HAVA
Harvard Ave Acquisition Corporation Class A Ordinary Share
$10.08
Stable Earnings Power
50%
P/Adj-EPS × Normalized Multiple
Strong
·
Conviction
Overvalued
Trading 617.9% above fair value
You pay
$10.08
Bear
$1.12
Fair
$1.40
Bull
$1.68
Bear
$1.12
-88.9%
$0.09 × 12x P/E
Fair
$1.40
-86.1%
$0.09 × 15x P/E
Bull
$1.68
-83.3%
$0.09 × 18x P/E
Key Value Driver
Normalized P/E multiple (15x base case)
Implied Market Multiple
107.7x
Summary
Applying a 15x P/E to adjusted EPS of $0.09, the base-case value is $1.40 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