Costamare Bulkers Holdings Limited

AI-generated fair value estimate for this company.

Method: 10-year owner-earnings DCF: $44.4M annualized owner earnings (2x H1 2026 adjusted net income of $22.2M, used as FCF proxy for a mature fleet where D&A roughly offsets maintenance capex); flat $44.4M/yr for years 1-10 reflecting mid-cycle dry bulk normalization; 11% discount rate reflecting shipping-cycle risk; 1% terminal growth; plus $108.9M net cash position; 24.30M shares outstanding.

Reasoning: Dry bulk shipping earnings are highly cyclical, so a flat mid-cycle owner-earnings DCF plus net cash is more defensible than extrapolating a growth trend; CMDB's 30-vessel owned fleet, 99% utilization, and net-cash balance sheet (spun off from Costamare Inc. in 2025) support using current run-rate earnings as the mid-cycle base.