MRNA
Moderna, Inc.
$68.27
Stable Earnings Power
40%
P/Adj-EPS × Normalized Multiple
Strong
·
Conviction
Undervalued
Trading 79.2% below fair value
You pay
$68.27
Bear
$281.31
Fair
$328.20
Bull
$375.09
Bear
$281.31
+312.1%
$20.10 × 18x P/E
Fair
$328.20
+380.7%
$20.10 × 21x P/E
Bull
$375.09
+449.4%
$20.10 × 24x P/E
Key Value Driver
Normalized P/E multiple (21x base case)
Implied Market Multiple
3.4x
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 $46.50 from 27 analysts, using a 25% weight on analyst consensus. That produces an estimated intrinsic value of $328.20 per share.
Warnings
Wall Street's average price target is $46.50 (from 27 analysts). Our estimate is 808% above 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