DCF Tool


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 $1,021.15
Latest Price $33.46
Relative Value 97% undervalued
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Cash Flow (Billions)
Analysis Parameters
New Ticker
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 28.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 4.0%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 28.7%, 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)
2023 1.0 0.965
2024 1.29 1.19
2025 1.66 1.48
2026 2.14 1.83
2027 2.75 2.26
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 82.5 billion. This corresponds to a present value of 65.2 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 7.73 billion. Adding in the terminal value gives a total present value of 72.9 billion.

There are presently 71.4 million outstanding shares, so the intrinsic value per share is 1021.15.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,590,000,000
Current Cash 205,300,000
Current Liabilities 697,900,000
Current Debt 18,800,000
Non-Cash Working Capital (NCWC) 705,600,000
Change in NCWC 332,100,000
EBIT 402,100,000
Tax Provision -74,000,000
Depreciation and Amortization 121,600,000
Capital Expenditure -92,500,000
Unlevered Free Cash Flow 763,300,000
Current Assets 1,439,500,000
Current Cash 238,900,000
Current Liabilities 946,400,000
Current Debt 119,300,000
Non-Cash Working Capital (NCWC) 373,500,000
Change in NCWC -576,000,000
EBIT 416,400,000
Tax Provision -6,700,000
Depreciation and Amortization 118,500,000
Capital Expenditure -64,900,000
Unlevered Free Cash Flow -106,000,000
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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