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ENR

Energizer Holdings Inc – Storage Battery Manufacturing
Energizer Holdings, Inc., headquartered in St. Louis, Missouri, is one of the world's largest manufacturers and distributors of primary batteries, portable lights, and auto care appearance, performance, refrigerant, and fragrance products. Its portfolio of globally recognized brands includes Energizer®, Armor All®, Eveready®, Rayovac®, STP®, Varta®, A/C Pro®, Refresh Your Car!®, California Scents®, Driven®, Bahama & Co.®, LEXOL®, Eagle One®, Nu Finish®, Scratch Doctor®, and Tuff Stuff®. As a global branded consumer products company, Energizer's mission is to lead the charge to deliver value to its customers and consumers better than anyone else.
Analysis Results
Intrinsic Value $1,294.15
Latest Price $25.14
Relative Value 98% undervalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 38.5%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 5.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 38.5%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2022 1.02 0.966
2023 1.41 1.27
2024 1.95 1.68
2025 2.7 2.21
2026 3.74 2.91
Terminal Value

Assuming the company was sold after the projection period at an exit multiple of 30, the terminal value of the company would be 112 billion. This corresponds to a present value of 83.2 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 9.04 billion. Adding in the terminal value gives a total present value of 92.2 billion.

There are presently 71.3 million outstanding shares, so the intrinsic value per share is 1294.15.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 2,879,000,000
Current Cash 477,800,000
Current Liabilities 1,892,800,000
Current Debt 238,600,000
Non-Cash Working Capital (NCWC) 747,000,000
Change in NCWC -202,500,000
EBIT 832,800,000
Tax Provision -13,400,000
Depreciation and Amortization 237,000,000
Capital Expenditure -129,800,000
Unlevered Free Cash Flow 737,500,000
Current Assets 2,210,900,000
Current Cash 459,800,000
Current Liabilities 1,648,400,000
Current Debt 846,800,000
Non-Cash Working Capital (NCWC) 949,500,000
Change in NCWC 206,700,000
EBIT 359,600,000
Tax Provision 20,900,000
Depreciation and Amortization 111,900,000
Capital Expenditure -65,300,000
Unlevered Free Cash Flow 501,886,115
Current Assets 2,036,800,000
Current Cash 258,500,000
Current Liabilities 1,069,000,000
Current Debt 33,500,000
Non-Cash Working Capital (NCWC) 742,800,000
Change in NCWC 593,700,000
EBIT 284,800,000
Tax Provision 8,400,000
Depreciation and Amortization 92,800,000
Capital Expenditure -55,100,000
Unlevered Free Cash Flow 883,473,324
Current Assets 1,171,100,000
Current Cash 522,100,000
Current Liabilities 751,200,000
Current Debt 251,300,000
Non-Cash Working Capital (NCWC) 149,100,000
Change in NCWC -19,200,000
EBIT 262,400,000
Tax Provision 81,700,000
Depreciation and Amortization 45,100,000
Capital Expenditure -24,200,000
Unlevered Free Cash Flow 141,736,529
Current Assets 1,020,200,000
Current Cash 378,000,000
Current Liabilities 582,000,000
Current Debt 108,100,000
Non-Cash Working Capital (NCWC) 168,300,000
Change in NCWC 37,800,000
EBIT 312,400,000
Tax Provision 71,800,000
Depreciation and Amortization 50,200,000
Capital Expenditure -25,200,000
Unlevered Free Cash Flow 293,127,844
Current Assets 889,500,000
Current Cash 287,300,000
Current Liabilities 533,100,000
Current Debt 61,400,000
Non-Cash Working Capital (NCWC) 130,500,000
Change in NCWC -34,300,000
EBIT 228,000,000
Tax Provision 38,000,000
Depreciation and Amortization 34,300,000
Capital Expenditure -28,700,000
Unlevered Free Cash Flow 147,012,733
Current Assets 1,126,500,000
Current Cash 502,100,000
Current Liabilities 467,800,000
Current Debt 8,200,000
Non-Cash Working Capital (NCWC) 164,800,000
Change in NCWC -112,300,000
EBIT 172,700,000
Tax Provision 3,300,000
Depreciation and Amortization 41,800,000
Capital Expenditure -40,400,000
Unlevered Free Cash Flow 61,800,000

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