EN DE
Check 35,000+ stocks against 26 valuation models and 37 quality factors
Data-driven stock valuation

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

As of Oct 2, 2026: fair value of Cmb.Tech NV NOK 73.58, price NOK 188, upside -60.9%, quality 29 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
  3. Add to watchlist

Energy · NO · ISIN BE0003816338

CT Some data Sep 24, 2026

Cmb.Tech NV

CMBTO · OL

Weakest SetupStrongly overvalued and low quality.

!Fair value kr 73.58 · Strongly overvalued (−60.9%)
!Quality 29/100
!Expensive Growth (revenue 3y +24.9 %/yr)
✓Highly profitable · 24.9% net margin (TTM)
!High debt · negative free cash flow
!0.2% dividend yield · Token dividend
✓Wide moat 72/100
!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

kr 194.80 kr 76.08 Fair Value kr 73.58 Aug 2025 Oct 2026

White line = price, green steps = our fair value per fiscal year. As of Sep 24, 2026.

How to read this chart

13‑month range kr 76.08 – kr 194.80 · fair‑value band kr 70.14 – kr 91.70 · the kr 188.40 price screens above the kr 73.58 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Sep 24, 2026.

Which stocks are undervalued right now? Check free Discover now →

Company profile

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

Show more

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 (CMBTO) currently trades at kr 188.40, while our model-based Fair Value estimate is kr 73.58, 60.9% below the price, so the stock looks overvalued today.

Show more

Valuation

Bull case: the Growth Earnings group reads highest at a median of kr 218.39 per share, and 2 of the 9 models we run sit above the kr 188.40 price.

Bear case: the Asset-Based group reads lowest at kr 58.23, and 7 of the 9 models stay below the price. Evidence for this calculation is medium.

Scenario range: kr 70.14 (bear) to kr 91.70 (bull), the price of kr 188.40 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 29/100 (below-average quality), in the Energy sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Cmb.Tech NV reported revenue of $1.7B in FY2025 versus $420M in FY2021, a compound +41.1%/yr. Reported net income was $161M in FY2025.

Key figures

Market cap 54.7B NOK (≈ $5.7B) · P/E ratio 10.8 · P/S ratio 1.04 · EPS (TTM) kr 17.44 · Dividend yield 0.2% · Net margin 9.6% · Return on equity 16.8% · Return on assets (EBIT) 5.7%.

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 3% below its 52-week high and 124% 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 −61%, CMBTO screens richer than that median.

Fair Value models

Bear kr 70.14 Fair Value kr 73.58 Bull kr 91.70
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 12.84 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. 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
Residual Income kr 67.69 kr 69.57 kr 75.12 71
P/E Multiple kr 55.90 kr 74.54 kr 93.17 63
Growth-Adj P/E kr 152.87 kr 218.39 kr 283.91 63
All 11 models by family
Earnings-Based
Graham-Dodd kr 36.20 kr 252.48 kr 354.31 59
Lynch FV kr 130.44 kr 186.34 kr 242.24 57
PEG = 1.0 kr 130.44 kr 186.34 kr 242.24 53
Multiples
P/E Multiple kr 55.90 kr 74.54 kr 93.17 63
P/S Multiple kr 49.68 kr 66.24 kr 82.80 58
P/B Multiple kr 67.88 kr 90.51 kr 113.14 55
EV/EBIT n/a n/a kr 1.80 61
EV/EBITDA n/a n/a kr 36.92 62
Asset-Based
NCAV (Graham) kr 43.46 kr 58.23 kr 86.91 54
Economic Profit
Residual Income kr 67.69 kr 69.57 kr 75.12 71
Growth Earnings
Growth-Adj P/E kr 152.87 kr 218.39 kr 283.91 63

Open the full fair value analysis →

Notify me when CMBTO reaches fair value

Put CMBTO on your watchlist. We get in touch as soon as price and fair value meet or the trend turns.

Set up alert →

Quality Score breakdown

Overall quality 29/100

Of which business quality 28 · Market factors (momentum, volatility) 89

Profitability 24
Margins and returns on capital today
Quality Growth 32
Are margins and returns improving?
Cashflow 48
Earnings quality: real cash, not paper profit
Fin. Strength 32
Balance sheet, leverage, solvency risk
Investment 23
Disciplined investing over empire-building
Low Volatility 74
Calm price path (market factor)
Momentum 94
Price trend over the last 3–12 months (market factor)
52W Momentum 97
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

Open the full quality analysis →

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. 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+77.2%
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.
+24.9%
What shareholders gained per year (last 3 years) ⓘ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 3 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. Basis: EBIT basis.
−13.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year−13.5%
Dividend (yield on the price)0.2%
Profit margin 2021 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.−71% → 22%

CMBTO screens overvalued: fair value 61% below the price. Compare with Enbridge Inc →

Compare Cmb.Tech NV with another stock

Price, fair value, quality and upside side by side.

Free, no sign-up

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%

Explore undervalued stocks

More undervalued Energy stocks →

All undervalued stocks TechnologyFinancial ServicesHealthcareConsumer CyclicalConsumer DefensiveCommunication ServicesIndustrialsEnergyBasic MaterialsReal EstateUtilities Deeply Undervalued StocksUndervalued High-Quality StocksUndervalued Blue-Chip StocksUndervalued Small-Cap StocksUndervalued Dividend Stocks

Try a ready-made strategy

Pick a strategy and jump into the live analysis with that exact screen applied.

🥇 Backtested Best 🏆 Big Names ⭐ Top Rated 💎 Quality on Sale 🚀 Profitable Growth 🧊 Quality Compounders 💵 Dividend Stars 📈 Strong Momentum 📉 Fallen Angels ⚖️ Deeply Undervalued 🔍 Small-Cap Gems 🏰 Moat at a Fair Price 💼 Insider Buying 🎩 Buffett-Style Quality 📚 Peter Lynch GARP 🧮 Greenblatt Magic Formula 🛡️ Graham Defensive

Discover tools

Stock screenerFilter by region, size and sector Compare toolTwo stocks side by side Extrinsic Value Calculator…Calculator with industry benchmark Peter Lynch Fair Value Formula &…Calculator with industry benchmark
Run the numbers yourself: free valuation calculators
DCF CalculatorGraham NumberPeter Lynch FormulaDDM CalculatorFama-French ModelIntrinsic Value
For bloggers & editors: embed code + live data

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.

Cmb.Tech NV · Fair Value
kr 73.58 −61%Fair Value
Calculator →

Cite: Fair Value Calculator (2026). "Cmb.Tech NV Fair Value". https://www.fairvalue-calculator.com/stock/CMBTO

Frequently asked questions

Is Cmb.Tech NV (CMBTO) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 73.58 versus a price of kr 188.40, about −61% upside (overvalued).
What is the fair value of CMBTO?
Our model-based fair value for Cmb.Tech NV is kr 73.58 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 188.40.
What is the quality score of CMBTO?
Cmb.Tech NV has a Quality Score of 29/100. 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 (CMBTO)?
Our model-based price target is the fair value of kr 73.58 (as of Sep 24, 2026) from 11 valuation models. Cautious scenario kr 70.14, optimistic scenario kr 91.70. 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 kr 73.58, about −61% upside versus a price of kr 188.40 (overvalued). Cautious scenario kr 70.14, optimistic scenario kr 91.70. The calculation is refreshed regularly with new filings.
What is the revenue of Cmb.Tech NV (CMBTO)?
Cmb.Tech NV reported trailing-twelve-month revenue of about $2.0B (latest available figure, as of Sep 24, 2026).
Does Cmb.Tech NV pay a dividend?
Cmb.Tech NV currently shows a dividend yield of about 0.24% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Cmb.Tech NV (CMBTO)?
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 kr 73.58 per share (as of Sep 24, 2026), against a price of kr 188.40. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is Cmb.Tech NV stock overvalued or undervalued in 2026?
As of Sep 24, 2026, CMBTO trades above its calculated fair value: price kr 188.40, fair value kr 73.58, a gap of about −61% (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 CMBTO?
No. The price is what the market pays today (kr 188.40); the fair value is what the company's own numbers justify (kr 73.58). For Cmb.Tech NV the two are kr 114.82 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 54.7B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 188.40; our models calculate a fair value of kr 73.58 per share.
What do the bullish and bearish scenarios say about CMBTO?
Our models span a range for Cmb.Tech NV: cautious scenario kr 70.14, base kr 73.58, optimistic kr 91.70 per share (as of Sep 24, 2026, price kr 188.40). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is CMBTO from its 52-week high?
Cmb.Tech NV trades at kr 188.40, about 3% below its 52-week high of kr 194.80 and 124% above the low of kr 83.99 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of kr 73.58 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 kr 188.40, calculated fair value kr 73.58 (−61%), Quality Score 29/100, from 11 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 CMBTO calculated?
We run Cmb.Tech NV through 11 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 73.58, 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 (CMBTO)?
The closing price on Oct 2, 2026 was kr 188.40. Our model-based fair value is kr 73.58, about −61% 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 (kr 91.70). The favourable scenario is already priced in. Weak quality (29/100) and above fair value at the same time, the margin of safety is missing on both counts.

Key figures of Cmb.Tech NV

How large is the market capitalisation of Cmb.Tech NV (CMBTO)?
The market capitalisation of Cmb.Tech NV is 54.7B NOK (≈ $5.7B). 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/E ratio of Cmb.Tech NV (CMBTO)?
The price-to-earnings ratio of Cmb.Tech NV is 10.8. Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of Cmb.Tech NV (CMBTO)?
The price-to-sales ratio of Cmb.Tech NV is 1.04 (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 Cmb.Tech NV (CMBTO)?
Earnings per share at Cmb.Tech NV are kr 17.44 (price ÷ EPS = P/E 10.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Cmb.Tech NV (CMBTO)?
The dividend yield of Cmb.Tech NV is 0.2% (payout 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 (CMBTO)?
The net margin of Cmb.Tech NV is 9.6% (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 Cmb.Tech NV (CMBTO)?
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 (CMBTO)?
On an EBIT basis the return on assets of Cmb.Tech NV is 5.7% (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 Cmb.Tech NV (CMBTO)?
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 (CMBTO)?
Revenue at Cmb.Tech NV is growing +121% versus a year earlier (3y avg +24.9%). 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 (CMBTO)?
Earnings per share at Cmb.Tech NV are growing +461% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Cmb.Tech NV (CMBTO) generate?
The free cash flow of Cmb.Tech NV is −$588M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Cmb.Tech NV (CMBTO) carry?
The net debt of Cmb.Tech NV is $5.4B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed

Continue in the live analysis

Fair value and trend for 35,000+ stocks, watchlist, comparison and the diversification check. You can also try 14 days of Pro there, no card.

Open the live analysis →

Zero risk: nothing is ever charged. Your watchlist is yours, with or without an account.