Intrinsic value of Energizer Holdings - ENR

Previous Close

$63.91

  Intrinsic Value

$74.37

stock screener

  Rating & Target

hold

+16%

Previous close

$63.91

 
Intrinsic value

$74.37

 
Up/down potential

+16%

 
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 2017), $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 4.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  7.40
  7.16
  6.94
  6.75
  6.57
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
Revenue, $m
  1,886
  2,021
  2,161
  2,307
  2,459
  2,617
  2,781
  2,952
  3,130
  3,316
  3,509
  3,711
  3,922
  4,142
  4,371
  4,612
  4,863
  5,125
  5,400
  5,688
  5,989
  6,304
  6,634
  6,980
  7,342
  7,722
  8,120
  8,537
  8,975
  9,434
Variable operating expenses, $m
  495
  527
  560
  595
  631
  669
  708
  748
  791
  835
  836
  884
  934
  986
  1,041
  1,098
  1,158
  1,221
  1,286
  1,354
  1,426
  1,501
  1,580
  1,662
  1,748
  1,839
  1,934
  2,033
  2,137
  2,247
Fixed operating expenses, $m
  1,027
  1,050
  1,073
  1,096
  1,121
  1,145
  1,170
  1,196
  1,222
  1,249
  1,277
  1,305
  1,334
  1,363
  1,393
  1,424
  1,455
  1,487
  1,520
  1,553
  1,587
  1,622
  1,658
  1,694
  1,732
  1,770
  1,809
  1,848
  1,889
  1,931
Total operating expenses, $m
  1,522
  1,577
  1,633
  1,691
  1,752
  1,814
  1,878
  1,944
  2,013
  2,084
  2,113
  2,189
  2,268
  2,349
  2,434
  2,522
  2,613
  2,708
  2,806
  2,907
  3,013
  3,123
  3,238
  3,356
  3,480
  3,609
  3,743
  3,881
  4,026
  4,178
Operating income, $m
  364
  445
  528
  616
  707
  803
  903
  1,007
  1,117
  1,231
  1,397
  1,522
  1,654
  1,792
  1,937
  2,090
  2,250
  2,418
  2,594
  2,780
  2,975
  3,180
  3,396
  3,623
  3,862
  4,113
  4,377
  4,656
  4,948
  5,256
EBITDA, $m
  479
  565
  654
  746
  844
  945
  1,051
  1,162
  1,278
  1,399
  1,526
  1,659
  1,799
  1,945
  2,099
  2,260
  2,429
  2,607
  2,794
  2,990
  3,196
  3,413
  3,641
  3,881
  4,133
  4,398
  4,677
  4,971
  5,279
  5,604
Interest expense (income), $m
  51
  59
  60
  67
  74
  81
  89
  97
  105
  114
  123
  132
  142
  152
  163
  174
  185
  198
  210
  223
  237
  252
  267
  283
  300
  317
  335
  354
  375
  396
  418
Earnings before tax, $m
  306
  385
  462
  542
  626
  714
  806
  902
  1,003
  1,108
  1,264
  1,380
  1,502
  1,630
  1,764
  1,904
  2,052
  2,208
  2,371
  2,543
  2,723
  2,913
  3,113
  3,324
  3,545
  3,778
  4,023
  4,281
  4,553
  4,839
Tax expense, $m
  83
  104
  125
  146
  169
  193
  218
  244
  271
  299
  341
  373
  406
  440
  476
  514
  554
  596
  640
  687
  735
  787
  841
  897
  957
  1,020
  1,086
  1,156
  1,229
  1,306
Net income, $m
  223
  281
  337
  396
  457
  521
  588
  659
  732
  809
  923
  1,008
  1,096
  1,190
  1,287
  1,390
  1,498
  1,612
  1,731
  1,856
  1,988
  2,127
  2,273
  2,426
  2,588
  2,758
  2,937
  3,125
  3,323
  3,532

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
  1,958
  2,099
  2,244
  2,396
  2,553
  2,717
  2,888
  3,065
  3,250
  3,443
  3,644
  3,854
  4,072
  4,301
  4,539
  4,789
  5,050
  5,322
  5,608
  5,906
  6,219
  6,546
  6,889
  7,248
  7,624
  8,018
  8,432
  8,865
  9,319
  9,796
Adjusted assets (=assets-cash), $m
  1,958
  2,099
  2,244
  2,396
  2,553
  2,717
  2,888
  3,065
  3,250
  3,443
  3,644
  3,854
  4,072
  4,301
  4,539
  4,789
  5,050
  5,322
  5,608
  5,906
  6,219
  6,546
  6,889
  7,248
  7,624
  8,018
  8,432
  8,865
  9,319
  9,796
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
  696
  746
  798
  851
  907
  966
  1,026
  1,089
  1,155
  1,223
  1,295
  1,369
  1,447
  1,528
  1,613
  1,702
  1,794
  1,891
  1,993
  2,099
  2,210
  2,326
  2,448
  2,575
  2,709
  2,849
  2,996
  3,150
  3,312
  3,481
Working capital, $m
  106
  113
  121
  129
  138
  147
  156
  165
  175
  186
  197
  208
  220
  232
  245
  258
  272
  287
  302
  319
  335
  353
  371
  391
  411
  432
  455
  478
  503
  528
Total debt, $m
  1,111
  1,237
  1,368
  1,504
  1,646
  1,793
  1,947
  2,107
  2,273
  2,447
  2,627
  2,816
  3,013
  3,219
  3,433
  3,658
  3,893
  4,138
  4,395
  4,663
  4,945
  5,239
  5,548
  5,871
  6,210
  6,565
  6,937
  7,327
  7,736
  8,164
Total liabilities, $m
  1,763
  1,889
  2,020
  2,156
  2,298
  2,445
  2,599
  2,759
  2,925
  3,099
  3,279
  3,468
  3,665
  3,871
  4,085
  4,310
  4,545
  4,790
  5,047
  5,315
  5,597
  5,891
  6,200
  6,523
  6,862
  7,217
  7,589
  7,979
  8,388
  8,816
Total equity, $m
  196
  210
  224
  240
  255
  272
  289
  307
  325
  344
  364
  385
  407
  430
  454
  479
  505
  532
  561
  591
  622
  655
  689
  725
  762
  802
  843
  887
  932
  980
Total liabilities and equity, $m
  1,959
  2,099
  2,244
  2,396
  2,553
  2,717
  2,888
  3,066
  3,250
  3,443
  3,643
  3,853
  4,072
  4,301
  4,539
  4,789
  5,050
  5,322
  5,608
  5,906
  6,219
  6,546
  6,889
  7,248
  7,624
  8,019
  8,432
  8,866
  9,320
  9,796
Debt-to-equity ratio
  5.670
  5.890
  6.090
  6.280
  6.450
  6.600
  6.740
  6.870
  6.990
  7.110
  7.210
  7.310
  7.400
  7.480
  7.560
  7.640
  7.710
  7.770
  7.840
  7.900
  7.950
  8.000
  8.050
  8.100
  8.140
  8.190
  8.230
  8.260
  8.300
  8.330
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
  223
  281
  337
  396
  457
  521
  588
  659
  732
  809
  923
  1,008
  1,096
  1,190
  1,287
  1,390
  1,498
  1,612
  1,731
  1,856
  1,988
  2,127
  2,273
  2,426
  2,588
  2,758
  2,937
  3,125
  3,323
  3,532
Depreciation, amort., depletion, $m
  115
  120
  125
  131
  136
  142
  148
  154
  161
  168
  129
  137
  145
  153
  161
  170
  179
  189
  199
  210
  221
  233
  245
  258
  271
  285
  300
  315
  331
  348
Funds from operations, $m
  338
  401
  462
  526
  593
  663
  736
  813
  893
  977
  1,053
  1,145
  1,241
  1,342
  1,449
  1,560
  1,678
  1,801
  1,930
  2,066
  2,209
  2,359
  2,517
  2,684
  2,859
  3,043
  3,236
  3,440
  3,655
  3,880
Change in working capital, $m
  7
  8
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
  25
  26
Cash from operations, $m
  331
  393
  454
  518
  585
  654
  727
  803
  883
  967
  1,042
  1,133
  1,229
  1,330
  1,436
  1,547
  1,664
  1,786
  1,915
  2,050
  2,192
  2,342
  2,499
  2,664
  2,838
  3,021
  3,214
  3,417
  3,630
  3,855
Maintenance CAPEX, $m
  -65
  -70
  -75
  -80
  -85
  -91
  -97
  -103
  -109
  -115
  -122
  -129
  -137
  -145
  -153
  -161
  -170
  -179
  -189
  -199
  -210
  -221
  -233
  -245
  -258
  -271
  -285
  -300
  -315
  -331
New CAPEX, $m
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -93
  -97
  -101
  -106
  -111
  -116
  -122
  -128
  -134
  -140
  -147
  -154
  -161
  -169
Cash from investing activities, $m
  -113
  -120
  -127
  -134
  -141
  -149
  -158
  -166
  -175
  -183
  -193
  -203
  -215
  -226
  -238
  -250
  -263
  -276
  -290
  -305
  -321
  -337
  -355
  -373
  -392
  -411
  -432
  -454
  -476
  -500
Free cash flow, $m
  218
  274
  328
  384
  444
  505
  570
  638
  708
  783
  848
  929
  1,015
  1,104
  1,198
  1,297
  1,401
  1,510
  1,624
  1,745
  1,871
  2,004
  2,145
  2,292
  2,447
  2,610
  2,782
  2,963
  3,154
  3,354
Issuance/(repayment) of debt, $m
  24
  126
  131
  136
  142
  147
  153
  160
  166
  173
  181
  189
  197
  206
  215
  224
  235
  245
  257
  269
  281
  295
  308
  323
  339
  355
  372
  390
  409
  429
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  
  24
  126
  131
  136
  142
  147
  153
  160
  166
  173
  181
  189
  197
  206
  215
  224
  235
  245
  257
  269
  281
  295
  308
  323
  339
  355
  372
  390
  409
  429
Total cash flow (excl. dividends), $m
  242
  400
  459
  521
  585
  653
  724
  797
  875
  956
  1,029
  1,118
  1,212
  1,310
  1,413
  1,521
  1,635
  1,755
  1,881
  2,013
  2,153
  2,299
  2,453
  2,615
  2,786
  2,965
  3,154
  3,353
  3,563
  3,783
Retained Cash Flow (-), $m
  -111
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -38
  -39
  -41
  -43
  -45
  -48
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
  25
  26
  28
  30
  32
  34
  37
  39
  41
  44
  46
  49
  52
  55
  58
  61
  65
  68
  72
  76
  80
  84
  88
  93
  98
  103
  108
  114
  120
  126
Cash available for distribution, $m
  131
  386
  445
  506
  570
  637
  706
  780
  856
  937
  1,009
  1,097
  1,190
  1,287
  1,389
  1,497
  1,609
  1,728
  1,852
  1,983
  2,121
  2,266
  2,419
  2,579
  2,748
  2,926
  3,113
  3,310
  3,517
  3,735
Discount rate, %
  8.20
  8.61
  9.04
  9.49
  9.97
  10.47
  10.99
  11.54
  12.12
  12.72
  13.36
  14.02
  14.73
  15.46
  16.24
  17.05
  17.90
  18.79
  19.73
  20.72
  21.76
  22.84
  23.99
  25.19
  26.45
  27.77
  29.16
  30.61
  32.15
  33.75
PV of cash for distribution, $m
  121
  327
  343
  352
  354
  350
  341
  325
  306
  283
  254
  227
  199
  172
  145
  121
  98
  78
  60
  46
  34
  25
  17
  12
  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 19.2
Price to Sales 2.2
Price to Book 45.6
Price to Tangible Book
Price to Cash Flow 19.7
Price to Free Cash Flow 22.6
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 7.4% 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 8.2%, 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 26.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1005 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 1.4%.

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 36.9%.

Life of production assets of 10 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 5.6%. 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 62 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 $4.0 billion.

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COMPANY NEWS

▶ 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]
▶ What Happened in the Stock Market Today   [05:17PM  Motley Fool]
▶ Stock Gains Vanish As Small Caps Reverse Lower   [01:40PM  Investor's Business Daily]
▶ Energizer spends $2 billion to add Rayovac brand   [08:01AM  Associated Press]
▶ 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]
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