SZZL
Sizzle Acquisition Corp. II
$10.49
Stable Earnings Power
40%
P/Adj-EPS × Normalized Multiple
Strong
·
Conviction
Overvalued
Trading 89.0% above fair value
You pay
$10.49
Bear
$4.44
Fair
$5.55
Bull
$6.66
Bear
$4.44
-57.7%
$0.37 × 12x P/E
Fair
$5.55
-47.1%
$0.37 × 15x P/E
Bull
$6.66
-36.5%
$0.37 × 18x P/E
Adjust Assumptions
15.0x
0.37$
Key Value Driver
Normalized P/E multiple (15x base case)
Implied Market Multiple
28.4x
Summary
Applying a 15x P/E to adjusted EPS of $0.37, the base-case value is $5.55 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