NOEM
CO2 Energy Transition Corp.
$10.51
Stable Earnings Power
50%
P/Adj-EPS × Normalized Multiple
Strong
·
Conviction
Overvalued
Trading 174.8% above fair value
You pay
$10.51
Bear
$3.06
Fair
$3.83
Bull
$4.59
Bear
$3.06
-70.9%
$0.17 × 18x P/E
Fair
$3.83
-63.6%
$0.17 × 22x P/E
Bull
$4.59
-56.3%
$0.17 × 27x P/E
Key Value Driver
Normalized P/E multiple (22x base case)
Implied Market Multiple
61.8x
Summary
Applying a 22x P/E to adjusted EPS of $0.17, the base-case value is $3.83 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