PRSU
Pursuit Attractions and Hospitality, Inc.
$56.02
Stable Earnings Power
40%
P/Adj-EPS × Normalized Multiple
Strong
·
Conviction
Overvalued
Trading 324.4% above fair value
You pay
$56.02
Bear
$10.56
Fair
$13.20
Bull
$15.84
Bear
$10.56
-81.1%
$0.88 × 12x P/E
Fair
$13.20
-76.4%
$0.88 × 15x P/E
Bull
$15.84
-71.7%
$0.88 × 18x P/E
Adjust Assumptions
15.0x
0.88$
Key Value Driver
Normalized P/E multiple (15x base case)
Implied Market Multiple
63.7x
Summary
Applying a 15x P/E to adjusted EPS of $0.88, the base-case value is $13.20 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