BIRK
Birkenstock Holding plc
$33.65
Stable Earnings Power
80%
P/Adj-EPS × Normalized Multiple
Moderate
·
Conviction
Undervalued
Trading 33.1% below fair value
You pay
$33.65
Bear
$43.99
Fair
$50.27
Bull
$56.56
Bear
$43.99
+30.7%
$2.09 × 21x P/E
Fair
$50.27
+49.4%
$2.09 × 24x P/E
Bull
$56.56
+68.1%
$2.09 × 27x P/E
Adjust Assumptions
24.0x
2.09$
Key Value Driver
Normalized P/E multiple (24x base case)
Implied Market Multiple
16.1x
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above.
Average Target (16 analysts)
$48.05
Divergence from AlphaVal
5%
Summary
Applying a 24x P/E to adjusted EPS of $2.09, the base-case value is $50.27 per share.
Warnings
Financial statements were converted from EUR into USD using EURUSD at 1.1201 USD per EUR.
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