Discounted Cash Flow (DCF) Analysis Levered
Energizer Holdings, Inc. (ENR)
$32.29
+0.53 (+1.67%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 1,797.70 | 2,494.50 | 2,744.80 | 3,021.50 | 3,050.10 | 3,506.26 | 4,030.64 | 4,633.44 | 5,326.40 | 6,122.99 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 228.70 | 149.50 | 376.40 | 179.70 | 1 | 269.34 | 309.62 | 355.93 | 409.16 | 470.35 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -24.20 | -55.10 | -65.30 | -64.90 | -92.50 | -77.94 | -89.60 | -103 | -118.40 | -136.11 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | 204.50 | 94.40 | 311.10 | 114.80 | -91.50 | 191.40 | 220.02 | 252.93 | 290.75 | 334.24 |
Weighted Average Cost Of Capital
| Share price | $ 32.29 |
|---|---|
| Beta | 1.010 |
| Diluted Shares Outstanding | 69.90 |
| Cost of Debt | |
| Tax Rate | 24.22 |
| After-tax Cost of Debt | 3.31% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 9.366 |
| Total Debt | 3,622.20 |
| Total Equity | 2,257.07 |
| Total Capital | 5,879.27 |
| Debt Weighting | 61.61 |
| Equity Weighting | 38.39 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 1,797.70 | 2,494.50 | 2,744.80 | 3,021.50 | 3,050.10 | 3,506.26 | 4,030.64 | 4,633.44 | 5,326.40 | 6,122.99 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 228.70 | 149.50 | 376.40 | 179.70 | 1 | 269.34 | 309.62 | 355.93 | 409.16 | 470.35 |
| Capital Expenditure | -24.20 | -55.10 | -65.30 | -64.90 | -92.50 | -77.94 | -89.60 | -103 | -118.40 | -136.11 |
| Free Cash Flow | 204.50 | 94.40 | 311.10 | 114.80 | -91.50 | 191.40 | 220.02 | 252.93 | 290.75 | 334.24 |
| WACC | ||||||||||
| PV LFCF | 181.18 | 197.16 | 214.54 | 233.46 | 254.05 | |||||
| SUM PV LFCF | 1,080.38 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 5.64 |
| Free cash flow (t + 1) | 340.92 |
| Terminal Value | 9,366 |
| Present Value of Terminal Value | 7,118.89 |
Intrinsic Value
| Enterprise Value | 8,199.27 |
|---|---|
| Net Debt | 3,416.90 |
| Equity Value | 4,782.37 |
| Shares Outstanding | 69.90 |
| Equity Value Per Share | 68.42 |