AS
Amer Sports, Inc.
$34.80
Stable Earnings Power
65%
P/Adj-EPS × Normalized Multiple
Mild
·
Conviction
Overvalued
Trading 14.5% above fair value
You pay
$34.80
Bear
$24.31
Fair
$30.38
Bull
$36.47
Bear
$24.31
-30.1%
$1.10 × 18x P/E
Fair
$30.38
-12.7%
$1.10 × 22x P/E
Bull
$36.47
+4.8%
$1.10 × 27x P/E
Key Value Driver
Normalized P/E multiple (22x base case)
Implied Market Multiple
31.7x
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 $53.00 from 14 analysts, using a 20% weight on analyst consensus. That produces an estimated intrinsic value of $30.38 per share.
Warnings
The company's reported profits differ from official accounting profits by 45%. Check what costs are being left out of the adjusted number.
Wall Street's average price target is $53.00 (from 14 analysts). Our estimate is 53% below the consensus -- consider that gap carefully.
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