CQP
Cheniere Energy Partners, L.P.
$63.39
Stable Earnings Power
80%
P/Adj-EPS × Normalized Multiple
Moderate
·
Conviction
Undervalued
Trading 37.4% below fair value
You pay
$63.39
Bear
$81.00
Fair
$101.25
Bull
$121.50
Bear
$81.00
+27.8%
$6.17 × 14x P/E
Fair
$101.25
+59.7%
$6.17 × 18x P/E
Bull
$121.50
+91.7%
$6.17 × 21x P/E
Key Value Driver
Normalized P/E multiple (18x base case)
Implied Market Multiple
10.3x
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 $75.00 from 18 analysts, using a 25% weight on analyst consensus. That produces an estimated intrinsic value of $101.25 per share.
Warnings
Dividend-based valuation: $47.96 (below our primary estimate by 56%). Large gaps may signal the dividend doesn't reflect full earning power.
Wall Street's average price target is $75.00 (from 18 analysts). Our estimate is 47% above 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