BIO
Bio-Rad Laboratories, Inc.
$368.75
Stable Earnings Power
80%
P/Adj-EPS × Normalized Multiple
Mild
·
Conviction
Fair Value
Trading 11.8% below fair value
You pay
$368.75
Bear
$334.44
Fair
$418.05
Bull
$501.66
Bear
$334.44
-9.3%
$27.87 × 12x P/E
Fair
$418.05
+13.4%
$27.87 × 15x P/E
Bull
$501.66
+36.0%
$27.87 × 18x P/E
Adjust Assumptions
15.0x
27.87$
Key Value Driver
Normalized P/E multiple (15x base case)
Implied Market Multiple
13.2x
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above.
Average Target (14 analysts)
$350.00
Divergence from AlphaVal
19%
Summary
Applying a 15x P/E to adjusted EPS of $27.87, the base-case value is $418.05 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