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