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
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