CMBT
Cmb.Tech N.V.
$16.85
Stable Earnings Power
40%
P/Adj-EPS × Normalized Multiple
Strong
·
Conviction
Undervalued
Trading 53.6% below fair value
You pay
$16.85
Bear
$29.04
Fair
$36.30
Bull
$43.56
Bear
$29.04
+72.3%
$2.42 × 12x P/E
Fair
$36.30
+115.4%
$2.42 × 15x P/E
Bull
$43.56
+158.5%
$2.42 × 18x P/E
Key Value Driver
Normalized P/E multiple (15x base case)
Implied Market Multiple
7.0x
Summary
Applying a 15x P/E to adjusted EPS of $2.42, the base-case value is $36.30 per share.
Warnings
The company's reported profits differ from official accounting profits by 232%. Check what costs are being left out of the adjusted number.
Key Risks
- Growth DCF inappropriate — terminal value assumptions dominate
- EV/EBITDA misleading for regulated businesses where capex is mandated
- Regulatory risk is a fat tail not visible in normal multiples