POR
Portland General Electric Company
$52.72
Stable Earnings Power
85%
P/Adj-EPS × Normalized Multiple
Mild
·
Conviction
Fair Value
Trading 0.0% below fair value
You pay
$52.72
Bear
$46.13
Fair
$52.72
Bull
$59.32
Bear
$46.13
-12.5%
$3.03 × 15x P/E
Fair
$52.72
+0.0%
$3.03 × 17x P/E
Bull
$59.32
+12.5%
$3.03 × 19x P/E
Key Value Driver
Normalized P/E multiple (17x base case)
Implied Market Multiple
17.4x
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 $54.75 from 23 analysts, using a 25% weight on analyst consensus. That produces an estimated intrinsic value of $52.72 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