CLMB
Climb Global Solutions, Inc.
$33.26
Platform & Compounding FCF
85%
Two-stage FCF DCF
Mild
·
Conviction
Overvalued
Trading 7.6% above fair value
You pay
$33.26
Bear
$17.26
Fair
$30.92
Bull
$48.47
Bear
$17.26
-48.1%
13% stage 1 growth, 11% discount
Fair
$30.92
-7.0%
21% stage 1 growth, 11% discount
Bull
$48.47
+45.7%
27% stage 1 growth, 11% discount
Adjust Assumptions
21.0%
11.0%
3.0%
Key Value Driver
FCF growth rate (21% base case)
Terminal Value % of EV
47%
Implied Market Multiple
53.3x
Market is pricing in (growth)
22.0%
vs 21.0% base
Summary
Using a two-stage FCF DCF with 21% growth decelerating over 15 years, discounted at 11%, the base-case intrinsic value is $30.92 per share.
Key Risks
- P/E alone misleads — earnings depressed by growth investment
- Cyclical or commodity businesses may be misclassified as platforms
- Terminal value dominance suggests sensitivity to long-run assumptions