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Societe Centrale des Bois et Scieries de la Manche (CBSM) Fair Value & Analysis

Real Estate · FR · Market cap €136M

SC Societe Centrale des Bois et Scieries de la Manche CBSM · PA
Price€9.90
Fair Value€11.67
Upside+17.9%
Quality65/100
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Healthy Growth
Highly profitable · 56.9% net margin
Moderate debt · generates free cash flow
Ranks above peers (9/14)
Moderate moat 64/100
Evidence: High Range €8.16 – €11.92 Share as image

Fair value as of: Jul 17, 2026

From 14 valuation models · updated 24 days ago

Fair value updated Jul 17, 2026, revised from €12.40 to €11.67 (−5.9%) since Jun 26, 2026. Share price −0.5% over the past month.

A solid business, screening 18% undervalued on our models.

What matters now

  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
  • Our model range runs from €8.16 (bear) to €11.92 (bull), base €11.67. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 65/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

€10.20 €6.35 Fair Value €11.67 Sep 2020 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range €6.35 – €10.20 · fair‑value band €8.16 – €11.92 · the €9.90 price screens below the €11.67 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

Societe Centrale des Bois et Scieries de la Manche (CBSM) currently trades at €9.90, while our model-based Fair Value estimate is €11.67, implying the stock looks roughly 17.9% undervalued today. The Quality Score stands at 65/100 (solid quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Societe Centrale des Bois et Scieries de la Manche generated revenue of €22.5M at a net margin of 56.9%. Revenue grew 3.6% year over year. It earns a return on equity of 5.0%. Net debt stands at €198M. Fundamentals as of Jul 17, 2026

Our scenario range runs from €8.16 (bear case) to €11.92 (bull case); at €9.90, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 1% below its 52-week high and 17% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -22% fair-value upside, at 18%, CBSM screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

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. Evidence
Highest evidence
Growth DCF €0.3500 80
Residual Income €13.32 €12.79 €10.51 76
Gordon GGM €1.19 €1.48 €1.74 70
All 14 models by family
DCF Models
FCF DCF €0.7600 38
5Y Revenue Exit €1.72 39
5Y EBITDA Exit €6.20 €14.66 41
10Y EBITDA Exit €1.98 €7.44 37
Dividend Discount
Gordon GGM €1.19 €1.48 €1.74 70
DDM Multi-Stage €1.19 €1.50 €1.81 61
Multiples
P/S Multiple €8.16 €10.88 €13.61 58
P/B Multiple €12.15 €16.20 €20.25 55
EV/EBIT €12.13 €20.92 €29.70 53
EV/EBITDA €5.58 €12.18 €18.78 54
EV/Revenue €1.01 43
Asset-Based
NCAV (Graham) €9.75 €13.06 €19.50 50
Growth DCF
Growth DCF €0.3500 80
Economic Profit
Residual Income €13.32 €12.79 €10.51 76

Widest divergence: Asset-Based (€13.06) versus Dividend Discount (€1.48). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) €22.5M
Revenue growth (YoY) +3.6%
Net margin 56.9%
Return on equity 5.0%
Free cash flow €16.7M FY2025
P/E ratio 10.7
More key figures
Operating margin 77.8%
EPS (TTM) €0.9400
EPS growth (YoY) -26.3%
Net debt €198M FY2025

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 65/100

Of which business quality 62 · Market factors (momentum, volatility) 66

Profitability 34
Margins and returns on capital today
Quality Growth 51
Are margins and returns improving?
Cashflow 88
Earnings quality: real cash, not paper profit
Fin. Strength 43
Balance sheet, leverage, solvency risk
Investment 93
Disciplined investing over empire-building
Low Volatility 91
Calm price path (market factor)
Momentum 47
Price trend over the last 3–12 months (market factor)
52W Momentum 69
Distance to the 52-week high (market factor)
Net Issuance 79
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Societe Centrale des Bois et Scieries de la Manche engages in the ownership, management, and lease of real estate properties in France. It leases offices, business properties, mixed activity locations, and residences. The company is based in Paris, France.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Societe Centrale des Bois et Scieries de la Manche reported revenue of €22.5M in FY2025 versus €17.6M in FY2021, a compound +6.4%/yr. Reported net income was €12.8M in FY2025, compounding −5.4%/yr from FY2021.

Growth Quality 74/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
€22.5M
Latest YoY
+4.3%
Avg. growth/yr (3Y) 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.
+6.3%
Avg. growth/yr (5Y) 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.
+5.2%
Avg. growth/yr (20Y) 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.
+5.1%
Revenue +6.4%/yr
FY21 €17.6M
FY22 €18.8M
FY23 €20.1M
FY24 €21.6M
FY25 €22.5M
Net income −5.4%/yr
FY21 €16.0M
FY22 €33.8M
FY23 €9.4M
FY24 €328K
FY25 €12.8M

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Cite: Fair Value Calculator (2026). "Societe Centrale des Bois et Scieries de la Manche Fair Value". https://www.fairvalue-calculator.com/stock/CBSM

Peer Group

REIT - Diversified · 165 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 66 · Top 25%
Fair Value upside +18% · Above median
Return on equity (TTM) 5% · Above median
Return on assets 2% · Above median
Net margin (TTM) 57% · Above median
Operating margin (TTM) 78% · Top 25%
Revenue growth 4% · Above median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.84× · Higher than median

Valuation Multiples vs REIT - Diversified median · lower = cheaper

P/E (TTM) 10.7× · Cheaper than median
P/B 0.60× · Cheaper than median
P/S (TTM) 6.99× · Pricier than median
P/FCF 9.5× · Pricier than median
EV/EBITDA 18.9× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 57 · sector 13
FUTURE 18 · sector 13
PAST 20 · sector 20
HEALTH 58 · sector 72
DIVIDEND 0 · sector 97

Values & ESG

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

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more REIT - Diversified stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
Goodman Group GMG A$29.11 A$7.37 -75%
VICI Properties Inc VICI $26.73 $41.74 +56%
W. P. Carey Inc WPC $76.69 $35.59 -54%
Charter Hall Group CHC A$21.90 A$11.46 -48%
Fibra Uno FUNO11 31.10 MXN 63.56 MXN +104%
COV COV €52.55 €62.39 +19%
The GPT Group GPT A$4.89 A$3.49 -29%
Mirvac Group MGR A$1.70 A$0.5700 -66%
KLCC Property Holdings 5235SS 8.85 MYR 6.91 MYR -22%
CRRUN CRRUN C$17.65 C$17.89 +1%

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Frequently asked questions

Is Societe Centrale des Bois et Scieries de la Manche (CBSM) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of €11.67 versus a price of €9.90, about +18% (undervalued).
What is the fair value of CBSM?
Our model-based fair value for Societe Centrale des Bois et Scieries de la Manche is €11.67 (as of Jul 17, 2026), built from audited fundamentals. The current price is €9.90.
What is the quality score of CBSM?
Societe Centrale des Bois et Scieries de la Manche has a Quality Score of 65/100. 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 revenue of Societe Centrale des Bois et Scieries de la Manche (CBSM)?
Societe Centrale des Bois et Scieries de la Manche reported trailing-twelve-month revenue of about €22.5M (latest available figure, as of Jul 17, 2026).
What is the net profit margin of CBSM?
The net profit margin of Societe Centrale des Bois et Scieries de la Manche is about 56.9%, meaning it keeps roughly 56.9% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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