DDD
3D Systems Corporation
$3.46
Stable Earnings Power
40%
P/Adj-EPS × Normalized Multiple
Moderate
·
Conviction
Overvalued
Trading 21.4% above fair value
You pay
$3.46
Bear
$2.28
Fair
$2.85
Bull
$3.42
Bear
$2.28
-34.1%
$0.19 × 12x P/E
Fair
$2.85
-17.6%
$0.19 × 15x P/E
Bull
$3.42
-1.2%
$0.19 × 18x P/E
Adjust Assumptions
15.0x
0.19$
Key Value Driver
Normalized P/E multiple (15x base case)
Implied Market Multiple
18.2x
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above.
Average Target (36 analysts)
$5.50
Divergence from AlphaVal
48%
Summary
Applying a 15x P/E to adjusted EPS of $0.19, the base-case value is $2.85 per share.
Warnings
Wall Street's average price target is $5.50 (from 36 analysts). Our estimate is 48% below the consensus -- consider that gap carefully.
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