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CM.com NV (CMCOM) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of CM.com NV €2.10, price €6.80, upside -69.1%, quality 38 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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Technology · NL · ISIN NL0012747059

CC Thin data Sep 23, 2026

CM.com NV

CMCOM · AS

Weakest SetupStrongly overvalued and low quality.

!Fair value €2.10 · Strongly overvalued (−69%)
!Quality 38/100
!Weak Growth (revenue 5y +12.9 %/yr)
!Loss-making · -1.5% net margin (TTM)
!High debt · generates free cash flow
!Trails peers (1/11)
!Narrow moat 18/100
!Evidence only low, so the estimate is less certain
!The models disagree: range €1.01 to €3.56
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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

€46.45 €3.97 Fair Value €2.10 Aug 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

60‑month range €3.97 – €46.45 · fair‑value band €1.01 – €3.56 · the €6.80 price screens above the €2.10 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

CM.com N.V. provides cloud software for conversational commerce worldwide. The company operates in four segments: Connect, Engage, Pay and Live.

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CM.com N.V. provides cloud software for conversational commerce worldwide. The company operates in four segments: Connect, Engage, Pay and Live. The company offers HALO Al agents, Al engine for 1:1 personalization, and customer data platform for unified customer profiles; service cloud, a shared agent inbox; marketing cloud for marketing campaigns; event app, a festival and event app, and event marketing for data driven communication; business messaging, one time password, and verification APIs; SIP trunking and voice API; online payments For webshops and e-commerce; in-person payments for fixed and mobile terminals; ticketing for ticket sales and registrations; and cash register for cashless event payments. It serves charities, financial services, government, healthcare, leisure and travel, logistics and transport, museums, zoos and parks, music and live, professional services, retail and e-commerce, sports, tech and media, and utilities and telco markets. The company was formerly known as CM.Com B.V. and changed its name to CM.com N.V. in February 2020. CM.com N.V. was founded in 1999 and is headquartered in Breda, the Netherlands.

Stock analysis

CM.com NV (CMCOM) currently trades at €6.80, while our model-based Fair Value estimate is €2.10, implying the stock looks roughly 223.8% overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of €8.35 per share, and 3 of the 9 models we run sit above the €6.80 price.

Bear case: the Asset-Based group reads lowest at €0.5500, and 6 of the 9 models stay below the price. Evidence for this calculation is low.

Scenario range: €1.01 (bear) to €3.56 (bull), the price of €6.80 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 38/100 (below-average quality), in the Technology sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

CM.com NV reported revenue of €259M in FY2025 versus €237M in FY2021, a compound +2.3%/yr. Reported net income was −€3.8M in FY2025.

Key figures

Market cap €240M · P/S ratio 0.93 · EPS (TTM) €−0.1200 · Net margin −1.5% · Return on equity −22.2% · Return on assets (EBIT) −8.2% · Operating margin −0.3% · Revenue (TTM) €259M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).

What moves the price

The share trades about 8% below its 52-week high and 71% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Technology peers we cover trades at −14% fair-value upside, at −69%, CMCOM screens richer than that median.

Fair Value models

Bear €1.01 Fair Value €2.10 Bull €3.56
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. 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 €1.11 €2.30 €3.91 77
Growth DCF €1.08 €2.14 €3.49 76
Owner Earnings €5.24 €8.53 €13.02 75
All 9 models by family
DCF Models
FCF DCF €1.11 €2.30 €3.91 77
Owner Earnings €5.24 €8.53 €13.02 75
5Y Revenue Exit €0.0800 €0.5500 €1.12 66
5Y EBITDA Exit €3.49 €7.31 €12.01 72
10Y Revenue Exit €0.4800 €1.02 €1.70 64
10Y EBITDA Exit €2.40 €5.16 €9.20 65
Multiples
EV/EBITDA €5.96 €8.35 €10.75 67
Asset-Based
NCAV (Graham) €0.4100 €0.5500 €0.8200 54
Growth DCF
Growth DCF €1.08 €2.14 €3.49 76

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Quality Score breakdown

Overall quality 38/100

Of which business quality 37 · Market factors (momentum, volatility) 69

Profitability 26
Margins and returns on capital today
Quality Growth 55
Are margins and returns improving?
Cashflow 32
Earnings quality: real cash, not paper profit
Fin. Strength 15
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 48
Calm price path (market factor)
Momentum 73
Price trend over the last 3–12 months (market factor)
52W Momentum 89
Distance to the 52-week high (market factor)
Net Issuance 26
Share count: buybacks or dilution?

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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. 40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−5.4%
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.
−2.9%
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.
+12.9%
Start year 2020 (pandemic). Over 10 years: +13.9% a year
Revenue growth 10 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.
+13.9%
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.
−6.7% (2020) → −1.8% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

Growth Forecast

A lot of optimism in the price
The price assumes more 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).
+55.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +52.1% a year for the price.

CMCOM screens 224% overvalued. Compare with SAP SE →

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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.Software - Application · 721 stocks

Beats the industry median on 1/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 38 · Bottom 25%
Fair Value upside −69% · Bottom 25%
Profitability
Return on assets −1% · Below median
Net margin (TTM) −1% · Below median
Operating margin (TTM) 0% · Below median
Growth and dividend
Revenue growth −4% · Below median
Balance sheet
Debt / equity 2.70× · Highest 25%

Valuation Multiplesvs Software - Application median · lower = cheaper

P/B 10.03× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (TTM) 1.06× · Cheaper than median
P/FCF 127.6× · Priciest 25%

Context: sector, industry, market

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

Similar stocks

10 more Software - Application stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
SAP SE SAP €184.18 €159.06 −14%
Shopify Inc SHOP $142.34 $64.36 −55%
Uber Technologies, Inc UBER $69.89 $104.82 +50%
Salesforce, Inc CRM $233.28 $344.41 +48%
ServiceNow, Inc NOW $140.78 $154.86 +10%
Cadence Design Systems, Inc CDNS $309.09 $225.14 −27%
Snowflake Inc SNOW $334.81 $75.08 −78%
Datadog, Inc DDOG $251.49 $32.92 −87%
Adobe Inc ADBE $238.25 $454.04 +91%
Automatic Data Processing, Inc ADP $263.68 $177.51 −33%

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CM.com NV · Fair Value
€2.10 −224%Fair Value
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Cite: Fair Value Calculator (2026). "CM.com NV Fair Value". https://www.fairvalue-calculator.com/stock/CMCOM

Frequently asked questions

Is CM.com NV (CMCOM) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of €2.10 versus a price of €6.80, about −69% upside (overvalued).
What is the fair value of CMCOM?
Our model-based fair value for CM.com NV is €2.10 (as of Sep 23, 2026), built from audited fundamentals. The current price: €6.80.
What is the quality score of CMCOM?
CM.com NV has a Quality Score of 38/100. 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 CM.com NV (CMCOM)?
Our model-based price target is the fair value of €2.10 (as of Sep 23, 2026) from 9 valuation models. Cautious scenario €1.01, optimistic scenario €3.56. It is a calculation from audited fundamentals, not an analyst target.
What is the CM.com NV stock forecast for 2026?
Our models put fair value at €2.10, about −69% upside versus a price of €6.80 (overvalued). Cautious scenario €1.01, optimistic scenario €3.56. The calculation is refreshed regularly with new filings.
What is the revenue of CM.com NV (CMCOM)?
CM.com NV reported trailing-twelve-month revenue of about €259M (latest available figure, as of Sep 23, 2026).
What growth is priced into CM.com NV (CMCOM)?
For today's price to be fair in a discounted-cash-flow model, CM.com NV would have to grow free cash flow by +55.4 % per year for five years (discount rate 13.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.9 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of CMCOM use?
Our models discount CM.com NV at 13.1 %: a base by market capitalisation (micro), damped by beta 1.18, country premium for Netherlands. 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 CM.com NV that is +55.4 % per year a year over ten years, using the same discount rate (13.1 %) and the same formula as our fair value.
How much growth has CM.com NV (CMCOM) delivered so far?
Over the past 5 years revenue at CM.com NV grew +12.9 % a year. The price currently implies +55.4 % 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 CM.com NV (CMCOM) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into CM.com NV (+55.4 % 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 CM.com NV (CMCOM)?
The free-cash-flow yield on the price is 1.00 %: that much free cash flow CM.com NV produces per unit of market value. When it exceeds the discount rate of our models (13.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of CM.com NV (CMCOM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For CM.com NV it is €2.10 per share (as of Sep 23, 2026), against a price of €6.80. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is CM.com NV stock overvalued or undervalued in 2026?
As of Sep 23, 2026, CMCOM trades above its calculated fair value: price €6.80, fair value €2.10, a gap of about −69% (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 CMCOM?
No. The price is what the market pays today (€6.80); the fair value is what the company's own numbers justify (€2.10). For CM.com NV the two are €4.70 per share apart. That gap is exactly why we show both numbers side by side.
How much is CM.com NV worth?
The market values CM.com NV at about €240M (market capitalisation, as of Sep 23, 2026). Per share that is €6.80; our models calculate a fair value of €2.10 per share.
What do the bullish and bearish scenarios say about CMCOM?
Our models span a range for CM.com NV: cautious scenario €1.01, base €2.10, optimistic €3.56 per share (as of Sep 23, 2026, price €6.80). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of CM.com NV (CMCOM)?
Balance-sheet figures for CM.com NV (as of Sep 23, 2026): return on equity −22.2%, debt of 2.70 per unit of equity. They feed the Quality Score of 38/100, which measures business quality independently of the share price.
How far is CMCOM from its 52-week high?
CM.com NV trades at €6.80, about 8% below its 52-week high of €7.42 and 71% above the low of €3.97 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of €2.10 is for.
Which stocks are comparable to CM.com NV?
From the same area (Technology) we also value SAP SE, Shopify Inc, Uber Technologies, Inc, Salesforce, Inc, 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 CM.com NV stock attractive at the current price?
The data as of Sep 23, 2026: price €6.80, calculated fair value €2.10 (−69%), Quality Score 38/100, from 9 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 CMCOM calculated?
We run CM.com NV through 9 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 €2.10, 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 13.0 % above its aggregate fair value. CM.com 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 CM.com NV (CMCOM)?
The closing price on Sep 24, 2026 was €6.80. Our model-based fair value is €2.10, about −69% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with CM.com NV right now?
The price sits above even our optimistic bull case (€3.56). The favourable scenario is already priced in. Weak quality (38/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide (€1.01 to €3.56). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of CM.com NV

How large is the market capitalisation of CM.com NV (CMCOM)?
The market capitalisation of CM.com NV is €240M. 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 CM.com NV (CMCOM)?
The price-to-sales ratio of CM.com NV is 0.93 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of CM.com NV (CMCOM)?
Earnings per share at CM.com NV are €−0.1200. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of CM.com NV (CMCOM)?
The net margin of CM.com NV is −1.5% (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 CM.com NV (CMCOM)?
The return on equity (ROE) of CM.com NV is −22.2% (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 CM.com NV (CMCOM)?
On an EBIT basis the return on assets of CM.com NV is −8.2% (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 CM.com NV (CMCOM)?
The operating margin of CM.com NV is −0.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at CM.com NV (CMCOM)?
Revenue at CM.com NV is growing −3.5% versus a year earlier (3y avg −2.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net cash does CM.com NV (CMCOM) hold?
CM.com NV holds more cash than debt, €33.2M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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