Voyager Acquisition Corp. logo VACH - Voyager Acquisition Corp.

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AlphaVal

AlphaVal

Deterministic, archetype-aware fair value

Stable Earnings Power 50% confidence

Primary model: P/Adj-EPS × Normalized Multiple

Valuation Signal Undervalued Strong
Trading 74.2% below fair value
Current Price $2.09
Bear Case $6.48 210.0% upside ($6.48 - $2.09) / $2.09 = 210.0% $0.36 × 18x P/E
Fair Value $8.10 287.6% upside ($8.10 - $2.09) / $2.09 = 287.6% $0.36 × 22x P/E
Bull Case $9.72 365.1% upside ($9.72 - $2.09) / $2.09 = 365.1% $0.36 × 27x P/E

Adjust Assumptions

22.5x
0.36$

Key Value Driver

Normalized P/E multiple (22x base case)

Implied Market Multiple 5.8x

Plain-Language Summary

Applying a 22x P/E to adjusted EPS of $0.36, the base-case value is $8.10 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