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    Is CPI FIM’s Bubny JV With J&T Founder Reframing the Investment Case for CPI FIM (BDL:ORCL)?

    Simply Wall St·01/05/2026 13:11:40
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    • CPI FIM SA announced in December 2025 that it had formed a 50/50 joint venture with Dusan Palcr, founder of J&T Real Estate, to acquire the Bubny landbank in Prague at book value.
    • The partnership combines fresh capital with local real estate expertise to pursue the long-term development potential of one of Prague’s largest urban landbanks.
    • We’ll now examine how this 50/50 Bubny joint venture, and the added development expertise it brings, shapes CPI FIM’s investment narrative.

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    What Is CPI FIM's Investment Narrative?

    To own CPI FIM today, you need to believe in the company’s ability to translate strong recent profitability and high-margin real estate exposure into resilient cash flows, while managing leverage and development risk. The Bubny joint venture with Dusan Palcr slightly reframes that story: it reinforces the “developer of prime Prague urban land” angle and adds third-party capital and local know-how, but it also puts more attention on execution, zoning, and funding for a very long-dated project. Near term, the key catalysts still sit around earnings delivery, balance sheet progress, and any outcomes from the December 2025 EGM on new authorised capital and potential share issuance; Bubny now slots in as a medium to long-term value option rather than an immediate driver of results.

    However, the new authorised capital proposals could matter far more than they first appear.Our valuation report here indicates CPI FIM may be overvalued.

    Exploring Other Perspectives

    BDL:ORCL 1-Year Stock Price Chart
    BDL:ORCL 1-Year Stock Price Chart
    The Simply Wall St Community’s two fair value estimates, stretching from about €0.37 to roughly €2.84 per share, show just how far apart individual views can be. Set against that spread, the Bubny joint venture and possible future capital issuance keep the debate open on how much of CPI FIM’s development optionality is already reflected in the price. You are looking at a company where both upside and dilution risk are on the table, so it pays to compare several viewpoints before forming your own.

    Explore 2 other fair value estimates on CPI FIM - why the stock might be worth less than half the current price!

    Build Your Own CPI FIM Narrative

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.