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AlphaVal

AlphaVal

Deterministic, archetype-aware fair value

Stable Earnings Power 80% confidence

Primary model: P/Adj-EPS × Normalized Multiple

Valuation Signal Undervalued Moderate
Trading 39.0% below fair value
Current Price $39.32
Bear Case $53.12 35.1% upside ($53.12 - $39.32) / $39.32 = 35.1% $3.78 × 14x P/E
Fair Value $64.50 64.0% upside ($64.50 - $39.32) / $39.32 = 64.0% $3.78 × 17x P/E
Bull Case $75.89 93.0% upside ($75.89 - $39.32) / $39.32 = 93.0% $3.78 × 20x P/E

Adjust Assumptions

17.1x
3.78$

Key Value Driver

Normalized P/E multiple (17x base case)

Implied Market Multiple 10.4x

Plain-Language Summary

Applying a 17x P/E to adjusted EPS of $3.78, the base-case value is $64.50 per share. DDM cross-check: $47.61.

Warnings

⚠ The company's reported profits differ from official accounting profits by 191%. Check what costs are being left out of the adjusted number.
⚠ The company pays out 254% of its profits as dividends. That leaves little cushion — the dividend could be cut if business slows down.
ℹ Dividend-based valuation: $47.61 (below our primary estimate by 26%). Large gaps may signal the dividend doesn't reflect full earning power.

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