Intrinsic value of EnerSys - ENS

Previous Close

$68.57

  Intrinsic Value

$103.02

stock screener

  Rating & Target

str. buy

+50%

Previous close

$68.57

 
Intrinsic value

$103.02

 
Up/down potential

+50%

 
Rating

str. buy

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

We calculate the intrinsic value of ENS 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 3.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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, %
  2.20
  3.70
  3.83
  3.95
  4.05
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  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
  4.92
  4.92
  4.93
  4.94
Revenue, $m
  2,367
  2,455
  2,549
  2,649
  2,757
  2,871
  2,992
  3,121
  3,258
  3,403
  3,556
  3,717
  3,888
  4,068
  4,258
  4,458
  4,669
  4,892
  5,125
  5,372
  5,631
  5,904
  6,190
  6,492
  6,809
  7,142
  7,493
  7,861
  8,248
  8,655
  9,083
Variable operating expenses, $m
 
  1,202
  1,246
  1,294
  1,345
  1,400
  1,458
  1,519
  1,584
  1,653
  1,726
  1,770
  1,851
  1,937
  2,027
  2,123
  2,223
  2,329
  2,440
  2,557
  2,681
  2,811
  2,947
  3,091
  3,242
  3,401
  3,567
  3,743
  3,927
  4,121
  4,324
Fixed operating expenses, $m
 
  1,020
  1,045
  1,072
  1,098
  1,126
  1,154
  1,183
  1,212
  1,243
  1,274
  1,306
  1,338
  1,372
  1,406
  1,441
  1,477
  1,514
  1,552
  1,591
  1,630
  1,671
  1,713
  1,756
  1,800
  1,845
  1,891
  1,938
  1,987
  2,036
  2,087
Total operating expenses, $m
  2,131
  2,222
  2,291
  2,366
  2,443
  2,526
  2,612
  2,702
  2,796
  2,896
  3,000
  3,076
  3,189
  3,309
  3,433
  3,564
  3,700
  3,843
  3,992
  4,148
  4,311
  4,482
  4,660
  4,847
  5,042
  5,246
  5,458
  5,681
  5,914
  6,157
  6,411
Operating income, $m
  236
  233
  257
  283
  313
  345
  381
  420
  462
  507
  556
  642
  699
  760
  825
  895
  969
  1,049
  1,133
  1,224
  1,320
  1,422
  1,530
  1,645
  1,768
  1,897
  2,035
  2,180
  2,335
  2,498
  2,671
EBITDA, $m
  290
  299
  325
  352
  383
  417
  455
  495
  539
  586
  637
  693
  752
  815
  883
  955
  1,033
  1,115
  1,203
  1,297
  1,396
  1,502
  1,614
  1,734
  1,860
  1,994
  2,137
  2,287
  2,447
  2,616
  2,795
Interest expense (income), $m
  0
  21
  22
  24
  25
  27
  29
  31
  34
  36
  39
  41
  44
  47
  50
  53
  57
  61
  64
  68
  73
  77
  82
  87
  92
  98
  103
  109
  116
  123
  130
Earnings before tax, $m
  213
  213
  235
  260
  287
  318
  352
  388
  428
  471
  518
  601
  655
  713
  775
  841
  912
  988
  1,069
  1,155
  1,247
  1,344
  1,448
  1,558
  1,675
  1,800
  1,931
  2,071
  2,219
  2,376
  2,542
Tax expense, $m
  55
  57
  63
  70
  78
  86
  95
  105
  116
  127
  140
  162
  177
  192
  209
  227
  246
  267
  289
  312
  337
  363
  391
  421
  452
  486
  521
  559
  599
  641
  686
Net income, $m
  160
  155
  171
  190
  210
  232
  257
  283
  312
  344
  378
  439
  478
  520
  566
  614
  666
  721
  780
  843
  910
  981
  1,057
  1,138
  1,223
  1,314
  1,410
  1,512
  1,620
  1,734
  1,855

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  500
  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
  2,293
  1,860
  1,931
  2,007
  2,088
  2,175
  2,267
  2,365
  2,468
  2,578
  2,694
  2,816
  2,945
  3,082
  3,226
  3,378
  3,537
  3,706
  3,883
  4,070
  4,266
  4,472
  4,690
  4,918
  5,158
  5,411
  5,676
  5,955
  6,249
  6,557
  6,881
Adjusted assets (=assets-cash), $m
  1,793
  1,860
  1,931
  2,007
  2,088
  2,175
  2,267
  2,365
  2,468
  2,578
  2,694
  2,816
  2,945
  3,082
  3,226
  3,378
  3,537
  3,706
  3,883
  4,070
  4,266
  4,472
  4,690
  4,918
  5,158
  5,411
  5,676
  5,955
  6,249
  6,557
  6,881
Revenue / Adjusted assets
  1.320
  1.320
  1.320
  1.320
  1.320
  1.320
  1.320
  1.320
  1.320
  1.320
  1.320
  1.320
  1.320
  1.320
  1.320
  1.320
  1.320
  1.320
  1.320
  1.320
  1.320
  1.320
  1.320
  1.320
  1.320
  1.320
  1.320
  1.320
  1.320
  1.320
  1.320
Average production assets, $m
  510
  528
  548
  570
  593
  617
  643
  671
  700
  732
  764
  799
  836
  875
  915
  959
  1,004
  1,052
  1,102
  1,155
  1,211
  1,269
  1,331
  1,396
  1,464
  1,536
  1,611
  1,690
  1,773
  1,861
  1,953
Working capital, $m
  952
  488
  507
  527
  549
  571
  595
  621
  648
  677
  708
  740
  774
  810
  847
  887
  929
  973
  1,020
  1,069
  1,121
  1,175
  1,232
  1,292
  1,355
  1,421
  1,491
  1,564
  1,641
  1,722
  1,807
Total debt, $m
  606
  632
  679
  729
  782
  838
  899
  962
  1,030
  1,102
  1,178
  1,258
  1,342
  1,432
  1,526
  1,625
  1,729
  1,840
  1,955
  2,077
  2,206
  2,341
  2,483
  2,632
  2,790
  2,955
  3,128
  3,311
  3,503
  3,704
  3,916
Total liabilities, $m
  1,190
  1,216
  1,263
  1,313
  1,366
  1,422
  1,483
  1,546
  1,614
  1,686
  1,762
  1,842
  1,926
  2,016
  2,110
  2,209
  2,313
  2,424
  2,539
  2,661
  2,790
  2,925
  3,067
  3,216
  3,374
  3,539
  3,712
  3,895
  4,087
  4,288
  4,500
Total equity, $m
  1,103
  643
  668
  694
  723
  753
  784
  818
  854
  892
  932
  974
  1,019
  1,066
  1,116
  1,169
  1,224
  1,282
  1,343
  1,408
  1,476
  1,547
  1,623
  1,702
  1,785
  1,872
  1,964
  2,061
  2,162
  2,269
  2,381
Total liabilities and equity, $m
  2,293
  1,859
  1,931
  2,007
  2,089
  2,175
  2,267
  2,364
  2,468
  2,578
  2,694
  2,816
  2,945
  3,082
  3,226
  3,378
  3,537
  3,706
  3,882
  4,069
  4,266
  4,472
  4,690
  4,918
  5,159
  5,411
  5,676
  5,956
  6,249
  6,557
  6,881
Debt-to-equity ratio
  0.549
  0.980
  1.020
  1.050
  1.080
  1.110
  1.150
  1.180
  1.210
  1.240
  1.260
  1.290
  1.320
  1.340
  1.370
  1.390
  1.410
  1.430
  1.460
  1.480
  1.490
  1.510
  1.530
  1.550
  1.560
  1.580
  1.590
  1.610
  1.620
  1.630
  1.640
Adjusted equity ratio
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  160
  155
  171
  190
  210
  232
  257
  283
  312
  344
  378
  439
  478
  520
  566
  614
  666
  721
  780
  843
  910
  981
  1,057
  1,138
  1,223
  1,314
  1,410
  1,512
  1,620
  1,734
  1,855
Depreciation, amort., depletion, $m
  54
  66
  68
  69
  70
  72
  74
  75
  77
  79
  81
  51
  53
  55
  58
  61
  64
  67
  70
  73
  77
  80
  84
  88
  93
  97
  102
  107
  112
  118
  124
Funds from operations, $m
  211
  221
  239
  259
  280
  304
  330
  359
  390
  423
  459
  489
  531
  576
  624
  675
  730
  788
  850
  916
  987
  1,062
  1,141
  1,226
  1,316
  1,411
  1,512
  1,619
  1,732
  1,852
  1,979
Change in working capital, $m
  -35
  17
  19
  20
  21
  23
  24
  26
  27
  29
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  54
  57
  60
  63
  66
  70
  73
  77
  81
  85
Cash from operations, $m
  246
  204
  220
  239
  259
  281
  306
  333
  362
  394
  429
  457
  497
  540
  586
  635
  688
  744
  804
  867
  935
  1,008
  1,084
  1,166
  1,253
  1,345
  1,442
  1,545
  1,655
  1,771
  1,894
Maintenance CAPEX, $m
  0
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -51
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -93
  -97
  -102
  -107
  -112
  -118
New CAPEX, $m
  -50
  -18
  -20
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -65
  -68
  -72
  -75
  -79
  -83
  -87
  -92
Cash from investing activities, $m
  -62
  -50
  -53
  -57
  -59
  -63
  -65
  -69
  -71
  -75
  -79
  -83
  -88
  -92
  -96
  -101
  -106
  -112
  -117
  -123
  -129
  -136
  -142
  -149
  -156
  -165
  -172
  -181
  -190
  -199
  -210
Free cash flow, $m
  184
  154
  167
  182
  200
  219
  241
  265
  291
  319
  350
  374
  410
  448
  490
  534
  581
  632
  687
  745
  806
  872
  942
  1,017
  1,096
  1,180
  1,270
  1,364
  1,465
  1,571
  1,684
Issuance/(repayment) of debt, $m
  -25
  44
  47
  50
  53
  57
  60
  64
  68
  72
  76
  80
  85
  89
  94
  99
  105
  110
  116
  122
  128
  135
  142
  149
  157
  165
  174
  183
  192
  202
  212
Issuance/(repurchase) of shares, $m
  -7
  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  
  -33
  44
  47
  50
  53
  57
  60
  64
  68
  72
  76
  80
  85
  89
  94
  99
  105
  110
  116
  122
  128
  135
  142
  149
  157
  165
  174
  183
  192
  202
  212
Total cash flow (excl. dividends), $m
  133
  198
  213
  232
  253
  276
  301
  329
  358
  391
  425
  454
  494
  537
  584
  633
  686
  742
  803
  867
  935
  1,007
  1,084
  1,166
  1,253
  1,345
  1,443
  1,547
  1,657
  1,773
  1,896
Retained Cash Flow (-), $m
  -90
  -22
  -25
  -26
  -28
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -65
  -68
  -71
  -75
  -79
  -83
  -87
  -92
  -97
  -101
  -107
  -112
Prev. year cash balance distribution, $m
 
  482
  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
 
  658
  189
  206
  225
  246
  269
  295
  322
  353
  385
  412
  449
  490
  534
  581
  631
  684
  741
  802
  867
  936
  1,009
  1,087
  1,170
  1,258
  1,351
  1,450
  1,555
  1,666
  1,784
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  631
  173
  179
  185
  191
  195
  199
  202
  203
  202
  195
  192
  186
  179
  170
  160
  149
  137
  124
  110
  97
  84
  71
  60
  49
  39
  31
  24
  18
  13
Current shareholders' claim on cash, %
  100
  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

EnerSys is a manufacturer, marketer and distributor of industrial batteries. The Company manufactures, markets and distributes related products, such as chargers, power equipment, outdoor cabinet enclosures and battery accessories, and provides related after-market and customer-support services for industrial batteries. Its segments based on geographic regions consist of Americas, which consists of North and South America; EMEA, which includes Europe, the Middle East and Africa, and Asia, which includes Asia, Australia and Oceania. The Company's product lines include reserve power and motive power products. Its Reserve power products also include thermally managed cabinets and enclosures for electronic equipment and batteries. The Company's motive power products are used to provide power for electric industrial forklifts used in manufacturing, warehousing and other material handling applications. They are used as mining equipment, diesel locomotive starting and other rail equipment.

FINANCIAL RATIOS  of  EnerSys (ENS)

Valuation Ratios
P/E Ratio 18.6
Price to Sales 1.3
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 12.1
Price to Free Cash Flow 15.2
Growth Rates
Sales Growth Rate 2.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -10.7%
Cap. Spend. - 3 Yr. Gr. Rate -4.2%
Financial Strength
Quick Ratio 28
Current Ratio 0
LT Debt to Equity 53.3%
Total Debt to Equity 54.9%
Interest Coverage 0
Management Effectiveness
Return On Assets 7.1%
Ret/ On Assets - 3 Yr. Avg. 7.2%
Return On Total Capital 9.5%
Ret/ On T. Cap. - 3 Yr. Avg. 9.9%
Return On Equity 15.1%
Return On Equity - 3 Yr. Avg. 14.7%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 27.5%
Gross Margin - 3 Yr. Avg. 26.5%
EBITDA Margin 11.3%
EBITDA Margin - 3 Yr. Avg. 11.3%
Operating Margin 10%
Oper. Margin - 3 Yr. Avg. 9.9%
Pre-Tax Margin 9%
Pre-Tax Margin - 3 Yr. Avg. 8.9%
Net Profit Margin 6.8%
Net Profit Margin - 3 Yr. Avg. 6.6%
Effective Tax Rate 25.8%
Eff/ Tax Rate - 3 Yr. Avg. 26.7%
Payout Ratio 18.8%

ENS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ENS stock intrinsic value calculation we used $2367 million for the last fiscal year's total revenue generated by EnerSys. The default revenue input number comes from 2017 income statement of EnerSys. 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 ENS stock valuation model: a) initial revenue growth rate of 3.7% 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 4.3%, whose default value for ENS is calculated based on our internal credit rating of EnerSys, 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 EnerSys.
    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 ENS stock the variable cost ratio is equal to 49%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $995 million in the base year in the intrinsic value calculation for ENS 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 3.5% for EnerSys.

Corporate tax rate of 27% is the nominal tax rate for EnerSys. 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 ENS 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 ENS are equal to 21.5%.

Life of production assets of 15.8 years is the average useful life of capital assets used in EnerSys 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 ENS is equal to 19.9%. 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 - $1103 million for EnerSys - 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 43.459 million for EnerSys 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 EnerSys at the current share price and the inputted number of shares is $3.0 billion.

RELATED COMPANIES Price Int.Val. Rating
ARTX Arotech 3.70 1.23  str.sell

COMPANY NEWS

▶ EnerSys Value Analysis (NYSE:ENS) : November 14, 2017   [Nov-14-17 03:22PM  Capital Cube]
▶ EnerSys to Host Earnings Call   [07:30AM  ACCESSWIRE]
▶ EnerSys posts 2Q profit   [Nov-08-17 06:59PM  Associated Press]
▶ ETFs with exposure to EnerSys : October 27, 2017   [Oct-27-17 10:53AM  Capital Cube]
▶ ETFs with exposure to EnerSys : October 17, 2017   [Oct-17-17 09:41AM  Capital Cube]
▶ ETFs with exposure to EnerSys : October 3, 2017   [Oct-03-17 11:11AM  Capital Cube]
▶ ETFs with exposure to EnerSys : September 20, 2017   [Sep-19-17 11:52PM  Capital Cube]
▶ EnerSys posts 1Q profit   [Aug-09-17 11:50PM  Associated Press]
▶ ETFs with exposure to EnerSys : July 13, 2017   [Jul-13-17 03:56PM  Capital Cube]
▶ EnerSys Appoints Two New Members to its Board of Directors   [Jul-10-17 04:15PM  GlobeNewswire]
▶ ETFs with exposure to EnerSys : July 3, 2017   [Jul-03-17 03:09PM  Capital Cube]
▶ ETFs with exposure to EnerSys : June 22, 2017   [Jun-22-17 03:41PM  Capital Cube]
▶ EnerSys Announces $60M in New Global Space Business   [Jun-13-17 04:15PM  GlobeNewswire]
▶ Why EnerSys' Shares Plunged 11% in May   [03:27PM  Motley Fool]
▶ ETFs with exposure to EnerSys : June 6, 2017   [Jun-06-17 11:41AM  Capital Cube]
▶ EnerSys Value Analysis (NYSE:ENS) : June 2, 2017   [Jun-02-17 02:54PM  Capital Cube]
▶ EnerSys Announces Quarterly Dividend   [May-04-17 04:16PM  PR Newswire]
▶ 7 Dividend Growth Stocks to Boost Your Returns   [Apr-25-17 08:36AM  Zacks]
▶ 4 Stocks Are Showing Red Flags -- Here's When to Sell   [Apr-21-17 07:07AM  TheStreet.com]
▶ EnerSys Value Analysis (NYSE:ENS) : April 12, 2017   [Apr-12-17 01:23PM  Capital Cube]
▶ Cobalt Scarcity Risks Hurting Electric Auto Makers   [Feb-24-17 12:40PM  at Investopedia]
Financial statements of ENS
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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