VG
Venture Global, Inc.
$12.17
Stable Earnings Power
80%
P/Adj-EPS × Normalized Multiple
Moderate
·
Conviction
Undervalued
Trading 34.2% below fair value
You pay
$12.17
Bear
$14.80
Fair
$18.50
Bull
$22.19
Bear
$14.80
+21.6%
$0.87 × 18x P/E
Fair
$18.50
+52.0%
$0.87 × 22x P/E
Bull
$22.19
+82.4%
$0.87 × 27x P/E
Key Value Driver
Normalized P/E multiple (22x base case)
Implied Market Multiple
14.0x
Summary
Our base-case estimate uses a valuation based on adjusted earnings per share and a normalized price-to-earnings multiple. We then blend that result with the average analyst price target of $16.13 from 31 analysts, using a 30% weight on analyst consensus. That produces an estimated intrinsic value of $18.50 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