UTMD
Utah Medical Products, Inc.
$74.23
Stable Earnings Power
80%
P/Adj-EPS × Normalized Multiple
Strong
·
Conviction
Overvalued
Trading 42.2% above fair value
You pay
$74.23
Bear
$41.76
Fair
$52.20
Bull
$62.64
Bear
$41.76
-43.7%
$3.48 × 12x P/E
Fair
$52.20
-29.7%
$3.48 × 15x P/E
Bull
$62.64
-15.6%
$3.48 × 18x P/E
Adjust Assumptions
15.0x
3.48$
Key Value Driver
Normalized P/E multiple (15x base case)
Implied Market Multiple
21.3x
Summary
Applying a 15x P/E to adjusted EPS of $3.48, the base-case value is $52.20 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