CORZ
Core Scientific, Inc.
$20.75
Stable Earnings Power
40%
P/Adj-EPS × Normalized Multiple
Strong
·
Conviction
Overvalued
Trading 56.8% above fair value
You pay
$20.75
Bear
$11.08
Fair
$13.23
Bull
$15.38
Bear
$11.08
-46.6%
$0.20 × 27x P/E
Fair
$13.23
-36.2%
$0.20 × 32x P/E
Bull
$15.38
-25.8%
$0.20 × 38x P/E
Key Value Driver
Normalized P/E multiple (32x base case)
Implied Market Multiple
103.7x
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 $33.57 from 22 analysts, using a 25% weight on analyst consensus. That produces an estimated intrinsic value of $13.23 per share.
Warnings
Wall Street's average price target is $33.57 (from 22 analysts). Our estimate is 81% 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