ABCL
AbCellera Biologics Inc.
$9.30
Stable Earnings Power
40%
P/Adj-EPS × Normalized Multiple
Mild
·
Conviction
Fair Value
Trading 0.7% below fair value
You pay
$9.34
Bear
$8.07
Fair
$9.41
Bull
$10.76
Bear
$8.07
-13.6%
$0.46 × 18x P/E
Fair
$9.41
+0.7%
$0.46 × 21x P/E
Bull
$10.76
+15.2%
$0.46 × 24x P/E
Key Value Driver
Normalized P/E multiple (21x base case)
Implied Market Multiple
20.1x
Summary
Our base-case estimate uses a valuation based on adjusted earnings per share and a normalized price-to-earnings multiple. We then blend that result with the average analyst price target of $8.00 from 12 analysts, using a 20% weight on analyst consensus. That produces an estimated intrinsic value of $9.41 per share.
Key Risks
- Growth DCF inappropriate — terminal value assumptions dominate
- EV/EBITDA misleading for regulated businesses where capex is mandated
- Regulatory risk is a fat tail not visible in normal multiples