VSNT
Versant Media Group, Inc. Class A
$36.00
Stable Earnings Power
50%
P/Adj-EPS × Normalized Multiple
Strong
·
Conviction
Undervalued
Trading 73.9% below fair value
You pay
$36.00
Bear
$110.43
Fair
$138.04
Bull
$165.65
Bear
$110.43
+206.8%
$9.20 × 12x P/E
Fair
$138.04
+283.4%
$9.20 × 15x P/E
Bull
$165.65
+360.1%
$9.20 × 18x P/E
Key Value Driver
Normalized P/E multiple (15x base case)
Implied Market Multiple
3.9x
Summary
Applying a 15x P/E to adjusted EPS of $9.20, the base-case value is $138.04 per share.
Warnings
The company's reported profits differ from official accounting profits by 43%. Check what costs are being left out of the adjusted number.
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