Compagnie de Chemins de Fer Départementaux Société Anonyme (MLCFD.PA) fair value

ACCE thesis

Compagnie de Chemins de Fer Départementaux runs regional and secondary passenger and freight rail lines in France, a niche that majors do not serve and that local authorities often subsidise. At 32M EUR of market cap, it sits well below the size where most institutional investors can take a position, and it carries no index membership, so the name is largely unfollowed. The numbers are mixed: revenue growth is flat at 0.0%, return on equity is 5.1%, and the operating margin of -92.9% against a 73.1% gross margin points to a cost base that sits heavily below the gross line, which needs explaining before anything else. The trailing P/E of 30.4 has no forward estimate behind it, so there is no consensus to lean on. Worth a deeper look only if the operating loss traces to one-off or regulatory items rather than structural cost, and if the subsidy and concession terms can be read directly from the filings.