PVH
PVH Corp.
$82.75
Stable Earnings Power
40%
P/Adj-EPS × Normalized Multiple
Strong
·
Conviction
Undervalued
Trading 47.8% below fair value
You pay
$82.75
Bear
$126.72
Fair
$158.40
Bull
$190.08
Bear
$126.72
+53.1%
$10.56 × 12x P/E
Fair
$158.40
+91.4%
$10.56 × 15x P/E
Bull
$190.08
+129.7%
$10.56 × 18x P/E
Adjust Assumptions
15.0x
10.56$
Key Value Driver
Normalized P/E multiple (15x base case)
Implied Market Multiple
7.8x
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above.
Average Target (38 analysts)
$91.00
Divergence from AlphaVal
74%
Summary
Applying a 15x P/E to adjusted EPS of $10.56, the base-case value is $158.40 per share.
Warnings
The company's reported profits differ from official accounting profits by 1892%. Check what costs are being left out of the adjusted number.
Wall Street's average price target is $91.00 (from 38 analysts). Our estimate is 74% above 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