Intrinsic value of Energizer Holdings - ENR

Previous Close

$41.76

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

-64%

Previous close

$41.76

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

-64%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  0.12
  7.50
  7.25
  7.02
  6.82
  6.64
  6.48
  6.33
  6.20
  6.08
  5.97
  5.87
  5.78
  5.71
  5.64
  5.57
  5.51
  5.46
  5.42
  5.38
  5.34
  5.30
  5.27
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
Revenue, $m
  1,634
  1,757
  1,884
  2,016
  2,154
  2,297
  2,446
  2,600
  2,761
  2,929
  3,104
  3,286
  3,476
  3,675
  3,882
  4,098
  4,324
  4,560
  4,807
  5,066
  5,336
  5,619
  5,916
  6,226
  6,551
  6,892
  7,249
  7,623
  8,015
  8,426
  8,858
Variable operating expenses, $m
 
  1,755
  1,880
  2,011
  2,146
  2,287
  2,434
  2,587
  2,746
  2,911
  3,083
  3,240
  3,427
  3,623
  3,827
  4,041
  4,263
  4,496
  4,740
  4,995
  5,261
  5,540
  5,832
  6,138
  6,459
  6,795
  7,147
  7,516
  7,902
  8,308
  8,733
Fixed operating expenses, $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
Total operating expenses, $m
  1,469
  1,755
  1,880
  2,011
  2,146
  2,287
  2,434
  2,587
  2,746
  2,911
  3,083
  3,240
  3,427
  3,623
  3,827
  4,041
  4,263
  4,496
  4,740
  4,995
  5,261
  5,540
  5,832
  6,138
  6,459
  6,795
  7,147
  7,516
  7,902
  8,308
  8,733
Operating income, $m
  166
  2
  4
  5
  7
  9
  11
  14
  16
  18
  21
  46
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  88
  92
  97
  102
  107
  113
  119
  125
EBITDA, $m
  200
  51
  55
  59
  63
  67
  72
  76
  81
  86
  91
  96
  102
  107
  114
  120
  126
  133
  141
  148
  156
  164
  173
  182
  192
  202
  212
  223
  234
  246
  259
Interest expense (income), $m
  51
  52
  48
  54
  60
  67
  74
  81
  88
  96
  104
  112
  121
  130
  139
  149
  160
  170
  182
  193
  206
  219
  232
  246
  261
  277
  293
  310
  328
  347
  366
Earnings before tax, $m
  166
  -50
  -44
  -49
  -53
  -57
  -62
  -67
  -72
  -78
  -83
  -66
  -72
  -78
  -85
  -92
  -99
  -106
  -114
  -122
  -131
  -140
  -149
  -159
  -169
  -180
  -191
  -203
  -215
  -228
  -241
Tax expense, $m
  38
  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
Net income, $m
  128
  -50
  -44
  -49
  -53
  -57
  -62
  -67
  -72
  -78
  -83
  -66
  -72
  -78
  -85
  -92
  -99
  -106
  -114
  -122
  -131
  -140
  -149
  -159
  -169
  -180
  -191
  -203
  -215
  -228
  -241

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  287
  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
  1,732
  1,863
  1,998
  2,138
  2,284
  2,436
  2,593
  2,758
  2,928
  3,106
  3,292
  3,485
  3,687
  3,897
  4,117
  4,346
  4,586
  4,836
  5,098
  5,372
  5,659
  5,959
  6,273
  6,602
  6,947
  7,308
  7,687
  8,084
  8,500
  8,936
  9,393
Adjusted assets (=assets-cash), $m
  1,445
  1,863
  1,998
  2,138
  2,284
  2,436
  2,593
  2,758
  2,928
  3,106
  3,292
  3,485
  3,687
  3,897
  4,117
  4,346
  4,586
  4,836
  5,098
  5,372
  5,659
  5,959
  6,273
  6,602
  6,947
  7,308
  7,687
  8,084
  8,500
  8,936
  9,393
Revenue / Adjusted assets
  1.131
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
  0.943
Average production assets, $m
  359
  386
  414
  444
  474
  505
  538
  572
  608
  644
  683
  723
  765
  808
  854
  902
  951
  1,003
  1,058
  1,114
  1,174
  1,236
  1,301
  1,370
  1,441
  1,516
  1,595
  1,677
  1,763
  1,854
  1,949
Working capital, $m
  357
  141
  151
  161
  172
  184
  196
  208
  221
  234
  248
  263
  278
  294
  311
  328
  346
  365
  385
  405
  427
  450
  473
  498
  524
  551
  580
  610
  641
  674
  709
Total debt, $m
  1,043
  957
  1,079
  1,205
  1,337
  1,473
  1,615
  1,763
  1,917
  2,077
  2,244
  2,417
  2,599
  2,788
  2,986
  3,192
  3,408
  3,633
  3,869
  4,116
  4,374
  4,644
  4,927
  5,223
  5,533
  5,858
  6,199
  6,556
  6,931
  7,323
  7,735
Total liabilities, $m
  1,762
  1,676
  1,798
  1,924
  2,056
  2,192
  2,334
  2,482
  2,636
  2,796
  2,963
  3,136
  3,318
  3,507
  3,705
  3,911
  4,127
  4,352
  4,588
  4,835
  5,093
  5,363
  5,646
  5,942
  6,252
  6,577
  6,918
  7,275
  7,650
  8,042
  8,454
Total equity, $m
  -30
  186
  200
  214
  228
  244
  259
  276
  293
  311
  329
  348
  369
  390
  412
  435
  459
  484
  510
  537
  566
  596
  627
  660
  695
  731
  769
  808
  850
  894
  939
Total liabilities and equity, $m
  1,732
  1,862
  1,998
  2,138
  2,284
  2,436
  2,593
  2,758
  2,929
  3,107
  3,292
  3,484
  3,687
  3,897
  4,117
  4,346
  4,586
  4,836
  5,098
  5,372
  5,659
  5,959
  6,273
  6,602
  6,947
  7,308
  7,687
  8,083
  8,500
  8,936
  9,393
Debt-to-equity ratio
  -34.767
  5.140
  5.400
  5.640
  5.850
  6.050
  6.230
  6.390
  6.540
  6.690
  6.820
  6.940
  7.050
  7.150
  7.250
  7.350
  7.430
  7.510
  7.590
  7.660
  7.730
  7.790
  7.850
  7.910
  7.970
  8.020
  8.060
  8.110
  8.150
  8.200
  8.230
Adjusted equity ratio
  -0.180
  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
  128
  -50
  -44
  -49
  -53
  -57
  -62
  -67
  -72
  -78
  -83
  -66
  -72
  -78
  -85
  -92
  -99
  -106
  -114
  -122
  -131
  -140
  -149
  -159
  -169
  -180
  -191
  -203
  -215
  -228
  -241
Depreciation, amort., depletion, $m
  34
  50
  52
  54
  56
  58
  60
  62
  65
  67
  70
  50
  53
  56
  59
  62
  66
  69
  73
  77
  81
  85
  90
  94
  99
  105
  110
  116
  122
  128
  134
Funds from operations, $m
  205
  -1
  7
  5
  3
  0
  -2
  -5
  -7
  -10
  -13
  -16
  -19
  -22
  -26
  -29
  -33
  -37
  -41
  -45
  -50
  -54
  -59
  -64
  -70
  -75
  -81
  -87
  -93
  -100
  -107
Change in working capital, $m
  11
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
Cash from operations, $m
  194
  -11
  -3
  -6
  -8
  -11
  -14
  -17
  -20
  -24
  -27
  -31
  -34
  -38
  -42
  -47
  -51
  -56
  -61
  -66
  -71
  -77
  -83
  -89
  -96
  -102
  -109
  -117
  -125
  -133
  -142
Maintenance CAPEX, $m
  0
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -105
  -110
  -116
  -122
  -128
New CAPEX, $m
  -29
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -72
  -75
  -79
  -82
  -86
  -90
  -95
Cash from investing activities, $m
  -371
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -74
  -79
  -82
  -87
  -92
  -97
  -102
  -107
  -112
  -118
  -123
  -130
  -136
  -143
  -150
  -158
  -166
  -174
  -184
  -192
  -202
  -212
  -223
Free cash flow, $m
  -177
  -63
  -58
  -63
  -69
  -75
  -82
  -88
  -95
  -102
  -110
  -118
  -126
  -135
  -144
  -153
  -163
  -173
  -184
  -196
  -208
  -220
  -233
  -247
  -262
  -277
  -293
  -309
  -327
  -345
  -364
Issuance/(repayment) of debt, $m
  56
  -86
  122
  126
  131
  136
  142
  148
  154
  160
  167
  174
  181
  189
  198
  206
  216
  225
  236
  247
  258
  270
  283
  296
  310
  325
  341
  357
  374
  392
  412
Issuance/(repurchase) of shares, $m
  -32
  267
  58
  63
  68
  73
  78
  84
  89
  95
  102
  85
  92
  99
  107
  115
  123
  131
  140
  150
  159
  170
  180
  192
  203
  216
  229
  242
  257
  272
  287
Cash from financing (excl. dividends), $m  
  18
  181
  180
  189
  199
  209
  220
  232
  243
  255
  269
  259
  273
  288
  305
  321
  339
  356
  376
  397
  417
  440
  463
  488
  513
  541
  570
  599
  631
  664
  699
Total cash flow (excl. dividends), $m
  -152
  118
  122
  126
  130
  134
  138
  143
  148
  153
  159
  141
  147
  154
  161
  168
  175
  183
  192
  200
  210
  220
  230
  241
  252
  264
  277
  290
  304
  319
  334
Retained Cash Flow (-), $m
  -30
  -267
  -58
  -63
  -68
  -73
  -78
  -84
  -89
  -95
  -102
  -85
  -92
  -99
  -107
  -115
  -123
  -131
  -140
  -150
  -159
  -170
  -180
  -192
  -203
  -216
  -229
  -242
  -257
  -272
  -287
Prev. year cash balance distribution, $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 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
 
  -148
  64
  63
  62
  61
  60
  59
  59
  58
  57
  56
  55
  55
  54
  53
  53
  52
  51
  51
  50
  50
  49
  49
  49
  48
  48
  48
  48
  47
  47
Discount rate, %
 
  9.90
  10.40
  10.91
  11.46
  12.03
  12.64
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.83
  25.02
  26.27
  27.58
  28.96
  30.41
  31.93
  33.52
  35.20
  36.96
  38.81
  40.75
PV of cash for distribution, $m
 
  -135
  52
  46
  40
  35
  30
  25
  21
  17
  14
  11
  8
  7
  5
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  38.1
  29.0
  22.1
  16.7
  12.7
  9.6
  7.2
  5.5
  4.1
  3.3
  2.6
  2.0
  1.6
  1.3
  1.0
  0.8
  0.6
  0.5
  0.4
  0.3
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0

Energizer Holdings, Inc., together with its subsidiaries, manufactures, markets, and distributes household batteries, specialty batteries, and lighting products worldwide. It offers lithium, alkaline, carbon zinc, nickel metal hydride, zinc air, and silver oxide batteries; and hearing aid batteries, as well as primary rechargeable options under the Energizer and Eveready brands. The company also provides headlights, lanterns, kidÂ’s lights, and area lights, as well as flash lights under the Hard Case, Dolphin, and WeatherReady brands. In addition, it designs and markets automotive fragrance and appearance products under the Refresh Your Car!, California Scents, Driven, Bahama & Co., LEXOL, and Eagle One brands; and licenses the Energizer and Eveready brands to companies developing consumer solutions in gaming, automotive batteries, portable power for critical devices, LED light bulbs, and other lighting products. The company sells its products through direct sales force, distributors, and wholesalers; and through various retail locations, including mass merchandisers and warehouse clubs, food stores, drug and convenience stores, electronics specialty stores and department stores, hardware and automotive centers, and military stores, as well as through ecommerce. Energizer Holdings, Inc. is headquartered in St. Louis, Missouri.

FINANCIAL RATIOS  of  Energizer Holdings (ENR)

Valuation Ratios
P/E Ratio 20.1
Price to Sales 1.6
Price to Book -85.8
Price to Tangible Book
Price to Cash Flow 13.3
Price to Free Cash Flow 15.6
Growth Rates
Sales Growth Rate 0.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -27.5%
Cap. Spend. - 3 Yr. Gr. Rate 10%
Financial Strength
Quick Ratio 5
Current Ratio 0
LT Debt to Equity -3273.3%
Total Debt to Equity -3476.7%
Interest Coverage 4
Management Effectiveness
Return On Assets 10%
Ret/ On Assets - 3 Yr. Avg. 15.5%
Return On Total Capital 13.2%
Ret/ On T. Cap. - 3 Yr. Avg. 11.4%
Return On Equity -284.4%
Return On Equity - 3 Yr. Avg. -88.1%
Asset Turnover 1
Profitability Ratios
Gross Margin 43.6%
Gross Margin - 3 Yr. Avg. 45.4%
EBITDA Margin 15.4%
EBITDA Margin - 3 Yr. Avg. 13%
Operating Margin 10.1%
Oper. Margin - 3 Yr. Avg. 7.3%
Pre-Tax Margin 10.2%
Pre-Tax Margin - 3 Yr. Avg. 7.3%
Net Profit Margin 7.8%
Net Profit Margin - 3 Yr. Avg. 5.4%
Effective Tax Rate 22.9%
Eff/ Tax Rate - 3 Yr. Avg. -83.4%
Payout Ratio 49.2%

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 $1634 million for the last fiscal year's total revenue generated by Energizer Holdings. The default revenue input number comes from 2016 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 7.5% 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 9.9%, 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 100%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 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 5% 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 22%.

Life of production assets of 14.5 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 8%. 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 - $-30 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 62.645 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 $2.6 billion.

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COMPANY NEWS

▶ 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]
▶ Energizer beats 2Q profit forecasts   [May-03-17 07:08AM  Associated Press]
▶ Edgewell Personal beats Street 2Q forecasts   [May-02-17 06:17AM  Associated Press]
▶ Edgewell Personal Care names COO   [Apr-04-17 03:20PM  American City Business Journals]
▶ Energizer Holdings Is a Pick With Potential   [Feb-26-17 01:57PM  GuruFocus.com]
▶ Energizer Holdings, Inc. To Webcast Annual Meeting   [Jan-09-17 01:02PM  PR Newswire]
▶ [$$] For Large Stock Gains, Think Small   [Dec-17-16 12:01AM  at Barrons.com]
▶ Is Energizer Holdings, Inc. (ENR) a Good Stock to Buy?   [Dec-08-16 04:33PM  at Insider Monkey]
▶ Do Hedge Funds Love Spirit Airlines Incorporated (SAVE)?   [Nov-26-16 06:35AM  at Insider Monkey]
Stock chart of ENR 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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