CSV
Carriage Services, Inc.
$33.73
Stable Earnings Power
40%
P/Adj-EPS × Normalized Multiple
Moderate
·
Conviction
Undervalued
Trading 30.8% below fair value
You pay
$33.73
Bear
$39.00
Fair
$48.75
Bull
$58.50
Bear
$39.00
+15.6%
$3.25 × 12x P/E
Fair
$48.75
+44.5%
$3.25 × 15x P/E
Bull
$58.50
+73.4%
$3.25 × 18x P/E
Adjust Assumptions
15.0x
3.25$
Key Value Driver
Normalized P/E multiple (15x base case)
Implied Market Multiple
10.4x
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above.
Average Target (7 analysts)
$46.67
Divergence from AlphaVal
4%
Summary
Applying a 15x P/E to adjusted EPS of $3.25, the base-case value is $48.75 per share. DDM cross-check: $6.49.
Warnings
Dividend-based valuation: $6.49 (below our primary estimate by 87%). Large gaps may signal the dividend doesn't reflect full earning power.
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