BLDE
Blade Air Mobility, Inc.
$4.73
Stable Earnings Power
40%
P/Adj-EPS × Normalized Multiple
Strong
·
Conviction
Undervalued
Trading 58.0% below fair value
You pay
$4.73
Bear
$9.00
Fair
$11.25
Bull
$13.50
Bear
$9.00
+90.3%
$0.50 × 18x P/E
Fair
$11.25
+137.8%
$0.50 × 22x P/E
Bull
$13.50
+185.4%
$0.50 × 27x P/E
Adjust Assumptions
22.5x
0.5$
Key Value Driver
Normalized P/E multiple (22x base case)
Implied Market Multiple
9.5x
Summary
Applying a 22x P/E to adjusted EPS of $0.50, the base-case value is $11.25 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