CORZ
Core Scientific, Inc.
$25.26
Stable Earnings Power
40%
P/Adj-EPS × Normalized Multiple
Strong
·
Conviction
Overvalued
Trading 98.3% above fair value
You pay
$25.26
Bear
$10.66
Fair
$12.74
Bull
$14.81
Bear
$10.66
-57.8%
$0.20 × 27x P/E
Fair
$12.74
-49.6%
$0.20 × 32x P/E
Bull
$14.81
-41.4%
$0.20 × 38x P/E
Key Value Driver
Normalized P/E multiple (32x base case)
Implied Market Multiple
126.3x
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 $31.60 from 22 analysts, using a 25% weight on analyst consensus. That produces an estimated intrinsic value of $12.74 per share.
Warnings
Wall Street's average price target is $31.60 (from 22 analysts). Our estimate is 80% 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