Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

EnerSys (ENS)

Company Dividend Discount ModelIndustry: Electrical Equipment & PartsSector: Industrials

Valuation Snapshot

Stable Growth$112.31 - $195.45$147.90
Multi-Stage$143.06 - $157.02$149.90
Blended Fair Value$148.90
Current Price$111.15
Upside33.96%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2025202420232022202120202019201820172016
DPS4.75%1.67%0.950.870.720.740.760.750.750.750.770.78
YoY Growth--8.66%20.83%-2.78%-1.54%0.36%-0.13%0.23%-2.39%-1.55%-2.71%
Dividend Yield--1.11%0.86%0.67%1.26%0.83%1.52%1.11%1.01%1.04%1.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)337.24
(-) Cash Dividends Paid (M)37.79
(=) Cash Retained (M)299.46
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)67.4542.1625.29
Cash Retained (M)299.46299.46299.46
(-) Cash Required (M)-67.45-42.16-25.29
(=) Excess Retained (M)232.01257.30274.16
(/) Shares Outstanding (M)39.4139.4139.41
(=) Excess Retained per Share5.896.536.96
LTM Dividend per Share0.960.960.96
(+) Excess Retained per Share5.896.536.96
(=) Adjusted Dividend6.857.497.92
WACC / Discount Rate7.94%7.94%7.94%
Growth Rate1.74%2.74%3.74%
Fair Value$112.31$147.90$195.45
Upside / Downside1.05%33.06%75.84%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)337.24346.49355.99365.75375.77386.07397.66
Payout Ratio11.20%26.96%42.72%58.48%74.24%90.00%92.50%
Projected Dividends (M)37.7993.42152.09213.89278.98347.47367.83

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.94%7.94%7.94%
Growth Rate1.74%2.74%3.74%
Year 1 PV (M)85.7186.5587.39
Year 2 PV (M)128.00130.53133.08
Year 3 PV (M)165.15170.06175.08
Year 4 PV (M)197.60205.49213.61
Year 5 PV (M)225.79237.10248.87
PV of Terminal Value (M)4,835.505,077.855,329.83
Equity Value (M)5,637.745,907.596,187.86
Shares Outstanding (M)39.4139.4139.41
Fair Value$143.06$149.90$157.02
Upside / Downside28.71%34.87%41.27%

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