LVS
Las Vegas Sands Corp.
$38.01
Stable Earnings Power
65%
P/Adj-EPS × Normalized Multiple
Moderate
·
Conviction
Undervalued
Trading 28.1% below fair value
You pay
$38.01
Bear
$42.30
Fair
$52.88
Bull
$63.45
Bear
$42.30
+11.3%
$2.35 × 18x P/E
Fair
$52.88
+39.1%
$2.35 × 22x P/E
Bull
$63.45
+66.9%
$2.35 × 27x P/E
Adjust Assumptions
22.5x
2.35$
Key Value Driver
Normalized P/E multiple (22x base case)
Implied Market Multiple
16.2x
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above.
Average Target (49 analysts)
$58.13
Divergence from AlphaVal
9%
Summary
Applying a 22x P/E to adjusted EPS of $2.35, the base-case value is $52.88 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