SENEA
Seneca Foods Corporation
$204.04
Stable Earnings Power
80%
P/Adj-EPS × Normalized Multiple
Moderate
·
Conviction
Undervalued
Trading 27.7% below fair value
You pay
$204.04
Bear
$232.26
Fair
$282.03
Bull
$331.80
Bear
$232.26
+13.8%
$16.59 × 14x P/E
Fair
$282.03
+38.2%
$16.59 × 17x P/E
Bull
$331.80
+62.6%
$16.59 × 20x P/E
Adjust Assumptions
17.0x
16.59$
Key Value Driver
Normalized P/E multiple (17x base case)
Implied Market Multiple
12.3x
Summary
Applying a 17x P/E to adjusted EPS of $16.59, the base-case value is $282.03 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