LVS
Las Vegas Sands Corp.
$45.36
Stable Earnings Power
65%
P/Adj-EPS × Normalized Multiple
Moderate
·
Conviction
Fair Value
Trading 21.6% below fair value
You pay
$45.36
Bear
$46.28
Fair
$57.84
Bull
$69.41
Bear
$46.28
+2.0%
$2.41 × 18x P/E
Fair
$57.84
+27.5%
$2.41 × 22x P/E
Bull
$69.41
+53.0%
$2.41 × 27x P/E
Key Value Driver
Normalized P/E multiple (22x base case)
Implied Market Multiple
18.8x
Summary
Our base-case estimate uses a valuation based on adjusted earnings per share and a normalized price-to-earnings multiple. We then blend that result with the average analyst price target of $66.30 from 49 analysts, using a 30% weight on analyst consensus. That produces an estimated intrinsic value of $57.84 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