Bodycote plc (BOY) Fair Value & Analysis

Industrials · GB · Market cap 1.2B GBX

A solid business, but screening 22% overvalued on our models.

What matters now

• Solid but not exceptional quality (69/100) and above fair value, neither a clear bargain nor a standout compounder.
• A fairly wide model range (£3.17 to £7.54) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range £2.98 – £6.94 · fair‑value band £3.17 – £7.54 · the £6.88 price screens above the £5.34 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

Bodycote plc (BOY) currently trades at £6.88, while our model-based Fair Value estimate is £5.34, implying the stock looks roughly 22.3% overvalued today. We read business quality at 69/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Bodycote plc generated revenue of £727M at a net margin of 7.6%. It earns a return on equity of 8.5%. Net debt stands at £166M. The stock trades on a trailing P/E of 26.5. Fundamentals as of Jul 17, 2026

Our scenario range runs from £3.17 (bear case) to £7.54 (bull case); at £6.88, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. For context, the median of 10 Industrials peers we cover trades at -48% fair-value upside, at -22%, BOY screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Widest divergence: Multiples (£6.47) versus Asset-Based (£2.53). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

Bodycote plc provides heat treatment and thermal processing services worldwide. It operates in Specialist Technologies and Precision Heat Treatment divisions.

Full company description

Bodycote plc provides heat treatment and thermal processing services worldwide. It operates in Specialist Technologies and Precision Heat Treatment divisions. The company offers heat treatment services, including altering the microstructure of metals and alloys, which include steel and aluminum to impart properties comprising surface hardness, temperature resistance, ductility, and strength; metal joining services consisting of electron beam welding, HIP diffusion bonding, hydrogen brazing, induction brazing, and furnace/vacuum brazing; and hot isostatic pressing (HIP) services, such as isostatic pressing and HIP supporting services, as well as Powdermet technologies. It also provides surface technologies, which are used to prolong the working life of components and protect from environmental factors, such as corrosion and abrasion. The company's surface technologies include anodising, flame and combustion spraying, high-velocity oxygen fuel coatings, plasma spray, electric arc wire, vapor phase aluminide, liquid and ceramic coatings, and thermochemically formed ceramic coatings to enhance corrosion protection and wear resistance. It serves automotive, aerospace and defense, energy, and general industrial markets. Bodycote plc was founded in 1923 and is headquartered in Macclesfield, the United Kingdom.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Bodycote plc reported revenue of £727M in FY2025 versus £616M in FY2021, a compound +4.2%/yr. Reported net income was £54.9M in FY2025, compounding −2.0%/yr from FY2021.

BOY screens 22% overvalued. Compare with GE Vernova Inc →

Peer Group

Specialty Industrial Machinery · 807 stocks

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.

Valuation Multiples vs Specialty Industrial Machinery median · lower = cheaper

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

Values & ESG

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.