FUL
H.B. Fuller Company
$57.78
Stable Earnings Power
65%
P/Adj-EPS × Normalized Multiple
Mild
·
Conviction
Fair Value
Trading 5.0% below fair value
You pay
$57.78
Bear
$48.65
Fair
$60.81
Bull
$72.98
Bear
$48.65
-15.8%
$3.78 × 12x P/E
Fair
$60.81
+5.2%
$3.78 × 15x P/E
Bull
$72.98
+26.3%
$3.78 × 18x P/E
Key Value Driver
Normalized P/E multiple (15x base case)
Implied Market Multiple
15.3x
Summary
Our base-case estimate uses a valuation based on adjusted earnings per share and a normalized price-to-earnings multiple. We then blend that result with the average analyst price target of $73.33 from 15 analysts, using a 25% weight on analyst consensus. That produces an estimated intrinsic value of $60.81 per share.
Warnings
The company's reported profits differ from official accounting profits by 37%. 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