Intrinsic value of Edgewell Personal Care - EPC

Previous Close

$59.76

  Intrinsic Value

$1.79

stock screener

  Rating & Target

str. sell

-97%

Previous close

$59.76

 
Intrinsic value

$1.79

 
Up/down potential

-97%

 
Rating

str. sell

We calculate the intrinsic value of EPC 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 3.4

 

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, %
  -2.44
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,362
  2,409
  2,465
  2,528
  2,599
  2,678
  2,764
  2,859
  2,960
  3,070
  3,188
  3,314
  3,449
  3,592
  3,744
  3,906
  4,077
  4,258
  4,449
  4,652
  4,866
  5,091
  5,329
  5,580
  5,844
  6,122
  6,415
  6,723
  7,048
  7,389
  7,748
Variable operating expenses, $m
 
  2,864
  2,927
  2,998
  3,079
  3,168
  3,265
  3,372
  3,487
  3,611
  3,744
  3,745
  3,896
  4,058
  4,230
  4,413
  4,606
  4,811
  5,027
  5,256
  5,498
  5,752
  6,021
  6,304
  6,603
  6,917
  7,248
  7,596
  7,963
  8,349
  8,754
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
  2,142
  2,864
  2,927
  2,998
  3,079
  3,168
  3,265
  3,372
  3,487
  3,611
  3,744
  3,745
  3,896
  4,058
  4,230
  4,413
  4,606
  4,811
  5,027
  5,256
  5,498
  5,752
  6,021
  6,304
  6,603
  6,917
  7,248
  7,596
  7,963
  8,349
  8,754
Operating income, $m
  220
  -455
  -462
  -470
  -480
  -490
  -501
  -513
  -527
  -541
  -556
  -430
  -448
  -467
  -486
  -507
  -529
  -553
  -578
  -604
  -632
  -661
  -692
  -725
  -759
  -795
  -833
  -873
  -915
  -960
  -1,006
EBITDA, $m
  313
  -249
  -255
  -261
  -269
  -277
  -286
  -296
  -306
  -317
  -330
  -343
  -357
  -371
  -387
  -404
  -421
  -440
  -460
  -481
  -503
  -526
  -551
  -577
  -604
  -633
  -663
  -695
  -729
  -764
  -801
Interest expense (income), $m
  71
  62
  64
  66
  69
  72
  76
  80
  84
  88
  93
  99
  104
  110
  117
  123
  131
  138
  146
  155
  164
  174
  184
  194
  206
  217
  230
  243
  257
  271
  286
Earnings before tax, $m
  220
  -517
  -526
  -537
  -549
  -562
  -577
  -593
  -610
  -629
  -649
  -529
  -552
  -577
  -603
  -631
  -660
  -691
  -724
  -759
  -796
  -835
  -876
  -919
  -965
  -1,012
  -1,063
  -1,116
  -1,172
  -1,231
  -1,293
Tax expense, $m
  41
  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
  179
  -517
  -526
  -537
  -549
  -562
  -577
  -593
  -610
  -629
  -649
  -529
  -552
  -577
  -603
  -631
  -660
  -691
  -724
  -759
  -796
  -835
  -876
  -919
  -965
  -1,012
  -1,063
  -1,116
  -1,172
  -1,231
  -1,293

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  739
  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
  4,772
  4,111
  4,206
  4,314
  4,435
  4,570
  4,717
  4,878
  5,052
  5,239
  5,440
  5,655
  5,885
  6,129
  6,389
  6,665
  6,957
  7,266
  7,593
  7,938
  8,303
  8,688
  9,094
  9,522
  9,972
  10,447
  10,947
  11,473
  12,027
  12,609
  13,222
Adjusted assets (=assets-cash), $m
  4,033
  4,111
  4,206
  4,314
  4,435
  4,570
  4,717
  4,878
  5,052
  5,239
  5,440
  5,655
  5,885
  6,129
  6,389
  6,665
  6,957
  7,266
  7,593
  7,938
  8,303
  8,688
  9,094
  9,522
  9,972
  10,447
  10,947
  11,473
  12,027
  12,609
  13,222
Revenue / Adjusted assets
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
  0.586
Average production assets, $m
  1,879
  1,915
  1,959
  2,010
  2,066
  2,129
  2,198
  2,273
  2,354
  2,441
  2,534
  2,635
  2,742
  2,855
  2,976
  3,105
  3,241
  3,385
  3,537
  3,698
  3,868
  4,047
  4,237
  4,436
  4,646
  4,867
  5,100
  5,345
  5,603
  5,874
  6,160
Working capital, $m
  584
  149
  153
  157
  161
  166
  171
  177
  184
  190
  198
  205
  214
  223
  232
  242
  253
  264
  276
  288
  302
  316
  330
  346
  362
  380
  398
  417
  437
  458
  480
Total debt, $m
  1,845
  1,595
  1,657
  1,728
  1,807
  1,895
  1,992
  2,097
  2,211
  2,334
  2,465
  2,606
  2,757
  2,917
  3,087
  3,267
  3,459
  3,661
  3,875
  4,102
  4,341
  4,593
  4,858
  5,139
  5,434
  5,745
  6,072
  6,417
  6,780
  7,161
  7,562
Total liabilities, $m
  2,943
  2,693
  2,755
  2,826
  2,905
  2,993
  3,090
  3,195
  3,309
  3,432
  3,563
  3,704
  3,855
  4,015
  4,185
  4,365
  4,557
  4,759
  4,973
  5,200
  5,439
  5,691
  5,956
  6,237
  6,532
  6,843
  7,170
  7,515
  7,878
  8,259
  8,660
Total equity, $m
  1,829
  1,418
  1,451
  1,488
  1,530
  1,577
  1,627
  1,683
  1,743
  1,808
  1,877
  1,951
  2,030
  2,115
  2,204
  2,299
  2,400
  2,507
  2,620
  2,739
  2,865
  2,997
  3,137
  3,285
  3,440
  3,604
  3,777
  3,958
  4,149
  4,350
  4,562
Total liabilities and equity, $m
  4,772
  4,111
  4,206
  4,314
  4,435
  4,570
  4,717
  4,878
  5,052
  5,240
  5,440
  5,655
  5,885
  6,130
  6,389
  6,664
  6,957
  7,266
  7,593
  7,939
  8,304
  8,688
  9,093
  9,522
  9,972
  10,447
  10,947
  11,473
  12,027
  12,609
  13,222
Debt-to-equity ratio
  1.009
  1.120
  1.140
  1.160
  1.180
  1.200
  1.220
  1.250
  1.270
  1.290
  1.310
  1.340
  1.360
  1.380
  1.400
  1.420
  1.440
  1.460
  1.480
  1.500
  1.520
  1.530
  1.550
  1.560
  1.580
  1.590
  1.610
  1.620
  1.630
  1.650
  1.660
Adjusted equity ratio
  0.275
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345
  0.345

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  179
  -517
  -526
  -537
  -549
  -562
  -577
  -593
  -610
  -629
  -649
  -529
  -552
  -577
  -603
  -631
  -660
  -691
  -724
  -759
  -796
  -835
  -876
  -919
  -965
  -1,012
  -1,063
  -1,116
  -1,172
  -1,231
  -1,293
Depreciation, amort., depletion, $m
  93
  206
  207
  209
  211
  213
  215
  218
  220
  223
  226
  88
  91
  95
  99
  103
  108
  113
  118
  123
  129
  135
  141
  148
  155
  162
  170
  178
  187
  196
  205
Funds from operations, $m
  157
  -311
  -319
  -328
  -338
  -349
  -362
  -375
  -390
  -406
  -423
  -441
  -461
  -482
  -504
  -527
  -552
  -579
  -606
  -636
  -667
  -700
  -735
  -771
  -810
  -850
  -893
  -938
  -985
  -1,035
  -1,087
Change in working capital, $m
  -19
  3
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  11
  11
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
Cash from operations, $m
  176
  -314
  -322
  -332
  -342
  -354
  -367
  -381
  -396
  -413
  -430
  -449
  -469
  -490
  -513
  -537
  -563
  -590
  -618
  -648
  -680
  -714
  -749
  -787
  -826
  -868
  -911
  -957
  -1,005
  -1,056
  -1,110
Maintenance CAPEX, $m
  0
  -63
  -64
  -65
  -67
  -69
  -71
  -73
  -76
  -78
  -81
  -84
  -88
  -91
  -95
  -99
  -103
  -108
  -113
  -118
  -123
  -129
  -135
  -141
  -148
  -155
  -162
  -170
  -178
  -187
  -196
New CAPEX, $m
  -70
  -37
  -44
  -50
  -57
  -63
  -69
  -75
  -81
  -87
  -94
  -100
  -107
  -114
  -121
  -128
  -136
  -144
  -152
  -161
  -170
  -179
  -189
  -199
  -210
  -221
  -233
  -245
  -258
  -271
  -285
Cash from investing activities, $m
  -70
  -100
  -108
  -115
  -124
  -132
  -140
  -148
  -157
  -165
  -175
  -184
  -195
  -205
  -216
  -227
  -239
  -252
  -265
  -279
  -293
  -308
  -324
  -340
  -358
  -376
  -395
  -415
  -436
  -458
  -481
Free cash flow, $m
  106
  -413
  -430
  -447
  -466
  -486
  -507
  -529
  -553
  -578
  -605
  -634
  -664
  -696
  -729
  -765
  -802
  -842
  -883
  -927
  -974
  -1,022
  -1,073
  -1,127
  -1,184
  -1,244
  -1,306
  -1,372
  -1,441
  -1,514
  -1,591
Issuance/(repayment) of debt, $m
  114
  51
  62
  71
  79
  88
  97
  105
  114
  123
  132
  141
  150
  160
  170
  181
  191
  203
  214
  226
  239
  252
  266
  280
  295
  311
  327
  345
  363
  382
  401
Issuance/(repurchase) of shares, $m
  -197
  544
  559
  574
  591
  608
  628
  648
  670
  694
  719
  603
  631
  661
  693
  726
  761
  798
  837
  878
  922
  968
  1,016
  1,067
  1,120
  1,176
  1,235
  1,298
  1,363
  1,432
  1,504
Cash from financing (excl. dividends), $m  
  -83
  595
  621
  645
  670
  696
  725
  753
  784
  817
  851
  744
  781
  821
  863
  907
  952
  1,001
  1,051
  1,104
  1,161
  1,220
  1,282
  1,347
  1,415
  1,487
  1,562
  1,643
  1,726
  1,814
  1,905
Total cash flow (excl. dividends), $m
  27
  182
  191
  197
  204
  211
  218
  224
  231
  238
  245
  110
  118
  125
  133
  141
  150
  159
  168
  177
  187
  198
  208
  220
  231
  244
  257
  270
  284
  299
  314
Retained Cash Flow (-), $m
  35
  -544
  -559
  -574
  -591
  -608
  -628
  -648
  -670
  -694
  -719
  -603
  -631
  -661
  -693
  -726
  -761
  -798
  -837
  -878
  -922
  -968
  -1,016
  -1,067
  -1,120
  -1,176
  -1,235
  -1,298
  -1,363
  -1,432
  -1,504
Prev. year cash balance distribution, $m
 
  438
  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
 
  76
  -368
  -376
  -386
  -397
  -410
  -424
  -439
  -456
  -474
  -493
  -514
  -536
  -559
  -584
  -611
  -639
  -669
  -701
  -735
  -770
  -808
  -847
  -889
  -933
  -979
  -1,028
  -1,079
  -1,133
  -1,190
Discount rate, %
 
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.12
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.82
  25.01
  26.26
  27.58
PV of cash for distribution, $m
 
  71
  -321
  -304
  -286
  -269
  -251
  -232
  -214
  -195
  -176
  -158
  -140
  -122
  -106
  -90
  -76
  -63
  -51
  -41
  -32
  -25
  -19
  -14
  -10
  -7
  -5
  -3
  -2
  -1
  -1
Current shareholders' claim on cash, %
  100
  82.6
  68.2
  56.3
  46.4
  38.2
  31.5
  25.9
  21.4
  17.6
  14.5
  12.4
  10.5
  9.0
  7.6
  6.5
  5.5
  4.7
  4.0
  3.4
  2.8
  2.4
  2.0
  1.7
  1.5
  1.2
  1.0
  0.9
  0.7
  0.6
  0.5

Edgewell Personal Care Company is a manufacturer and marketer of personal care products in the wet shave, sun and skin care, feminine care and infant care categories. As of September 30, 2016, the Company had a portfolio of over 25 brands. It manages its business in four segments: Wet Shave, Sun and Skin Care, Feminine Care and All Other. Its Wet shave products are sold under the Schick, Wilkinson Sword, Edge, Skintimate, Shave Guard and Personna brand names. Its Sun and Skin Care products are sold under the Banana Boat, Hawaiian Tropic, Wet Ones and Playtex brand names and offers Wet Ones, portable hand wipes category, and Playtex household gloves, the branded household glove in the United States. Its Feminine Care segment markets its products under the Playtex, Stayfree, Carefree and o.b. brands and markets pads and liners. Its All Other segment includes infant care, pet care and miscellaneous other products.

FINANCIAL RATIOS  of  Edgewell Personal Care (EPC)

Valuation Ratios
P/E Ratio 19.3
Price to Sales 1.5
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 19.7
Price to Free Cash Flow 32.6
Growth Rates
Sales Growth Rate -2.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -29.3%
Cap. Spend. - 3 Yr. Gr. Rate -5.1%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 84.4%
Total Debt to Equity 100.9%
Interest Coverage 4
Management Effectiveness
Return On Assets 4.8%
Ret/ On Assets - 3 Yr. Avg. 2.9%
Return On Total Capital 4.9%
Ret/ On T. Cap. - 3 Yr. Avg. 2%
Return On Equity 9.7%
Return On Equity - 3 Yr. Avg. 3.8%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 49.1%
Gross Margin - 3 Yr. Avg. 49.2%
EBITDA Margin 16.3%
EBITDA Margin - 3 Yr. Avg. 8.1%
Operating Margin 9.3%
Oper. Margin - 3 Yr. Avg. -1.4%
Pre-Tax Margin 9.3%
Pre-Tax Margin - 3 Yr. Avg. -1.4%
Net Profit Margin 7.6%
Net Profit Margin - 3 Yr. Avg. 3.3%
Effective Tax Rate 18.6%
Eff/ Tax Rate - 3 Yr. Avg. 24.4%
Payout Ratio 0%

EPC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EPC stock intrinsic value calculation we used $2362 million for the last fiscal year's total revenue generated by Edgewell Personal Care. The default revenue input number comes from 2016 income statement of Edgewell Personal Care. 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 EPC stock valuation model: a) initial revenue growth rate of 2% 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 6.7%, whose default value for EPC is calculated based on our internal credit rating of Edgewell Personal Care, 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 Edgewell Personal Care.
    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 EPC stock the variable cost ratio is equal to 119%.

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 EPC 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% for Edgewell Personal Care.

Corporate tax rate of 27% is the nominal tax rate for Edgewell Personal Care. 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 EPC 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 EPC are equal to 79.5%.

Life of production assets of 35.5 years is the average useful life of capital assets used in Edgewell Personal Care 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 EPC is equal to 6.2%. 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 - $1829 million for Edgewell Personal Care - 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 57.006 million for Edgewell Personal Care 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 Edgewell Personal Care at the current share price and the inputted number of shares is $3.4 billion.

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COMPANY NEWS

▶ 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.]
▶ Why Energizer Holdings Inc (ENR) Could Be A Buy   [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]
▶ New Strong Buy Stocks for July 12th   [Jul-12-17 09:45AM  Zacks]
▶ [$$] Gillette Faces New Attack From an Old Razor Rival   [May-25-17 12:36AM  The Wall Street Journal]
▶ Razor Wars Continue: Gillette Cut by Old-Time Rival   [May-24-17 04:45PM  Investopedia]
▶ [$$] Gillette Faces New Attack From an Old Razor Rival   [08:36AM  The Wall Street Journal]
▶ Energizer beats 2Q profit forecasts   [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]
Financial statements of EPC
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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