RNAC
Cartesian Therapeutics, Inc.
$9.51
Stable Earnings Power
40%
P/Adj-EPS × Normalized Multiple
Strong
·
Conviction
Undervalued
Trading 74.8% below fair value
You pay
$9.51
Bear
$32.31
Fair
$37.70
Bull
$43.09
Bear
$32.31
+239.8%
$3.00 × 12x P/E
Fair
$37.70
+296.4%
$3.00 × 14x P/E
Bull
$43.09
+353.1%
$3.00 × 16x P/E
Key Value Driver
Normalized P/E multiple (14x base case)
Implied Market Multiple
3.2x
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 $20.50 from 10 analysts, using a 20% weight on analyst consensus. That produces an estimated intrinsic value of $37.70 per share.
Warnings
Wall Street's average price target is $20.50 (from 10 analysts). Our estimate is 105% 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