Ascot Resources Ltd.

DB:BHQ Stock Report

Market Cap: €160.5m

Ascot Resources Valuation

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

Valuation Score

2/6

Valuation Score 2/6

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

Below Fair Value: BHQ (€0.15) is trading below our estimate of fair value (€1.3)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for BHQ. This is calculated by dividing BHQ's market cap by their current revenue.
What is BHQ's PS Ratio?
PS Ratio16.3x
SalesCA$14.41m
Market CapCA$235.49m

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for BHQ vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average2.7x
GAU Galiano Gold
2.2x44.8%CA$516.7m
LIO Lion One Metals
5.1xn/aCA$74.7m
CAI Calidus Resources
0.6xn/aAU$93.7m
KCN Kingsgate Consolidated
2.7x32.4%AU$358.3m
BHQ Ascot Resources
16.3x74.9%€235.5m

Price-To-Sales vs Peers: BHQ is expensive based on its Price-To-Sales Ratio (16.3x) compared to the peer average (2.7x).

Price to Sales Ratio vs Industry

How does BHQ's PS Ratio compare vs other companies in the European Metals and Mining Industry?

35 CompaniesPrice / SalesEstimated GrowthMarket Cap
BHQ 16.3xIndustry Avg. 0.7xNo. of Companies35PS00.81.62.43.24+
35 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: BHQ is expensive based on its Price-To-Sales Ratio (16.3x) compared to the European Metals and Mining industry average (0.7x).

Price to Sales Ratio vs Fair Ratio

What is BHQ'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.

BHQ PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio16.3x
Fair PS Ratio5.1x

Price-To-Sales vs Fair Ratio: BHQ is expensive based on its Price-To-Sales Ratio (16.3x) compared to the estimated Fair Price-To-Sales Ratio (5.1x).

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 BHQ forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€0.15
€0.35
+134.0%
53.2%€0.55€0.10n/a4
Oct ’25€0.092
€0.44
+379.3%
77.8%€0.83€0.10n/a4
Sep ’25€0.34
€0.68
+97.7%
17.8%€0.83€0.50n/a4
Aug ’25€0.28
€0.63
+120.2%
25.0%€0.83€0.40n/a5
Jul ’25€0.36
€0.69
+93.9%
15.1%€0.85€0.58n/a5
Jun ’25€0.53
€0.65
+23.2%
10.1%€0.74€0.57n/a5
May ’25€0.48
€0.67
+39.0%
8.3%€0.75€0.58n/a5
Apr ’25€0.48
€0.63
+30.8%
5.5%€0.69€0.58n/a5
Mar ’25€0.37
€0.63
+69.0%
5.5%€0.69€0.58n/a5
Feb ’25€0.43
€0.59
+37.0%
2.7%€0.62€0.58n/a3
Jan ’25€0.32
€0.64
+100.0%
10.3%€0.75€0.58n/a5
Dec ’24€0.32
€0.64
+98.9%
9.4%€0.74€0.57n/a5
Nov ’24€0.26
€0.69
+166.7%
14.1%€0.85€0.61€0.155
Oct ’24€0.27
€0.69
+156.7%
14.1%€0.85€0.61€0.0925
Sep ’24€0.32
€0.69
+117.6%
14.1%€0.85€0.61€0.345
Aug ’24€0.37
€0.70
+91.4%
12.5%€0.85€0.61€0.285
Jul ’24€0.35
€0.72
+107.3%
14.7%€0.87€0.63€0.365
Jun ’24€0.40
€0.69
+74.4%
17.2%€0.85€0.54€0.535
May ’24€0.41
€0.69
+68.4%
17.2%€0.85€0.54€0.485
Apr ’24€0.46
€0.71
+52.9%
17.8%€0.87€0.56€0.485
Mar ’24€0.44
€0.71
+61.6%
17.8%€0.87€0.56€0.375
Feb ’24€0.49
€0.65
+33.4%
18.9%€0.86€0.52€0.435
Jan ’24€0.37
€0.65
+76.3%
18.2%€0.86€0.52€0.326
Dec ’23€0.28
€0.74
+166.9%
33.4%€1.18€0.48€0.326
Nov ’23€0.32
€0.74
+132.1%
33.4%€1.18€0.48€0.266

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.

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