Highwood Asset Management Ltd (HAM) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Highwood Asset Management Ltd stock C$2.66, price C$5.43, that is 50.9% below the price, quality 37 out of 100. Rating: strongly overvalued. Calculated from audited financials with 14 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.
How to read this chart
60‑month range C$3.69 – C$15.75 · fair‑value band C$2.34 – C$3.75 · the C$5.43 price screens above the C$2.66 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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Highwood Asset Management Ltd., together with its subsidiary, operates as an oil and gas exploration and production company in Canada. The company owns 100% interest in the Wabsaca River Pipeline System, a crude oil pipeline with a capacity of 20,000 barrel per day located in Edmonton, Canada.
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It also holds lithium-brine project located in Drumheller, southcentral Alberta. The company was formerly known as Highwood Oil Company Ltd. and changed its name to Highwood Asset Management Ltd. in July 2021. Highwood Asset Management Ltd. was founded in 2012 and is headquartered in Calgary, Canada.
Stock analysis
Highwood Asset Management Ltd (HAM) currently trades at C$5.43, while our model-based Fair Value estimate is C$2.66, 51% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of C$7.41 per share, and 10 of the 14 models we run sit above the C$5.43 price.
Bear case: the Economic Profit group reads lowest at C$7.11, and 4 of the 14 models stay below the price. Data coverage for this calculation is medium.
Scenario range: C$2.34 (bear) to C$3.75 (bull), the price of C$5.43 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 37/100 (below-average quality), in the Energy sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Highwood Asset Management Ltd reported revenue of C$104M in FY2025 versus C$11.1M in FY2021, a compound +74.7%/yr. Reported net income was C$21.7M in FY2025.
Key figures
Market cap C$77.8M (≈ $55.2M) Micro · P/E ratio 3.6 · P/S ratio 0.83 · EPS (TTM) C$1.51 · Net margin 23.6% · Return on equity 13.9% · Return on assets (EBIT) 6.1% (5-year average) · Operating margin 69.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 70 out of 100 (low confidence).
What moves the price
The share trades about 12% below its 52-week high and 47% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Energy peers we cover trades at 10% fair-value upside, at −51%, HAM screens richer than that median.
Fair Value models
BearC$2.34Fair Value C$2.66BullC$3.75
Price C$5.43 · Downside -50.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (C$1.29 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
EPVC$2.00C$3.10C$4.0072
ROIC CompounderC$2.00C$3.10C$4.0069
Residual IncomeC$9.70C$11.11C$14.8068
All 14 models by family
Earnings-Based
Graham-DoddC$10.59C$73.86C$103.6661
Lynch FVC$38.16C$54.52C$70.8759
PEG = 1.0C$38.16C$54.52C$70.8755
EPVC$2.00C$3.10C$4.0072
Multiples
P/E MultipleC$16.35C$21.81C$27.2663
P/S MultipleC$6.69C$8.92C$11.1558
P/B MultipleC$5.70C$7.61C$9.5155
EV/EBITC$3.53C$7.12C$10.7163
EV/EBITDAn/aC$2.08C$4.4162
EV/Revenuen/aC$1.69C$4.3650
Asset-Based
NCAV (Graham)C$5.53C$7.41C$11.0554
Economic Profit
Residual IncomeC$9.70C$11.11C$14.8068
ROIC CompounderC$2.00C$3.10C$4.0069
Growth Earnings
Growth-Adj P/EC$44.72C$63.89C$83.0665
The fair value above starts from this blend and is adjusted for a cyclical peak year.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.56/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−26.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+133.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+32.4%
Start year 2020 (pandemic)
Revenue growth 8 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.0%
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What shareholders gained per year (last 3 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−4.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−4.2%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−28% → 19%
⚠ Revenue per share shrinking 40.0%/yr over ~6Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Oil & Gas E&P · 239 stocks
Beats the industry median on 9/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score37 · Below median
Fair Value upside−50.9% · Bottom 25%
Profitability
Return on equity (12 months)13.9% · Above median
Return on assets6.7% · Top 25%
Net margin (12 months)23.6% · Above median
Operating margin (12 months)69.5% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)31.5% · Above median
Balance sheet
Debt / equity0.68× · Highest 25%
Valuation Multiplesvs Oil & Gas E&P median · lower = cheaper
P/E (12 months)3.6× · Cheapest 25%
P/B0.51× · Cheapest 25%
P/S (12 months)0.83× · Cheapest 25%
EV/EBITDA4.4× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 23
FUTURE (revenue growth)100· sector 100
PAST (return on equity)56· sector 30
HEALTH (low debt)66· sector 85
DIVIDEND (yield)0· sector 72
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Highwood Asset Management Ltd (HAM) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of C$2.66 versus a price of C$5.43, about 51% lower (overvalued).
What is the fair value of HAM?
Our model-based fair value for Highwood Asset Management Ltd is C$2.66 (as of Nov 9, 2026), built from audited fundamentals. The current price: C$5.43.
What is the quality score of HAM?
Highwood Asset Management Ltd has a Quality Score of 37/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Highwood Asset Management Ltd (HAM)?
Our model-based price target is the fair value of C$2.66 (as of Nov 9, 2026) from 14 valuation models. Cautious scenario C$2.34, optimistic scenario C$3.75. It is a calculation from audited fundamentals, not an analyst target.
What is the Highwood Asset Management Ltd stock forecast for 2026?
Our models put fair value at C$2.66, about 51% lower versus a price of C$5.43 (overvalued). Cautious scenario C$2.34, optimistic scenario C$3.75. The calculation is refreshed regularly with new filings.
What is the revenue of Highwood Asset Management Ltd (HAM)?
Highwood Asset Management Ltd reported trailing-twelve-month revenue of about C$94.2M (latest available figure, as of Nov 9, 2026).
What is the intrinsic value of Highwood Asset Management Ltd (HAM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Highwood Asset Management Ltd it is C$2.66 per share (as of Nov 9, 2026), against a price of C$5.43. It is the blended result of 14 valuation models in 5 families (Earnings-Based, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Highwood Asset Management Ltd stock overvalued or undervalued in 2026?
As of Nov 9, 2026, HAM trades above its calculated fair value: price C$5.43, fair value C$2.66, a gap of about −51% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of HAM?
No. The price is what the market pays today (C$5.43); the fair value is what the company's own numbers justify (C$2.66). For Highwood Asset Management Ltd the two are C$2.77 per share apart. That gap is exactly why we show both numbers side by side.
How much is Highwood Asset Management Ltd worth?
The market values Highwood Asset Management Ltd at about C$77.8M (market capitalisation, as of Nov 9, 2026). Per share that is C$5.43; our models calculate a fair value of C$2.66 per share.
What do the bullish and bearish scenarios say about HAM?
Our models span a range for Highwood Asset Management Ltd: cautious scenario C$2.34, base C$2.66, optimistic C$3.75 per share (as of Nov 9, 2026, price C$5.43). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HAM?
Highwood Asset Management Ltd trades at a price-to-earnings ratio of 3.6 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of C$2.66 is built from several models across several years. Other multiples: P/B 0.5, P/S 0.8, EV/EBITDA 4.4.
How solid is the balance sheet of Highwood Asset Management Ltd (HAM)?
Balance-sheet figures for Highwood Asset Management Ltd (as of Nov 9, 2026): return on equity 13.9%, debt of 0.68 per unit of equity. They feed the Quality Score of 37/100, which measures business quality independently of the share price.
How far is HAM from its 52-week high?
Highwood Asset Management Ltd trades at C$5.43, about 12% below its 52-week high of C$6.19 and 47% above the low of C$3.69 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of C$2.66 is for.
Which stocks are comparable to Highwood Asset Management Ltd?
From the same area (Energy) we also value ConocoPhillips explores for,, CNOOC Limited, Canadian Natural Resources Limited, EOG Resources, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Highwood Asset Management Ltd stock attractive at the current price?
The data as of Nov 9, 2026: price C$5.43, calculated fair value C$2.66 (−51%), Quality Score 37/100, from 14 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of HAM calculated?
We run Highwood Asset Management Ltd through 14 models from 5 families: Earnings-Based, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of C$2.66 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Highwood Asset Management Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Highwood Asset Management Ltd (HAM)?
The closing price on Nov 6, 2026 was C$5.43. Our model-based fair value is C$2.66, about 51% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Highwood Asset Management Ltd right now?
The price sits above even our optimistic bull case (C$3.75). The favourable scenario is already priced in. Weak quality (37/100) and above fair value at the same time, the margin of safety is missing on both counts.
Key figures of Highwood Asset Management Ltd
How large is the market capitalisation of Highwood Asset Management Ltd (HAM)?
The market capitalisation of Highwood Asset Management Ltd is C$77.8M (≈ $55.2M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Highwood Asset Management Ltd (HAM)?
The price-to-sales ratio of Highwood Asset Management Ltd is 0.83 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Highwood Asset Management Ltd (HAM)?
Earnings per share at Highwood Asset Management Ltd are C$1.51 (price ÷ EPS = P/E 3.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Highwood Asset Management Ltd (HAM)?
The net margin of Highwood Asset Management Ltd is 23.6% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Highwood Asset Management Ltd (HAM)?
The return on equity (ROE) of Highwood Asset Management Ltd is 13.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Highwood Asset Management Ltd (HAM)?
On an EBIT basis the return on assets of Highwood Asset Management Ltd is 6.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Highwood Asset Management Ltd (HAM)?
The operating margin of Highwood Asset Management Ltd is 69.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Highwood Asset Management Ltd (HAM)?
Revenue at Highwood Asset Management Ltd is growing +31.5% versus a year earlier (3y avg +134%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Highwood Asset Management Ltd (HAM)?
Earnings per share at Highwood Asset Management Ltd are growing +137% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Highwood Asset Management Ltd (HAM) generate?
The free cash flow of Highwood Asset Management Ltd is −C$4.2M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Highwood Asset Management Ltd (HAM) carry?
The net debt of Highwood Asset Management Ltd is C$101M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 9, 2026