Intrinsic value of Energizer Holdings - ENR

Previous Close

$55.98

  Intrinsic Value

$65.74

stock screener

  Rating & Target

hold

+17%

Previous close

$55.98

 
Intrinsic value

$65.74

 
Up/down potential

+17%

 
Rating

hold

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 0001), $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 3.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
Revenue, $m
  1,854
  1,957
  2,064
  2,176
  2,294
  2,417
  2,545
  2,680
  2,820
  2,968
  3,123
  3,285
  3,454
  3,632
  3,819
  4,015
  4,220
  4,435
  4,661
  4,898
  5,146
  5,407
  5,680
  5,968
  6,269
  6,585
  6,917
  7,265
  7,630
  8,014
Variable operating expenses, $m
  485
  509
  535
  561
  589
  618
  649
  681
  714
  749
  741
  779
  819
  861
  906
  952
  1,001
  1,052
  1,105
  1,162
  1,220
  1,282
  1,347
  1,415
  1,487
  1,562
  1,640
  1,723
  1,810
  1,901
Fixed operating expenses, $m
  1,029
  1,052
  1,075
  1,099
  1,123
  1,147
  1,173
  1,198
  1,225
  1,252
  1,279
  1,307
  1,336
  1,366
  1,396
  1,426
  1,458
  1,490
  1,523
  1,556
  1,590
  1,625
  1,661
  1,698
  1,735
  1,773
  1,812
  1,852
  1,893
  1,934
Total operating expenses, $m
  1,514
  1,561
  1,610
  1,660
  1,712
  1,765
  1,822
  1,879
  1,939
  2,001
  2,020
  2,086
  2,155
  2,227
  2,302
  2,378
  2,459
  2,542
  2,628
  2,718
  2,810
  2,907
  3,008
  3,113
  3,222
  3,335
  3,452
  3,575
  3,703
  3,835
Operating income, $m
  340
  396
  454
  516
  582
  651
  723
  800
  881
  967
  1,103
  1,198
  1,299
  1,405
  1,518
  1,636
  1,761
  1,894
  2,033
  2,180
  2,335
  2,499
  2,672
  2,855
  3,047
  3,250
  3,464
  3,690
  3,928
  4,179
EBITDA, $m
  419
  477
  538
  602
  669
  741
  816
  895
  979
  1,067
  1,160
  1,259
  1,363
  1,472
  1,588
  1,710
  1,839
  1,975
  2,119
  2,270
  2,430
  2,599
  2,777
  2,965
  3,163
  3,372
  3,592
  3,824
  4,069
  4,327
Interest expense (income), $m
  51
  59
  58
  64
  69
  75
  81
  87
  93
  100
  107
  115
  122
  131
  139
  148
  158
  167
  178
  189
  200
  212
  225
  238
  251
  266
  281
  297
  314
  331
  350
Earnings before tax, $m
  281
  337
  391
  447
  507
  570
  637
  707
  781
  860
  988
  1,076
  1,168
  1,266
  1,370
  1,479
  1,594
  1,716
  1,844
  1,980
  2,123
  2,275
  2,435
  2,603
  2,781
  2,969
  3,167
  3,376
  3,597
  3,829
Tax expense, $m
  76
  91
  105
  121
  137
  154
  172
  191
  211
  232
  267
  290
  315
  342
  370
  399
  430
  463
  498
  535
  573
  614
  657
  703
  751
  802
  855
  912
  971
  1,034
Net income, $m
  205
  246
  285
  327
  370
  416
  465
  516
  570
  628
  721
  785
  853
  924
  1,000
  1,079
  1,164
  1,252
  1,346
  1,445
  1,550
  1,661
  1,777
  1,900
  2,030
  2,167
  2,312
  2,465
  2,626
  2,795

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  1,925
  2,032
  2,143
  2,260
  2,382
  2,509
  2,643
  2,783
  2,929
  3,082
  3,243
  3,411
  3,587
  3,772
  3,966
  4,169
  4,382
  4,606
  4,840
  5,086
  5,344
  5,615
  5,899
  6,197
  6,510
  6,838
  7,182
  7,544
  7,924
  8,322
Adjusted assets (=assets-cash), $m
  1,925
  2,032
  2,143
  2,260
  2,382
  2,509
  2,643
  2,783
  2,929
  3,082
  3,243
  3,411
  3,587
  3,772
  3,966
  4,169
  4,382
  4,606
  4,840
  5,086
  5,344
  5,615
  5,899
  6,197
  6,510
  6,838
  7,182
  7,544
  7,924
  8,322
Revenue / Adjusted assets
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
  0.963
Average production assets, $m
  441
  466
  491
  518
  546
  575
  606
  638
  671
  706
  743
  782
  822
  865
  909
  956
  1,004
  1,056
  1,109
  1,166
  1,225
  1,287
  1,352
  1,420
  1,492
  1,567
  1,646
  1,729
  1,816
  1,907
Working capital, $m
  178
  188
  198
  209
  220
  232
  244
  257
  271
  285
  300
  315
  332
  349
  367
  385
  405
  426
  447
  470
  494
  519
  545
  573
  602
  632
  664
  697
  733
  769
Total debt, $m
  1,081
  1,177
  1,277
  1,382
  1,492
  1,607
  1,727
  1,852
  1,984
  2,122
  2,266
  2,418
  2,577
  2,743
  2,917
  3,100
  3,292
  3,493
  3,704
  3,925
  4,158
  4,401
  4,657
  4,925
  5,207
  5,502
  5,812
  6,138
  6,479
  6,838
Total liabilities, $m
  1,733
  1,829
  1,929
  2,034
  2,144
  2,258
  2,379
  2,504
  2,636
  2,774
  2,918
  3,070
  3,229
  3,395
  3,569
  3,752
  3,944
  4,145
  4,356
  4,577
  4,810
  5,053
  5,309
  5,577
  5,859
  6,154
  6,464
  6,790
  7,131
  7,490
Total equity, $m
  193
  203
  214
  226
  238
  251
  264
  278
  293
  308
  324
  341
  359
  377
  397
  417
  438
  461
  484
  509
  534
  561
  590
  620
  651
  684
  718
  754
  792
  832
Total liabilities and equity, $m
  1,926
  2,032
  2,143
  2,260
  2,382
  2,509
  2,643
  2,782
  2,929
  3,082
  3,242
  3,411
  3,588
  3,772
  3,966
  4,169
  4,382
  4,606
  4,840
  5,086
  5,344
  5,614
  5,899
  6,197
  6,510
  6,838
  7,182
  7,544
  7,923
  8,322
Debt-to-equity ratio
  5.610
  5.790
  5.960
  6.120
  6.260
  6.400
  6.530
  6.660
  6.770
  6.880
  6.990
  7.090
  7.180
  7.270
  7.360
  7.440
  7.510
  7.580
  7.650
  7.720
  7.780
  7.840
  7.890
  7.950
  8.000
  8.050
  8.090
  8.140
  8.180
  8.220
Adjusted equity ratio
  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
  205
  246
  285
  327
  370
  416
  465
  516
  570
  628
  721
  785
  853
  924
  1,000
  1,079
  1,164
  1,252
  1,346
  1,445
  1,550
  1,661
  1,777
  1,900
  2,030
  2,167
  2,312
  2,465
  2,626
  2,795
Depreciation, amort., depletion, $m
  80
  81
  83
  86
  88
  90
  92
  95
  97
  100
  58
  61
  64
  67
  70
  74
  78
  82
  86
  90
  95
  100
  105
  110
  116
  121
  128
  134
  141
  148
Funds from operations, $m
  285
  328
  369
  412
  458
  506
  557
  611
  668
  728
  779
  846
  917
  991
  1,070
  1,154
  1,241
  1,334
  1,432
  1,536
  1,645
  1,760
  1,882
  2,010
  2,146
  2,289
  2,440
  2,599
  2,766
  2,943
Change in working capital, $m
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  37
Cash from operations, $m
  275
  318
  358
  401
  447
  494
  545
  598
  654
  714
  764
  830
  900
  974
  1,052
  1,135
  1,222
  1,314
  1,411
  1,513
  1,621
  1,735
  1,856
  1,983
  2,117
  2,258
  2,408
  2,565
  2,731
  2,906
Maintenance CAPEX, $m
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -70
  -74
  -78
  -82
  -86
  -90
  -95
  -100
  -105
  -110
  -116
  -121
  -128
  -134
  -141
New CAPEX, $m
  -23
  -24
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -72
  -75
  -79
  -83
  -87
  -91
Cash from investing activities, $m
  -55
  -58
  -62
  -65
  -68
  -71
  -76
  -79
  -83
  -87
  -92
  -97
  -101
  -106
  -111
  -117
  -123
  -129
  -136
  -142
  -149
  -157
  -165
  -173
  -182
  -191
  -200
  -211
  -221
  -232
Free cash flow, $m
  220
  259
  297
  336
  378
  423
  470
  519
  571
  627
  673
  734
  799
  868
  941
  1,018
  1,099
  1,185
  1,275
  1,371
  1,472
  1,578
  1,691
  1,810
  1,935
  2,068
  2,207
  2,355
  2,510
  2,674
Issuance/(repayment) of debt, $m
  -6
  96
  100
  105
  110
  115
  120
  126
  132
  138
  144
  151
  159
  166
  174
  183
  192
  201
  211
  221
  232
  244
  256
  268
  282
  295
  310
  325
  342
  359
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  -6
  96
  100
  105
  110
  115
  120
  126
  132
  138
  144
  151
  159
  166
  174
  183
  192
  201
  211
  221
  232
  244
  256
  268
  282
  295
  310
  325
  342
  359
Total cash flow (excl. dividends), $m
  215
  355
  397
  441
  488
  538
  590
  645
  703
  764
  817
  886
  958
  1,035
  1,115
  1,201
  1,291
  1,386
  1,486
  1,592
  1,704
  1,822
  1,947
  2,078
  2,217
  2,363
  2,517
  2,680
  2,852
  3,033
Retained Cash Flow (-), $m
  -107
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -38
  -40
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
  107
  344
  386
  430
  476
  525
  576
  631
  688
  749
  801
  869
  940
  1,016
  1,096
  1,180
  1,269
  1,363
  1,463
  1,567
  1,678
  1,795
  1,918
  2,048
  2,185
  2,330
  2,483
  2,644
  2,814
  2,993
Discount rate, %
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.42
  17.24
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
  28.09
  29.49
  30.97
  32.52
PV of cash for distribution, $m
  99
  294
  300
  303
  301
  295
  285
  271
  255
  236
  212
  190
  168
  145
  124
  104
  85
  68
  54
  41
  31
  23
  16
  11
  8
  5
  3
  2
  1
  1
Current shareholders' claim on cash, %
  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
  100.0

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 16.8
Price to Sales 1.9
Price to Book 40
Price to Tangible Book
Price to Cash Flow 17.3
Price to Free Cash Flow 19.8
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 $1755.7 million for the last fiscal year's total revenue generated by Energizer Holdings. The default revenue input number comes from 0001 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 5.6% 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 7.9%, 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 26.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1007 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 5.4% 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 12.9 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 - $85.1 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 59.77 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.

RELATED COMPANIES Price Int.Val. Rating
ULBI Ultralife 7.32 41.84  str.buy
SPB Spectrum Brand 64.63 77.59  hold

COMPANY NEWS

▶ [$$] business Watch   [Nov-15-18 11:37PM  The Wall Street Journal]
▶ [$$] Energizer to Acquire Another Spectrum Unit   [07:28PM  The Wall Street Journal]
▶ Energizer to buy Spectrum's auto care business for $1.25 billion   [04:40PM  American City Business Journals]
▶ Energizer: Fiscal 4Q Earnings Snapshot   [07:11AM  Associated Press]
▶ Energizer's chairman since its 2015 split to step down   [Nov-13-18 08:03AM  American City Business Journals]
▶ Edgewell Personal: Fiscal 4Q Earnings Snapshot   [06:18AM  Associated Press]
▶ Edgewell Personal: Fiscal 3Q Earnings Snapshot   [Aug-07-18 06:17AM  Associated Press]
▶ Energizer shares slump almost 4% after earnings   [Aug-01-18 10:16AM  MarketWatch]
▶ Energizer: Fiscal 3Q Earnings Snapshot   [07:13AM  Associated Press]
▶ Can You Match the Famous Mascot to the Brand?   [Jul-02-18 01:12PM  Kiplinger]
▶ Energizer to buy car polish unit from Reed-Union Corp.   [Jun-26-18 11:29AM  American City Business Journals]
▶ 7 Stocks to Buy That Lost 10% in April   [May-09-18 11:13AM  InvestorPlace]
▶ Edgewell Personal: Fiscal 2Q Earnings Snapshot   [06:13AM  Associated Press]
▶ Energizer shares slide about 4% after earnings   [May-02-18 10:15AM  MarketWatch]
▶ Energizer: Fiscal 2Q Earnings Snapshot   [07:05AM  Associated Press]
▶ Energizer Q2 Earnings Preview   [May-01-18 03:24PM  Benzinga]
▶ Energizer Deal's Antitrust Approval Shocks Investors   [Apr-02-18 02:26PM  Bloomberg]
▶ Why Spectrum Brands Holdings, Inc. Stock Popped Today   [Mar-29-18 06:44PM  Motley Fool]
▶ New Strong Buy Stocks for February 21st   [Feb-21-18 10:31AM  Zacks]
▶ New Strong Buy Stocks for February 13th   [Feb-13-18 09:36AM  Zacks]
▶ Edgewell Personal misses Street 1Q forecasts   [06:17AM  Associated Press]
▶ Energizer beats Street 1Q forecasts   [06:53AM  Associated Press]
▶ Deals of the day-Mergers and acquisitions   [Jan-16-18 06:11PM  Reuters]

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