DCF Tool

EPC

Edgewell Personal Care Co – All Other Miscellaneous Chemical Product and Preparation Manufacturing
Edgewell is a leading pure-play consumer products company with an attractive, diversified portfolio of established brand names such as Schick® and Wilkinson Sword® men's and women's shaving systems and disposable razors; Edge® and Skintimate® shave preparations; Playtex®, Stayfree®, Carefree® and o.b.® feminine care products; Banana Boat®, Hawaiian Tropic®, Bulldog®, Jack Black® and Cremo® sun and skin care products; and Wet Ones® moist wipes. The Company has a broad global footprint and operates in more than 50 markets, including the U.S., Canada, Mexico, Germany, Japan, the U.K. and Australia, with approximately 5,800 employees worldwide.
Analysis Results
Intrinsic Value $61.64
Latest Price $41.34
Relative Value 33% 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 -9.0%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 5.7%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of -9.0%, 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)
2022 186 176
2023 169 151
2024 154 130
2025 140 112
2026 127 96.5
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 3500 million. This corresponds to a present value of 2510 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 666 million. Adding in the terminal value gives a total present value of 3170 million.

There are presently 51.4 million outstanding shares, so the intrinsic value per share is 61.64.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,135,700,000
Current Cash 479,200,000
Current Liabilities 536,800,000
Current Debt 26,500,000
Non-Cash Working Capital (NCWC) 146,200,000
Change in NCWC 16,700,000
EBIT 233,500,000
Tax Provision 29,000,000
Depreciation and Amortization 87,100,000
Capital Expenditure -56,800,000
Unlevered Free Cash Flow 234,119,863
Current Assets 983,600,000
Current Cash 364,700,000
Current Liabilities 510,500,000
Current Debt 21,100,000
Non-Cash Working Capital (NCWC) 129,500,000
Change in NCWC -45,100,000
EBIT 174,400,000
Tax Provision 19,700,000
Depreciation and Amortization 88,800,000
Capital Expenditure -47,700,000
Unlevered Free Cash Flow 131,045,131
Current Assets 1,044,400,000
Current Cash 341,600,000
Current Liabilities 659,600,000
Current Debt 131,400,000
Non-Cash Working Capital (NCWC) 174,600,000
Change in NCWC 13,700,000
EBIT 290,200,000
Tax Provision -18,100,000
Depreciation and Amortization 93,800,000
Capital Expenditure -58,000,000
Unlevered Free Cash Flow 339,700,000
Current Assets 951,200,000
Current Cash 266,400,000
Current Liabilities 717,000,000
Current Debt 193,100,000
Non-Cash Working Capital (NCWC) 160,900,000
Change in NCWC -17,400,000
EBIT 290,200,000
Tax Provision 60,500,000
Depreciation and Amortization 97,600,000
Capital Expenditure -62,000,000
Unlevered Free Cash Flow 201,213,797
Current Assets 1,186,200,000
Current Cash 502,900,000
Current Liabilities 524,400,000
Current Debt 19,400,000
Non-Cash Working Capital (NCWC) 178,300,000
Change in NCWC 33,100,000
EBIT 354,700,000
Tax Provision -58,600,000
Depreciation and Amortization 94,400,000
Capital Expenditure -69,000,000
Unlevered Free Cash Flow 413,200,000
Current Assets 1,452,000,000
Current Cash 738,900,000
Current Liabilities 868,200,000
Current Debt 300,300,000
Non-Cash Working Capital (NCWC) 145,200,000
Change in NCWC -130,000,000
EBIT 338,600,000
Tax Provision 41,200,000
Depreciation and Amortization 92,600,000
Capital Expenditure -69,500,000
Unlevered Free Cash Flow 168,260,618
Current Assets 1,636,600,000
Current Cash 712,100,000
Current Liabilities 666,800,000
Current Debt 17,500,000
Non-Cash Working Capital (NCWC) 275,200,000
Change in NCWC -271,200,000
EBIT 174,100,000
Tax Provision -162,600,000
Depreciation and Amortization 115,300,000
Capital Expenditure -99,400,000
Unlevered Free Cash Flow -81,200,000
Current Assets 2,729,600,000
Current Cash 1,129,000,000
Current Liabilities 1,573,700,000
Current Debt 519,500,000
Non-Cash Working Capital (NCWC) 546,400,000
Change in NCWC -109,300,000
EBIT 687,600,000
Tax Provision 117,400,000
Depreciation and Amortization 136,200,000
Capital Expenditure -85,300,000
Unlevered Free Cash Flow 458,715,860
Current Assets 2,568,400,000
Current Cash 998,300,000
Current Liabilities 1,153,400,000
Current Debt 239,000,000
Non-Cash Working Capital (NCWC) 655,700,000
Change in NCWC -234,800,000
EBIT 740,400,000
Tax Provision 160,900,000
Depreciation and Amortization 144,500,000
Capital Expenditure -90,600,000
Unlevered Free Cash Flow 349,726,518
Current Assets 2,522,600,000
Current Cash 718,500,000
Current Liabilities 1,307,500,000
Current Debt 393,900,000
Non-Cash Working Capital (NCWC) 890,500,000
Change in NCWC -33,600,000
EBIT 680,800,000
Tax Provision 156,500,000
Depreciation and Amortization 162,200,000
Capital Expenditure -111,000,000
Unlevered Free Cash Flow 509,957,835

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