Results are highly cyclical for BTTAY, so multiple-based fair value is less reliable here.
| FY | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2024 | 2025E |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| High | — | — | — | — | — | — | — | — | — | — | — | — | — | 24.27 | 24.27 | — |
| Low | — | — | — | — | — | — | — | — | — | — | — | — | — | 24.27 | 24.27 | — |
| Adj EPS | 0.80 | 1.09 | 1.33 | 0.95 | 0.85 | 0.48 | -2.08 | -1.12 | -0.12 | 4.60 | -0.15 | -0.82 | -1.86 | -0.83 | 1.72 | 0.69E |
| Chg/Yr | — | +37% | +22% | -28% | -10% | -43% | -530% | — | — | — | -103% | — | — | — | — | -59% |
| 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 | — |
Fair value (15.0x) 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. BTTAY has grown earnings about 5.8% a year, so the line uses 15.0x.
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.