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Exmar NV (EXM) Fair Value & Analysis

Energy · BE · Market cap €914M

EN Exmar NV EXM · BR
Price€11.55
Fair Value€6.55
Upside-43.3%
Quality56/100
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Mixed Growth
Highly profitable · 30.0% net margin
Low debt · generates free cash flow
5.10% dividend yield
Mixed vs. peers (7/15)
Moderate moat 64/100
Evidence: High Range €5.31 – €8.81 Share as image

Fair value as of: Aug 6, 2026

From 24 valuation models · updated 4 days ago

Share price +3.6% over the past month.

A solid business, but screening 43% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (€8.81). The favourable scenario is already priced in.
  • Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

€11.65 €0.5137 Fair Value €6.55 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 6, 2026.

How to read this chart

60‑month range €0.5137 – €11.65 · fair‑value band €5.31 – €8.81 · the €11.55 price screens above the €6.55 fair value. Dashed = 300-day average. As of Aug 6, 2026.

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Analysis

Exmar NV (EXM) currently trades at €11.55, while our model-based Fair Value estimate is €6.55, implying the stock looks roughly 43.3% overvalued today. The Quality Score stands at 56/100 (solid quality), in the Energy sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Exmar NV generated revenue of €248M at a net margin of 30.0%. Revenue declined 10.2% year over year. It earns a return on equity of 12.8%. Net debt stands at €91.2M. Fundamentals as of Aug 6, 2026

Our scenario range runs from €5.31 (bear case) to €8.81 (bull case); at €11.55, the current price sits above 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 2% below its 52-week high and 174% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at -36% fair-value upside, at -43%, EXM screens richer 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 BearBaseBull Evidence
Highest evidence
Growth DCF €8.67 €11.11 €15.10 80
Residual Income €6.39 €7.39 €11.29 76
Rev-Margin DCF €4.68 €6.16 €8.15 74
All 24 models by family
DCF Models
FCF DCF €8.41 €10.97 €15.52 38
Owner Earnings €7.04 €9.21 €13.08 31
5Y Revenue Exit €4.68 €5.93 €7.78 39
5Y EBITDA Exit €5.94 €8.08 €11.00 41
5Y P/E Exit €8.23 €11.99 €16.60 38
10Y Revenue Exit €6.20 €7.35 €8.50 36
10Y EBITDA Exit €6.97 €8.61 €10.32 37
10Y P/E Exit €8.24 €10.90 €13.48 35
Earnings-Based
Graham-Dodd €6.62 €9.59 €11.30 54
EPV €5.54 €6.39 €7.10 59
Dividend Discount
Gordon GGM €14.12 €15.64 €17.53 70
DDM Multi-Stage €14.12 €17.37 €21.18 61
Multiples
P/E Multiple €10.22 €13.62 €17.03 63
P/S Multiple €2.92 €3.90 €4.87 58
P/B Multiple €9.32 €12.43 €15.54 55
EV/EBIT €5.94 €8.16 €10.37 53
EV/EBITDA €4.83 €6.66 €8.50 54
EV/Revenue €2.03 €3.20 €4.37 43
Asset-Based
NCAV (Graham) €3.45 €4.63 €6.91 50
Growth DCF
Growth DCF €8.67 €11.11 €15.10 80
Rev-Margin DCF €4.68 €6.16 €8.15 74
Economic Profit
Residual Income €6.39 €7.39 €11.29 76
ROIC Compounder €5.54 €6.39 €7.15 72
Growth Earnings
Growth-Adj P/E €7.35 €10.50 €13.65 68

Widest divergence: Dividend Discount (€15.64) versus Asset-Based (€4.63). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) €248M
Revenue growth (YoY) -10.2%
Net margin 30.0%
Return on equity 12.8%
Free cash flow €87.6M FY2025
P/E ratio 11.6
More key figures
Operating margin 10.1%
EPS (TTM) €0.9900
Dividend yield 5.1%
EPS growth (YoY) -87.9%
Net debt €91.2M FY2025

Figures from reported company fundamentals · as of Aug 6, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 56/100

Of which business quality 56 · Market factors (momentum, volatility) 76

Profitability 49
Margins and returns on capital today
Quality Growth 22
Are margins and returns improving?
Cashflow 84
Earnings quality: real cash, not paper profit
Fin. Strength 69
Balance sheet, leverage, solvency risk
Investment 82
Disciplined investing over empire-building
Low Volatility 59
Calm price path (market factor)
Momentum 74
Price trend over the last 3–12 months (market factor)
52W Momentum 97
Distance to the 52-week high (market factor)
Net Issuance 19
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

Exmar NV engages in the provision of shipping and floating infrastructure solutions worldwide. The company operates through Shipping, Infrastructure, and Supporting Services segments. It transports liquefied gas products, such as liquid natural gas, liquid petroleum gas, butane, propane, anhydrous ammonia, and petrochemical gases.

Full company description

Exmar NV engages in the provision of shipping and floating infrastructure solutions worldwide. The company operates through Shipping, Infrastructure, and Supporting Services segments. It transports liquefied gas products, such as liquid natural gas, liquid petroleum gas, butane, propane, anhydrous ammonia, and petrochemical gases. The company also offers floating infrastructure solutions to the oil and gas industries by making use of its asset portfolio, and through developing new assets for near-shore and offshore production, processing, storage or other ancillary services. In addition, it provides ship management, technical and crewing, consultancy and engineering, manufacturing, travel agency, yachting, and investment portfolio services, as well as manufactures ropes for marine, industrial, and offshore applications. The company serves fertilizer, clean energy fuel, and petrochemical industries. Exmar NV was founded in 1829 and is headquartered in Antwerp, Belgium. The company operates as a subsidiary of Saverex NV.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Exmar NV reported revenue of €258M in FY2025 versus €148M in FY2021, a compound +14.9%/yr. Reported net income was €77.4M in FY2025, compounding +60.7%/yr from FY2021.

Growth Quality 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
€258M
Latest YoY
−26.0%
Avg. growth/yr (3Y)
+18.4%
Avg. growth/yr (5Y)
−2.0%
Avg. growth/yr (22Y)
−0.9%
Revenue +14.9%/yr
FY21 €148M
FY22 €156M
FY23 €487M
FY24 €349M
FY25 €258M
Net income +60.7%/yr
FY21 €11.6M
FY22 €320M
FY23 €72.0M
FY24 €181M
FY25 €77.4M

EXM screens 43% overvalued. Compare with SLB N.V →

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Cite: Fair Value Calculator (2026). "Exmar NV Fair Value". https://www.fairvalue-calculator.com/stock/EXM

Peer Group

Oil & Gas Equipment & Services · 191 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 56 · Above median
Fair Value upside −43% · Below median
Return on equity (TTM) 13% · Above median
Return on assets 4% · Above median
Net margin (TTM) 30% · Top 25%
Operating margin (TTM) 10% · Above median
Revenue growth -10% · Below median
Dividend yield (TTM) 5.1% · Top 25%
Debt / equity 0.44× · Higher than median

Valuation Multiples vs Oil & Gas Equipment & Services median · lower = cheaper

P/E (TTM) 11.5× · Cheaper than median
P/B 1.93× · Pricier than median
P/S (TTM) 4.26× · Pricier than 75% of peers
P/FCF 12.1× · Pricier than median
EV/EBITDA 14.0× · Pricier than 75% of peers
PEG 1.29× · 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 0 · sector 0
FUTURE 0 · sector 0
PAST 51 · sector 28
HEALTH 78 · sector 92
DIVIDEND 100 · sector 31

VALUE 0: the price sits above our fair-value range.

Values & ESG

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

Oil & gas

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

Similar stocks

10 more Oil & Gas Equipment & Services stocks, each showing price versus our Fair Value estimate (as of Aug 6, 2026).

Stock Price Fair Value vs Fair Value
SLB N.V SLBN 836.00 MXN 533.97 MXN -36%
Baker Hughes Company BKR $55.95 $33.55 -40%
TechnipFMC plc FTI $74.57 $27.57 -63%
Halliburton Company HAL $35.22 $21.50 -39%
Tenaris S.A TS $57.16 $45.68 -20%
Yantai Jereh Oilfield Services Group 002353 ¥138.79 ¥34.17 -75%
Saipem SpA SPM €4.20 €2.72 -35%
Subsea 7 S.A SUBC kr 319.00 kr 227.98 -29%
China Oilfield Services Limited 601808 ¥12.08 ¥12.64 +5%
Gaztransport & Technigaz SA GTT €188.10 €95.01 -49%

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Frequently asked questions

Is Exmar NV (EXM) overvalued or undervalued?
As of Aug 6, 2026, our model estimates a fair value of €6.55 versus a price of €11.55, about −43% (overvalued).
What is the fair value of EXM?
Our model-based fair value for Exmar NV is €6.55 (as of Aug 6, 2026), built from audited fundamentals. The current price is €11.55.
What is the quality score of EXM?
Exmar NV has a Quality Score of 56/100. 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 Exmar NV (EXM)?
Exmar NV reported trailing-twelve-month revenue of about €248M (latest available figure, as of Aug 6, 2026).
What is the net profit margin of EXM?
The net profit margin of Exmar NV is about 30.0%, meaning it keeps roughly 30.0% of revenue as net income. Based on the latest reported figures.
Does Exmar NV pay a dividend?
Exmar NV currently shows a dividend yield of about 5.08% relative to its recent price (as of Aug 6, 2026).

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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