SKX
Skechers U.S.A., Inc.
$63.13
Stable Earnings Power
80%
P/Adj-EPS × Normalized Multiple
Moderate
·
Conviction
Undervalued
Trading 27.6% below fair value
You pay
$63.13
Bear
$76.29
Fair
$87.19
Bull
$98.09
Bear
$76.29
+20.8%
$4.16 × 18x P/E
Fair
$87.19
+38.1%
$4.16 × 21x P/E
Bull
$98.09
+55.4%
$4.16 × 24x P/E
Adjust Assumptions
21.0x
4.16$
Key Value Driver
Normalized P/E multiple (21x base case)
Implied Market Multiple
15.2x
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above.
Average Target (37 analysts)
$70.00
Divergence from AlphaVal
25%
Summary
Applying a 21x P/E to adjusted EPS of $4.16, the base-case value is $87.19 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