CGEM
Cullinan Therapeutics, Inc.
$13.84
Stable Earnings Power
40%
P/Adj-EPS × Normalized Multiple
Strong
·
Conviction
Undervalued
Trading 58.2% below fair value
You pay
$13.84
Bear
$28.36
Fair
$33.09
Bull
$37.82
Bear
$28.36
+104.9%
$2.38 × 12x P/E
Fair
$33.09
+139.1%
$2.38 × 14x P/E
Bull
$37.82
+173.2%
$2.38 × 16x P/E
Key Value Driver
Normalized P/E multiple (14x base case)
Implied Market Multiple
5.8x
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 $32.17 from 8 analysts, using a 20% weight on analyst consensus. That produces an estimated intrinsic value of $33.09 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