Bank Muscat SAOG Valuation

Is BKMB 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-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: Insufficient data to calculate BKMB's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate BKMB's fair value for valuation analysis.

Key Valuation Metric

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

Key metric: As BKMB is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for BKMB. This is calculated by dividing BKMB's market cap by their current earnings.
What is BKMB's PE Ratio?
PE Ratio	9.7x
Earnings	ر.ع197.08m
Market Cap	ر.ع1.91b

BKMB 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	n/a
Enterprise Value/EBITDA	n/a
PEG Ratio	1x

Price to Earnings Ratio vs Peers

How does BKMB's PE Ratio compare to its peers?

The above table shows the PE ratio for BKMB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	51.1x
BKSB Sohar International Bank SAOG	161.3x	n/a	ر.ع866.9m
BKDB Bank Dhofar SAOG	19.9x	n/a	ر.ع530.4m
NBOB National Bank of Oman SAOG	9.9x	n/a	ر.ع471.5m
ABOB Ahli Bank SAOG	13.2x	n/a	ر.ع352.4m
BKMB Bank Muscat SAOG	9.7x	10.0%	ر.ع1.9b

Price-To-Earnings vs Peers: BKMB is good value based on its Price-To-Earnings Ratio (9.7x) compared to the peer average (51.1x).

Price to Earnings Ratio vs Industry

How does BKMB's PE Ratio compare vs other companies in the Asian Banks Industry?

3 Companies	Price / Earnings	Estimated Growth	Market Cap

3 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: BKMB is expensive based on its Price-To-Earnings Ratio (9.7x) compared to the Asian Banks industry average (8.5x).

Price to Earnings Ratio vs Fair Ratio

What is BKMB's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BKMB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	9.7x
Fair PE Ratio	14.1x

Price-To-Earnings vs Fair Ratio: BKMB is good value based on its Price-To-Earnings Ratio (9.7x) compared to the estimated Fair Price-To-Earnings Ratio (14.1x).

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 BKMB 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	ر.ع0.26	ر.ع0.31 +21.4%	10.3%	ر.ع0.34	ر.ع0.25	n/a	6
Nov ’25	ر.ع0.26	ر.ع0.31 +20.0%	10.3%	ر.ع0.34	ر.ع0.25	n/a	6
Oct ’25	ر.ع0.25	ر.ع0.30 +20.2%	9.5%	ر.ع0.34	ر.ع0.25	n/a	6
Sep ’25	ر.ع0.26	ر.ع0.30 +14.6%	11.1%	ر.ع0.34	ر.ع0.25	n/a	6
Aug ’25	ر.ع0.25	ر.ع0.29 +15.7%	11.2%	ر.ع0.34	ر.ع0.25	n/a	5
Jul ’25	ر.ع0.25	ر.ع0.29 +16.2%	11.2%	ر.ع0.34	ر.ع0.25	n/a	5
Jun ’25	ر.ع0.26	ر.ع0.29 +12.6%	11.2%	ر.ع0.34	ر.ع0.25	n/a	5
May ’25	ر.ع0.26	ر.ع0.29 +10.5%	11.2%	ر.ع0.34	ر.ع0.25	n/a	5
Apr ’25	ر.ع0.26	ر.ع0.29 +10.9%	11.2%	ر.ع0.34	ر.ع0.25	n/a	5
Mar ’25	ر.ع0.26	ر.ع0.29 +11.3%	11.2%	ر.ع0.34	ر.ع0.25	n/a	5
Feb ’25	ر.ع0.27	ر.ع0.29 +8.0%	11.2%	ر.ع0.34	ر.ع0.25	n/a	5
Jan ’25	ر.ع0.27	ر.ع0.30 +11.5%	8.9%	ر.ع0.34	ر.ع0.26	n/a	5
Dec ’24	ر.ع0.27	ر.ع0.30 +9.4%	8.9%	ر.ع0.34	ر.ع0.26	n/a	5
Nov ’24	ر.ع0.25	ر.ع0.30 +17.3%	8.1%	ر.ع0.34	ر.ع0.26	ر.ع0.26	6
Oct ’24	ر.ع0.28	ر.ع0.30 +6.2%	7.7%	ر.ع0.34	ر.ع0.27	ر.ع0.25	6
Sep ’24	ر.ع0.28	ر.ع0.30 +4.0%	7.7%	ر.ع0.34	ر.ع0.27	ر.ع0.26	6
Aug ’24	ر.ع0.28	ر.ع0.29 +2.9%	5.1%	ر.ع0.31	ر.ع0.27	ر.ع0.25	5
Jul ’24	ر.ع0.28	ر.ع0.29 +4.3%	5.1%	ر.ع0.31	ر.ع0.27	ر.ع0.25	5
Jun ’24	ر.ع0.26	ر.ع0.29 +9.3%	4.5%	ر.ع0.30	ر.ع0.27	ر.ع0.26	4
May ’24	ر.ع0.27	ر.ع0.29 +7.7%	5.9%	ر.ع0.32	ر.ع0.27	ر.ع0.26	5
Apr ’24	ر.ع0.28	ر.ع0.30 +8.2%	5.0%	ر.ع0.32	ر.ع0.28	ر.ع0.26	4
Mar ’24	ر.ع0.29	ر.ع0.30 +2.6%	5.0%	ر.ع0.32	ر.ع0.28	ر.ع0.26	4
Feb ’24	ر.ع0.28	ر.ع0.30 +6.6%	5.0%	ر.ع0.32	ر.ع0.28	ر.ع0.27	4
Jan ’24	ر.ع0.28	ر.ع0.30 +6.2%	5.0%	ر.ع0.32	ر.ع0.28	ر.ع0.27	4
Dec ’23	ر.ع0.28	ر.ع0.30 +5.8%	5.3%	ر.ع0.32	ر.ع0.28	ر.ع0.27	4
Nov ’23	ر.ع0.29	ر.ع0.31 +5.1%	9.7%	ر.ع0.35	ر.ع0.28	ر.ع0.25	4

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.