DCF Tool

ENS

Enersys – Optical Instrument and Lens Manufacturing
EnerSys Inc., the global leader in stored energy solutions for industrial applications, manufactures and distributes energy system solutions, motive power batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure solutions to customers worldwide. Motive power batteries and chargers are utilized in electric forklift trucks and other commercial electric-powered vehicles. Energy Systems provide highly integrated power solutions and services to broadband, telecommunication, utility, uninterruptible power supplies, renewable, medical, aerospace and defense, premium starting, lighting and ignition applications. Outdoor equipment enclosure products are utilized in the telecommunication, cable, utility, transportation industries and by government and defense customers. The company also provides aftermarket and customer support services to its customers in over 100 countries through its sales and manufacturing locations around the world.
Analysis Results
Intrinsic Value $102.54
Latest Price $71.41
Relative Value 30% undervalued
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Cash Flow (Millions)
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 1.7%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.4%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 1.7%, 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 (million) Present value (million)
2023 241 224
2024 245 212
2025 249 201
2026 253 190
2027 258 180
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 4850 million. This corresponds to a present value of 3160 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1010 million. Adding in the terminal value gives a total present value of 4170 million.

There are presently 40.7 million outstanding shares, so the intrinsic value per share is 102.54.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,993,193,000
Current Cash 402,488,000
Current Liabilities 738,130,000
Current Debt 55,269,000
Non-Cash Working Capital (NCWC) 907,844,000
Change in NCWC 310,934,000
EBIT 231,762,000
Tax Provision 30,028,000
Depreciation and Amortization 95,878,000
Capital Expenditure -74,041,000
Unlevered Free Cash Flow 524,522,712
Current Assets 1,691,317,000
Current Cash 451,808,000
Current Liabilities 676,988,000
Current Debt 34,389,000
Non-Cash Working Capital (NCWC) 596,910,000
Change in NCWC -85,403,000
EBIT 256,749,000
Tax Provision 26,761,000
Depreciation and Amortization 94,082,000
Capital Expenditure -70,020,000
Unlevered Free Cash Flow 155,023,246
Current Assets 1,562,905,000
Current Cash 326,979,000
Current Liabilities 600,319,000
Current Debt 46,706,000
Non-Cash Working Capital (NCWC) 682,313,000
Change in NCWC -6,793,000
EBIT 257,077,000
Tax Provision 9,821,000
Depreciation and Amortization 87,344,000
Capital Expenditure -101,425,000
Unlevered Free Cash Flow 219,020,444
Current Assets 1,536,648,000
Current Cash 299,212,000
Current Liabilities 612,933,000
Current Debt 64,603,000
Non-Cash Working Capital (NCWC) 689,106,000
Change in NCWC 144,737,000
EBIT 261,990,000
Tax Provision 21,584,000
Depreciation and Amortization 63,348,000
Capital Expenditure -70,372,000
Unlevered Free Cash Flow 368,668,692
Current Assets 1,539,587,000
Current Cash 522,118,000
Current Liabilities 491,530,000
Current Debt 18,430,000
Non-Cash Working Capital (NCWC) 544,369,000
Change in NCWC 74,786,000
EBIT 278,320,000
Tax Provision 118,493,000
Depreciation and Amortization 54,317,000
Capital Expenditure -69,832,000
Unlevered Free Cash Flow 199,213,434
Current Assets 1,418,915,000
Current Cash 500,329,000
Current Liabilities 467,431,000
Current Debt 18,428,000
Non-Cash Working Capital (NCWC) 469,583,000
Change in NCWC -411,000
EBIT 280,762,000
Tax Provision 54,472,000
Depreciation and Amortization 53,945,000
Capital Expenditure -50,072,000
Unlevered Free Cash Flow 212,319,781
Current Assets 1,296,239,000
Current Cash 397,307,000
Current Liabilities 451,171,000
Current Debt 22,233,000
Non-Cash Working Capital (NCWC) 469,994,000
Change in NCWC -81,084,000
EBIT 259,010,000
Tax Provision 50,113,000
Depreciation and Amortization 55,994,000
Capital Expenditure -55,880,000
Unlevered Free Cash Flow 106,697,897
Current Assets 1,233,418,000
Current Cash 268,921,000
Current Liabilities 433,371,000
Current Debt 19,952,000
Non-Cash Working Capital (NCWC) 551,078,000
Change in NCWC 37,716,000
EBIT 282,530,000
Tax Provision 67,814,000
Depreciation and Amortization 57,040,000
Capital Expenditure -63,625,000
Unlevered Free Cash Flow 236,819,874
Current Assets 1,300,700,000
Current Cash 240,103,000
Current Liabilities 581,403,000
Current Debt 34,168,000
Non-Cash Working Capital (NCWC) 513,362,000
Change in NCWC 54,294,000
EBIT 285,199,000
Tax Provision 16,980,000
Depreciation and Amortization 53,972,000
Capital Expenditure -61,995,000
Unlevered Free Cash Flow 301,895,845
Current Assets 1,152,962,000
Current Cash 249,348,000
Current Liabilities 467,559,000
Current Debt 23,013,000
Non-Cash Working Capital (NCWC) 459,068,000
Change in NCWC -10,805,000
EBIT 257,032,000
Tax Provision 65,275,000
Depreciation and Amortization 50,502,000
Capital Expenditure -55,286,000
Unlevered Free Cash Flow 168,570,024
Current Assets 1,071,673,000
Current Cash 160,490,000
Current Liabilities 460,301,000
Current Debt 18,991,000
Non-Cash Working Capital (NCWC) 469,873,000
Change in NCWC 40,344,000
EBIT 214,899,000
Tax Provision 47,292,000
Depreciation and Amortization 50,360,000
Capital Expenditure -48,943,000
Unlevered Free Cash Flow 203,522,612

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