Results are highly cyclical for BIESF, so multiple-based fair value is less reliable here.
| FY | 2009 | 2010 | 2011 | 2012 | 2013 | 2017 | 2018 | 2019 | 2024 | 2025E |
|---|---|---|---|---|---|---|---|---|---|---|
| High | — | — | — | — | — | 27.60 | 33.10 | 27.80 | 34.60 | — |
| Low | — | — | — | — | — | 14.15 | 23.25 | 24.77 | 30.48 | — |
| Adj EPS | 1.12 | 1.47 | 1.79 | 1.22 | 1.13 | -1.80 | 6.16 | -0.36 | 1.85 | 1.33E |
| Chg/Yr | — | +31% | +22% | -32% | -8% | -259% | — | -106% | — | -28% |
| Div | 0.49 | 0.51 | 0.62 | 0.65 | 0.73 | 0.08 | 0.05 | 0.05 | 0.05 | — |
Fair value (14.4x) multiplies each year's earnings per share by a growth-based multiple: steady growers (5–15% a year) get 15x, faster growers get their growth rate as the multiple (capped at 30x), and slower growers step down below 15x. BIESF has grown earnings about 2.9% a year, so the line uses 14.4x.
Earnings are adjusted figures on the same basis analysts forecast, built from reported quarters; years beyond the last completed fiscal year use the analyst consensus (dashed). The verdict calls a stock over- or undervalued only when the price sits more than 10% from the fair value line.