| Valuation method | Value, € | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 7827.89 | 8097 |
| Intrinsic value (DCF) | 7513.38 | 7767 |
| Graham-Dodd Method | 7311.14 | 7556 |
| Graham Formula | 1215056.03 | 1272210 |
Compagnie du Cambodge (CBDG.PA) is a France-based transportation and logistics company with a diversified operational footprint across Europe, Africa, the Asia Pacific, and the Americas. Founded in 1922 and headquartered in Puteaux, France, the company operates through two primary segments: Transport and Logistics, and Other Activities. A key asset is its railway concession linking Burkina Faso and Ivory Coast, positioning it as a strategic player in West African freight transport. As a subsidiary of Plantations Des Terres Rouges S.A., Compagnie du Cambodge benefits from stable backing while maintaining a niche focus on rail logistics. The company’s operations span critical trade corridors, supporting regional economic integration. With a market capitalization of €5.83 billion and a low beta (0.426), it appeals to investors seeking exposure to infrastructure-linked industrials with lower volatility. Its dividend yield, supported by consistent earnings (€81.65 diluted EPS in 2024), further enhances its profile in the railroads sector.
Compagnie du Cambodge presents a mixed investment case. Strengths include its strategic railway concession in West Africa, a region with growing freight demand, and a robust balance sheet with €1.57 billion in cash against modest debt (€54.7 million). The company’s low beta suggests defensive characteristics, appealing in volatile markets. However, revenue stagnation (€31.3 million in 2024) and negative operating cash flow (-€2 million) raise concerns about growth scalability. The dividend (€1.8 per share) is supported by net income (€45.7 million), but reliance on non-core income streams warrants scrutiny. Investors should weigh its infrastructure niche against limited operational diversification and exposure to geopolitical risks in Africa.
Compagnie du Cambodge’s competitive advantage lies in its specialized railway concession in West Africa, a region underserved by efficient freight infrastructure. This asset provides a quasi-monopoly on a critical trade route, insulating it from broader logistics competition. However, the company’s small scale (€31.3 million revenue) limits its ability to compete with global logistics giants. Its focus on rail is both a strength (asset specificity) and a weakness (vulnerability to regional disruptions). Unlike diversified peers, CBDG lacks exposure to higher-growth segments like e-commerce logistics. The parent company’s backing ensures financial stability but may also constrain strategic agility. In Europe, CBDG is overshadowed by larger rail operators, while in Africa, it faces competition from trucking networks and port-centric logistics providers. Its low debt and cash reserves provide flexibility but are underutilized for expansion. The company’s niche positioning demands careful execution to avoid marginalization in a sector dominated by scale players.