Results are highly cyclical for BPYU, so multiple-based fair value is less reliable here.
| FY | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| High | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Low | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Adj EPS | 0.67 | 0.88 | 0.59 | 1.12 | 1.30 | 1.21 | 0.33 | 0.22 | 1.18 | 0.10 | -4.12 | -0.34 | -0.50 | 0.31 | 0.70 | 1.44 | 1.35 | 0.69 | 26.83 |
| Chg/Yr | — | +31% | -33% | +91% | +16% | -6% | -73% | -34% | +441% | -92% | -4380% | — | — | — | +129% | +105% | -6% | -49% | +3767% |
| Div | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.63 |
Fair value (16.9x) 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. BPYU has grown earnings about 4.2% a year, so the line uses 16.9x.
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.