CRSR
Corsair Gaming, Inc.
$7.70
Platform & Compounding FCF
50%
Two-stage FCF DCF
Strong
·
Conviction
Overvalued
Trading 42.2% above fair value
You pay
$7.70
Bear
$4.36
Fair
$5.41
Bull
$6.38
Bear
$4.36
-43.4%
4% stage 1 growth, 12% discount
Fair
$5.41
-29.7%
7% stage 1 growth, 12% discount
Bull
$6.38
-17.2%
9% stage 1 growth, 12% discount
Key Value Driver
FCF growth rate (7% base case)
Terminal Value % of EV
32%
Implied Market Multiple
24.3x
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 $7.75 from 10 analysts, using a 20% weight on analyst consensus. That produces an estimated intrinsic value of $5.41 per share.
Warnings
Wall Street's average price target is $7.75 (from 10 analysts). Our estimate is 38% below 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