ES Eversource Energy
$64.48
Stable Earnings Power 85%
P/Adj-EPS × Normalized Multiple
Mild · Conviction

Fair Value

Trading 11.6% below fair value

You pay $64.48
Bear $63.84
Fair $72.96
Bull $82.08
Bear $63.84 -1.0% $4.56 × 14x P/E
Fair $72.96 +13.2% $4.56 × 16x P/E
Bull $82.08 +27.3% $4.56 × 18x P/E

Adjust Assumptions

16.0x
4.56$

Key Value Driver

Normalized P/E multiple (16x base case)

Implied Market Multiple 14.1x

Analyst Consensus (External Reference)

Never blended into the bear/base/bull estimates above.

Average Target (29 analysts) $73.75
Divergence from AlphaVal 1%

Summary

Applying a 16x P/E to adjusted EPS of $4.56, the base-case value is $72.96 per share. DDM cross-check: $89.83.

Warnings

ℹ Dividend-based valuation: $89.83 (above our primary estimate by 23%). 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