Cemat A/S (CEMAT) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Cemat A/S DKK 2.18, price DKK 0.85, upside +156.5%, quality 73 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
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 kr 0.5600 – kr 1.60 · fair‑value band kr 1.29 – kr 3.31 · the kr 0.8500 price screens below the kr 2.18 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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Cemat A/S develops, operates, and sells properties in Poland. It operates in two segments, Property Management and Property Development. The Property Management segment engages in the letting of premises and land; and provision of utilities to tenants, including power, water, natural gas, and facility services.
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Cemat A/S develops, operates, and sells properties in Poland. It operates in two segments, Property Management and Property Development. The Property Management segment engages in the letting of premises and land; and provision of utilities to tenants, including power, water, natural gas, and facility services. The Property Development segment is involved in the preparation and implementation of development projects primarily in the field of housing and commercial space. The company was formerly known as Topsil Semiconductor Materials A/S and changed its name to Cemat A/S in July 2016. Cemat A/S was founded in 1959 and is headquartered in Copenhagen, Denmark.
Stock analysis
Cemat A/S (CEMAT) currently trades at kr 0.8500, while our model-based Fair Value estimate is kr 2.18, implying the stock looks roughly 61.0% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 3.92 per share, and 13 of the 14 models we run sit above the kr 0.8500 price.
Bear case: the Asset-Based group reads lowest at kr 0.6400, and 1 of the 14 models stay below the price. Evidence for this calculation is low.
Scenario range: kr 1.29 (bear) to kr 3.31 (bull), the price of kr 0.8500 sits below 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 73/100 (solid quality), in the Real Estate sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Cemat A/S reported revenue of 165M DKK in FY2025 versus 21.3M DKK in FY2021, a compound +66.7%/yr. Reported net income was 61.7M DKK in FY2025, compounding +26.4%/yr from FY2021.
Key figures
Market cap 212M DKK (≈ $32.3M) · P/E ratio 3.4 · P/S ratio 1.27 · EPS (TTM) kr 0.2500 · Net margin 37.5% · Return on equity 29.4% · Return on assets (EBIT) 3.7% · Operating margin 25.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −37% fair-value upside, at 156%, CEMAT screens cheaper than that median.
Fair Value models
Bear kr 1.29Fair Value kr 2.18Bull kr 3.31
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (kr 0.1836 per share) are deliberately not added.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 ⓘ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.
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.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+318.0%
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.
+83.7%
Revenue growth 5 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.
+53.1%
Start year 2020 (pandemic). Over 10 years: −5.4% a year
Revenue growth 25 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.
+1.4%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+44.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+44.8%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘ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.6% → 24%
2025 sits 406% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
⚠ Revenue per share shrinking 10.8%/yr over ~10Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−25.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Denmark: IMF forecast 2.1% a year to 2030, 2.0% from 2016 to 2025) that is about −27.2% a year for the price.
News mood ⓘNews mood, the average tone of recent news (4 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Real Estate Services · 547 stocks
Beats the industry median on 11/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score72 · Top 25%
Fair Value upside+157% · Top 25%
Profitability
Return on equity (TTM)29% · Top 25%
Return on assets7% · Top 25%
Net margin (TTM)38% · Above median
Operating margin (TTM)26% · Above median
Growth and dividend
Revenue growth650% · Top 25%
Valuation Multiplesvs Real Estate Services median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Cemat A/S Fair Value". https://www.fairvalue-calculator.com/stock/CEMAT
Frequently asked questions
Is Cemat A/S (CEMAT) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 2.18 versus a price of kr 0.8500, about +156% upside (undervalued).
What is the fair value of CEMAT?
Our model-based fair value for Cemat A/S is kr 2.18 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 0.8500.
What is the quality score of CEMAT?
Cemat A/S has a Quality Score of 73/100. 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 Cemat A/S (CEMAT)?
Our model-based price target is the fair value of kr 2.18 (as of Sep 24, 2026) from 14 valuation models. Cautious scenario kr 1.29, optimistic scenario kr 3.31. It is a calculation from audited fundamentals, not an analyst target.
What is the Cemat A/S stock forecast for 2026?
Our models put fair value at kr 2.18, about +156% upside versus a price of kr 0.8500 (undervalued). Cautious scenario kr 1.29, optimistic scenario kr 3.31. The calculation is refreshed regularly with new filings.
What is the revenue of Cemat A/S (CEMAT)?
Cemat A/S reported trailing-twelve-month revenue of about 165M DKK (latest available figure, as of Sep 24, 2026).
What growth is priced into Cemat A/S (CEMAT)?
For today's price to be fair in a discounted-cash-flow model, Cemat A/S would have to grow free cash flow by -25.6 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +53.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of CEMAT use?
Our models discount Cemat A/S at 8.3 %: a base by market capitalisation (nano), damped by beta 0.43, country premium for Denmark. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Cemat A/S that is -25.6 % per year a year over ten years, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has Cemat A/S (CEMAT) delivered so far?
Over the past 5 years revenue at Cemat A/S grew +53.1 % a year. The price currently implies -25.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Cemat A/S (CEMAT) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Cemat A/S (-25.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Cemat A/S (CEMAT)?
The free-cash-flow yield on the price is 24.75 %: that much free cash flow Cemat A/S produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Cemat A/S (CEMAT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Cemat A/S it is kr 2.18 per share (as of Sep 24, 2026), against a price of kr 0.8500. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Cemat A/S stock overvalued or undervalued in 2026?
As of Sep 24, 2026, CEMAT trades below its calculated fair value: price kr 0.8500, fair value kr 2.18, a gap of about +156% (undervalued). 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 CEMAT?
No. The price is what the market pays today (kr 0.8500); the fair value is what the company's own numbers justify (kr 2.18). For Cemat A/S the two are kr 1.33 per share apart. That gap is exactly why we show both numbers side by side.
How much is Cemat A/S worth?
The market values Cemat A/S at about 212M DKK (market capitalisation, as of Sep 24, 2026). Per share that is kr 0.8500; our models calculate a fair value of kr 2.18 per share.
What do the bullish and bearish scenarios say about CEMAT?
Our models span a range for Cemat A/S: cautious scenario kr 1.29, base kr 2.18, optimistic kr 3.31 per share (as of Sep 24, 2026, price kr 0.8500). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CEMAT?
Cemat A/S trades at a price-to-earnings ratio of 3.4 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 2.18 is built from several models across several years. Other multiples: P/B 0.9, P/S 1.3, EV/EBITDA 4.3.
How solid is the balance sheet of Cemat A/S (CEMAT)?
Balance-sheet figures for Cemat A/S (as of Sep 24, 2026): return on equity 29.4%. They feed the Quality Score of 73/100, which measures business quality independently of the share price.
How far is CEMAT from its 52-week high?
Cemat A/S trades at kr 0.8500, about 14% below its 52-week high of kr 0.9880 and 5% above the low of kr 0.8120 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 2.18 is for.
Which stocks are comparable to Cemat A/S?
From the same area (Real Estate) we also value Vingroup Joint Stock Company, CBRE Group, Vonovia SE, Cellnex Telecom, S.A, 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 Cemat A/S stock attractive at the current price?
The data as of Sep 24, 2026: price kr 0.8500, calculated fair value kr 2.18 (+156%), Quality Score 73/100, from 14 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 CEMAT calculated?
We run Cemat A/S through 14 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 kr 2.18, 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 14.0 % above its aggregate fair value. Cemat A/S currently trades 156 % below its own fair value, and the market average says nothing about that. 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 Cemat A/S (CEMAT)?
The closing price on Sep 24, 2026 was kr 0.8500. Our model-based fair value is kr 2.18, about +156% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Cemat A/S right now?
The rarer combination: high quality (73/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (kr 1.29). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (kr 1.29 to kr 3.31) leaves room in how you read the outcome.
Key figures of Cemat A/S
How large is the market capitalisation of Cemat A/S (CEMAT)?
The market capitalisation of Cemat A/S is 212M DKK (≈ $32.3M). 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 Cemat A/S (CEMAT)?
The price-to-sales ratio of Cemat A/S is 1.27 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Cemat A/S (CEMAT)?
Earnings per share at Cemat A/S are kr 0.2500 (price ÷ EPS = P/E 3.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Cemat A/S (CEMAT)?
The net margin of Cemat A/S is 37.5% (fiscal year 2025). 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 Cemat A/S (CEMAT)?
The return on equity (ROE) of Cemat A/S is 29.4% (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 Cemat A/S (CEMAT)?
On an EBIT basis the return on assets of Cemat A/S is 3.7% (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 Cemat A/S (CEMAT)?
The operating margin of Cemat A/S is 25.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Cemat A/S (CEMAT)?
Revenue at Cemat A/S is growing +650% versus a year earlier (3y avg +83.7%). 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 Cemat A/S (CEMAT)?
Earnings per share at Cemat A/S are growing +310% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Cemat A/S (CEMAT) carry?
The net debt of Cemat A/S is 9.9M DKK (fiscal year 2025, ≈ 0.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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