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 1,797.702,494.502,744.803,021.503,050.103,506.264,030.644,633.445,326.406,122.99
Revenue (%)
EBITDA 314.10388.70474.50540516.40597.08686.37789.02907.031,042.68
EBITDA (%)
EBIT 269295.90362.60421.50394.80469.35539.54620.23712.99819.62
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 230.40340.20292292.90421.70425.04488.61561.69645.69742.26
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 $ 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 1,797.702,494.502,744.803,021.503,050.103,506.264,030.644,633.445,326.406,122.99
EBITDA 314.10388.70474.50540516.40597.08686.37789.02907.031,042.68
EBIT 269295.90362.60421.50394.80469.35539.54620.23712.99819.62
Tax Rate 46.63%30.10%30.87%-4.35%24.22%25.50%25.50%25.50%25.50%25.50%
EBIAT 143.56206.85250.66439.81299.17349.69401.98462.10531.21610.66
Depreciation 45.1092.80111.90118.50121.60127.73146.83168.79194.03223.05
Accounts Receivable --109.8048.20-0.90-128.80-3.34-63.57-73.07-84-96.57
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 164.4658.65382.56352.2130.77554.53353.20406.03466.75536.56
WACC
PV UFCF 524.93316.50344.41374.78407.83
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