6
Apr ’24	€0.11	€0.18 +65.4%	41.2%	€0.32	€0.12	€0.063	6
Mar ’24	€0.12	€0.19 +59.2%	44.6%	€0.35	€0.12	€0.066	6
Feb ’24	€0.11	€0.19 +70.6%	44.0%	€0.35	€0.12	€0.064	6
Jan ’24	€0.12	€0.19 +60.9%	44.1%	€0.35	€0.12	€0.075	6
Dec ’23	€0.11	€0.19 +77.7%	44.4%	€0.35	€0.12	€0.079	6

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.