Discounted Cash Flow (DCF) Analysis Unlevered

Energizer Holdings, Inc. (ENR)

$33.44

-0.73 (-2.14%)
All numbers are in Millions, Currency in USD
Stock DCF: -22.99 | 33.44 | overvalue

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 1,797.702,494.502,744.803,021.503,050.103,506.264,030.644,633.445,326.406,122.99
Revenue (%)
EBITDA 318.70378.30234.50434.50-25.50385.56443.22509.50585.70673.30
EBITDA (%)
EBIT 273.60285.50122.60316-147.10257.83296.39340.71391.67450.25
EBIT (%)
Depreciation 45.1092.80111.90118.50121.60127.73146.83168.79194.03223.05
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 522.10258.50459.80238.90205.30496.45570.70656.05754.16866.95
Total Cash (%)
Account Receivables 261.10387.40358.80358.90479.30495.92570.08655.34753.35866.02
Account Receivables (%)
Inventories 323.10469.30511.30728.30771.60735.02844.95971.321,116.581,283.57
Inventories (%)
Accounts Payable 228.90299378.10454.80329.40451.23518.71596.29685.47787.98
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 $ 33.44
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 8.491
Total Debt 3,622.20
Total Equity 2,337.46
Total Capital 5,959.66
Debt Weighting 60.78
Equity Weighting 39.22
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 1,797.702,494.502,744.803,021.503,050.103,506.264,030.644,633.445,326.406,122.99
EBITDA 318.70378.30234.50434.50-25.50385.56443.22509.50585.70673.30
EBIT 273.60285.50122.60316-147.10257.83296.39340.71391.67450.25
Tax Rate 46.63%30.10%237.81%-4.35%24.22%66.88%66.88%66.88%66.88%66.88%
EBIAT 146.01199.58-168.96329.73-111.4785.3898.15112.83129.71149.10
Depreciation 45.1092.80111.90118.50121.60127.73146.83168.79194.03223.05
Accounts Receivable --126.3028.60-0.10-120.40-16.62-74.17-85.26-98.01-112.67
Inventories --146.20-42-217-43.3036.58-109.93-126.37-145.27-166.99
Accounts Payable -70.1079.1076.70-125.40121.8367.4877.5889.18102.52
Capital Expenditure -24.20-55.10-65.30-64.90-92.50-77.94-89.60-103-118.40-136.11
UFCF 166.9134.88-56.66242.93-371.47276.9638.7744.5751.2458.90
WACC
PV UFCF 262.9234.9438.1341.6145.41
SUM PV UFCF 423.02

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 5.34
Free cash flow (t + 1) 60.08
Terminal Value 1,798.84
Present Value of Terminal Value 1,386.84

Intrinsic Value

Enterprise Value 1,809.86
Net Debt 3,416.90
Equity Value -1,607.04
Shares Outstanding 69.90
Equity Value Per Share -22.99