TALK
Talkspace, Inc.
$5.25
Stable Earnings Power
80%
P/Adj-EPS × Normalized Multiple
Strong
·
Conviction
Overvalued
Trading 483.3% above fair value
You pay
$5.25
Bear
$0.72
Fair
$0.90
Bull
$1.08
Bear
$0.72
-86.3%
$0.04 × 18x P/E
Fair
$0.90
-82.9%
$0.04 × 22x P/E
Bull
$1.08
-79.4%
$0.04 × 27x P/E
Adjust Assumptions
22.5x
0.04$
Key Value Driver
Normalized P/E multiple (22x base case)
Implied Market Multiple
131.2x
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above.
Average Target (10 analysts)
$5.25
Divergence from AlphaVal
83%
Summary
Applying a 22x P/E to adjusted EPS of $0.04, the base-case value is $0.90 per share.
Warnings
Wall Street's average price target is $5.25 (from 10 analysts). Our estimate is 83% below 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