BH Macro Limited (BHMG) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of BH Macro Limited £4.36, price £4.12, upside +6.0%, quality 70 out of 100. Calculated from audited financials with 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, dashed = 300-day average. As of Oct 4, 2026.
How to read this chart
60‑month range £3.28 – £5.12 · fair‑value band £3.02 – £5.96 · the £4.12 price screens below the £4.36 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 4, 2026.
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BH Macro Limited is a feeder fund launched and managed by Brevan Howard Asset Management LLP. It invests its entire corpus in the Brevan Howard Master Fund Limited. BH Macro Limited was formed on January 17, 2007 and is domiciled in Guernsey, Channel Islands.
Stock analysis
BH Macro Limited (BHMG) currently trades at £4.12, while our model-based Fair Value estimate is £4.36, so the stock looks roughly fairly valued today (gap 5.6%).
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Valuation
Bull case: the Multiples group reads highest at a median of £4.96 per share, and 4 of the 9 models we run sit above the £4.12 price.
Bear case: the Growth DCF group reads lowest at £2.35, and 5 of the 9 models stay below the price. Evidence for this calculation is medium.
Scenario range: £3.02 (bear) to £5.96 (bull), the price of £4.12 sits inside 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 70/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
BH Macro Limited reported revenue of $278M in FY2025 versus $23.7M in FY2021, a compound +85.0%/yr. Reported net income was $151M in FY2025, compounding +88.3%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 1.4B GBX · P/E ratio 102.9 · P/S ratio 56.0 · EPS (TTM) £0.0400 · Net margin 54.4% · Return on equity 0.2% · Return on assets (EBIT) 3.4% · Operating margin −8.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 7% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −15% fair-value upside, at 6%, BHMG screens cheaper than that median.
Fair Value models
Bear £3.02Fair Value £4.36Bull £5.96
Price £4.12 · Upside +6.0%
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (£0.0305 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.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.
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.65/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+82.1%
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.
+26.1%
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.
+7.9%
Start year 2020 (pandemic)
Revenue growth 18 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.
+1.5%
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’12
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’17
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’25
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘ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 5 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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
−7.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−7.5%
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.96% → 54%
2025 sits 176% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+0.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (UK: IMF forecast 2.3% a year to 2030, 3.3% from 2016 to 2025) that is about −1.7% a year for the price.
Price, fair value, quality and upside side by side.
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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.Asset Management · 664 stocks
Beats the industry median on 4/12 measures
Overall it trails its industry peers.
Valuation
Quality Score70 · Top 25%
Fair Value upside+6.0% · Below median
Profitability
Return on equity (TTM)0.2% · Below median
Return on assets0.1% · Below median
Net margin (TTM)8.4% · Below median
Operating margin (TTM)−8.7% · Bottom 25%
Growth and dividend
Revenue growth16.1% · Above median
Valuation Multiplesvs Asset Management median · lower = cheaper
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Is BH Macro Limited (BHMG) overvalued or undervalued?
As of Oct 4, 2026, our model estimates a fair value of £4.36 versus a price of £4.12, about +6% upside (fairly valued).
What is the fair value of BHMG?
Our model-based fair value for BH Macro Limited is £4.36 (as of Oct 4, 2026), built from audited fundamentals. The current price: £4.12.
What is the quality score of BHMG?
BH Macro Limited has a Quality Score of 70/100. 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 BH Macro Limited (BHMG)?
Our model-based price target is the fair value of £4.36 (as of Oct 4, 2026) from 9 valuation models. Cautious scenario £3.02, optimistic scenario £5.96. It is a calculation from audited fundamentals, not an analyst target.
What is the BH Macro Limited stock forecast for 2026?
Our models put fair value at £4.36, about +6% upside versus a price of £4.12 (fairly valued). Cautious scenario £3.02, optimistic scenario £5.96. The calculation is refreshed regularly with new filings.
What growth is priced into BH Macro Limited (BHMG)?
For today's price to be fair in a discounted-cash-flow model, BH Macro Limited would have to grow free cash flow by +0.5 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.0 % per year. As of Oct 4, 2026.
What discount rate (WACC) does the fair value of BHMG use?
Our models discount BH Macro Limited at 11.8 %: a base by market capitalisation (small), country premium for United Kingdom. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For BH Macro Limited that is +0.5 % per year a year over ten years, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has BH Macro Limited (BHMG) delivered so far?
Over the past 5 years revenue at BH Macro Limited grew +8.0 % a year. The price currently implies +0.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of BH Macro Limited (BHMG) growing?
The median revenue growth in the sector is +9.3 % a year. That is the yardstick for the growth priced into BH Macro Limited (+0.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of BH Macro Limited (BHMG)?
The free-cash-flow yield on the price is 10.11 %: that much free cash flow BH Macro Limited produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of BH Macro Limited (BHMG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For BH Macro Limited it is £4.36 per share (as of Oct 4, 2026), against a price of £4.12. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is BH Macro Limited stock overvalued or undervalued in 2026?
As of Oct 4, 2026, BHMG trades below its calculated fair value: price £4.12, fair value £4.36, a gap of about +6% (fairly valued). 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 BHMG?
No. The price is what the market pays today (£4.12); the fair value is what the company's own numbers justify (£4.36). For BH Macro Limited the two are £0.2450 per share apart. That gap is exactly why we show both numbers side by side.
How much is BH Macro Limited worth?
The market values BH Macro Limited at about 1.4B GBX (market capitalisation, as of Oct 4, 2026). Per share that is £4.12; our models calculate a fair value of £4.36 per share.
What do the bullish and bearish scenarios say about BHMG?
Our models span a range for BH Macro Limited: cautious scenario £3.02, base £4.36, optimistic £5.96 per share (as of Oct 4, 2026, price £4.12). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BHMG?
BH Macro Limited trades at a price-to-earnings ratio of 102.9 (as of Oct 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of £4.36 is built from several models across several years. Other multiples: P/B 0.7, P/S 28.0, EV/EBITDA 8.8.
How solid is the balance sheet of BH Macro Limited (BHMG)?
Balance-sheet figures for BH Macro Limited (as of Oct 4, 2026): return on equity 0.2%. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is BHMG from its 52-week high?
BH Macro Limited trades at £4.12, about 7% below its 52-week high of £4.44 and 4% above the low of £3.95 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of £4.36 is for.
Which stocks are comparable to BH Macro Limited?
From the same area (Financial Services) we also value Blackstone Inc, KKR & Co, Brookfield Corporation, Apollo Global Management, 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 BH Macro Limited stock attractive at the current price?
The data as of Oct 4, 2026: price £4.12, calculated fair value £4.36 (+6%), Quality Score 70/100, from 9 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 BHMG calculated?
We run BH Macro Limited through 9 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 £4.36, 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 15.0 % above its aggregate fair value. BH Macro Limited currently trades 6 % below its own fair value, and the market average says nothing about that. 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 BH Macro Limited (BHMG)?
The closing price on Oct 2, 2026 was £4.12. Our model-based fair value is £4.36, about +6% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with BH Macro Limited right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (£3.02 to £5.96) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of BH Macro Limited (BHMG) come from?
Earnings per share at BH Macro Limited grew +0.8 % a year from 2012 to 2023. Broken into its drivers: revenue per share +0.4 %, EBIT margin +0.3 %, tax rate +0.0 %, residual (interest, one-offs) +0.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of BH Macro Limited
How large is the market capitalisation of BH Macro Limited (BHMG)?
The market capitalisation of BH Macro Limited is 1.4B GBX. 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 BH Macro Limited (BHMG)?
The price-to-sales ratio of BH Macro Limited is 56.0 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of BH Macro Limited (BHMG)?
Earnings per share at BH Macro Limited are £0.0400 (price ÷ EPS = P/E 102.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of BH Macro Limited (BHMG)?
The net margin of BH Macro Limited is 54.4% (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 BH Macro Limited (BHMG)?
The return on equity (ROE) of BH Macro Limited is 0.2% (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 BH Macro Limited (BHMG)?
On an EBIT basis the return on assets of BH Macro Limited is 3.4% (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 BH Macro Limited (BHMG)?
The operating margin of BH Macro Limited is −8.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at BH Macro Limited (BHMG)?
Revenue at BH Macro Limited is growing +16.1% versus a year earlier (3y avg +26.1%). 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 BH Macro Limited (BHMG)?
Earnings per share at BH Macro Limited are growing −90.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does BH Macro Limited (BHMG) hold?
BH Macro Limited holds more cash than debt, 31.4M GBX net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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