POR
Portland General Electric Company
$44.55
Stable Earnings Power
85%
P/Adj-EPS × Normalized Multiple
Mild
·
Conviction
Fair Value
Trading 6.0% below fair value
You pay
$44.55
Bear
$41.49
Fair
$47.42
Bull
$53.35
Bear
$41.49
-6.9%
$2.76 × 15x P/E
Fair
$47.42
+6.4%
$2.76 × 17x P/E
Bull
$53.35
+19.7%
$2.76 × 19x P/E
Adjust Assumptions
17.2x
2.76$
Key Value Driver
Normalized P/E multiple (17x base case)
Implied Market Multiple
16.1x
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above.
Average Target (24 analysts)
$49.00
Divergence from AlphaVal
3%
Summary
Applying a 17x P/E to adjusted EPS of $2.76, the base-case value is $47.42 per share. DDM cross-check: $56.78.
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