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): 5.3
• Beta (1Y): 0.01
• 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$0.18 ▲(1.11% 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 materially lowers refinancing and interest-rate risk and preserves strategic optionality. Over a multi-month horizon this structural strength lets the company fund operations or small investments internally while absorbing earnings variability without forced deleveraging.

Sizable equity buffer

A meaningful equity buffer increases solvency resilience and allows the firm time to execute operational fixes or reposition products. This capital cushion supports continued operations through cyclical revenue swings and reduces near-term risk of capital raises or distressed asset sales.

Historic ability to be profitable

Prior profitable years indicate the business model can generate positive margins under the right conditions. That structural capability implies management and operations have paths to restore earnings if revenue stabilizes or cost discipline returns, supporting medium-term recovery potential.

Negative Factors

Sustained recent losses

Two consecutive years of sizable losses represent a structural earnings deterioration that erodes retained capital and limits reinvestment. If losses persist over the next several quarters, the company may face harder trade-offs on growth, hiring, or client retention, and recovery becomes more costly.

Negative operating cash flow

Recurrent negative operating cash flow undermines internal funding of operations despite no debt. Over a 2-6 month horizon this raises the likelihood management must cut costs, delay investments, or seek external funding, increasing execution risk and reducing strategic flexibility.

Volatile revenue with large decline

Significant revenue volatility and a sharp year-over-year decline point to structural demand or AUM instability in asset management. This undermines margin visibility, client confidence, and the predictability of fee income, complicating medium-term planning and the path back to sustained profitability.

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.

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 0.18, 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 29.28 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$61.40M	2.97	35.99%	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	38.35	1.46%	2.94%	38.32%	―
IPC	54 Neutral	AU$10.87M	18.32	1.01%	3.50%	-50.00%	-52.07%
CIW	53 Neutral	AU$27.20M	46.88	4.11%	2.03%	18.17%	―
BHD	52 Neutral	―	5.33	-0.28%	―	―	―
KBC	43 Neutral	AU$9.72M	-1.31	91.73%	―	―	―

Benjamin Hornigold Ltd. Corporate Events

Benjamin Hornigold Posts Lower NTA but Holds Course on Opportunistic Strategy and Litigation Recovery

Benjamin Hornigold Ltd reported an unaudited pre‑tax net tangible asset value of 26.11 cents per share as at 28 February 2026, after a negative gross portfolio return of 3.32% for the month. The NTA figure does not include an additional 12 cents per share of estimated unrecognised deferred tax assets from accumulated tax losses.

The company plans to maintain a flexible, opportunistic investment approach centred on discount capture, arbitrage, deep value, and event‑driven positions to deliver absolute returns. It continues to pursue recovery of outstanding loans to John Bridgeman Ltd and JB Financial Group, with a final court hearing expected in July 2026 and a recent non‑party costs order of $30,049 paid in March, offering potential upside for shareholders if recoveries are achieved.

The most recent analyst rating on (AU:BHD) stock is a Hold with a A$0.18 price target. To see the full list of analyst forecasts on Benjamin Hornigold Ltd. stock, see the AU:BHD Stock Forecast page.

Benjamin Hornigold Director Increases Indirect Shareholding

Benjamin Hornigold Ltd. has disclosed a change in director Sulieman Ravell’s relevant interests in the company’s ordinary shares, reflecting a modest on-market purchase. Through various related entities, including S4 Super Pty Ltd and S4 Family Services Pty Ltd, Ravell’s indirect holding has risen from 2,712,815 to 2,732,174 shares.

The acquisition of 19,359 shares was executed on 3 March 2026 at a price of $0.1875 per share and settled on 5 March 2026. While small in scale, the purchase slightly increases insider ownership, which may be interpreted by investors as a signal of confidence, but it does not by itself indicate any broader change in company strategy or operations.

The most recent analyst rating on (AU:BHD) stock is a Hold with a A$0.18 price target. To see the full list of analyst forecasts on Benjamin Hornigold Ltd. stock, see the AU:BHD Stock Forecast page.

Benjamin Hornigold Director Increases Indirect Shareholding

Benjamin Hornigold Ltd. has disclosed a change in the shareholding of director Sulieman Ravell, detailing both his direct and indirect interests in the company. The update, lodged under ASX listing rule 3.19A.2, clarifies the structures through which Ravell holds his stake, including superannuation and family trust entities.

Ravell acquired 22,679 ordinary shares on market at $0.185 per share on 25 February 2026, settling on 27 February 2026, with no disposals reported. Following this transaction, his total indirect holding increased to 2,712,815 ordinary shares, signaling a modest vote of confidence in the company while enhancing transparency for shareholders about director alignment with equity performance.

The most recent analyst rating on (AU:BHD) stock is a Hold with a A$0.18 price target. To see the full list of analyst forecasts on Benjamin Hornigold Ltd. stock, see the AU:BHD Stock Forecast page.

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.