Discounted Cash Flow (DCF) Analysis Unlevered
Energizer Holdings, Inc. (ENR)
$33.44
-0.73 (-2.14%)
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 | 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 |