Intrinsic value of Energizer Holdings - ENR

Previous Close

$54.99

  Intrinsic Value

$38.92

stock screener

  Rating & Target

sell

-29%

Previous close

$54.99

 
Intrinsic value

$38.92

 
Up/down potential

-29%

 
Rating

sell

We calculate the intrinsic value of ENR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.47
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.24
  6.12
  6.01
  5.91
  5.82
  5.73
  5.66
  5.59
  5.54
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
Revenue, $m
  1,756
  1,889
  2,028
  2,172
  2,322
  2,478
  2,640
  2,808
  2,983
  3,166
  3,356
  3,554
  3,761
  3,977
  4,202
  4,437
  4,683
  4,939
  5,208
  5,489
  5,782
  6,090
  6,411
  6,748
  7,101
  7,471
  7,859
  8,265
  8,691
  9,137
  9,605
Variable operating expenses, $m
 
  338
  362
  386
  411
  437
  464
  492
  521
  551
  583
  593
  628
  664
  701
  741
  782
  824
  869
  916
  965
  1,016
  1,070
  1,126
  1,185
  1,247
  1,312
  1,379
  1,450
  1,525
  1,603
Fixed operating expenses, $m
 
  1,234
  1,265
  1,297
  1,329
  1,362
  1,396
  1,431
  1,467
  1,504
  1,541
  1,580
  1,619
  1,660
  1,701
  1,744
  1,787
  1,832
  1,878
  1,925
  1,973
  2,022
  2,073
  2,125
  2,178
  2,232
  2,288
  2,345
  2,404
  2,464
  2,525
Total operating expenses, $m
  1,479
  1,572
  1,627
  1,683
  1,740
  1,799
  1,860
  1,923
  1,988
  2,055
  2,124
  2,173
  2,247
  2,324
  2,402
  2,485
  2,569
  2,656
  2,747
  2,841
  2,938
  3,038
  3,143
  3,251
  3,363
  3,479
  3,600
  3,724
  3,854
  3,989
  4,128
Operating income, $m
  277
  317
  402
  490
  583
  679
  780
  885
  996
  1,111
  1,232
  1,381
  1,514
  1,653
  1,799
  1,953
  2,114
  2,283
  2,461
  2,648
  2,844
  3,051
  3,269
  3,497
  3,738
  3,992
  4,259
  4,540
  4,836
  5,148
  5,476
EBITDA, $m
  327
  375
  462
  553
  648
  747
  851
  960
  1,073
  1,192
  1,316
  1,447
  1,583
  1,726
  1,876
  2,034
  2,200
  2,373
  2,556
  2,748
  2,950
  3,162
  3,386
  3,621
  3,868
  4,129
  4,403
  4,692
  4,995
  5,315
  5,652
Interest expense (income), $m
  51
  47
  36
  41
  46
  51
  57
  63
  69
  75
  81
  88
  95
  103
  110
  118
  127
  135
  144
  154
  164
  174
  185
  197
  209
  221
  235
  248
  263
  278
  294
Earnings before tax, $m
  273
  270
  366
  449
  536
  628
  723
  823
  927
  1,036
  1,150
  1,293
  1,419
  1,551
  1,689
  1,835
  1,987
  2,148
  2,316
  2,494
  2,680
  2,877
  3,083
  3,301
  3,530
  3,771
  4,025
  4,292
  4,573
  4,870
  5,183
Tax expense, $m
  71
  73
  99
  121
  145
  169
  195
  222
  250
  280
  311
  349
  383
  419
  456
  495
  537
  580
  625
  673
  724
  777
  832
  891
  953
  1,018
  1,087
  1,159
  1,235
  1,315
  1,399
Net income, $m
  202
  197
  267
  328
  392
  458
  528
  601
  677
  756
  840
  944
  1,036
  1,132
  1,233
  1,339
  1,451
  1,568
  1,691
  1,820
  1,957
  2,100
  2,251
  2,409
  2,577
  2,753
  2,938
  3,133
  3,339
  3,555
  3,783

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  378
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,824
  1,556
  1,671
  1,789
  1,913
  2,041
  2,174
  2,313
  2,458
  2,608
  2,765
  2,928
  3,098
  3,276
  3,461
  3,655
  3,857
  4,069
  4,290
  4,521
  4,763
  5,016
  5,281
  5,559
  5,850
  6,154
  6,473
  6,808
  7,159
  7,526
  7,912
Adjusted assets (=assets-cash), $m
  1,446
  1,556
  1,671
  1,789
  1,913
  2,041
  2,174
  2,313
  2,458
  2,608
  2,765
  2,928
  3,098
  3,276
  3,461
  3,655
  3,857
  4,069
  4,290
  4,521
  4,763
  5,016
  5,281
  5,559
  5,850
  6,154
  6,473
  6,808
  7,159
  7,526
  7,912
Revenue / Adjusted assets
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
  1.214
Average production assets, $m
  419
  450
  483
  517
  553
  590
  628
  668
  710
  754
  799
  846
  895
  946
  1,000
  1,056
  1,114
  1,176
  1,239
  1,306
  1,376
  1,449
  1,526
  1,606
  1,690
  1,778
  1,870
  1,967
  2,068
  2,175
  2,286
Working capital, $m
  438
  181
  195
  209
  223
  238
  253
  270
  286
  304
  322
  341
  361
  382
  403
  426
  450
  474
  500
  527
  555
  585
  615
  648
  682
  717
  754
  793
  834
  877
  922
Total debt, $m
  1,087
  749
  852
  958
  1,069
  1,185
  1,305
  1,430
  1,560
  1,695
  1,836
  1,983
  2,136
  2,296
  2,463
  2,637
  2,820
  3,010
  3,209
  3,417
  3,635
  3,863
  4,101
  4,351
  4,613
  4,887
  5,174
  5,475
  5,791
  6,122
  6,469
Total liabilities, $m
  1,739
  1,401
  1,504
  1,610
  1,721
  1,837
  1,957
  2,082
  2,212
  2,347
  2,488
  2,635
  2,788
  2,948
  3,115
  3,289
  3,472
  3,662
  3,861
  4,069
  4,287
  4,515
  4,753
  5,003
  5,265
  5,539
  5,826
  6,127
  6,443
  6,774
  7,121
Total equity, $m
  85
  156
  167
  179
  191
  204
  217
  231
  246
  261
  276
  293
  310
  328
  346
  365
  386
  407
  429
  452
  476
  502
  528
  556
  585
  615
  647
  681
  716
  753
  791
Total liabilities and equity, $m
  1,824
  1,557
  1,671
  1,789
  1,912
  2,041
  2,174
  2,313
  2,458
  2,608
  2,764
  2,928
  3,098
  3,276
  3,461
  3,654
  3,858
  4,069
  4,290
  4,521
  4,763
  5,017
  5,281
  5,559
  5,850
  6,154
  6,473
  6,808
  7,159
  7,527
  7,912
Debt-to-equity ratio
  12.788
  4.810
  5.100
  5.360
  5.590
  5.810
  6.000
  6.180
  6.350
  6.500
  6.640
  6.770
  6.900
  7.010
  7.120
  7.220
  7.310
  7.400
  7.480
  7.560
  7.630
  7.700
  7.770
  7.830
  7.890
  7.940
  7.990
  8.040
  8.090
  8.130
  8.180
Adjusted equity ratio
  -0.131
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  202
  197
  267
  328
  392
  458
  528
  601
  677
  756
  840
  944
  1,036
  1,132
  1,233
  1,339
  1,451
  1,568
  1,691
  1,820
  1,957
  2,100
  2,251
  2,409
  2,577
  2,753
  2,938
  3,133
  3,339
  3,555
  3,783
Depreciation, amort., depletion, $m
  50
  58
  60
  63
  66
  68
  71
  74
  78
  81
  84
  65
  69
  73
  77
  81
  86
  90
  95
  100
  106
  111
  117
  124
  130
  137
  144
  151
  159
  167
  176
Funds from operations, $m
  164
  255
  327
  391
  457
  527
  599
  675
  754
  837
  924
  1,009
  1,105
  1,205
  1,310
  1,420
  1,536
  1,658
  1,786
  1,921
  2,062
  2,211
  2,368
  2,533
  2,707
  2,889
  3,082
  3,284
  3,498
  3,722
  3,959
Change in working capital, $m
  -33
  13
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  30
  31
  32
  34
  36
  37
  39
  41
  43
  45
Cash from operations, $m
  197
  242
  314
  377
  443
  512
  584
  659
  737
  820
  906
  990
  1,085
  1,184
  1,288
  1,398
  1,513
  1,634
  1,760
  1,894
  2,034
  2,182
  2,337
  2,501
  2,673
  2,854
  3,045
  3,245
  3,457
  3,680
  3,914
Maintenance CAPEX, $m
  0
  -32
  -35
  -37
  -40
  -43
  -45
  -48
  -51
  -55
  -58
  -61
  -65
  -69
  -73
  -77
  -81
  -86
  -90
  -95
  -100
  -106
  -111
  -117
  -124
  -130
  -137
  -144
  -151
  -159
  -167
New CAPEX, $m
  -25
  -31
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -54
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -97
  -101
  -106
  -111
Cash from investing activities, $m
  2
  -63
  -68
  -71
  -76
  -80
  -84
  -88
  -93
  -98
  -103
  -108
  -114
  -120
  -127
  -133
  -139
  -147
  -154
  -162
  -170
  -179
  -188
  -197
  -208
  -218
  -229
  -241
  -252
  -265
  -278
Free cash flow, $m
  199
  179
  246
  305
  367
  432
  500
  570
  644
  722
  803
  882
  971
  1,064
  1,162
  1,265
  1,373
  1,487
  1,606
  1,732
  1,864
  2,003
  2,149
  2,303
  2,465
  2,636
  2,816
  3,005
  3,204
  3,414
  3,635
Issuance/(repayment) of debt, $m
  33
  -230
  103
  107
  111
  115
  120
  125
  130
  135
  141
  147
  153
  160
  167
  174
  182
  190
  199
  208
  218
  228
  239
  250
  262
  274
  287
  301
  316
  331
  347
Issuance/(repurchase) of shares, $m
  -60
  144
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -38
  -86
  103
  107
  111
  115
  120
  125
  130
  135
  141
  147
  153
  160
  167
  174
  182
  190
  199
  208
  218
  228
  239
  250
  262
  274
  287
  301
  316
  331
  347
Total cash flow (excl. dividends), $m
  160
  92
  349
  412
  478
  547
  620
  695
  774
  857
  944
  1,029
  1,124
  1,224
  1,329
  1,439
  1,555
  1,677
  1,805
  1,940
  2,082
  2,231
  2,388
  2,553
  2,727
  2,910
  3,103
  3,306
  3,520
  3,745
  3,982
Retained Cash Flow (-), $m
  -115
  -341
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -37
  -39
Prev. year cash balance distribution, $m
 
  270
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  21
  338
  400
  466
  535
  606
  681
  760
  842
  928
  1,012
  1,107
  1,206
  1,310
  1,420
  1,535
  1,656
  1,783
  1,917
  2,057
  2,205
  2,361
  2,525
  2,698
  2,880
  3,071
  3,272
  3,485
  3,708
  3,944
Discount rate, %
 
  7.80
  8.19
  8.60
  9.03
  9.48
  9.95
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.11
PV of cash for distribution, $m
 
  20
  288
  313
  330
  340
  343
  340
  330
  316
  296
  272
  246
  219
  192
  165
  139
  114
  92
  73
  56
  42
  31
  22
  16
  11
  7
  4
  3
  2
  1
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Energizer Holdings, Inc. is a manufacturer, marketer and distributor of household batteries, specialty batteries and lighting products. The Company is a designer and marketer of automotive fragrance and appearance products. It operates through four geographic segments: North America, which consists of the United States and Canada; Latin America, which includes its markets in Mexico, the Caribbean, Central America and South America; Europe, the Middle East and Africa (EMEA), and Asia Pacific, which consists of its markets in Asia, Australia and New Zealand. The Company offers batteries using lithium, alkaline, carbon zinc, nickel metal hydride, zinc air and silver oxide constructions. These products are sold under the Energizer and Eveready brands in the performance, premium and price segments and include primary, rechargeable, specialty and hearing aid products. It manufactures, distributes and markets lighting products, including headlights, lanterns, kid's lights and area lights.

FINANCIAL RATIOS  of  Energizer Holdings (ENR)

Valuation Ratios
P/E Ratio 16.5
Price to Sales 1.9
Price to Book 39.3
Price to Tangible Book
Price to Cash Flow 16.9
Price to Free Cash Flow 19.4
Growth Rates
Sales Growth Rate 7.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -13.8%
Cap. Spend. - 3 Yr. Gr. Rate -2.2%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 1151.8%
Total Debt to Equity 1278.8%
Interest Coverage 6
Management Effectiveness
Return On Assets 13.5%
Ret/ On Assets - 3 Yr. Avg. 14.6%
Return On Total Capital 18.5%
Ret/ On T. Cap. - 3 Yr. Avg. 10.4%
Return On Equity 734.5%
Return On Equity - 3 Yr. Avg. 149.6%
Asset Turnover 1
Profitability Ratios
Gross Margin 46.2%
Gross Margin - 3 Yr. Avg. 45.4%
EBITDA Margin 21.3%
EBITDA Margin - 3 Yr. Avg. 14.5%
Operating Margin 15.8%
Oper. Margin - 3 Yr. Avg. 8.2%
Pre-Tax Margin 15.5%
Pre-Tax Margin - 3 Yr. Avg. 8.5%
Net Profit Margin 11.5%
Net Profit Margin - 3 Yr. Avg. 6.4%
Effective Tax Rate 26%
Eff/ Tax Rate - 3 Yr. Avg. -83.7%
Payout Ratio 34.2%

ENR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ENR stock intrinsic value calculation we used $1756 million for the last fiscal year's total revenue generated by Energizer Holdings. The default revenue input number comes from 2017 income statement of Energizer Holdings. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ENR stock valuation model: a) initial revenue growth rate of 7.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.8%, whose default value for ENR is calculated based on our internal credit rating of Energizer Holdings, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Energizer Holdings.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ENR stock the variable cost ratio is equal to 18%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1204 million in the base year in the intrinsic value calculation for ENR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.8% for Energizer Holdings.

Corporate tax rate of 27% is the nominal tax rate for Energizer Holdings. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ENR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ENR are equal to 23.8%.

Life of production assets of 13 years is the average useful life of capital assets used in Energizer Holdings operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ENR is equal to 9.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $85 million for Energizer Holdings - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 59.4 million for Energizer Holdings is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Energizer Holdings at the current share price and the inputted number of shares is $3.3 billion.

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COMPANY NEWS

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▶ Energizer beats Street 1Q forecasts   [06:53AM  Associated Press]
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▶ Energizer Holdings, Inc. To Webcast Annual Meeting   [Jan-08-18 09:00AM  PR Newswire]
▶ Energizer Has the Drumbeat to Power Higher   [Jan-04-18 10:44AM  TheStreet.com]
▶ When Should You Buy Energizer Holdings Inc (ENR)?   [Dec-07-17 06:53PM  Simply Wall St.]
▶ 10 Most Commonly Used Products In The World   [Nov-20-17 08:40AM  Insider Monkey]
▶ Edgewell Personal reports 4Q loss   [06:13AM  Associated Press]
▶ Energizer beats Street 4Q forecasts   [07:21AM  Associated Press]
▶ At $44.91, Is Energizer Holdings Inc (ENR) A Buy?   [Oct-27-17 02:01PM  Simply Wall St.]
▶ Edgewell Touches 52-Week Low on Weak Razor Sales   [Oct-19-17 09:42AM  Investopedia]
▶ Does Energizer Holdings Incs (ENR) PE Ratio Warrant A Buy?   [Sep-28-17 09:35AM  Simply Wall St.]
▶ Pres Trump set to unveil new tax plan   [Sep-27-17 09:11AM  Yahoo Finance]
▶ Yahoo Finance Live: Market Movers - Sep 27th, 2017   [07:20AM  Yahoo Finance Video]
▶ Why Energizer Holdings Inc (ENR) Could Be A Buy   [Sep-13-17 02:37PM  Simply Wall St.]
▶ Edgewell Personal tops 3Q profit forecasts   [Aug-08-17 11:56PM  Associated Press]
▶ Energizer tops 3Q profit forecasts   [Aug-02-17 09:23PM  Associated Press]
▶ Energizer tops 3Q profit forecasts   [07:02AM  Associated Press]
Financial statements of ENR
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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