Benchmark Holdings plc

OB:BMK Stock Report

Market Cap: NOK 3.9b

Benchmark Holdings Valuation

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

Below Fair Value: BMK (NOK5.5) is trading below our estimate of fair value (NOK9.37)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for BMK. This is calculated by dividing BMK's market cap by their current revenue.
What is BMK's PS Ratio?
PS Ratio1.9x
SalesUK£147.51m
Market CapUK£273.35m

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for BMK vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average2.4x
AKBM Aker BioMarine
1.1x-6.7%NOK 4.3b
ISLAX Icelandic Salmon
2.6x20.3%NOK 3.9b
KLDVK Kaldvik
4.8x42.1%NOK 3.4b
MAS Måsøval
1.3x6.4%NOK 3.5b
BMK Benchmark Holdings
1.9x14.2%NOK 273.4m

Price-To-Sales vs Peers: BMK is good value based on its Price-To-Sales Ratio (1.9x) compared to the peer average (2.4x).

Price to Sales Ratio vs Industry

How does BMK's PS Ratio compare vs other companies in the NO Food Industry?

1 CompanyPrice / SalesEstimated GrowthMarket Cap
BARRA Barramundi Group
0.2xn/aUS$4.88m
No more companies available in this PS range
BMK 1.9xIndustry Avg. 2.5xNo. of Companies4PS01.22.43.64.86+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: BMK is good value based on its Price-To-Sales Ratio (1.9x) compared to the Norwegian Food industry average (2.5x).

Price to Sales Ratio vs Fair Ratio

What is BMK'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.

BMK PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.9x
Fair PS Ratio1.6x

Price-To-Sales vs Fair Ratio: BMK is expensive based on its Price-To-Sales Ratio (1.9x) compared to the estimated Fair Price-To-Sales Ratio (1.6x).

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 BMK forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 5.50
NOK 7.10
+29.1%
16.3%NOK 8.50NOK 5.67n/a3
Nov ’25NOK 5.50
NOK 7.10
+29.1%
16.3%NOK 8.50NOK 5.67n/a3
Oct ’25NOK 5.50
NOK 7.10
+29.1%
16.3%NOK 8.50NOK 5.67n/a3
Sep ’25NOK 5.60
NOK 7.77
+38.8%
7.0%NOK 8.31NOK 7.23n/a2
Aug ’25NOK 6.80
NOK 6.98
+2.7%
14.3%NOK 8.15NOK 5.71n/a3
Jul ’25NOK 6.80
NOK 7.28
+7.0%
15.0%NOK 8.44NOK 5.63n/a4
Jun ’25NOK 6.75
NOK 7.28
+7.8%
15.0%NOK 8.44NOK 5.63n/a4
May ’25NOK 6.75
NOK 7.56
+12.0%
14.8%NOK 8.75NOK 5.83n/a4
Apr ’25NOK 6.75
NOK 7.62
+12.9%
16.6%NOK 9.27NOK 5.56n/a5
Mar ’25NOK 6.00
NOK 7.62
+27.1%
16.6%NOK 9.27NOK 5.56n/a5
Feb ’25NOK 5.80
NOK 7.74
+33.5%
17.3%NOK 9.29NOK 5.57n/a5
Jan ’25NOK 5.50
NOK 8.47
+54.0%
10.7%NOK 9.49NOK 7.02n/a4
Dec ’24NOK 5.70
NOK 8.47
+48.6%
10.7%NOK 9.49NOK 7.02n/a4
Nov ’24NOK 5.50
NOK 7.67
+39.4%
16.8%NOK 9.14NOK 5.48NOK 5.505
Oct ’24NOK 5.50
NOK 7.67
+39.4%
16.8%NOK 9.14NOK 5.48NOK 5.505
Sep ’24NOK 5.50
NOK 8.46
+53.9%
9.4%NOK 9.42NOK 7.22NOK 5.604
Aug ’24NOK 5.95
NOK 8.59
+44.4%
8.7%NOK 9.65NOK 7.40NOK 6.805
Jul ’24NOK 5.90
NOK 8.59
+45.7%
8.7%NOK 9.65NOK 7.40NOK 6.805
Jun ’24NOK 5.50
NOK 8.60
+56.4%
8.8%NOK 9.67NOK 7.39NOK 6.755
May ’24NOK 4.90
NOK 7.67
+56.6%
14.5%NOK 9.10NOK 5.72NOK 6.756
Apr ’24NOK 5.00
NOK 7.59
+51.8%
14.4%NOK 8.98NOK 5.64NOK 6.756
Mar ’24NOK 5.00
NOK 7.54
+50.9%
14.6%NOK 8.74NOK 5.50NOK 6.005
Feb ’24NOK 5.00
NOK 7.77
+55.4%
6.5%NOK 8.45NOK 7.24NOK 5.803
Jan ’24NOK 4.20
NOK 7.64
+81.9%
6.5%NOK 8.31NOK 7.12NOK 5.503
Dec ’23n/a
NOK 7.64
0%
6.5%NOK 8.31NOK 7.12NOK 5.703
Nov ’23n/a
NOK 7.77
0%
6.3%NOK 8.30NOK 7.12NOK 5.504

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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