DAR
Darling Ingredients Inc.
$59.09
Stable Earnings Power
80%
P/Adj-EPS × Normalized Multiple
Moderate
·
Conviction
Fair Value
Trading 24.0% below fair value
You pay
$59.09
Bear
$64.00
Fair
$77.72
Bull
$91.43
Bear
$64.00
+8.3%
$3.90 × 16x P/E
Fair
$77.72
+31.5%
$3.90 × 20x P/E
Bull
$91.43
+54.7%
$3.90 × 23x P/E
Adjust Assumptions
19.9x
3.9$
Key Value Driver
Normalized P/E multiple (20x base case)
Implied Market Multiple
15.2x
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above.
Average Target (26 analysts)
$78.20
Divergence from AlphaVal
1%
Summary
Applying a 20x P/E to adjusted EPS of $3.90, the base-case value is $77.72 per share.
Warnings
The company's reported profits differ from official accounting profits by 900%. Check what costs are being left out of the adjusted number.
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