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 $153.38
Latest Price $33.46
Relative Value 78% undervalued
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Cash Flow (Millions)
Analysis Parameters
New Ticker
Analysis Details
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 20.0%, 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 (million) Present value (million)
2023 464 425
2024 556 468
2025 668 516
2026 801 568
2027 961 625
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 14000 million. This corresponds to a present value of 8350 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 2600 million. Adding in the terminal value gives a total present value of 11000 million.

There are presently 71.4 million outstanding shares, so the intrinsic value per share is 153.38.

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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