VOYA
Voya Financial, Inc.
$82.39
Stable Earnings Power
40%
P/Adj-EPS × Normalized Multiple
Strong
·
Conviction
Undervalued
Trading 65.5% below fair value
You pay
$82.39
Bear
$191.11
Fair
$238.88
Bull
$286.66
Bear
$191.11
+132.0%
$13.32 × 17x P/E
Fair
$238.88
+189.9%
$13.32 × 22x P/E
Bull
$286.66
+247.9%
$13.32 × 26x P/E
Key Value Driver
Normalized P/E multiple (22x base case)
Implied Market Multiple
6.2x
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 $90.67 from 26 analysts, using a 25% weight on analyst consensus. That produces an estimated intrinsic value of $238.88 per share.
Warnings
The company's reported profits differ from official accounting profits by 111%. Check what costs are being left out of the adjusted number.
Wall Street's average price target is $90.67 (from 26 analysts). Our estimate is 218% above 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