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Bellevue Gold Limited (BELGF) fair value: what the stock is really worth

As of Oct 1, 2026: fair value of Bellevue Gold Limited $0.44, price $1.05, upside -58.1%, quality 22 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Basic Materials · US · Home Australia

BG Bellevue Gold Limited logo Some data Sep 24, 2026

Bellevue Gold Limited

BELGF · US

Weakest SetupStrongly overvalued and low quality.

!Fair value $0.4400 · Strongly overvalued (−58.1%)
!Quality 22/100
!Mixed Growth (revenue YoY +69.5 %/yr)
!Loss-making · -12.5% net margin (TTM)
!Low debt · negative free cash flow
!Trails peers (2/11)
!Narrow moat 14/100
!Evidence only medium, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

$9.40 $0.3678 Fair Value $0.4400 Jun 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range $0.3678 – $9.40 · fair‑value band $0.3100 – $0.5700 · the $1.05 price screens above the $0.4400 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Bellevue Gold Limited, together with its subsidiaries, engages in the exploration, development, mining, and processing of gold properties in Australia. The company primarily holds interest in the Bellevue gold project located to north-west of Leinster in the Goldfields region of Western Australia.

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Bellevue Gold Limited, together with its subsidiaries, engages in the exploration, development, mining, and processing of gold properties in Australia. The company primarily holds interest in the Bellevue gold project located to north-west of Leinster in the Goldfields region of Western Australia. The company was formerly known as Draig Resources Limited and changed its name to Bellevue Gold Limited in July 2018. Bellevue Gold Limited was incorporated in 2004 and is based in West Perth, Australia.

Stock analysis

Bellevue Gold Limited (BELGF) currently trades at $1.05, while our model-based Fair Value estimate is $0.4400, 58.1% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of $0.5500 per share, and 0 of the 6 models we run sit above the $1.05 price.

Bear case: the Asset-Based group reads lowest at $0.2600, and 6 of the 6 models stay below the price. Evidence for this calculation is medium.

Scenario range: $0.3100 (bear) to $0.5700 (bull), the price of $1.05 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 22/100 (below-average quality), in the Basic Materials sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Bellevue Gold Limited reported revenue of A$506M in FY2025 versus A$1.3K in FY2012, a compound +168.8%/yr. Reported net income was −A$45.9M in FY2025.

Key figures

Market cap $1.7B · P/S ratio 3.92 · EPS (TTM) $−0.0300 · Net margin −9.1% · Return on equity −7.1% · Return on assets (EBIT) 0.1% · Operating margin 6.1% · Revenue (TTM) $441M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 27 out of 100 (medium confidence).

What moves the price

The share trades about 24% below its 52-week high and 47% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at 10% fair-value upside, at −58%, BELGF screens richer than that median.

Fair Value models

Bear $0.3100 Fair Value $0.4400 Bull $0.5700
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. 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. Evidence ⓘEvidence = 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.
Highest evidence
EPV $0.2900 $0.3300 $0.3600 74
ROIC Compounder $0.2900 $0.3300 $0.3600 72
EV/EBITDA $0.6300 $0.8400 $1.04 67
All 6 models by family
Earnings-Based
EPV $0.2900 $0.3300 $0.3600 74
Multiples
EV/EBIT $0.4200 $0.5500 $0.6800 66
EV/EBITDA $0.6300 $0.8400 $1.04 67
EV/Revenue $0.2700 $0.3800 $0.4900 54
Asset-Based
NCAV (Graham) $0.1900 $0.2600 $0.3800 54
Economic Profit
ROIC Compounder $0.2900 $0.3300 $0.3600 72

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Quality Score breakdown

Overall quality 22/100

Of which business quality 30 · Market factors (momentum, volatility) 48

Profitability 10
Margins and returns on capital today
Quality Growth 39
Are margins and returns improving?
Cashflow 31
Earnings quality: real cash, not paper profit
Fin. Strength 81
Balance sheet, leverage, solvency risk
Investment 0
Disciplined investing over empire-building
Low Volatility 11
Calm price path (market factor)
Momentum 55
Price trend over the last 3–12 months (market factor)
52W Momentum 79
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 28/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+69.5%
Revenue growth 19 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.
+47.6%
Profit margin (trend) ⓘ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.
−286.2% (2006) → 26.7% (2024)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

BELGF screens overvalued: fair value 58% below the price. Compare with Newmont Corporation →

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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.Gold · 232 stocks

Beats the industry median on 2/10 measures
Overall it trails its industry peers.
Valuation
Quality Score 22 · Bottom 25%
Fair Value upside −84.2% · Bottom 25%
Profitability
Return on assets −2.4% · Below median
Net margin (TTM) −12.5% · Bottom 25%
Operating margin (TTM) 6.1% · Below median
Growth and dividend
Revenue growth 20.9% · Below median
Balance sheet
Debt / equity 0.12× · Above median

Valuation Multiplesvs Gold median · lower = cheaper

P/B 2.11× · Cheaper than median
P/S (TTM) 3.92× · Cheaper than median
EV/EBITDA 16.0× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 7
FUTURE (revenue growth)100 · sector 100
PAST (return on equity)0 · sector 15
HEALTH (low debt)94 · sector 98
DIVIDEND (yield)0 · sector 21

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Gold stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Newmont Corporation NEM $115.34 $126.87 +10%
Zijin Mining Group 601899 ¥30.01 ¥44.45 +48%
Agnico Eagle Mines Limited AEM $185.83 $219.71 +18%
Wheaton Precious Metals Corp WPM $135.39 $87.78 −35%
Franco-Nevada Corporation FNV $245.81 $270.39 +10%
AngloGold Ashanti plc AU $99.03 $88.60 −11%
Zijin Gold International Company 2259 HK$143.10 HK$238.73 +67%
Kinross Gold Corporation KGC $24.06 $51.30 +113%
Royal Gold, Inc RGLD $238.93 $262.82 +10%
Shandong Gold Mining Co 600547 ¥29.07 ¥23.61 −19%

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Bellevue Gold Limited · Fair Value
$0.4400 −58%Fair Value
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Cite: Fair Value Calculator (2026). "Bellevue Gold Limited Fair Value". https://www.fairvalue-calculator.com/stock/BELGF

Frequently asked questions

Is Bellevue Gold Limited (BELGF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $0.4400 versus a price of $1.05, about −58% upside (overvalued).
What is the fair value of BELGF?
Our model-based fair value for Bellevue Gold Limited is $0.4400 (as of Sep 24, 2026), built from audited fundamentals. The current price: $1.05.
What is the quality score of BELGF?
Bellevue Gold Limited has a Quality Score of 22/100. 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 Bellevue Gold Limited (BELGF)?
Our model-based price target is the fair value of $0.4400 (as of Sep 24, 2026) from 6 valuation models. Cautious scenario $0.3100, optimistic scenario $0.5700. It is a calculation from audited fundamentals, not an analyst target.
What is the Bellevue Gold Limited stock forecast for 2026?
Our models put fair value at $0.4400, about −58% upside versus a price of $1.05 (overvalued). Cautious scenario $0.3100, optimistic scenario $0.5700. The calculation is refreshed regularly with new filings.
What is the revenue of Bellevue Gold Limited (BELGF)?
Bellevue Gold Limited reported trailing-twelve-month revenue of about $441M (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Bellevue Gold Limited (BELGF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bellevue Gold Limited it is $0.4400 per share (as of Sep 24, 2026), against a price of $1.05. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Bellevue Gold Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, BELGF trades above its calculated fair value: price $1.05, fair value $0.4400, a gap of about −58% (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 BELGF?
No. The price is what the market pays today ($1.05); the fair value is what the company's own numbers justify ($0.4400). For Bellevue Gold Limited the two are $0.6100 per share apart. That gap is exactly why we show both numbers side by side.
How much is Bellevue Gold Limited worth?
The market values Bellevue Gold Limited at about $1.7B (market capitalisation, as of Sep 24, 2026). Per share that is $1.05; our models calculate a fair value of $0.4400 per share.
What do the bullish and bearish scenarios say about BELGF?
Our models span a range for Bellevue Gold Limited: cautious scenario $0.3100, base $0.4400, optimistic $0.5700 per share (as of Sep 24, 2026, price $1.05). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Bellevue Gold Limited (BELGF)?
Balance-sheet figures for Bellevue Gold Limited (as of Sep 24, 2026): return on equity −7.1%, debt of 0.12 per unit of equity. They feed the Quality Score of 22/100, which measures business quality independently of the share price.
How far is BELGF from its 52-week high?
Bellevue Gold Limited trades at $1.05, about 24% below its 52-week high of $1.38 and 47% above the low of $0.7145 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of $0.4400 is for.
Which stocks are comparable to Bellevue Gold Limited?
From the same area (Basic Materials) we also value Newmont Corporation, Zijin Mining Group, Agnico Eagle Mines Limited, Wheaton Precious Metals Corp, 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 Bellevue Gold Limited stock attractive at the current price?
The data as of Sep 24, 2026: price $1.05, calculated fair value $0.4400 (−58%), Quality Score 22/100, from 6 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 BELGF calculated?
We run Bellevue Gold Limited through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $0.4400, 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 14.5 % above its aggregate fair value. Bellevue Gold Limited 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 Bellevue Gold Limited (BELGF)?
The closing price on Oct 1, 2026 was $1.05. Our model-based fair value is $0.4400, about −58% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bellevue Gold Limited right now?
The price sits above even our optimistic bull case ($0.5700). The favourable scenario is already priced in. Weak quality (22/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range ($0.3100 to $0.5700) leaves room in how you read the outcome.

Key figures of Bellevue Gold Limited

How large is the market capitalisation of Bellevue Gold Limited (BELGF)?
The market capitalisation of Bellevue Gold Limited is $1.7B. 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 Bellevue Gold Limited (BELGF)?
The price-to-sales ratio of Bellevue Gold Limited is 3.92 (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 Bellevue Gold Limited (BELGF)?
Earnings per share at Bellevue Gold Limited are $−0.0300. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Bellevue Gold Limited (BELGF)?
The net margin of Bellevue Gold Limited is −9.1% (fiscal year 2025). 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 Bellevue Gold Limited (BELGF)?
The return on equity (ROE) of Bellevue Gold Limited is −7.1% (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 Bellevue Gold Limited (BELGF)?
On an EBIT basis the return on assets of Bellevue Gold Limited is 0.1% (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 Bellevue Gold Limited (BELGF)?
The operating margin of Bellevue Gold Limited is 6.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bellevue Gold Limited (BELGF)?
Revenue at Bellevue Gold Limited is growing +20.9% versus a year earlier. 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 Bellevue Gold Limited (BELGF)?
Earnings per share at Bellevue Gold Limited are growing −81.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Bellevue Gold Limited (BELGF) generate?
The free cash flow of Bellevue Gold Limited is −$52.9M (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 Bellevue Gold Limited (BELGF) carry?
The net debt of Bellevue Gold Limited is $191M (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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