GNE
Genie Energy Ltd.
$15.51
Stable Earnings Power
85%
P/Adj-EPS × Normalized Multiple
Mild
·
Conviction
Overvalued
Trading 1.0% above fair value
You pay
$15.51
Bear
$13.44
Fair
$15.36
Bull
$17.28
Bear
$13.44
-13.3%
$0.91 × 15x P/E
Fair
$15.36
-1.0%
$0.91 × 17x P/E
Bull
$17.28
+11.4%
$0.91 × 19x P/E
Adjust Assumptions
16.9x
0.91$
Key Value Driver
Normalized P/E multiple (17x base case)
Implied Market Multiple
17.0x
Summary
Applying a 17x P/E to adjusted EPS of $0.91, the base-case value is $15.36 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