Codere Online Luxembourg stock: fair value
CDROThe fair value of Codere Online Luxembourg under our model is $12.27, the price is 30% below.
The fair value is an estimate from our model, not a price target.
Daily figure as of 13 Nov 2026
Valuation signal
Significantly undervaluedIn our model the price counts as cheap below $8.76 and expensive above $20.45 (uncertainty high, one part of the fair value is more than twice the other).
The two parts of the fair value come to $22.03 (cash-flow model) and $2.51 (industry comparison), and the gap between them shows how uncertain the estimate is.
Calculated with a cost of equity of 7.5%. At 8.5% the fair value would be $10.30, at 6.5% it would be $15.23.
Where the number comes from
Half from the cash-flow model, half from earnings times the industry P/E (17.7).
Ten-year cash-flow model from smoothed free cash flow and its past growth until it reaches 2.5%. Discounted at 7.5% (floor: government bond yield 2.5% plus 5 percentage points, since beta 0.8 times the risk premium would give less); no analyst estimates were available.
Calculate with your own assumptionsThe calculation step by step
With these figures the cash flow model arrives at $22.03 per share: free cash flow for the next ten years, each year discounted to today at 7.5%, plus the terminal value for the years after. The table explains the calculation; it is not a recommendation.
Calculation as a table
| Year | Free cash flow | Source | Discount factor | Present value (discounted at 7.5%) |
|---|---|---|---|---|
| 2026 | $25.32M | extrapolated at 40.1% | 0.9304 | $23.56M |
| 2027 | $32.61M | extrapolated at 28.8% | 0.8657 | $28.23M |
| 2028 | $39.43M | extrapolated at 20.9% | 0.8054 | $31.75M |
| 2029 | $45.49M | extrapolated at 15.4% | 0.7494 | $34.09M |
| 2030 | $50.72M | extrapolated at 11.5% | 0.6972 | $35.36M |
| 2031 | $55.18M | extrapolated at 8.8% | 0.6487 | $35.8M |
| 2032 | $58.99M | extrapolated at 6.9% | 0.6035 | $35.6M |
| 2033 | $62.28M | extrapolated at 5.6% | 0.5615 | $34.97M |
| 2034 | $65.18M | extrapolated at 4.7% | 0.5225 | $34.05M |
| 2035 | $67.78M | extrapolated at 4.0% | 0.4861 | $32.95M |
| Step | Value |
|---|---|
| Sum of present values (ten years) | $326.37M |
| Terminal value: cash flow 2035 × (1 + 2.5%) / (7.5% − 2.5%) | $1.39B |
| Present value of terminal value (× 0.4861) | $675.32M |
| Equity value (sum plus present value of terminal value) | $1B |
| Shares (diluted) | 45.47M |
| Value per share (equity value divided by shares) | $22.03 |
| Earnings per share, last twelve months | $0.14 |
| × 17.7 (industry P/E) | $2.51 |
| Fair value (average of both parts) | $12.27 |
The model uses free cash flow after interest, which belongs to shareholders, discounted at the cost of equity. Net debt is therefore not deducted again.
Data status and sources
- Score
- Daily value of 13 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Currency
- Amounts in US dollars, converted at the ECB reference rate of 12 Nov 2026 ($1 = €0.9024)
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Strong since 12 Nov 2026, previously Neutral
- Valuation signal Undervalued since 7 Nov 2026
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.