CRMD
CorMedix Inc.
$8.40
Platform & Compounding FCF
85%
Two-stage FCF DCF
Strong
·
Conviction
Undervalued
Trading 84.9% below fair value
You pay
$8.40
Bear
$33.63
Fair
$55.70
Bull
$81.52
Bear
$33.63
+300.3%
10% stage 1 growth, 12% discount
Fair
$55.70
+563.1%
17% stage 1 growth, 12% discount
Bull
$81.52
+870.5%
22% stage 1 growth, 12% discount
Key Value Driver
FCF growth rate (17% base case)
Terminal Value % of EV
40%
Implied Market Multiple
4.1x
Market is pricing in (growth)
-13.2%
vs 17.2% base
Summary
Our base-case estimate uses a two-stage discounted cash flow model based on free cash flow. We then blend that result with the average analyst price target of $13.33 from 8 analysts, using a 20% weight on analyst consensus. That produces an estimated intrinsic value of $55.70 per share.
Warnings
Wall Street's average price target is $13.33 (from 8 analysts). Our estimate is 397% 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