EnerSys (ENS)

Industry: Electrical Equipment & Parts Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
NVT	27	nVent Electric plc	4,786	26.65	26.65	28.55	20.50	26.54	18.76
0842.HK	28	Leoch Internationa	4,546	3.16	2.23	3.81	2.82	-	5.91
3931.HK	29	CALB Group Co., Lt	4,499	34.21	34.21	19.88	19.88	11.95	41.96
AYI	30	Acuity Brands, Inc	4,346	25.26	23.00	16.44	15.49	14.53	16.95
CENER.BR	31	Cenergy Holdings S	4,284	7.15	7.15	4.25	4.25	3.92	4.79
600869.SS	32	Far East Smarter E	3,986	-	-	48.92	58.39	89.71	-
6674.T	33	GS Yuasa Corporati	3,777	11.16	8.69	6.70	6.11	10.34	6.64
ENS	34	EnerSys	3,725	12.34	9.61	9.05	7.78	13.54	9.08
1366.HK	35	Jiangnan Group Lim	3,669	1.60	1.60	0.96	0.96	0.88	1.10
6506.T	36	YASKAWA Electric C	3,445	13.17	10.39	11.19	10.13	15.91	14.48
601179.SS	37	China XD Electric	3,412	28.73	22.10	12.88	11.20	16.64	15.35
600577.SS	38	Tongling Jingda Sp	3,408	37.03	34.70	26.85	25.62	30.33	29.72
010120.KS	39	LS ELECTRIC Co., L	3,252	31.77	24.85	13.31	10.66	22.43	17.56
605222.SS	40	Shanghai QiFan Cab	3,201	53.02	64.05	32.04	34.04	22.94	75.07
ENR	41	Energizer Holdings	2,953	7.12	7.12	8.51	7.75	8.74	8.90
MRN.PA	42	Mersen S.A.	2,885	4.36	4.36	2.62	2.29	4.71	3.46

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	12.16	9.54	11.19	10.13	13.24	11.69
Full Range Median Multiple	19.22	16.25	12.88	10.66	15.22	14.92
Industry Multiple	20.31	19.36	15.79	15.34	19.97	18.62
Market Implied Multiple	18.67	14.54	12.92	11.11	19.34	12.96
Company (ENS) Multiple	12.34	9.61	9.05	7.78	13.54	9.08
(*) Net Income / EBITDA / Revenue	337	433	551	641	368	549
Winsorized Enterprise Value	N/A	N/A	6,168	6,493	4,874	6,422
Full Range Median Enterprise Value	N/A	N/A	7,097	6,831	5,602	8,192
(-) Net Debt	825	825	825	825	825	825
Winsorized Equity Value	4,101	4,130	5,343	5,668	4,049	5,597
Full Range Median Equity Value	6,480	7,035	6,272	6,006	4,777	7,368
(/) Shares Outstanding	37	37	37	37	37	37
Winsorized Fair Value	$109.56	$110.33	$142.73	$151.40	$108.16	$149.50
Full Range Median Fair Value	$173.10	$187.91	$167.54	$160.43	$127.61	$196.81
Current Price	$168.15	$168.15	$168.15	$168.15	$168.15	$168.15
Upside / Downside	-34.85%	-34.39%	-15.12%	-9.96%	-35.68%	-11.09%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$76.69	$77.23	$99.91	$105.98	$75.71	$104.65
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy