EE
Excelerate Energy, Inc.
$34.76
Stable Earnings Power
80%
P/Adj-EPS × Normalized Multiple
Mild
·
Conviction
Fair Value
Trading 4.8% below fair value
You pay
$34.76
Bear
$29.20
Fair
$36.50
Bull
$43.79
Bear
$29.20
-16.0%
$1.62 × 18x P/E
Fair
$36.50
+5.0%
$1.62 × 22x P/E
Bull
$43.79
+26.0%
$1.62 × 27x P/E
Adjust Assumptions
22.5x
1.62$
Key Value Driver
Normalized P/E multiple (22x base case)
Implied Market Multiple
21.4x
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above.
Average Target (15 analysts)
$44.50
Divergence from AlphaVal
18%
Summary
Applying a 22x P/E to adjusted EPS of $1.62, the base-case value is $36.50 per share.
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