HAE
Haemonetics Corporation
$102.69
Stable Earnings Power
80%
P/Adj-EPS × Normalized Multiple
Strong
·
Conviction
Overvalued
Trading 234.0% above fair value
You pay
$102.69
Bear
$24.60
Fair
$30.75
Bull
$36.90
Bear
$24.60
-76.0%
$2.05 × 12x P/E
Fair
$30.75
-70.1%
$2.05 × 15x P/E
Bull
$36.90
-64.1%
$2.05 × 18x P/E
Adjust Assumptions
15.0x
2.05$
Key Value Driver
Normalized P/E multiple (15x base case)
Implied Market Multiple
50.1x
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above.
Average Target (21 analysts)
$108.60
Divergence from AlphaVal
72%
Summary
Applying a 15x P/E to adjusted EPS of $2.05, the base-case value is $30.75 per share.
Warnings
Wall Street's average price target is $108.60 (from 21 analysts). Our estimate is 72% below the consensus -- consider that gap carefully.
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