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Cmb.Tech NV (0K9A) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Cmb.Tech NV €3.52, price €17.49, upside -79.9%, quality 50 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Energy · GB · ISIN BE0003816338

CT Some data Sep 24, 2026

Cmb.Tech NV

0K9A · LSE

Weakest SetupStrongly overvalued and low quality.

!Fair value €3.52 · Strongly overvalued (−79.9%)
!Quality 50/100
!Weak Growth (revenue 3y −11.2 %/yr)
✓Highly profitable · 24.9% net margin (TTM)
!Moderate debt
·2.6% dividend yield · Safety not assessed
✓Wide moat 68/100
!Evidence only medium, so the estimate is less certain

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

€17.91 €4.29 Fair Value €3.52 Jul 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range €4.29 – €17.91 · fair‑value band €3.52 – €4.89 · the €17.49 price screens above the €3.52 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Cmb.Tech NV engages in marine transportation business in Belgium. It operates through three divisions: Marine, H2 Infra, and H2 Industry.

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Cmb.Tech NV engages in marine transportation business in Belgium. It operates through three divisions: Marine, H2 Infra, and H2 Industry. The Marine division designs, builds, owns, and operates various low and zero carbon ships and vessels, such as crew transfer vessels, ferries, commissioning service operations vessels, tugboats, ammonia-powered large bulk carriers, container ships, and chemical and crude oil tankers. The H2 Infra division develops and secures green molecule supplies; and produces and distributes green hydrogen and ammonia. The H2 Industry division provides scalable dual-fuel industrial applications. The company was formerly known as Euronav NV and changed its name to Cmb.Tech NV in October 2024. Cmb.Tech NV was founded in 1989 and is headquartered in Antwerp, Belgium. Cmb.Tech NV is a subsidiary of CMB NV.

Stock analysis

Cmb.Tech NV (0K9A) currently trades at €17.49, while our model-based Fair Value estimate is €3.52, 79.9% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Growth DCF group reads highest at a median of €14.63 per share, and 0 of the 6 models we run sit above the €17.49 price.

Bear case: the Dividend Discount group reads lowest at €2.07, and 6 of the 6 models stay below the price. Evidence for this calculation is medium.

Scenario range: €3.52 (bear) to €4.89 (bull), the price of €17.49 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 50/100 (below-average quality), in the Energy sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Cmb.Tech NV reported revenue of €420M in FY2021 versus €513M in FY2017, a compound −4.9%/yr. Reported net income was −€339M in FY2021.

Key figures

Market cap €1.7B · P/S ratio 0.88 · Dividend yield 2.6% · Net margin −80.8% · Return on equity 16.8% · Return on assets (EBIT) 2.2% · Operating margin 33.0% · Revenue growth (YoY) +121%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).

What moves the price

The share trades about 2% below its 52-week high and 137% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Energy peers we cover trades at −21% fair-value upside, at −80%, 0K9A screens richer than that median.

Fair Value models

Bear €3.52 Fair Value €3.52 Bull €4.89
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF €7.84 €14.28 €25.08 74
Growth DCF €8.53 €14.63 €24.08 73
Gordon GGM €1.92 €2.07 €2.30 67
All 8 models by family
DCF Models
FCF DCF €7.84 €14.28 €25.08 74
5Y Revenue Exit n/a n/a €2.60 66
10Y Revenue Exit €2.06 €3.84 €5.47 63
Dividend Discount
Gordon GGM €1.92 €2.07 €2.30 67
DDM Multi-Stage €1.92 €2.29 €2.76 65
Asset-Based
NCAV (Graham) €10.02 €13.42 €20.03 54
Growth DCF
Growth DCF €8.53 €14.63 €24.08 73
Rev-Margin DCF n/a n/a €2.14 66

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Quality Score breakdown

Overall quality 50/100

Of which business quality 46 · Market factors (momentum, volatility) 88

Profitability 1
Margins and returns on capital today
Quality Growth 0
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 38
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 69
Calm price path (market factor)
Momentum 95
Price trend over the last 3–12 months (market factor)
52W Momentum 98
Distance to the 52-week high (market factor)

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 39/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−65.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−11.2%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
2.6% (2017) → −67.1% (2021)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no share-count history
not computed

0K9A screens overvalued: fair value 80% below the price. Compare with Enbridge Inc →

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Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Oil & gas

Similar stocks

10 more Oil & Gas Midstream stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Enbridge Inc ENB $46.97 $36.91 −21%
The Williams Companies, Inc WMB $68.98 $11.72 −83%
Enterprise Products Partners L.P. EPD $36.65 $24.66 −33%
Energy Transfer LP, ET $20.10 $15.29 −24%
Kinder Morgan, Inc KMI $30.63 $28.16 −8%
TC Energy Corporation TRP $58.78 $24.51 −58%
Targa Resources Corp TRGP $277.84 $65.24 −77%
MPLX LP owns and MPLX $57.66 $70.77 +23%
ONEOK, Inc OKE $88.62 $80.15 −10%
Cheniere Energy, Inc LNG $267.29 $294.02 +10%

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Cmb.Tech NV · Fair Value
€3.52 −80%Fair Value
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Cite: Fair Value Calculator (2026). "Cmb.Tech NV Fair Value". https://www.fairvalue-calculator.com/stock/0K9A

Frequently asked questions

Is Cmb.Tech NV (0K9A) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of €3.52 versus a price of €17.49, about −80% upside (overvalued).
What is the fair value of 0K9A?
Our model-based fair value for Cmb.Tech NV is €3.52 (as of Sep 24, 2026), built from audited fundamentals. The current price: €17.49.
What is the quality score of 0K9A?
Cmb.Tech NV has a Quality Score of 50/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Cmb.Tech NV (0K9A)?
Our model-based price target is the fair value of €3.52 (as of Sep 24, 2026) from 8 valuation models. Cautious scenario €3.52, optimistic scenario €4.89. It is a calculation from audited fundamentals, not an analyst target.
What is the Cmb.Tech NV stock forecast for 2026?
Our models put fair value at €3.52, about −80% upside versus a price of €17.49 (overvalued). Cautious scenario €3.52, optimistic scenario €4.89. The calculation is refreshed regularly with new filings.
Does Cmb.Tech NV pay a dividend?
Cmb.Tech NV currently shows a dividend yield of about 2.63% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Cmb.Tech NV (0K9A)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Cmb.Tech NV it is €3.52 per share (as of Sep 24, 2026), against a price of €17.49. It is the blended result of 8 valuation models (cash flow, earnings, asset, dividend).
Is Cmb.Tech NV stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0K9A trades above its calculated fair value: price €17.49, fair value €3.52, a gap of about −80% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0K9A?
No. The price is what the market pays today (€17.49); the fair value is what the company's own numbers justify (€3.52). For Cmb.Tech NV the two are €13.97 per share apart. That gap is exactly why we show both numbers side by side.
How much is Cmb.Tech NV worth?
The market values Cmb.Tech NV at about €1.7B (market capitalisation, as of Sep 24, 2026). Per share that is €17.49; our models calculate a fair value of €3.52 per share.
What do the bullish and bearish scenarios say about 0K9A?
Our models span a range for Cmb.Tech NV: cautious scenario €3.52, base €3.52, optimistic €4.89 per share (as of Sep 24, 2026, price €17.49). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is 0K9A from its 52-week high?
Cmb.Tech NV trades at €17.49, about 2% below its 52-week high of €17.91 and 137% above the low of €7.40 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of €3.52 is for.
Which stocks are comparable to Cmb.Tech NV?
From the same area (Energy) we also value Enbridge Inc, The Williams Companies, Inc, Enterprise Products Partners L.P., Energy Transfer LP,, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Cmb.Tech NV stock attractive at the current price?
The data as of Sep 24, 2026: price €17.49, calculated fair value €3.52 (−80%), Quality Score 50/100, from 8 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0K9A calculated?
We run Cmb.Tech NV through 8 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €3.52, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Cmb.Tech NV itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Cmb.Tech NV (0K9A)?
The closing price on Oct 2, 2026 was €17.49. Our model-based fair value is €3.52, about −80% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Cmb.Tech NV right now?
The price sits above even our optimistic bull case (€4.89). The favourable scenario is already priced in. Solid but not exceptional quality (50/100) and above fair value, neither a clear bargain nor a standout compounder.

Key figures of Cmb.Tech NV

How large is the market capitalisation of Cmb.Tech NV (0K9A)?
The market capitalisation of Cmb.Tech NV is €1.7B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Cmb.Tech NV (0K9A)?
The price-to-sales ratio of Cmb.Tech NV is 0.88 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of Cmb.Tech NV (0K9A)?
The dividend yield of Cmb.Tech NV is 2.6%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Cmb.Tech NV (0K9A)?
The net margin of Cmb.Tech NV is −80.8% (fiscal year 2021). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Cmb.Tech NV (0K9A)?
The return on equity (ROE) of Cmb.Tech NV is 16.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Cmb.Tech NV (0K9A)?
On an EBIT basis the return on assets of Cmb.Tech NV is 2.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Cmb.Tech NV (0K9A)?
The operating margin of Cmb.Tech NV is 33.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Cmb.Tech NV (0K9A)?
Revenue at Cmb.Tech NV is growing +121% versus a year earlier (3y avg −11.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Cmb.Tech NV (0K9A)?
Earnings per share at Cmb.Tech NV are growing +461% versus a year earlier. How much earnings per share grew versus a year earlier.
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