VACH
Voyager Acquisition Corp.
$2.14
Stable Earnings Power
50%
P/Adj-EPS × Normalized Multiple
Strong
·
Conviction
Undervalued
Trading 73.6% below fair value
You pay
$2.14
Bear
$6.48
Fair
$8.10
Bull
$9.72
Bear
$6.48
+202.8%
$0.36 × 18x P/E
Fair
$8.10
+278.5%
$0.36 × 22x P/E
Bull
$9.72
+354.2%
$0.36 × 27x P/E
Key Value Driver
Normalized P/E multiple (22x base case)
Implied Market Multiple
5.9x
Summary
Applying a 22x P/E to adjusted EPS of $0.36, the base-case value is $8.10 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