CMDB
Costamare Bulkers Holdings Limited
$20.05
Platform & Compounding FCF
85%
Two-stage FCF DCF
Strong
·
Conviction
Undervalued
Trading 80.9% below fair value
You pay
$20.05
Bear
$52.18
Fair
$105.25
Bull
$177.54
Bear
$52.18
+160.2%
14% stage 1 growth, 11% discount
Fair
$105.25
+424.8%
24% stage 1 growth, 11% discount
Bull
$177.54
+785.2%
31% stage 1 growth, 11% discount
Key Value Driver
FCF growth rate (24% base case)
Terminal Value % of EV
48%
Implied Market Multiple
11.0x
Market is pricing in (growth)
0.8%
vs 23.6% base
Summary
Using a two-stage FCF DCF with 24% growth decelerating over 15 years, discounted at 11%, the base-case intrinsic value is $105.25 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