Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Energizer Holdings, Inc. (ENR)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$175.79 - $651.40$533.36
Multi-Stage$120.15 - $131.76$125.84
Blended Fair Value$329.60
Current Price$24.89
Upside1,224.23%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS0.39%18.84%1.211.211.201.181.161.191.150.970.960.87
YoY Growth---0.34%1.27%1.65%1.19%-1.76%2.89%18.57%1.30%10.21%304.52%
Dividend Yield--4.86%3.48%3.78%3.51%2.90%2.81%2.29%2.15%2.00%1.95%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)239.00
(-) Cash Dividends Paid (M)87.10
(=) Cash Retained (M)151.90
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)47.8029.8817.93
Cash Retained (M)151.90151.90151.90
(-) Cash Required (M)-47.80-29.88-17.93
(=) Excess Retained (M)104.10122.03133.98
(/) Shares Outstanding (M)72.0372.0372.03
(=) Excess Retained per Share1.451.691.86
LTM Dividend per Share1.211.211.21
(+) Excess Retained per Share1.451.691.86
(=) Adjusted Dividend2.652.903.07
WACC / Discount Rate5.68%5.68%5.68%
Growth Rate4.11%5.11%6.11%
Fair Value$175.79$533.36$651.40
Upside / Downside606.26%2,042.87%2,517.11%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)239.00251.22264.06277.55291.74306.65315.85
Payout Ratio36.44%47.15%57.87%68.58%79.29%90.00%92.50%
Projected Dividends (M)87.10118.46152.80190.34231.31275.98292.16

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate5.68%5.68%5.68%
Growth Rate4.11%5.11%6.11%
Year 1 PV (M)111.02112.09113.16
Year 2 PV (M)134.22136.81139.42
Year 3 PV (M)156.69161.25165.90
Year 4 PV (M)178.47185.43192.59
Year 5 PV (M)199.57209.34219.49
PV of Terminal Value (M)7,873.548,259.018,659.43
Equity Value (M)8,653.529,063.939,489.98
Shares Outstanding (M)72.0372.0372.03
Fair Value$120.15$125.84$131.76
Upside / Downside382.71%405.60%429.37%

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