GNTX
Gentex Corporation
$21.01
Stable Earnings Power
80%
P/Adj-EPS × Normalized Multiple
Moderate
·
Conviction
Fair Value
Trading 24.5% below fair value
You pay
$21.01
Bear
$24.36
Fair
$27.84
Bull
$31.32
Bear
$24.36
+15.9%
$1.74 × 14x P/E
Fair
$27.84
+32.5%
$1.74 × 16x P/E
Bull
$31.32
+49.1%
$1.74 × 18x P/E
Adjust Assumptions
16.0x
1.74$
Key Value Driver
Normalized P/E multiple (16x base case)
Implied Market Multiple
12.1x
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above.
Average Target (20 analysts)
$23.00
Divergence from AlphaVal
21%
Summary
Applying a 16x P/E to adjusted EPS of $1.74, the base-case value is $27.84 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