Intrinsic value of Energizer Holdings - ENR

Previous Close

$48.35

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$48.35

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. 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

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 3.0

 

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
  3.00
  3.20
  3.38
  3.54
  3.69
  3.82
  3.94
  4.04
  4.14
  4.23
  4.30
  4.37
  4.44
  4.49
  4.54
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
Revenue, $m
  1,634
  1,683
  1,737
  1,796
  1,859
  1,928
  2,001
  2,080
  2,164
  2,254
  2,349
  2,450
  2,557
  2,671
  2,791
  2,917
  3,051
  3,193
  3,342
  3,499
  3,664
  3,838
  4,022
  4,215
  4,418
  4,632
  4,857
  5,094
  5,342
  5,604
  5,879
Variable operating expenses, $m
 
  1,682
  1,735
  1,793
  1,856
  1,924
  1,996
  2,074
  2,157
  2,245
  2,339
  2,416
  2,521
  2,633
  2,751
  2,876
  3,008
  3,148
  3,294
  3,449
  3,612
  3,784
  3,965
  4,156
  4,356
  4,567
  4,789
  5,022
  5,267
  5,525
  5,796
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
  1,682
  1,735
  1,793
  1,856
  1,924
  1,996
  2,074
  2,157
  2,245
  2,339
  2,416
  2,521
  2,633
  2,751
  2,876
  3,008
  3,148
  3,294
  3,449
  3,612
  3,784
  3,965
  4,156
  4,356
  4,567
  4,789
  5,022
  5,267
  5,525
  5,796
Operating income, $m
  166
  1
  1
  2
  3
  4
  5
  6
  7
  9
  10
  34
  36
  38
  39
  41
  43
  45
  47
  49
  52
  54
  57
  59
  62
  65
  68
  72
  75
  79
  83
EBITDA, $m
  200
  49
  51
  53
  54
  56
  59
  61
  63
  66
  69
  72
  75
  78
  82
  85
  89
  93
  98
  102
  107
  112
  118
  123
  129
  135
  142
  149
  156
  164
  172
Interest expense (income), $m
  51
  49
  31
  33
  35
  38
  41
  44
  47
  50
  54
  58
  62
  66
  70
  75
  80
  85
  91
  97
  103
  110
  117
  124
  132
  140
  148
  157
  167
  177
  187
Earnings before tax, $m
  166
  -48
  -30
  -31
  -32
  -34
  -36
  -37
  -39
  -41
  -44
  -23
  -26
  -28
  -31
  -34
  -37
  -41
  -44
  -48
  -52
  -56
  -60
  -65
  -70
  -75
  -80
  -86
  -92
  -98
  -104
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
  -48
  -30
  -31
  -32
  -34
  -36
  -37
  -39
  -41
  -44
  -23
  -26
  -28
  -31
  -34
  -37
  -41
  -44
  -48
  -52
  -56
  -60
  -65
  -70
  -75
  -80
  -86
  -92
  -98
  -104

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
  1,488
  1,536
  1,588
  1,644
  1,704
  1,770
  1,839
  1,914
  1,993
  2,077
  2,166
  2,261
  2,361
  2,467
  2,580
  2,698
  2,823
  2,954
  3,093
  3,240
  3,394
  3,556
  3,727
  3,907
  4,096
  4,295
  4,504
  4,724
  4,955
  5,198
Adjusted assets (=assets-cash), $m
  1,445
  1,488
  1,536
  1,588
  1,644
  1,704
  1,770
  1,839
  1,914
  1,993
  2,077
  2,166
  2,261
  2,361
  2,467
  2,580
  2,698
  2,823
  2,954
  3,093
  3,240
  3,394
  3,556
  3,727
  3,907
  4,096
  4,295
  4,504
  4,724
  4,955
  5,198
Revenue / Adjusted assets
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
Average production assets, $m
  359
  370
  382
  395
  409
  424
  440
  458
  476
  496
  517
  539
  563
  588
  614
  642
  671
  702
  735
  770
  806
  844
  885
  927
  972
  1,019
  1,069
  1,121
  1,175
  1,233
  1,293
Working capital, $m
  357
  135
  139
  144
  149
  154
  160
  166
  173
  180
  188
  196
  205
  214
  223
  233
  244
  255
  267
  280
  293
  307
  322
  337
  353
  371
  389
  407
  427
  448
  470
Total debt, $m
  1,043
  620
  663
  710
  760
  815
  874
  936
  1,003
  1,075
  1,150
  1,231
  1,316
  1,406
  1,502
  1,603
  1,709
  1,821
  1,940
  2,065
  2,197
  2,335
  2,481
  2,635
  2,797
  2,967
  3,146
  3,334
  3,532
  3,740
  3,959
Total liabilities, $m
  1,762
  1,339
  1,382
  1,429
  1,479
  1,534
  1,593
  1,655
  1,722
  1,794
  1,869
  1,950
  2,035
  2,125
  2,221
  2,322
  2,428
  2,540
  2,659
  2,784
  2,916
  3,054
  3,200
  3,354
  3,516
  3,686
  3,865
  4,053
  4,251
  4,459
  4,678
Total equity, $m
  -30
  149
  154
  159
  164
  170
  177
  184
  191
  199
  208
  217
  226
  236
  247
  258
  270
  282
  295
  309
  324
  339
  356
  373
  391
  410
  429
  450
  472
  495
  520
Total liabilities and equity, $m
  1,732
  1,488
  1,536
  1,588
  1,643
  1,704
  1,770
  1,839
  1,913
  1,993
  2,077
  2,167
  2,261
  2,361
  2,468
  2,580
  2,698
  2,822
  2,954
  3,093
  3,240
  3,393
  3,556
  3,727
  3,907
  4,096
  4,294
  4,503
  4,723
  4,954
  5,198
Debt-to-equity ratio
  -34.767
  4.170
  4.320
  4.470
  4.630
  4.780
  4.940
  5.090
  5.240
  5.390
  5.540
  5.680
  5.820
  5.960
  6.090
  6.210
  6.330
  6.450
  6.570
  6.680
  6.780
  6.880
  6.980
  7.070
  7.160
  7.240
  7.330
  7.400
  7.480
  7.550
  7.620
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
  -48
  -30
  -31
  -32
  -34
  -36
  -37
  -39
  -41
  -44
  -23
  -26
  -28
  -31
  -34
  -37
  -41
  -44
  -48
  -52
  -56
  -60
  -65
  -70
  -75
  -80
  -86
  -92
  -98
  -104
Depreciation, amort., depletion, $m
  34
  49
  49
  50
  51
  52
  53
  55
  56
  57
  59
  37
  39
  41
  42
  44
  46
  48
  51
  53
  56
  58
  61
  64
  67
  70
  74
  77
  81
  85
  89
Funds from operations, $m
  205
  0
  20
  19
  19
  18
  18
  17
  16
  16
  15
  14
  13
  12
  11
  10
  9
  8
  7
  5
  4
  2
  1
  -1
  -3
  -4
  -6
  -8
  -10
  -13
  -15
Change in working capital, $m
  11
  4
  4
  5
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
Cash from operations, $m
  194
  -4
  15
  15
  14
  13
  12
  11
  10
  9
  7
  6
  5
  3
  2
  0
  -2
  -3
  -5
  -7
  -9
  -12
  -14
  -16
  -19
  -21
  -24
  -27
  -30
  -34
  -37
Maintenance CAPEX, $m
  0
  -25
  -26
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -85
New CAPEX, $m
  -29
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -28
  -29
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -45
  -47
  -49
  -52
  -55
  -58
  -60
Cash from investing activities, $m
  -371
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -51
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -81
  -86
  -89
  -94
  -98
  -103
  -109
  -114
  -119
  -126
  -132
  -139
  -145
Free cash flow, $m
  -177
  -40
  -22
  -25
  -27
  -30
  -34
  -37
  -40
  -44
  -48
  -52
  -56
  -61
  -65
  -70
  -75
  -81
  -86
  -92
  -99
  -105
  -112
  -120
  -127
  -136
  -144
  -153
  -162
  -172
  -183
Issuance/(repayment) of debt, $m
  56
  -362
  43
  47
  51
  55
  59
  63
  67
  71
  76
  80
  85
  90
  95
  101
  107
  112
  119
  125
  132
  139
  146
  154
  162
  170
  179
  188
  198
  208
  219
Issuance/(repurchase) of shares, $m
  -32
  453
  34
  36
  38
  40
  42
  44
  47
  49
  52
  32
  35
  38
  42
  45
  49
  53
  57
  62
  66
  71
  76
  82
  88
  94
  100
  107
  114
  121
  129
Cash from financing (excl. dividends), $m  
  18
  91
  77
  83
  89
  95
  101
  107
  114
  120
  128
  112
  120
  128
  137
  146
  156
  165
  176
  187
  198
  210
  222
  236
  250
  264
  279
  295
  312
  329
  348
Total cash flow (excl. dividends), $m
  -152
  52
  55
  58
  61
  64
  67
  70
  73
  77
  80
  61
  64
  68
  72
  76
  80
  85
  89
  94
  99
  104
  110
  116
  122
  128
  135
  142
  149
  157
  165
Retained Cash Flow (-), $m
  -30
  -453
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -32
  -35
  -38
  -42
  -45
  -49
  -53
  -57
  -62
  -66
  -71
  -76
  -82
  -88
  -94
  -100
  -107
  -114
  -121
  -129
Prev. year cash balance distribution, $m
 
  226
  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
 
  -176
  21
  22
  23
  24
  25
  26
  27
  27
  28
  29
  29
  30
  30
  31
  31
  32
  32
  32
  33
  33
  34
  34
  34
  35
  35
  35
  36
  36
  36
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
 
  -160
  17
  16
  15
  14
  12
  11
  9
  8
  7
  6
  4
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  40.6
  32.9
  26.6
  21.4
  17.1
  13.7
  10.9
  8.7
  6.9
  6.0
  5.1
  4.4
  3.7
  3.2
  2.7
  2.2
  1.8
  1.5
  1.3
  1.0
  0.8
  0.7
  0.6
  0.4
  0.4
  0.3
  0.2
  0.2
  0.1

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 23.3
Price to Sales 1.8
Price to Book -99.4
Price to Tangible Book
Price to Cash Flow 15.4
Price to Free Cash Flow 18.1
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 3% 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 61.937 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 $3.0 billion.

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COMPANY NEWS

▶ 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]
▶ 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]
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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