FUL
H.B. Fuller Company
$55.70
Stable Earnings Power
65%
P/Adj-EPS × Normalized Multiple
Mild
·
Conviction
Fair Value
Trading 6.1% below fair value
You pay
$55.70
Bear
$47.46
Fair
$59.33
Bull
$71.20
Bear
$47.46
-14.8%
$3.79 × 12x P/E
Fair
$59.33
+6.5%
$3.79 × 15x P/E
Bull
$71.20
+27.8%
$3.79 × 18x P/E
Key Value Driver
Normalized P/E multiple (15x base case)
Implied Market Multiple
14.7x
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 $66.80 from 15 analysts, using a 25% weight on analyst consensus. That produces an estimated intrinsic value of $59.33 per share.
Warnings
The company's reported profits differ from official accounting profits by 38%. 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