Overview
Discounted cash flow
Income / accounting-based
Multiples & assets
Scenario
Toolbox
Weighted blend
$39.62
-14.27% vs spot
Underweight
Spot price
$46.22
Mkt cap $22.16B
subtle cardAnalyst PT consensus
$49.80
+7.75% vs spot
subtle cardMethods covered
18 / 18
7 in blend
subtle cardFootball field
NI · fair-value range by method
Method comparison
NI · fair value by valuation framework
| Method | Category | Fair value | Range | vs spot | Weight | Driver | Conf. |
|---|---|---|---|---|---|---|---|
| DDM · Gordon | ddm | $35.09 | $26.64 – $51.39 | -24.08% | 13.3% | D₁ 1.07, kₑ 7.0%, gₗ 3.8% | med |
| DDM · H-model | ddm | $38.95 | $26.64 – $64.47 | -15.73% | — | D₀ 1.07, g₀=6.1%, gₗ=3.8%, H 5y | med |
| DDM · multi-stage | ddm | $37.00 | $31.45 – $42.55 | -19.95% | 24.0% | 5y schedule 6.1% → 3.8%, kₑ 7.0% | high |
| Residual income | income | $23.94 | $21.07 – $26.81 | -48.20% | 13.3% | BV 23.42, ROE 8.0% → kₑ | high |
| EVA / MVA | income | $133.38 | $117.38 – $149.39 | +188.58% | 6.7% | IC 27.8B, WACC 4.8% | high |
| Justified P/E | multiple | $136.08 | $115.67 – $156.49 | +194.42% | — | Fair P/E 69.8 (payout 57%, kₑ 7.0%, g 6.1%) | med |
| P/E · sector | multiple | $35.10 | $30.89 – $39.31 | -24.06% | 16.0% | EPS 1.95 × peer P/E 18.0 | med |
| Justified P/B | multiple | $49.83 | $42.36 – $57.31 | +7.82% | — | Fair P/B 2.13 · ROE 8.0%, kₑ 7.0% | high |
| P/S · sector | multiple | $29.36 | $24.95 – $33.76 | -36.49% | — | Rev/sh 13.34 × peer P/S 2.20 | med |
| EV / EBITDA | multiple | $34.02 | $29.94 – $38.10 | -26.40% | 20.0% | EBITDA × peer 11.0× − ND 16.1B | high |
| EV / EBIT | multiple | $16.31 | $13.87 – $18.76 | -64.70% | — | EBIT × peer 13.2× − ND | med |
| EV / Sales | multiple | -$7.40 | -$6.29 – -$8.51 | -116.01% | — | Sales × peer 1.87× − ND | med |
| PEG-anchored | multiple | $10.83 | $9.20 – $12.45 | -76.58% | — | PEG=1, fwd EPS g 5.6% | med |
| Earnings power | intrinsic | $31.20 | $27.46 – $34.95 | -32.49% | — | NOPAT / WACC, no growth | med |
| Graham revised | intrinsic | $39.92 | $33.93 – $45.91 | -13.63% | — | EPS×(8.5+2g)·4.4/Y | low |
| Lynch P/E=g | intrinsic | $11.94 | $10.15 – $13.74 | -74.16% | — | PE = g (6.1) | low |
| Book NAV | asset | $23.42 | $22.25 – $24.59 | -49.32% | 6.7% | (Assets − Liabilities) / Shares | high |
| Liquidation | asset | $1.48 | $1.26 – $1.70 | -96.81% | — | Cash 100% + non-cash 70% − Liab. | low |
Cost-of-capital build-up
CAPM cost of equity, after-tax cost of debt, WACC. Risk-free as of 2026-05-12.
| Risk-free rate (US 10y Treasury)rf | 4.46% |
| Equity beta (0.57)β | × 0.57 |
| Equity risk premiumERP | 4.46% |
| Cost of equity (CAPM)kₑ | 6.99% |
| Pre-tax cost of debtkd | 3.93% |
| Effective tax ratet | 16.8% |
| After-tax cost of debt | 3.28% |
| Equity weight$11.7B | 41.8% |
| Debt weight$16.2B | 58.2% |
| WACC | 4.83% |
Growth assumptions
Blended forward growth used as DCF default; terminal pegged to long-run nominal GDP.
| Analyst forward revenue growthFMP | 4.52% |
| Analyst forward EPS growthFMP | 5.55% |
| Historical 5y revenue CAGRFY | 7.90% |
| Historical 5y EPS CAGRFY | 11.32% |
| Sustainable g (ROE × retention)Δ | 3.42% |
| Blended near-term growth (g₀) | 6.13% |
| Terminal growth (gₗ) | 3.84% |
Sources
- FMP /analyst-estimates— 8 rows(as of 2023-12-31)
- Treasury rates · 10y— 4.46% rf(as of 2026-05-12)
- market_risk_premium · DB— 4.46% ERP(as of 2026-05-13)
- Sector multiple defaults— Utilities (live sector PE unavailable)
- FMP /price-target-consensus— mean $49.80
This page is generated by a quantitative valuation engine for research purposes only and does not constitute investment advice. Methodology follows standard CFA / Damodaran frameworks; assumptions are driven by analyst consensus from Financial Modeling Prep and reported financial statements.