| Valuation method | Value, $ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 41.77 | 220 |
| Intrinsic value (DCF) | 3.62 | -72 |
| Graham-Dodd Method | n/a | |
| Graham Formula | n/a |
Cmb.Tech NV (NYSE: CMBT) is a Belgium-based marine transportation company with a diversified fleet of 152 vessels, including crude oil tankers, bulk carriers, container ships, and offshore wind supply vessels. Formerly known as Euronav NV, the company rebranded in October 2024 to reflect its strategic shift toward green energy solutions through its H2 Infra and H2 Industry divisions. The H2 Infra division focuses on producing and distributing green hydrogen and ammonia fuels, while H2 Industry provides scalable dual-fuel industrial applications. Operating under parent company CMB NV, Cmb.Tech NV is positioned at the intersection of traditional maritime logistics and sustainable energy transition. With a market cap of $1.72 billion, the company serves global shipping markets while investing in decarbonization technologies, making it a unique player in the Industrials sector. Headquartered in Antwerp, Belgium, Cmb.Tech NV combines legacy shipping expertise with forward-looking clean energy infrastructure development.
Cmb.Tech NV presents a hybrid investment case, blending stable cash flows from its conventional Marine division with growth potential in green hydrogen infrastructure. The company’s $940M revenue and $871M net income (EPS: $4.44) reflect strong operational performance, though high leverage ($2.62B debt) and negative free cash flow (-$660M from CapEx) raise liquidity concerns. A 1.15/share dividend offers yield appeal, but the stock’s low beta (0.03) suggests limited correlation to broader markets, potentially reducing volatility but also growth upside. The pivot to hydrogen/ammonia fuels aligns with decarbonization trends but faces execution risk against entrenched competitors. Investors should weigh its dual identity—cash-generating shipping operator versus capital-intensive energy transition play—against sector-specific cyclicality and regulatory tailwinds for green fuels.
Cmb.Tech NV’s competitive advantage stems from its dual focus on maritime logistics and green energy infrastructure, a rare combination in the Industrials sector. In the Marine division, its fleet of 152 vessels (including 64 specialized units like offshore wind vessels) provides scale, though it trails pure-play tanker giants like Frontline. The H2 divisions differentiate CMBT: vertical integration in hydrogen/ammonia production (H2 Infra) and industrial applications (H2 Industry) positions it as a first-mover in shipping’s energy transition. However, the company faces stiff competition from established green energy firms in hydrogen (e.g., Linde) and maritime peers investing in alternative fuels (e.g., Maersk’s methanol initiatives). CMBT’s subsidiary structure under CMB NV provides access to capital but may limit strategic agility. While its asset-heavy model offers barriers to entry, the capital-intensive nature of hydrogen infrastructure could strain balance sheets amid high interest rates. The company’s Belgian base grants EU policy alignment but may limit emerging market reach versus Asian shipping conglomerates.