CRMD
CorMedix Inc.
$7.32
Platform & Compounding FCF
85%
Two-stage FCF DCF
Strong
·
Conviction
Undervalued
Trading 88.9% below fair value
You pay
$7.32
Bear
$40.10
Fair
$65.67
Bull
$95.31
Bear
$40.10
+447.8%
10% stage 1 growth, 12% discount
Fair
$65.67
+797.2%
17% stage 1 growth, 12% discount
Bull
$95.31
+1202.1%
22% stage 1 growth, 12% discount
Adjust Assumptions
16.9%
12.0%
3.0%
Key Value Driver
FCF growth rate (17% base case)
Terminal Value % of EV
40%
Implied Market Multiple
3.5x
Market is pricing in (growth)
-16.0%
vs 16.9% base
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above.
Average Target (8 analysts)
$14.50
Divergence from AlphaVal
353%
Summary
Using a two-stage FCF DCF with 17% growth decelerating over 15 years, discounted at 12%, the base-case intrinsic value is $65.67 per share.
Warnings
Wall Street's average price target is $14.50 (from 8 analysts). Our estimate is 353% above the consensus -- consider that gap carefully.
Key Risks
- P/E alone misleads — earnings depressed by growth investment
- Cyclical or commodity businesses may be misclassified as platforms
- Terminal value dominance suggests sensitivity to long-run assumptions