WOR
Worthington Industries, Inc.
$64.21
Stable Earnings Power
40%
P/Adj-EPS × Normalized Multiple
Mild
·
Conviction
Overvalued
Trading 7.4% above fair value
You pay
$64.21
Bear
$47.83
Fair
$59.79
Bull
$71.75
Bear
$47.83
-25.5%
$3.99 × 12x P/E
Fair
$59.79
-6.9%
$3.99 × 15x P/E
Bull
$71.75
+11.7%
$3.99 × 18x P/E
Adjust Assumptions
15.0x
3.99$
Key Value Driver
Normalized P/E multiple (15x base case)
Implied Market Multiple
16.1x
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above.
Average Target (15 analysts)
$75.00
Divergence from AlphaVal
20%
Summary
Applying a 15x P/E to adjusted EPS of $3.99, the base-case value is $59.79 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