AlphaMadera

KODK Eastman Kodak Company

$8.88

Stable Earnings Power 40%

P/Adj-EPS × Normalized Multiple

Strong · Conviction

Overvalued

Trading 119.4% above fair value

You pay $8.88

Bear $3.24

Fair $4.05

Bull $4.86

Bear $3.24 -63.5% $0.27 × 12x P/E

Fair $4.05 -54.4% $0.27 × 15x P/E

Bull $4.86 -45.3% $0.27 × 18x P/E

Adjust Assumptions

P/E Multiple

15.0x

Adjusted EPS

0.27$

Key Value Driver

Normalized P/E multiple (15x base case)

Terminal Value % of EV

Implied Market Multiple 32.9x

Market is pricing in (growth)

Summary

Applying a 15x P/E to adjusted EPS of $0.27, the base-case value is $4.05 per share.

Warnings

⚠ This stock is 40% below its 52-week high, with weak or declining earnings. That combination often signals real trouble, even though the valuation below is based on other fundamentals.

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