Discounted Cash Flow (DCF) Analysis Unlevered

Energizer Holdings, Inc. (ENR)

$32.29

+0.53 (+1.67%)

All numbers are in Millions, Currency in USD

Stock DCF: 142.77 | 32.29 | undervalue

Operating Data

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 (%)
EBITDA	314.10	388.70	474.50	540	516.40	597.08	686.37	789.02	907.03	1,042.68
EBITDA (%)
EBIT	269	295.90	362.60	421.50	394.80	469.35	539.54	620.23	712.99	819.62
EBIT (%)
Depreciation	45.10	92.80	111.90	118.50	121.60	127.73	146.83	168.79	194.03	223.05
Depreciation (%)

Balance Sheet Data

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Total Cash	522.10	258.50	459.80	238.90	205.30	496.45	570.70	656.05	754.16	866.95
Total Cash (%)
Account Receivables	230.40	340.20	292	292.90	421.70	425.04	488.61	561.69	645.69	742.26
Account Receivables (%)
Inventories	323.10	469.30	511.30	728.30	771.60	735.02	844.95	971.32	1,116.58	1,283.57
Inventories (%)
Accounts Payable	228.90	299	378.10	454.80	329.40	451.23	518.71	596.29	685.47	787.98
Accounts Payable (%)
Capital Expenditure	-24.20	-55.10	-65.30	-64.90	-92.50	-77.94	-89.60	-103	-118.40	-136.11
Capital Expenditure (%)

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

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
EBITDA	314.10	388.70	474.50	540	516.40	597.08	686.37	789.02	907.03	1,042.68
EBIT	269	295.90	362.60	421.50	394.80	469.35	539.54	620.23	712.99	819.62
Tax Rate	46.63%	30.10%	30.87%	-4.35%	24.22%	25.50%	25.50%	25.50%	25.50%	25.50%
EBIAT	143.56	206.85	250.66	439.81	299.17	349.69	401.98	462.10	531.21	610.66
Depreciation	45.10	92.80	111.90	118.50	121.60	127.73	146.83	168.79	194.03	223.05
Accounts Receivable	-	-109.80	48.20	-0.90	-128.80	-3.34	-63.57	-73.07	-84	-96.57
Inventories	-	-146.20	-42	-217	-43.30	36.58	-109.93	-126.37	-145.27	-166.99
Accounts Payable	-	70.10	79.10	76.70	-125.40	121.83	67.48	77.58	89.18	102.52
Capital Expenditure	-24.20	-55.10	-65.30	-64.90	-92.50	-77.94	-89.60	-103	-118.40	-136.11
UFCF	164.46	58.65	382.56	352.21	30.77	554.53	353.20	406.03	466.75	536.56
WACC
PV UFCF						524.93	316.50	344.41	374.78	407.83
SUM PV UFCF										1,968.43

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	5.64
Free cash flow (t + 1)	547.29
Terminal Value	15,035.39
Present Value of Terminal Value	11,428.07

Intrinsic Value

Enterprise Value	13,396.50
Net Debt	3,416.90
Equity Value	9,979.60
Shares Outstanding	69.90
Equity Value Per Share	142.77