AlphaMadera

LBRDK Liberty Broadband Corporation

$36.02

Stable Earnings Power 40%

P/Adj-EPS × Normalized Multiple

Strong · Conviction

Undervalued

Trading 65.8% below fair value

You pay $36.02

Bear $84.24

Fair $105.30

Bull $126.36

Bear $84.24 +133.9% $4.68 × 18x P/E

Fair $105.30 +192.3% $4.68 × 22x P/E

Bull $126.36 +250.8% $4.68 × 27x P/E

Adjust Assumptions

P/E Multiple

22.5x

Adjusted EPS

4.68$

Key Value Driver

Normalized P/E multiple (22x base case)

Terminal Value % of EV

Implied Market Multiple 7.7x

Market is pricing in (growth)

Analyst Consensus (External Reference)

Never blended into the bear/base/bull estimates above.

Average Target (11 analysts) $108.33

Divergence from AlphaVal 3%

Summary

Applying a 22x P/E to adjusted EPS of $4.68, the base-case value is $105.30 per share.

Warnings

⚠ This stock is 45% 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