CMDB
Costamare Bulkers Holdings Limited
$19.55
Platform & Compounding FCF
85%
Two-stage FCF DCF
Strong
·
Conviction
Undervalued
Trading 84.0% below fair value
You pay
$19.55
Bear
$60.69
Fair
$122.54
Bull
$206.80
Bear
$60.69
+210.4%
14% stage 1 growth, 11% discount
Fair
$122.54
+526.8%
24% stage 1 growth, 11% discount
Bull
$206.80
+957.8%
31% stage 1 growth, 11% discount
Adjust Assumptions
23.6%
11.0%
3.0%
Key Value Driver
FCF growth rate (24% base case)
Terminal Value % of EV
48%
Implied Market Multiple
9.2x
Market is pricing in (growth)
-1.7%
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 $122.54 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