Pulsar Group plc

AIM:PULS Stock Report

Market Cap: UK£76.6m

Pulsar Group Valuation

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

Valuation Score

5/6

Valuation Score 5/6

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

Below Fair Value: PULS (£0.6) is trading below our estimate of fair value (£1.88)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for PULS. This is calculated by dividing PULS's market cap by their current revenue.
What is PULS's PS Ratio?
PS Ratio1.2x
SalesUK£61.94m
Market CapUK£76.62m

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for PULS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average2.7x
OMG Oxford Metrics
1.8x1.7%UK£84.1m
BGO Bango
2xn/aUK£80.3m
WNWD Windward
4.2x17.1%UK£109.0m
AOM ActiveOps
2.9x8.0%UK£80.3m
PULS Pulsar Group
1.2x6.1%UK£76.6m

Price-To-Sales vs Peers: PULS is good value based on its Price-To-Sales Ratio (1.2x) compared to the peer average (2.7x).

Price to Sales Ratio vs Industry

How does PULS's PS Ratio compare vs other companies in the GB Software Industry?

11 CompaniesPrice / SalesEstimated GrowthMarket Cap
RM. RM
0.3xn/aUS$77.58m
SWG Shearwater Group
0.4xn/aUS$10.42m
MBO MobilityOne
0.01xn/aUS$3.03m
CCS Crossword Cybersecurity
0.5xn/aUS$2.46m
PULS 1.2xIndustry Avg. 2.6xNo. of Companies13PS0246810+
11 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: PULS is good value based on its Price-To-Sales Ratio (1.2x) compared to the UK Software industry average (2.6x).

Price to Sales Ratio vs Fair Ratio

What is PULS'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.

PULS PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.2x
Fair PS Ratio1.8x

Price-To-Sales vs Fair Ratio: PULS is good value based on its Price-To-Sales Ratio (1.2x) compared to the estimated Fair Price-To-Sales Ratio (1.8x).

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 PULS forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUK£0.60
UK£1.33
+120.8%
17.0%UK£1.55UK£1.10n/a2
Nov ’25UK£0.61
UK£1.33
+115.4%
17.0%UK£1.55UK£1.10n/a2
Oct ’25UK£0.60
UK£1.33
+119.0%
17.0%UK£1.55UK£1.10n/a2
Sep ’25UK£0.75
UK£1.33
+76.7%
17.0%UK£1.55UK£1.10n/a2
Aug ’25UK£0.76
UK£1.33
+74.3%
17.0%UK£1.55UK£1.10n/a2
Jul ’25UK£0.89
UK£1.33
+49.7%
17.0%UK£1.55UK£1.10n/a2
Jun ’25UK£0.77
UK£1.33
+72.1%
17.0%UK£1.55UK£1.10n/a2
May ’25UK£0.58
UK£1.33
+128.4%
17.0%UK£1.55UK£1.10n/a2
Apr ’25UK£0.55
UK£1.33
+143.1%
17.0%UK£1.55UK£1.10n/a2
Mar ’25UK£0.56
UK£1.33
+138.7%
17.0%UK£1.55UK£1.10n/a2
Feb ’25UK£0.56
UK£1.33
+134.5%
17.0%UK£1.55UK£1.10n/a2
Jan ’25UK£0.55
UK£1.33
+143.1%
17.0%UK£1.55UK£1.10n/a2
Dec ’24UK£0.55
UK£1.33
+140.9%
17.0%UK£1.55UK£1.10n/a2
Nov ’24UK£0.57
UK£1.33
+132.5%
17.0%UK£1.55UK£1.10UK£0.612
Oct ’24UK£0.59
UK£1.33
+124.6%
17.0%UK£1.55UK£1.10UK£0.602
Sep ’24UK£0.60
UK£1.33
+119.0%
17.0%UK£1.55UK£1.10UK£0.752
Aug ’24UK£0.60
UK£1.15
+91.7%
26.8%UK£1.55UK£0.80UK£0.763
Jul ’24UK£0.71
UK£1.37
+91.1%
29.9%UK£1.75UK£0.80UK£0.893
Jun ’24UK£0.77
UK£1.37
+78.6%
29.9%UK£1.75UK£0.80UK£0.773
May ’24UK£0.80
UK£1.37
+71.9%
29.9%UK£1.75UK£0.80UK£0.583
Apr ’24UK£0.80
UK£1.37
+71.9%
29.9%UK£1.75UK£0.80UK£0.553
Mar ’24UK£0.81
UK£1.37
+67.7%
29.9%UK£1.75UK£0.80UK£0.563
Feb ’24UK£0.76
UK£1.37
+81.0%
29.9%UK£1.75UK£0.80UK£0.563
Jan ’24UK£0.69
UK£1.37
+96.6%
29.9%UK£1.75UK£0.80UK£0.553
Dec ’23UK£0.88
UK£1.92
+119.0%
7.5%UK£2.10UK£1.75UK£0.553
Nov ’23UK£0.93
UK£1.92
+106.1%
7.5%UK£2.10UK£1.75UK£0.573

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.

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