CMDB
Costamare Bulkers Holdings Ltd
$17.83
Platform & Compounding FCF
85%
Two-stage FCF DCF
Strong
·
Conviction
Undervalued
Trading 83.1% below fair value
You pay
$17.83
Bear
$52.31
Fair
$105.51
Bull
$177.98
Bear
$52.31
+193.4%
14% stage 1 growth, 11% discount
Fair
$105.51
+491.7%
24% stage 1 growth, 11% discount
Bull
$177.98
+898.2%
31% stage 1 growth, 11% discount
Key Value Driver
FCF growth rate (24% base case)
Terminal Value % of EV
48%
Implied Market Multiple
9.7x
Summary
Using a two-stage FCF DCF with 24% growth decelerating over 15 years, discounted at 11%, the base-case intrinsic value is $105.51 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