Black Sea Property A/S (BSP) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Black Sea Property A/S NOK 2.64, price NOK 2.24, upside +17.6%, quality 9 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 3, 2026.
How to read this chart
60‑month range kr 0.0317 – kr 49.14 · fair‑value band kr 1.97 – kr 3.94 · the kr 2.24 price screens below the kr 2.64 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 3, 2026.
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Black Sea Property AS engages in the operation of holiday resort under the Aheloy Beach Resort name in Bulgaria. It is also involved in real estate investment; and property development and rental businesses. The company was founded in 2015 and is based in Oslo, Norway.
Stock analysis
Black Sea Property A/S (BSP) currently trades at kr 2.24, while our model-based Fair Value estimate is kr 2.64, implying the stock looks roughly 15.0% undervalued today.
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Valuation
How firm this estimate is: it rests on 2 models at a data quality of 83/100, which puts the evidence level at low.
Scenario range: kr 1.97 (bear) to kr 3.94 (bull), the price of kr 2.24 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 9/100 (below-average quality), in the Consumer Cyclical sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Black Sea Property A/S reported revenue of 5.2M NOK in FY2025 versus 0 NOK in FY2021. Reported net income was −98.7M NOK in FY2025.
Key figures
Market cap 10.3M NOK (≈ $1.1M) · P/S ratio 1.43 · EPS (TTM) kr −21.37 · Return on equity −124% · Return on assets (EBIT) −1.8% · Operating margin −134% · Revenue (TTM) 7.3M NOK · Revenue growth (YoY) −44.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 75% below its 52-week high and 18% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −28% fair-value upside, at 18%, BSP screens cheaper than that median.
Fair Value models
Bear kr 1.97Fair Value kr 2.64Bull kr 3.94
Price kr 2.24 · Upside +17.6%
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.
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.19/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−26.5%
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.
+115.9%
Revenue growth 10 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.
+35.2%
’15
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’22
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’25
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.
−1,259.8% (2015) → −151.1% (2025)
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
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.Lodging · 157 stocks
Beats the industry median on 3/9 measures
Overall it trails its industry peers.
Valuation
Quality Score9 · Bottom 25%
Fair Value upside+17.6% · Top 25%
Profitability
Return on assets−1.5% · Bottom 25%
Operating margin (TTM)−133.7% · Bottom 25%
Growth and dividend
Revenue growth−44.8% · Bottom 25%
Balance sheet
Debt / equity5.05× · Highest 25%
Valuation Multiplesvs Lodging median · lower = cheaper
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Is Black Sea Property A/S (BSP) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of kr 2.64 versus a price of kr 2.24, about +18% upside (undervalued).
What is the fair value of BSP?
Our model-based fair value for Black Sea Property A/S is kr 2.64 (as of Oct 3, 2026), built from audited fundamentals. The current price: kr 2.24.
What is the quality score of BSP?
Black Sea Property A/S has a Quality Score of 9/100. 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 Black Sea Property A/S (BSP)?
Our model-based price target is the fair value of kr 2.64 (as of Oct 3, 2026) from 1 valuation models. Cautious scenario kr 1.97, optimistic scenario kr 3.94. It is a calculation from audited fundamentals, not an analyst target.
What is the Black Sea Property A/S stock forecast for 2026?
Our models put fair value at kr 2.64, about +18% upside versus a price of kr 2.24 (undervalued). Cautious scenario kr 1.97, optimistic scenario kr 3.94. The calculation is refreshed regularly with new filings.
What is the revenue of Black Sea Property A/S (BSP)?
Black Sea Property A/S reported trailing-twelve-month revenue of about 7.3M NOK (latest available figure, as of Oct 3, 2026).
What is the intrinsic value of Black Sea Property A/S (BSP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Black Sea Property A/S it is kr 2.64 per share (as of Oct 3, 2026), against a price of kr 2.24. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Black Sea Property A/S stock overvalued or undervalued in 2026?
As of Oct 3, 2026, BSP trades below its calculated fair value: price kr 2.24, fair value kr 2.64, a gap of about +18% (undervalued). 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 BSP?
No. The price is what the market pays today (kr 2.24); the fair value is what the company's own numbers justify (kr 2.64). For Black Sea Property A/S the two are kr 0.3950 per share apart. That gap is exactly why we show both numbers side by side.
How much is Black Sea Property A/S worth?
The market values Black Sea Property A/S at about 10.3M NOK (market capitalisation, as of Oct 3, 2026). Per share that is kr 2.24; our models calculate a fair value of kr 2.64 per share.
What do the bullish and bearish scenarios say about BSP?
Our models span a range for Black Sea Property A/S: cautious scenario kr 1.97, base kr 2.64, optimistic kr 3.94 per share (as of Oct 3, 2026, price kr 2.24). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Black Sea Property A/S (BSP)?
Balance-sheet figures for Black Sea Property A/S (as of Oct 3, 2026): return on equity −124.4%, debt of 5.05 per unit of equity. They feed the Quality Score of 9/100, which measures business quality independently of the share price.
How far is BSP from its 52-week high?
Black Sea Property A/S trades at kr 2.24, about 75% below its 52-week high of kr 9.00 and 18% above the low of kr 1.90 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of kr 2.64 is for.
Which stocks are comparable to Black Sea Property A/S?
From the same area (Consumer Cyclical) we also value Marriott International, Inc, Hilton Worldwide Holdings, InterContinental Hotels Group, Hyatt Hotels Corporation, 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 Black Sea Property A/S stock attractive at the current price?
The data as of Oct 3, 2026: price kr 2.24, calculated fair value kr 2.64 (+18%), Quality Score 9/100, from 1 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 BSP calculated?
We run Black Sea Property A/S through 1 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 kr 2.64, 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 14.9 % above its aggregate fair value. Black Sea Property A/S currently trades 15 % 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 Black Sea Property A/S (BSP)?
The closing price on Oct 2, 2026 was kr 2.24. Our model-based fair value is kr 2.64, about +18% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Black Sea Property A/S right now?
A fairly wide model range (kr 1.97 to kr 3.94) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of Black Sea Property A/S
How large is the market capitalisation of Black Sea Property A/S (BSP)?
The market capitalisation of Black Sea Property A/S is 10.3M NOK (≈ $1.1M). 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 Black Sea Property A/S (BSP)?
The price-to-sales ratio of Black Sea Property A/S is 1.43 (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 Black Sea Property A/S (BSP)?
Earnings per share at Black Sea Property A/S are kr −21.37. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Black Sea Property A/S (BSP)?
The return on equity (ROE) of Black Sea Property A/S is −124% (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 Black Sea Property A/S (BSP)?
On an EBIT basis the return on assets of Black Sea Property A/S is −1.8% (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 Black Sea Property A/S (BSP)?
The operating margin of Black Sea Property A/S is −134% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Black Sea Property A/S (BSP)?
Revenue at Black Sea Property A/S is growing −44.8% versus a year earlier (3y avg +116%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Black Sea Property A/S (BSP) generate?
The free cash flow of Black Sea Property A/S is −8.4M NOK (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 Black Sea Property A/S (BSP) carry?
The net debt of Black Sea Property A/S is 195M NOK (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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