Benjamin Hornigold Ltd. (BHD) AI Stock Analysis

• Market Cap: N/A
• Dividend Yield: N/A
• Average Volume (3M): 8.70K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.02
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: AU
• Employees: N/A
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): <0.01
• Shares Outstanding: 24,155,241
• 10 Day Avg. Volume: 300
• 30 Day Avg. Volume: 8,703
• PEG Ratio: -0.24
• Price to Book (P/B): 0.71
• Price to Sales (P/S): 23.73
• P/FCF Ratio: -11.22
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: AU$0.20 ▲(12.22% Upside)
• Action: Reiterated Date: 12/30/25
• Date: Action: Reiterated 12/30/25

The score is held back primarily by weak and volatile financial performance (recent losses and negative FY2025 operating cash flow), partially offset by a conservatively positioned, debt-free balance sheet. Technically, the stock shows bullish trend/momentum but appears overextended (high RSI/Stoch), while valuation is constrained by a negative P/E and no provided dividend yield.

Positive Factors

Debt-Free Balance Sheet

A debt-free balance sheet reduces financial risk and provides flexibility for future investments or navigating economic downturns.

Director Confidence

Increased shareholding by a director suggests confidence in the company's future prospects, potentially indicating strong management alignment with shareholder interests.

Positive Portfolio Returns

Consistent positive portfolio returns indicate effective asset management, which could enhance long-term shareholder value and strengthen market position.

Negative Factors

Volatile Revenue

Volatile revenue streams can undermine business stability and predictability, complicating long-term strategic planning and investor confidence.

Negative Cash Flow

Negative cash flow indicates challenges in converting business operations into cash, potentially leading to funding issues if losses continue.

Ongoing Litigation

Prolonged litigation can drain resources and distract management, posing risks to operational focus and financial health if unresolved.

Benjamin Hornigold Ltd. Business Overview & Revenue Model

Company Description

Benjamin Hornigold Ltd. (BHD) is an investment company involved in the financial services sector. The company focuses on capital growth through investment in a diversified portfolio of assets, including but not limited to, equities, fixed income, and other financial instruments. BHD aims to provide its shareholders with robust returns by strategically managing its investment portfolio.

How the Company Makes Money

BHD generates revenue primarily through the appreciation of its investment portfolio and the dividends or interest earned from these investments. The company invests in a variety of asset classes to ensure a diversified income stream. Key revenue streams include capital gains from the sale of appreciated assets, and income from dividends and interest payments. BHD may also engage in partnerships with other investment firms or financial institutions to enhance its portfolio management capabilities and investment opportunities. The company relies on its expertise in asset management and market analysis to identify lucrative investment opportunities and optimize its returns.

Benjamin Hornigold Ltd. Financial Statement Overview

Summary

Overall fundamentals are mixed: the balance sheet is a clear strength with no reported debt and a sizable equity buffer, but profitability has deteriorated into sizable losses in FY2024–FY2025 and revenue appears highly volatile. Cash flow quality is also weak, with operating/free cash flow turning negative again in FY2025, raising sustainability risk if losses persist.

Income Statement

Profitability has been inconsistent and recently weak: the company moved from a small profit in FY2023 to sizable losses in FY2024 and FY2025, with net margins deeply negative in the last two years. Revenue also appears volatile, including a very large decline in FY2025 versus FY2024, which raises questions about earnings stability and business momentum. A key positive is that the business has shown it can be profitable (FY2021 and FY2023), but the latest trajectory is clearly unfavorable.

Balance Sheet

The balance sheet looks conservatively positioned with no reported debt across the periods provided, which materially reduces financial risk. Equity remains sizable relative to total assets, providing a buffer despite recent losses. The main weakness is shareholder returns: returns on equity turned negative in FY2024 and worsened in FY2025, reflecting that the company is currently not generating profits on its capital base.

Cash Flow

Cash generation has been volatile. Operating and free cash flow were strongly positive in FY2023 and positive in FY2024, but turned negative again in FY2025, indicating uneven conversion of the business model into cash. The negative operating cash flow in the most recent year increases funding risk if losses persist, even though the company has no debt. Overall, cash flow quality and consistency are the key weak spots.

Breakdown	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	182.99K	410.24K	66.62K	1.65M	1.83M
Gross Profit	182.99K	410.24K	453.08K	-1.02M	1.47M
EBITDA	0.00	0.00	0.00	0.00	120.47K
Net Income	-709.25K	-566.93K	87.38K	-1.24M	1.26M
Balance Sheet
Total Assets	6.55M	7.30M	7.74M	7.71M	8.82M
Cash, Cash Equivalents and Short-Term Investments	6.52M	7.27M	3.29M	7.45M	2.01M
Total Debt	0.00	0.00	0.00	0.00	0.00
Total Liabilities	423.88K	467.72K	335.60K	395.06K	263.61K
Stockholders Equity	6.13M	6.84M	7.40M	7.32M	8.55M
Cash Flow
Free Cash Flow	-387.17K	252.54K	1.95M	-675.96K	-5.53M
Operating Cash Flow	-387.17K	252.54K	1.95M	-675.96K	-5.53M
Investing Cash Flow	0.00	0.00	0.00	0.00	8.30M
Financing Cash Flow	0.00	0.00	0.00	0.00	0.00

Benjamin Hornigold Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.18
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:BHD, the sentiment is Negative. The current price of 0.18 is below the 20-day moving average (MA) of 0.19, below the 50-day MA of 0.19, and below the 200-day MA of 0.18, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 14.30 is Positive, neither overbought nor oversold. The STOCH value of >-0.01 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:BHD.

Benjamin Hornigold Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MAM	72 Outperform	AU$64.02M	7.05	32.22%	6.39%	22.67%	19.47%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
LCE	55 Neutral	AU$26.98M	70.25	2.17%	2.94%	38.32%	―
IPC	54 Neutral	AU$10.87M	93.46	1.82%	3.50%	-50.00%	-52.07%
CIW	53 Neutral	AU$29.29M	29.10	2.42%	2.03%	18.17%	―
BHD	52 Neutral	―	-264.29	―	―	―	―
KBC	43 Neutral	AU$9.72M	-1.31	―	―	―	―

Benjamin Hornigold Ltd. Corporate Events

Benjamin Hornigold Posts NTA Gain as It Presses Ahead With Debt Recovery

Benjamin Hornigold reported an unaudited pre-tax net tangible asset value of 26.68 cents per share as at 31 December 2025, with a positive gross portfolio return of 0.92% for the month, highlighting a modest uplift in its investment portfolio. The company reaffirmed its broad, opportunistic investment strategy focused on discount capture, arbitrage, deep-value, and event-driven positions, and noted that litigation to recover outstanding loans from John Bridgeman Ltd and JB Financial Group Pty Ltd is ongoing, with a final court hearing expected in July 2026 and a recent costs order of $30,049 awarded in its favour, suggesting potential but uncertain upside for shareholders from any eventual recovery.

The most recent analyst rating on (AU:BHD) stock is a Hold with a A$0.19 price target. To see the full list of analyst forecasts on Benjamin Hornigold Ltd. stock, see the AU:BHD Stock Forecast page.

Benjamin Hornigold Ltd Reports Positive Portfolio Return and Ongoing Debt Recovery Efforts

Benjamin Hornigold Ltd reported a positive gross portfolio return of 1.49% for the month, with an unaudited Net Tangible Asset (NTA) per share of 26.55 cents before tax as of November 30, 2025. The company continues to pursue outstanding debts from John Bridgeman Ltd and JB Financial Group Pty Ltd, which, if recovered, could significantly benefit shareholders. The final court hearing regarding these debts is expected in July 2026.

Benjamin Hornigold Ltd. Director Increases Shareholding

Benjamin Hornigold Ltd. announced a change in the director’s interest, specifically for Sulieman Ravell, who has increased his indirect holdings in the company. The acquisition involved 146,223 ordinary shares at $0.19 per share, bringing the total indirect holdings to 2,690,136 shares. This transaction, executed through an on-market trade, signifies a strategic move by the director, potentially reflecting confidence in the company’s future prospects.

Benjamin Hornigold Ltd Reports Positive Returns and Pursues Debt Recovery

Benjamin Hornigold Ltd reported a positive gross portfolio return of 0.89% for the month, with an unaudited Net Tangible Asset (NTA) per share of 27.01 cents as of October 31, 2025. The company continues to pursue outstanding debts from John Bridgeman Ltd and JB Financial Group Pty Ltd, with a final court hearing expected in July 2026, which could significantly impact shareholder value if recovered.

Benjamin Hornigold Ltd Faces Ongoing Litigation Challenges

Benjamin Hornigold Ltd (ASX: BHD) is currently engaged in litigation to recover outstanding loans from John Bridgeman Limited and JB Financial Group Pty Ltd. Despite a court-ordered mediation on October 29, 2025, no settlement was reached, and a final court hearing is expected in July 2026. The loans in question amount to a total of $7.8 million, with JB Financial Group having been placed into liquidation and John Bridgeman Limited deregistered. Additionally, former executives of Benjamin Hornigold Ltd have been charged by ASIC with breaches of duty and misleading the ASX, reflecting ongoing challenges for the company.

Benjamin Hornigold Ltd Faces Ongoing Litigation in Loan Recovery Efforts

Benjamin Hornigold Ltd (BHD) is currently engaged in litigation to recover outstanding loans from John Bridgeman Limited and JB Financial Group Pty Ltd, amounting to a total of $7.8 million. Despite a court-ordered mediation on October 29, 2025, no settlement was reached, and the final court hearing is scheduled for July 2026. The company has been involved in legal proceedings since September 2023, following the liquidation of JB Financial Group and the insolvency of John Bridgeman Ltd. Additionally, former executives of BHD have been charged by ASIC with breaches of duty and misleading conduct, and JB Markets Pty Ltd, which operated under JBL’s financial services license, has had its license revoked.

Benjamin Hornigold Ltd Announces 2025 AGM Results

Benjamin Hornigold Ltd announced the results of its 2025 Annual General Meeting, where Resolutions 1 and 2 were passed, while Resolution 3 did not meet the necessary conditions and was not presented to shareholders. This outcome reflects the company’s governance processes and may influence its strategic decisions moving forward, impacting stakeholders and potentially affecting its market position.