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Bytes Technology Group (BYI) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Bytes Technology Group ZAR 74.04, price ZAR 97.98, upside -24.4%, quality 76 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? Yes
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Broad data
Sep 24, 2026
Bytes Technology Group
BYI · JSEGreat Company, Expensive PriceHigh Quality, but the stock trades above estimated Fair Value.
!Fair value R74.04 · Overvalued (−24.4%)
✓Quality 76/100
!Weak Growth (revenue 5y −10.9 %/yr)
✓Highly profitable · 23.3% net margin (TTM)
✓generates free cash flow
✓Wide moat 82/100
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
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
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 R57.53 – R144.47 · fair‑value band R56.96 – R101.05 · the R97.98 price screens above the R74.04 fair value. Dashed = 300-day average. As of Sep 24, 2026.
Company profile
Bytes Technology Group plc offers software, security, AI, and cloud services in the United Kingdom, Europe, and internationally. It sells servers, laptops, and other devices; various cloud-based and non-cloud-based licenses; and subscriptions and software assurance products.
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Bytes Technology Group plc offers software, security, AI, and cloud services in the United Kingdom, Europe, and internationally. It sells servers, laptops, and other devices; various cloud-based and non-cloud-based licenses; and subscriptions and software assurance products. The company also offers externally and internally training and consulting services; cyber security; digital workspace; hybrid infrastructure; public cloud; and software asset management. The company was founded in 1982 and is headquartered in Leatherhead, the United Kingdom
Stock analysis
Bytes Technology Group (BYI) currently trades at R97.98, while our model-based Fair Value estimate is R74.04, 24.4% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of R101.97 per share, and 6 of the 22 models we run sit above the R97.98 price.
Bear case: the Economic Profit group reads lowest at R22.37, and 16 of the 22 models stay below the price. Evidence for this calculation is high.
Scenario range: R56.96 (bear) to R101.05 (bull), the price of R97.98 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 76/100 (high quality), in the Technology sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Bytes Technology Group reported revenue of £221M in FY2026 versus £448M in FY2022, a compound −16.2%/yr. Reported net income was £51.3M in FY2026, compounding +11.8%/yr from FY2022.
Key figures
Market cap 23.2B ZAC · P/E ratio 21.7 · P/S ratio 5.05 · EPS (TTM) R4.51 · Dividend yield 0.1% · Net margin 23.3% · Return on equity 57.3% · Return on assets (EBIT) 14.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 2% below its 52-week high and 70% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −23% fair-value upside, at −24%, BYI screens richer than that median.
Fair Value models
Bear R56.96
Fair Value R74.04
Bull R101.05
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 2026 figures (about 7 months old). Earnings retained since then (2.62 ZAR 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.
Highest evidence
FCF DCF
R51.96
R64.89
R86.60
77
Growth DCF
R53.33
R65.60
R84.60
75
Owner Earnings
R46.84
R58.23
R77.33
73
All 22 models by family
DCF Models
FCF DCF
R51.96
R64.89
R86.60
77
Owner Earnings
R46.84
R58.23
R77.33
73
5Y Revenue Exit
R55.92
R77.50
R108.87
68
5Y EBITDA Exit
R68.55
R99.35
R140.13
70
5Y P/E Exit
R77.12
R114.17
R158.32
66
10Y Revenue Exit
R52.69
R67.48
R83.32
64
10Y EBITDA Exit
R60.89
R79.82
R100.06
65
10Y P/E Exit
R65.65
R88.19
R109.80
61
Earnings-Based
Graham-Dodd
R33.04
R40.39
R45.44
65
EPV
R50.30
R55.88
R60.54
70
Multiples
P/E Multiple
R102.05
R136.06
R170.08
63
P/S Multiple
R61.96
R82.61
R103.26
58
P/B Multiple
R34.59
R46.12
R57.65
55
EV/EBIT
R116.35
R152.01
R187.68
63
EV/EBITDA
R93.58
R121.65
R149.73
64
EV/Revenue
R63.44
R86.63
R109.81
51
Asset-Based
NCAV (Graham)
R3.84
R5.15
R7.69
51
Growth DCF
Growth DCF
R53.33
R65.60
R84.60
75
Rev-Margin DCF
R55.92
R78.62
R106.41
68
Economic Profit
Residual Income
R19.86
R22.37
R32.84
73
ROIC Compounder
R50.30
R55.88
R60.54
68
Growth Earnings
Growth-Adj P/E
R71.38
R101.97
R132.56
65
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Set up alert →Quality Score breakdown
Overall quality
76/100
Of which business quality 73 · Market factors (momentum, volatility) 68
Profitability
71
Margins and returns on capital today
Quality Growth
49
Are margins and returns improving?
Cashflow
83
Earnings quality: real cash, not paper profit
Fin. Strength
77
Balance sheet, leverage, solvency risk
Investment
59
Disciplined investing over empire-building
Low Volatility
68
Calm price path (market factor)
Momentum
67
Price trend over the last 3–12 months (market factor)
52W Momentum
70
Distance to the 52-week high (market factor)
Net Issuance
94
Share count: buybacks or dilution?
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.
40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+1.6%
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.
+6.1%
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.
−10.9%
Start year 2021 (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.
−4.6%
’18
’19
’20
’21
’22
’23
’24
’25
’26
What shareholders gained per year (last 5 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 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.
+21.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+21.1%
Dividend (yield on the price)0.1%
Profit margin 2021 to 2026 ⓘ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.7% → 28%
⚠ Revenue per share shrinking 7.7%/yr over ~6Y (margins intact) ⓘ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.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
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).
+15.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+8.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in GBP, UK: IMF forecast 2.3% a year to 2030, 3.3% from 2016 to 2025) that is about +13.2% a year for the price and +5.5% for the forecasts.
Forecast 2027 (sales)+8.7%
Forecast 2028 (sales)+9.1%
Projected 2029 (sales)+8.2%
Projected 2030 (sales)+7.3%
Projected 2031 (sales)+6.4%
BYI screens overvalued: fair value 24% below the price. Compare with Microsoft Corporation →
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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
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| CoreWeave, Inc CRWV | $87.12 | $58.32 | −33% |
| Block, Inc XYZ | $74.04 | $76.95 | +4% |
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| Okta, Inc OKTA | $202.18 | $142.12 | −30% |
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Frequently asked questions
Is Bytes Technology Group (BYI) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of R74.04 versus a price of R97.98, about −24% upside (overvalued).
What is the fair value of BYI?
Our model-based fair value for Bytes Technology Group is R74.04 (as of Sep 24, 2026), built from audited fundamentals. The current price: R97.98.
What is the quality score of BYI?
Bytes Technology Group has a Quality Score of 76/100. 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 Bytes Technology Group (BYI)?
Our model-based price target is the fair value of R74.04 (as of Sep 24, 2026) from 22 valuation models. Cautious scenario R56.96, optimistic scenario R101.05. It is a calculation from audited fundamentals, not an analyst target.
What is the Bytes Technology Group stock forecast for 2026?
Our models put fair value at R74.04, about −24% upside versus a price of R97.98 (overvalued). Cautious scenario R56.96, optimistic scenario R101.05. The calculation is refreshed regularly with new filings.
What is the revenue of Bytes Technology Group (BYI)?
Bytes Technology Group reported trailing-twelve-month revenue of about £221M (latest available figure, as of Sep 24, 2026).
Does Bytes Technology Group pay a dividend?
Bytes Technology Group currently shows a dividend yield of about 0.10% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Bytes Technology Group (BYI)?
For today's price to be fair in a discounted-cash-flow model, Bytes Technology Group would have to grow free cash flow by +15.9 % per year for five years (discount rate 13.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -10.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of BYI use?
Our models discount Bytes Technology Group at 13.8 %: a base by market capitalisation (small), damped by beta 0.71, country premium for South Africa. 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 Bytes Technology Group that is +15.9 % per year a year over ten years, using the same discount rate (13.8 %) and the same formula as our fair value.
How much growth has Bytes Technology Group (BYI) delivered so far?
Over the past 5 years revenue at Bytes Technology Group grew -10.9 % a year. The price currently implies +15.9 % 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 Bytes Technology Group (BYI) growing?
The median revenue growth in the sector is +10.3 % a year. That is the yardstick for the growth priced into Bytes Technology Group (+15.9 % 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 Bytes Technology Group (BYI)?
The free-cash-flow yield on the price is 5.25 %: that much free cash flow Bytes Technology Group produces per unit of market value. When it exceeds the discount rate of our models (13.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Bytes Technology Group (BYI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bytes Technology Group it is R74.04 per share (as of Sep 24, 2026), against a price of R97.98. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Bytes Technology Group stock overvalued or undervalued in 2026?
As of Sep 24, 2026, BYI trades above its calculated fair value: price R97.98, fair value R74.04, a gap of about −24% (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 BYI?
No. The price is what the market pays today (R97.98); the fair value is what the company's own numbers justify (R74.04). For Bytes Technology Group the two are R23.94 per share apart. That gap is exactly why we show both numbers side by side.
How much is Bytes Technology Group worth?
The market values Bytes Technology Group at about 23.2B ZAC (market capitalisation, as of Sep 24, 2026). Per share that is R97.98; our models calculate a fair value of R74.04 per share.
What do the bullish and bearish scenarios say about BYI?
Our models span a range for Bytes Technology Group: cautious scenario R56.96, base R74.04, optimistic R101.05 per share (as of Sep 24, 2026, price R97.98). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is BYI from its 52-week high?
Bytes Technology Group trades at R97.98, about 2% below its 52-week high of R99.55 and 70% above the low of R57.53 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of R74.04 is for.
Which stocks are comparable to Bytes Technology Group?
From the same area (Technology) we also value Microsoft Corporation, Palantir Technologies Inc, Oracle Corporation, CrowdStrike Holdings, 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 Bytes Technology Group stock attractive at the current price?
The data as of Sep 24, 2026: price R97.98, calculated fair value R74.04 (−24%), Quality Score 76/100, from 22 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 BYI calculated?
We run Bytes Technology Group through 22 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 R74.04, 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. Bytes Technology Group 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 Bytes Technology Group (BYI)?
The closing price on Oct 2, 2026 was R97.98. Our model-based fair value is R74.04, about −24% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bytes Technology Group right now?
A high-quality business (quality 76/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The price sits in the upper half of our model range, so the margin of safety is thin. The data supports the verdict: every model runs on fully documented inputs.
Key figures of Bytes Technology Group
How large is the market capitalisation of Bytes Technology Group (BYI)?
The market capitalisation of Bytes Technology Group is 23.2B ZAC. 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/E ratio of Bytes Technology Group (BYI)?
The price-to-earnings ratio of Bytes Technology Group is 21.7. Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of Bytes Technology Group (BYI)?
The price-to-sales ratio of Bytes Technology Group is 5.05 (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 Bytes Technology Group (BYI)?
Earnings per share at Bytes Technology Group are R4.51 (price ÷ EPS = P/E 21.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Bytes Technology Group (BYI)?
The dividend yield of Bytes Technology Group is 0.1% (payout 2.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Bytes Technology Group (BYI)?
The net margin of Bytes Technology Group is 23.3% (fiscal year 2026). 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 Bytes Technology Group (BYI)?
The return on equity (ROE) of Bytes Technology Group is 57.3% (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 Bytes Technology Group (BYI)?
On an EBIT basis the return on assets of Bytes Technology Group is 14.7% (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 Bytes Technology Group (BYI)?
The operating margin of Bytes Technology Group is 26.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bytes Technology Group (BYI)?
Revenue at Bytes Technology Group is growing +0.7% versus a year earlier (3y avg +6.1%). 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 Bytes Technology Group (BYI)?
Earnings per share at Bytes Technology Group are growing −6.8% versus a year earlier. How much earnings per share grew versus a year earlier.
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