IART
Integra LifeSciences Holdings Corporation
$13.21
Stable Earnings Power
40%
P/Adj-EPS × Normalized Multiple
Mild
·
Conviction
Fair Value
Trading 9.8% below fair value
You pay
$13.21
Bear
$11.71
Fair
$14.64
Bull
$17.57
Bear
$11.71
-11.3%
$0.98 × 12x P/E
Fair
$14.64
+10.8%
$0.98 × 15x P/E
Bull
$17.57
+33.0%
$0.98 × 18x P/E
Adjust Assumptions
15.0x
0.98$
Key Value Driver
Normalized P/E multiple (15x base case)
Implied Market Multiple
13.5x
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above.
Average Target (27 analysts)
$19.40
Divergence from AlphaVal
25%
Summary
Applying a 15x P/E to adjusted EPS of $0.98, the base-case value is $14.64 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