KOP
Koppers Holdings Inc.
$42.48
Stable Earnings Power
40%
P/Adj-EPS × Normalized Multiple
Mild
·
Conviction
Overvalued
Trading 3.4% above fair value
You pay
$42.48
Bear
$32.88
Fair
$41.10
Bull
$49.32
Bear
$32.88
-22.6%
$2.74 × 12x P/E
Fair
$41.10
-3.2%
$2.74 × 15x P/E
Bull
$49.32
+16.1%
$2.74 × 18x P/E
Adjust Assumptions
15.0x
2.74$
Key Value Driver
Normalized P/E multiple (15x base case)
Implied Market Multiple
15.5x
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above.
Average Target (14 analysts)
$55.00
Divergence from AlphaVal
25%
Summary
Applying a 15x P/E to adjusted EPS of $2.74, the base-case value is $41.10 per share.
Warnings
Wall Street's average price target is $55.00 (from 14 analysts). Our estimate is 25% 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