Costamare Bulkers Holdings Ltd

CMDB

IndustrialsMarine ShippingNYSE

$18.65

Market Cap: $450.97M

Costamare Bulkers Holdings Ltd (CMDB) Valuation Summary

Updated Apr 6, 2026 22:25

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$1.18 – $368.02	$100.78	+483.9%
Revenue DCF 10Y	$3.21 – $639.70	$172.10	+897.1%
▸ Trading Multiples
EV/Revenue	$49.34 – $159.36	$78.34	+353.9%

Valuation History

DCF Analysis

Costamare Bulkers Holdings Ltd (CMDB) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$172.10

Market Price

$18.65

Upside / Downside

+822.8%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -3.2% to a target of 10.3% over 5 years, discounted at a WACC of 7.5%, Costamare Bulkers Holdings Ltd (CMDB) has an intrinsic value of $172.10 per share (range: $3.21 – $639.70).

Key Assumptions

Current Operating Margin

-3.2%

Target Operating Margin

10.3%

WACC

7.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

10.9%

Target CapEx/Rev

8.1%

D&A/Revenue

5.4%

Tax Rate

0.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	851	26.3%	-0.5%	-4	-4	46	(90)	33	-81	-78
2027	1,056	24.0%	2.2%	23	23	57	(109)	14	-42	-38
2028	1,284	21.7%	4.9%	63	63	69	(129)	15	-12	-10
2029	1,533	19.3%	7.6%	116	116	83	(150)	17	33	26
2030	1,793	17.0%	10.3%	184	184	97	(170)	17	94	68
2031	2,056	14.7%	10.3%	211	211	111	(190)	17	116	77
2032	2,310	12.3%	10.3%	238	238	125	(207)	17	139	87
2033	2,541	10.0%	10.3%	261	261	137	(220)	15	163	95
2034	2,736	7.7%	10.3%	281	281	148	(229)	13	187	101
2035	2,881	5.3%	10.3%	296	296	156	(234)	10	209	105

Enterprise Value Bridge

Sum of PV(FCFF)431

Terminal Value (Gordon Growth at 3.0%)4,726

PV of Terminal Value2,367

Enterprise Value2,798

(–) Net Debt-20

Equity Value2,818

(÷) Shares Outstanding16

Fair Value per Share$172.10

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.3%	7.3%	10.3%	13.3%	16.3%
5.5%	$41	$191	$341	$490	$640
6.6%	$23	$128	$232	$337	$441
7.5%	$13	$93	$172	$251	$331
8.6%	$7	$71	$134	$197	$261
9.6%	$3	$56	$108	$160	$212

Current price: $18.65. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 6.7% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Costamare Bulkers Holdings Ltd (CMDB) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$100.78

Market Price

$18.65

Upside / Downside

+440.4%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-3.2%

Target Operating Margin

10.3%

WACC

7.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

10.9%

Target CapEx/Rev

8.1%

D&A/Revenue

5.4%

Tax Rate

0.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	838	24.4%	-0.5%	-4	-4	45	(87)	32	-77	-75
2027	1,007	20.1%	2.2%	22	22	54	(98)	11	-33	-29
2028	1,166	15.8%	4.9%	57	57	63	(108)	11	2	2
2029	1,301	11.6%	7.6%	99	99	70	(113)	9	47	37
2030	1,396	7.3%	10.3%	144	144	75	(113)	6	100	72

Enterprise Value Bridge

Sum of PV(FCFF)6

Terminal Value (Gordon Growth at 3.0%)2,253

PV of Terminal Value1,624

Enterprise Value1,630

(–) Net Debt-20

Equity Value1,650

(÷) Shares Outstanding16

Fair Value per Share$100.78

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.3%	7.3%	10.3%	13.3%	16.3%
5.5%	$21	$108	$195	$281	$368
6.6%	$12	$73	$134	$196	$257
7.5%	$7	$54	$101	$148	$195
8.6%	$3	$41	$79	$117	$155
9.6%	$1	$33	$65	$96	$128

Current price: $18.65. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 6.7% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$78.34

Market Price

$18.65

Upside / Downside

+320.0%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Costamare Bulkers Holdings Ltd (CMDB) has a fair value of $78.34 based on 8 comparable companies in the Marine Shipping industry.

EV/Revenue Valuation — Marine Shipping

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Costamare Bulkers Holdings LtdCMDB	305	0.4x	—
Safe Bulkers, Inc.SB	672	3.8x	4.0x
Himalaya Shipping Ltd.HSHP	658	10.0x	10.5x
Euroseas Ltd.ESEA	474	2.3x	2.5x
Pangaea Logistics Solutions, Ltd.PANL	470	1.2x	1.5x
StealthGas Inc.GASS	357	1.5x	1.8x
KNOT Offshore Partners LPKNOP	350	3.3x	4.2x
Wabash National CorporationWNC	347	0.5x	0.3x
flyExclusive, Inc.FLYX	195	1.1x	1.3x
Industry Median		1.9x	2.2x
(*) Revenue		674
= Enterprise Value		1,263
(-) Net Debt		-20
Equity Value		1,283
(/) Outstanding shares		16
Fair Price		$78

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$1.18 – $368.02

$100.78

+483.9%

Revenue DCF 10Y

$3.21 – $639.70

$172.10

+897.1%

▸ Trading Multiples

EV/Revenue

$49.34 – $159.36

$78.34

+353.9%

DCF Analysis

Costamare Bulkers Holdings Ltd (CMDB) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$172.10

Market Price

$18.65

Upside / Downside

+822.8%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-3.2%

Target Operating Margin

10.3%

WACC

7.5%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

10.9%

Target CapEx/Rev

8.1%

D&A/Revenue

5.4%

Tax Rate

0.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	851	26.3%	-0.5%	-4	-4	46	(90)	33	-81	-78
2027	1,056	24.0%	2.2%	23	23	57	(109)	14	-42	-38
2028	1,284	21.7%	4.9%	63	63	69	(129)	15	-12	-10
2029	1,533	19.3%	7.6%	116	116	83	(150)	17	33	26
2030	1,793	17.0%	10.3%	184	184	97	(170)	17	94	68
2031	2,056	14.7%	10.3%	211	211	111	(190)	17	116	77
2032	2,310	12.3%	10.3%	238	238	125	(207)	17	139	87
2033	2,541	10.0%	10.3%	261	261	137	(220)	15	163	95
2034	2,736	7.7%	10.3%	281	281	148	(229)	13	187	101
2035	2,881	5.3%	10.3%	296	296	156	(234)	10	209	105

Enterprise Value Bridge

Sum of PV(FCFF)431

Terminal Value (Gordon Growth at 3.0%)4,726

PV of Terminal Value2,367

Enterprise Value2,798

(–) Net Debt-20

Equity Value2,818

(÷) Shares Outstanding16

Fair Value per Share$172.10

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.3%	7.3%	10.3%	13.3%	16.3%
5.5%	$41	$191	$341	$490	$640
6.6%	$23	$128	$232	$337	$441
7.5%	$13	$93	$172	$251	$331
8.6%	$7	$71	$134	$197	$261
9.6%	$3	$56	$108	$160	$212

Current price: $18.65. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 6.7% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$78.34

Market Price

$18.65

Upside / Downside

+320.0%

Verdict

Undervalued

EV/Revenue Valuation — Marine Shipping

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Costamare Bulkers Holdings LtdCMDB	305	0.4x	—
Safe Bulkers, Inc.SB	672	3.8x	4.0x
Himalaya Shipping Ltd.HSHP	658	10.0x	10.5x
Euroseas Ltd.ESEA	474	2.3x	2.5x
Pangaea Logistics Solutions, Ltd.PANL	470	1.2x	1.5x
StealthGas Inc.GASS	357	1.5x	1.8x
KNOT Offshore Partners LPKNOP	350	3.3x	4.2x
Wabash National CorporationWNC	347	0.5x	0.3x
flyExclusive, Inc.FLYX	195	1.1x	1.3x
Industry Median		1.9x	2.2x
(*) Revenue		674
= Enterprise Value		1,263
(-) Net Debt		-20
Equity Value		1,283
(/) Outstanding shares		16
Fair Price		$78