Constellium Se
CSTMBelow valueHeld by 1 superinvestor.
SEC 10-K · fundamentals
Business quality
As of 2025-12-31Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- +15.2%
- Net margin
- 3.2%
- ROE
- 28.7%
- FCF margin
- 1.9%
Valuation · value band
Margin of safety
Zero-growth floor
$16
Central IV
$26
Optimistic top
$30
Constellium Se (CSTM): A conservative value band $16–$30 / sh (zero-growth floor to growth-capped optimistic top); central read about $26. Today’s price sits below that band (price $25 as of 2026-10-16).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
Revenue growth 7% (lower of historical trend and fundamental cap, capped by moat) · moat 10 yr · discount 12.4% · Zero-growth downside $16
Price as of 2026-10-16 · yahoo · DGS10 5.1% @ 2026-10-15.
Method & numbers
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Owner-earnings DCF $17.52 – $29.75 · Greenwald zero-growth $18.95 · zero-growth base $18.95 · reproduction $8.78
Moat Franchise (moat) · terminal value 42% of present value · owner-earnings yield 8% vs 10Y 5.1%.
Graham earnings-power value (normalized NOPAT)
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
Normalized NOPAT from operating margin — not applicable when operating income is not reported separately. Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge (+ cash − total debt) — not applied (lens not assessable).
Years: TTM 2026-06-30, 2024, 2023, 2022
Buffett owner-earnings value$15.94 – $18.95 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 10.6–12.6% band (9–11% base + 1.6pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: TTM 2026-06-30, 2024, 2023, 2022
v1 simplifications: Owner earnings = net income + D&A − maintenance capex (ok); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 1.6pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 6.2 years of owner earnings, adding 1.6pp of cost-of-equity risk premium.
Reproduction value = tangible net assets $1.12B + capitalized R&D $112.40M（FY 2026, 2024, 2023, 2022） = $8.78 / sh. Reproduction value = tangible net assets (equity − goodwill − intangibles) + capitalized R&D (5y straight-line), ÷ diluted shares.
Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Assumes a narrow moat · competitive-advantage period ≈ 10 years.
Growth value not assessable — Operating income is not available across the window, so ROIIC / growth value cannot be computed.
Window TTM 2026-06-30, FY 2024, 2023, 2022 · discount band 9%–11% · normalized tax 2% (Average effective tax rate over 4 year(s), capped at the statutory 21%.) · diluted shares.
Baseline 9%–11%, net debt ≈ 6.2 years of owner earnings → +1.6pp cost-of-equity premium → effective 10.6%–12.6%.
Owner-earnings DCF: growth g₁ 7% · OE FY TTM 2026-06-30, 2024, 2023, 2022 · Discount band: 11.22%–13.62% (DGS10 +4.5% to a 12% strict end, each +1.62pp for leverage premium, as of 2026-10-15). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
How to read intrinsic valueSEC 13F · holders
Superinvestors Holding This Security
1 holder · $9.9M combined · this quarter +0 opened / -0 exited
- Value$9.9MWeight (prev→now)0.1% → 0.0% ▼
SEC 13F · notes
Written summary
Written summary
Constellium Se (CSTM) is held by 1 of the superinvestors tracked on Compounder, with a combined $9.9M in reported 13F value. The largest position belongs to Ray Dalio, where it makes up 0.0% of the portfolio.
In the quarter ended 2026-06-30, 0 of the tracked filers opened a new position in CSTM, 0 added to existing ones, 1 trimmed, and 0 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
Also held by these investors
Investors holding Constellium Se (CSTM) also commonly hold →
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- Alphabet Inc-Cl AGOOGL1 holder
CSTM's price is below its conservative value band. Browse all undervalued stocks by margin of safety
Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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