Discounted Cash Flow (DCF) Analysis Levered

Energizer Holdings, Inc. (ENR)

$34.17

+0.82 (+2.46%)

All numbers are in Millions, Currency in USD

Stock DCF: 78.12 | 34.17 | undervalue

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	$ 34.17
Beta	1.008
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	8.501
Total Debt	3,622.20
Total Equity	2,388.48
Total Capital	6,010.68
Debt Weighting	60.26
Equity Weighting	39.74
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						181.64	198.17	216.19	235.86	257.32
SUM PV LFCF										1,089.18

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.37
Free cash flow (t + 1)	340.92
Terminal Value	10,116.39
Present Value of Terminal Value	7,788.27

Intrinsic Value

Enterprise Value	8,877.45
Net Debt	3,416.90
Equity Value	5,460.55
Shares Outstanding	69.90
Equity Value Per Share	78.12