<p>Core &amp; Main (CNM) 在最新的财报更新中勾勒出几个关键点，稳健的第三季度增长与对收购、股票回购和严格资本配置的明确承诺相结合。</p>
<p>请查看我们对 Core &amp; Main 的最新分析。</p>
<p>在财报发布后，股价略有回落，过去一个月的股价回报为 18.01%，三年总股东回报为 181.16%。这表明，Core &amp; Main 仍然保持着强劲的势头。</p>
<p>如果这种稳定的执行力吸引了你，探索高内部持股的快速增长股票可能值得考虑，以发现其他背后有坚定所有者的快速发展机会。</p>
<p>然而，随着 Core &amp; Main 目前的交易价格接近分析师目标，在经历了强劲的多年增长后，投资者是否仍然能以合理的价格获得持久复合增长，还是市场已经在定价下一轮的上涨？</p>
<h2>最受欢迎的叙述：9.7% 低估</h2>
<p>Core &amp; Main 最近收盘价为 $53.87，而最受欢迎的叙述公允价值约为 $59.63，这一故事指向的上行空间依赖于特定的增长和利润率假设。</p>
<p><em>Core &amp; Main 预计将产生强劲的经营现金流，从而能够进一步投资于有机增长和并购，同时通过股票回购向股东返还资本，积极影响每股收益。</em></p>
<p>阅读完整叙述。</p>
<p>好奇温和的收入增长、上升的利润率和持续的回购如何结合成这个更高的公允价值，以及这在 2020 年代末意味着什么样的盈利能力？这个叙述将这些动态部分缝合成一个单一的估值路线图，可能会让任何将 Core &amp; Main 视为普通分销商的人感到惊讶。</p>
<p><strong>结果：公允价值为 $59.63（低估）</strong></p>
<p>完整阅读叙述，了解预测背后的原因。</p>
<p>然而，领导层变动和更高的借贷成本可能会挤压利润率并减缓执行，这可能会在增长未达到预期时挑战看涨的论点。</p>
<p>了解 Core &amp; Main 叙述的关键风险。</p>
<h2>估值的另一种角度</h2>
<p>虽然叙述指向上行，但我们的 DCF 模型实际上将公允价值定在接近 $51.60，略低于当前的 $53.87 股价。这意味着 Core &amp; Main 可能已经在定价其增长故事，如果市场条件放缓，留给错误的空间就更小。</p>
<p>了解 SWS DCF 模型如何得出其公允价值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/0a2e0d87-dfd2-4f7b-8e66-12b45680aa85/chart/dcf?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/0a2e0d87-dfd2-4f7b-8e66-12b45680aa85/chart/dcf"/></p>
<p>截至 2025 年 12 月的 CNM 折现现金流</p>
<p>Simply Wall St 每天对全球每只股票进行折现现金流（DCF）分析（例如查看 Core &amp; Main）。我们展示完整的计算过程。您可以在您的观察列表或投资组合中跟踪结果，并在变化时收到提醒，或者使用我们的股票筛选器发现 903 只基于现金流的低估股票。如果您保存筛选器，我们甚至会在新公司匹配时提醒您——这样您就不会错过潜在机会。</p>
<h2>自建 Core &amp; Main 叙述</h2>
<p>如果您对这种观点并不完全信服，或者更喜欢自己深入数字，您可以在几分钟内构建一个自定义叙述：按您的方式进行。</p>
<p>您对 Core &amp; Main 研究的一个很好的起点是我们的分析，突出了 2 个关键奖励和 1 个可能影响您投资决策的重要警示信号。</p>
<h2>寻找更多投资想法？</h2>
<p>如果您在这里停下，可能会错过突出的机会。利用 Simply Wall Street 强大的筛选器，升级您的观察列表，获取新鲜的数据驱动想法。</p>
<ul>
<li>通过瞄准这些 903 只基于现金流的低估股票，捕捉被忽视的上行空间，这些强劲的现金流表明市场尚未完全认识到。</li>
<li>通过关注这 24 只在自动化、数据和智能软件领域乘风破浪的 AI 便士股票，抓住 AI 革命的机遇。</li>
<li>通过关注这些 12 只收益率超过 3% 的股息股票，提升您的收入潜力，这些股票在保持稳健基本面的同时提供有吸引力的收益。</li>
</ul>
<p><em>这篇文章由 Simply Wall St 撰写，内容具有一般性。<strong>我们提供基于历史数据和分析师预测的评论，采用无偏见的方法，我们的文章并不构成财务建议。</strong> 这并不构成买入或卖出任何股票的推荐，也未考虑您的目标或财务状况。我们旨在为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
<p>移动基础设施用于国防和灾难</p>
<p>下一波机器人技术不是类人型的。它是完全自主的塔楼，在 30 分钟内提供 5G、ISR 和雷达，随处可达。</p>
<p>在下一轮合同之前获取投资者简报</p>
<p>由 CiTech 赞助</p>

<p>Core & Main (CNM) 报告了强劲的第三季度业绩，强调了收购、股票回购和严格的资本配置。尽管近期股价有所回落，但该公司显示出 1 个月回报率为 18.01%，3 年回报率为 181.16%。分析师认为该股票被低估，公允价值为 59.63 美元，尽管 DCF 模型估计其价值为 51.60 美元。风险包括领导层变动和更高的借贷成本。投资者被鼓励进一步探索机会，并考虑公司的增长战略和财务指标</p>

<p>Core &amp; Main (CNM) just checked several key boxes in its latest earnings update, pairing steady third quarter growth with a clear commitment to acquisitions, share buybacks and disciplined capital allocation.</p>
<div class="lb-trans"><p>Core &amp; Main (CNM) 在最新的财报更新中勾勒出几个关键点，稳健的第三季度增长与对收购、股票回购和严格资本配置的明确承诺相结合。</p>
</div><p>See our latest analysis for Core &amp; Main.</p>
<div class="lb-trans"><p>请查看我们对 Core &amp; Main 的最新分析。</p>
</div><p>The stock has cooled slightly after the earnings pop, with a 1 month share price return of 18.01% and a 3 year total shareholder return of 181.16%. This suggests momentum is still firmly on Core &amp; Main’s side.</p>
<div class="lb-trans"><p>在财报发布后，股价略有回落，过去一个月的股价回报为 18.01%，三年总股东回报为 181.16%。这表明，Core &amp; Main 仍然保持着强劲的势头。</p>
</div><p>If this kind of steady execution appeals to you, it could be worth exploring fast growing stocks with high insider ownership as a way to uncover other fast moving opportunities with committed owners behind them.</p>
<div class="lb-trans"><p>如果这种稳定的执行力吸引了你，探索高内部持股的快速增长股票可能值得考虑，以发现其他背后有坚定所有者的快速发展机会。</p>
</div><p>Yet with Core &amp; Main now trading close to analyst targets after a powerful multi year run, are investors still getting a deal on durable compounder style growth, or is the market already pricing in the next leg higher?</p>
<div class="lb-trans"><p>然而，随着 Core &amp; Main 目前的交易价格接近分析师目标，在经历了强劲的多年增长后，投资者是否仍然能以合理的价格获得持久复合增长，还是市场已经在定价下一轮的上涨？</p>
</div><h2>Most Popular Narrative Narrative: 9.7% Undervalued</h2>
<div class="lb-trans"><h2>最受欢迎的叙述：9.7% 低估</h2>
</div><p>With Core &amp; Main last closing at $53.87 against a most popular narrative fair value of about $59.63, the story points to upside that hinges on specific growth and margin assumptions.</p>
<div class="lb-trans"><p>Core &amp; Main 最近收盘价为 $53.87，而最受欢迎的叙述公允价值约为 $59.63，这一故事指向的上行空间依赖于特定的增长和利润率假设。</p>
</div><p><em>Core &amp; Main anticipates generating strong operating cash flows, enabling further investment in organic growth and M&amp;A, in addition to returning capital to shareholders through share repurchases, positively impacting earnings per share.</em></p>
<div class="lb-trans"><p><em>Core &amp; Main 预计将产生强劲的经营现金流，从而能够进一步投资于有机增长和并购，同时通过股票回购向股东返还资本，积极影响每股收益。</em></p>
</div><p>Read the complete narrative.</p>
<div class="lb-trans"><p>阅读完整叙述。</p>
</div><p>Curious how modest top line expansion, rising margins and ongoing buybacks combine into this higher fair value, and what earnings power that implies by the late 2020s? The narrative stitches those moving parts into a single valuation roadmap that might surprise anyone treating Core &amp; Main as just another distributor.</p>
<div class="lb-trans"><p>好奇温和的收入增长、上升的利润率和持续的回购如何结合成这个更高的公允价值，以及这在 2020 年代末意味着什么样的盈利能力？这个叙述将这些动态部分缝合成一个单一的估值路线图，可能会让任何将 Core &amp; Main 视为普通分销商的人感到惊讶。</p>
</div><p><strong>Result: Fair Value of $59.63 (UNDERVALUED)</strong></p>
<div class="lb-trans"><p><strong>结果：公允价值为 $59.63（低估）</strong></p>
</div><p>Have a read of the narrative in full and understand what's behind the forecasts.</p>
<div class="lb-trans"><p>完整阅读叙述，了解预测背后的原因。</p>
</div><p>However, leadership transitions and higher borrowing costs could squeeze margins and slow execution, which may challenge the bullish case if growth falls short of expectations.</p>
<div class="lb-trans"><p>然而，领导层变动和更高的借贷成本可能会挤压利润率并减缓执行，这可能会在增长未达到预期时挑战看涨的论点。</p>
</div><p>Find out about the key risks to this Core &amp; Main narrative.</p>
<div class="lb-trans"><p>了解 Core &amp; Main 叙述的关键风险。</p>
</div><h2>Another Angle on Valuation</h2>
<div class="lb-trans"><h2>估值的另一种角度</h2>
</div><p>While the narrative points to upside, our DCF model actually pegs fair value nearer $51.60, slightly below the current $53.87 share price. That implies Core &amp; Main might already be pricing in a lot of the growth story, leaving less room for error if conditions soften.</p>
<div class="lb-trans"><p>虽然叙述指向上行，但我们的 DCF 模型实际上将公允价值定在接近 $51.60，略低于当前的 $53.87 股价。这意味着 Core &amp; Main 可能已经在定价其增长故事，如果市场条件放缓，留给错误的空间就更小。</p>
</div><p>Look into how the SWS DCF model arrives at its fair value.</p>
<div class="lb-trans"><p>了解 SWS DCF 模型如何得出其公允价值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/0a2e0d87-dfd2-4f7b-8e66-12b45680aa85/chart/dcf" alt="" original-src="https://images.simplywall.st/company/0a2e0d87-dfd2-4f7b-8e66-12b45680aa85/chart/dcf"/></p>
<p>CNM Discounted Cash Flow as at Dec 2025</p>
<div class="lb-trans"><p>截至 2025 年 12 月的 CNM 折现现金流</p>
</div><p>Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Core &amp; Main for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 903 undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.</p>
<div class="lb-trans"><p>Simply Wall St 每天对全球每只股票进行折现现金流（DCF）分析（例如查看 Core &amp; Main）。我们展示完整的计算过程。您可以在您的观察列表或投资组合中跟踪结果，并在变化时收到提醒，或者使用我们的股票筛选器发现 903 只基于现金流的低估股票。如果您保存筛选器，我们甚至会在新公司匹配时提醒您——这样您就不会错过潜在机会。</p>
</div><h2>Build Your Own Core &amp; Main Narrative</h2>
<div class="lb-trans"><h2>自建 Core &amp; Main 叙述</h2>
</div><p>If you are not fully convinced by this view or prefer to dig into the numbers yourself, you can build a custom narrative in just a few minutes: Do it your way.</p>
<div class="lb-trans"><p>如果您对这种观点并不完全信服，或者更喜欢自己深入数字，您可以在几分钟内构建一个自定义叙述：按您的方式进行。</p>
</div><p>A great starting point for your Core &amp; Main research is our analysis highlighting 2 key rewards and 1 important warning sign that could impact your investment decision.</p>
<div class="lb-trans"><p>您对 Core &amp; Main 研究的一个很好的起点是我们的分析，突出了 2 个关键奖励和 1 个可能影响您投资决策的重要警示信号。</p>
</div><h2>Looking for more investment ideas?</h2>
<div class="lb-trans"><h2>寻找更多投资想法？</h2>
</div><p>If you stop here, you could miss standout opportunities. Put Simply Wall Street’s powerful screener to work and upgrade your watchlist with fresh, data backed ideas.</p>
<div class="lb-trans"><p>如果您在这里停下，可能会错过突出的机会。利用 Simply Wall Street 强大的筛选器，升级您的观察列表，获取新鲜的数据驱动想法。</p>
</div><ul>
<li>Capture overlooked upside by targeting these 903 undervalued stocks based on cash flows that strong cash flows suggest the market has not fully recognized yet.</li>
<li>Capitalize on the AI revolution by zeroing in on these 24 AI penny stocks riding structural tailwinds in automation, data, and intelligent software.</li>
<li>Boost your income potential by focusing on these 12 dividend stocks with yields &gt; 3% that offer attractive yields while still maintaining solid fundamentals.</li>
</ul>
<div class="lb-trans"><ul>
<li>通过瞄准这些 903 只基于现金流的低估股票，捕捉被忽视的上行空间，这些强劲的现金流表明市场尚未完全认识到。</li>
<li>通过关注这 24 只在自动化、数据和智能软件领域乘风破浪的 AI 便士股票，抓住 AI 革命的机遇。</li>
<li>通过关注这些 12 只收益率超过 3% 的股息股票，提升您的收入潜力，这些股票在保持稳健基本面的同时提供有吸引力的收益。</li>
</ul>
</div><p><em>This article by Simply Wall St is general in nature. <strong>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.</strong> 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.</em></p>
<div class="lb-trans"><p><em>这篇文章由 Simply Wall St 撰写，内容具有一般性。<strong>我们提供基于历史数据和分析师预测的评论，采用无偏见的方法，我们的文章并不构成财务建议。</strong> 这并不构成买入或卖出任何股票的推荐，也未考虑您的目标或财务状况。我们旨在为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中没有持仓。</em></p>
</div><p>Mobile Infrastructure for Defense and Disaster</p>
<div class="lb-trans"><p>移动基础设施用于国防和灾难</p>
</div><p>The next wave in robotics isn't humanoid. Its fully autonomous towers delivering 5G, ISR, and radar in under 30 minutes, anywhere.</p>
<div class="lb-trans"><p>下一波机器人技术不是类人型的。它是完全自主的塔楼，在 30 分钟内提供 5G、ISR 和雷达，随处可达。</p>
</div><p>Get the investor briefing before the next round of contracts</p>
<div class="lb-trans"><p>在下一轮合同之前获取投资者简报</p>
</div><p>Sponsored On Behalf of CiTech</p>
<div class="lb-trans"><p>由 CiTech 赞助</p>
</div>

Core & Main (CNM)：在强劲的第三季度业绩和自信的增长战略更新后重新评估其估值