Sep. 6 at 1:03 PM
$BANL Updated Analysis: CBL International (Correction & Revision)
On August 27 I published an article on CBL International. That piece contained modeling errors — particularly in how I rolled forward book value and treated cash flow.
I’ve now rebuilt the projections using audited 2022–2024 results and revised assumptions based on H1 2025. The corrections are significant: where the old model implied limited upside, the revised analysis highlights a much wider disconnect between CBL’s
$0.71 share price and peer-implied valuations. This new article replaces the original, which I’ve removed from my site.
Transparency matters. This corrected framework is the baseline I’ll be using ahead of CBL’s Sept 15 webinar. I will also be revising my recent “Twilight Zone” piece on a potential iO3–CBL combination, since that article drew on the earlier (incorrect) CBL standalone numbers. An updated version will follow.
🔗 Link to new (revised) article: https://img1.wsimg.com/blobby/go/1fe6a4f8-bf3a-487a-b0ae-9689f11e6062/CBL%20International%20Article%20REVISED%20(06-SEPT-25).pdf
