Bitdeer Technologies Group

NasdaqCM:BTDR Stock Report

Market Cap: US$1.6b

Bitdeer Technologies Group Valuation

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

Below Fair Value: BTDR ($11.54) is trading below our estimate of fair value ($102.44)

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

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for BTDR. This is calculated by dividing BTDR's market cap by their current revenue.
What is BTDR's PS Ratio?
PS Ratio4.3x
SalesUS$395.61m
Market CapUS$1.65b

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for BTDR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average4.9x
VRNT Verint Systems
1.7x6.1%US$1.5b
SPNS Sapiens International
2.9x4.2%US$1.5b
MLNK MeridianLink
5.6x7.9%US$1.7b
MTTR Matterport
9.4x12.4%US$1.5b
BTDR Bitdeer Technologies Group
4.3x31.6%US$1.6b

Price-To-Sales vs Peers: BTDR is good value based on its Price-To-Sales Ratio (4.3x) compared to the peer average (4.9x).

Price to Sales Ratio vs Industry

How does BTDR's PS Ratio compare vs other companies in the US Software Industry?

81 CompaniesPrice / SalesEstimated GrowthMarket Cap
VYX NCR Voyix
0.6x-23.2%US$2.13b
PGY Pagaya Technologies
0.7x15.8%US$704.88m
XPER Xperi
0.8x1.8%US$390.02m
EGHT 8x8
0.6x1.1%US$385.45m
BTDR 4.3xIndustry Avg. 5.3xNo. of Companies81PS048121620+
81 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: BTDR is good value based on its Price-To-Sales Ratio (4.3x) compared to the US Software industry average (5.3x).

Price to Sales Ratio vs Fair Ratio

What is BTDR'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.

BTDR PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio4.3x
Fair PS Ratio3.9x

Price-To-Sales vs Fair Ratio: BTDR is expensive based on its Price-To-Sales Ratio (4.3x) compared to the estimated Fair Price-To-Sales Ratio (3.9x).

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 BTDR forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$11.54
US$15.62
+35.3%
9.1%US$18.00US$14.00n/a11
Nov ’25US$7.83
US$14.07
+79.7%
14.9%US$17.00US$9.00n/a11
Oct ’25US$6.94
US$14.20
+104.6%
15.4%US$17.00US$9.00n/a9
Sep ’25US$6.54
US$14.24
+117.8%
15.3%US$17.00US$9.00n/a9
Aug ’25US$8.31
US$15.50
+86.5%
11.8%US$20.00US$14.00n/a8
Jul ’25US$10.59
US$13.28
+25.4%
22.5%US$20.00US$9.00n/a9
Jun ’25US$6.13
US$13.31
+117.2%
23.8%US$20.00US$9.00n/a8
May ’25US$5.50
US$13.31
+142.0%
23.8%US$20.00US$9.00n/a8
Apr ’25US$6.96
US$13.67
+96.4%
25.2%US$20.00US$9.00n/a6
Mar ’25US$6.76
US$15.00
+121.9%
24.9%US$20.00US$11.00n/a3
Feb ’25US$7.94
US$15.50
+95.2%
29.0%US$20.00US$11.00n/a2
Jan ’25US$9.86
US$18.50
+87.6%
8.1%US$20.00US$17.00n/a2
Dec ’24US$5.00
US$18.50
+270.0%
8.1%US$20.00US$17.00n/a2
Nov ’24US$3.83
US$18.50
+383.0%
8.1%US$20.00US$17.00US$7.832
Oct ’24US$9.64
US$18.50
+91.9%
8.1%US$20.00US$17.00US$6.942

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

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