Discounted Cash Flow (DCF) Analysis Unlevered
Energizer Holdings, Inc. (ENR)
$32.29
+0.53 (+1.67%)
All numbers are in Millions, Currency in USD
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 |