LVS
Las Vegas Sands Corp.
$49.43
Stable Earnings Power
65%
P/Adj-EPS × Normalized Multiple
Moderate
·
Conviction
Fair Value
Trading 16.0% below fair value
You pay
$49.43
Bear
$47.10
Fair
$58.86
Bull
$70.63
Bear
$47.10
-4.7%
$2.41 × 18x P/E
Fair
$58.86
+19.1%
$2.41 × 22x P/E
Bull
$70.63
+42.9%
$2.41 × 27x P/E
Key Value Driver
Normalized P/E multiple (22x base case)
Implied Market Multiple
20.5x
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 $69.70 from 49 analysts, using a 30% weight on analyst consensus. That produces an estimated intrinsic value of $58.86 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