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	1,797.70	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	318.70	378.30	234.50	434.50	-25.50	385.56	443.22	509.50	585.70	673.30
EBITDA (%)
EBIT	273.60	285.50	122.60	316	-147.10	257.83	296.39	340.71	391.67	450.25
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	261.10	387.40	358.80	358.90	479.30	495.92	570.08	655.34	753.35	866.02
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	$ 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	1,797.70	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	318.70	378.30	234.50	434.50	-25.50	385.56	443.22	509.50	585.70	673.30
EBIT	273.60	285.50	122.60	316	-147.10	257.83	296.39	340.71	391.67	450.25
Tax Rate	46.63%	30.10%	237.81%	-4.35%	24.22%	66.88%	66.88%	66.88%	66.88%	66.88%
EBIAT	146.01	199.58	-168.96	329.73	-111.47	85.38	98.15	112.83	129.71	149.10
Depreciation	45.10	92.80	111.90	118.50	121.60	127.73	146.83	168.79	194.03	223.05
Accounts Receivable	-	-126.30	28.60	-0.10	-120.40	-16.62	-74.17	-85.26	-98.01	-112.67
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	166.91	34.88	-56.66	242.93	-371.47	276.96	38.77	44.57	51.24	58.90
WACC
PV UFCF						262.92	34.94	38.13	41.61	45.41
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