NVST
Envista Holdings Corp
$23.66
Stable Earnings Power
80%
P/Adj-EPS × Normalized Multiple
Strong
·
Conviction
Overvalued
Trading 199.9% above fair value
You pay
$23.66
Bear
$6.31
Fair
$7.89
Bull
$9.47
Bear
$6.31
-73.3%
$0.53 × 12x P/E
Fair
$7.89
-66.7%
$0.53 × 15x P/E
Bull
$9.47
-60.0%
$0.53 × 18x P/E
Adjust Assumptions
15.0x
0.53$
Key Value Driver
Normalized P/E multiple (15x base case)
Implied Market Multiple
45.0x
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above.
Average Target (20 analysts)
$28.60
Divergence from AlphaVal
72%
Summary
Applying a 15x P/E to adjusted EPS of $0.53, the base-case value is $7.89 per share.
Warnings
The company's reported profits differ from official accounting profits by 88%. Check what costs are being left out of the adjusted number.
Wall Street's average price target is $28.60 (from 20 analysts). Our estimate is 72% below 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