PRSU
Pursuit Attractions and Hospitality, Inc.
$53.98
Stable Earnings Power
40%
P/Adj-EPS × Normalized Multiple
Strong
·
Conviction
Overvalued
Trading 134.6% above fair value
You pay
$53.98
Bear
$18.41
Fair
$23.01
Bull
$27.61
Bear
$18.41
-65.9%
$1.53 × 12x P/E
Fair
$23.01
-57.4%
$1.53 × 15x P/E
Bull
$27.61
-48.8%
$1.53 × 18x P/E
Key Value Driver
Normalized P/E multiple (15x base case)
Implied Market Multiple
35.2x
Summary
Applying a 15x P/E to adjusted EPS of $1.53, the base-case value is $23.01 per share.
Warnings
The company's reported profits differ from official accounting profits by 74%. Check what costs are being left out of the adjusted number.
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