Kepler Cheuvreux upgrades CMB.TECH to 'buy' on 'unsustainable discount'

CMB.TECH NV

29/08/2025 08:18

** Kepler Cheuvreux upgrades Belgian transport logistics firm CMB.TECH CMBT.BR to 'buy' from 'hold', citing an "unsustainable discount" to its net worth

** Broker notes recent merger with Golden Ocean has materially increased group exposure to dry bulk segment, now 58% of its earnings

** An improving outlook for dry bulk, driven by rising iron ore and bauxite volumes, mitigates a softer forecast for the firm's crude carrier division, the brokerage says

** "The stock is currently trading at an unsustainable discount of 47% to NAV and 42% to one-year forward NAV," Kepler Cheuvreux states

** Broker raises PT by 2.3% to 9 euros, sees Net Asset Value (NAV) of 13.1 euros per share after the merger

** Of 4 analysts that cover CMB.TECH, ​one rates the stock "strong buy" and three rate it "hold" - LSEG data

** Shares are up 2.6% at 07:15 GMT

 (Reporting by Dimitri Rhodes)

 ((Dimitri.rhodes@thomsonreuters.com))