ENR
Energizer Holdings, Inc.
$21.54
Platform & Compounding FCF
50%
Two-stage FCF DCF
Moderate
·
Conviction
Undervalued
Trading 30.9% below fair value
You pay
$21.54
Bear
$31.15
Fair
$31.15
Bull
$36.50
Bear
$31.15
+44.6%
3% stage 1 growth, 11% discount
Fair
$31.15
+44.6%
3% stage 1 growth, 11% discount
Bull
$36.50
+69.5%
4% stage 1 growth, 11% discount
Adjust Assumptions
3.0%
11.0%
3.0%
Key Value Driver
FCF growth rate (3% base case)
Terminal Value % of EV
33%
Implied Market Multiple
11.3x
Market is pricing in (growth)
1.2%
vs 3.0% base
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above.
Average Target (24 analysts)
$20.00
Divergence from AlphaVal
56%
Summary
Using a two-stage FCF DCF with 3% growth decelerating over 15 years, discounted at 11%, the base-case intrinsic value is $31.15 per share.
Warnings
Wall Street's average price target is $20.00 (from 24 analysts). Our estimate is 56% above the consensus -- consider that gap carefully.
Key Risks
- P/E alone misleads — earnings depressed by growth investment
- Cyclical or commodity businesses may be misclassified as platforms
- Terminal value dominance suggests sensitivity to long-run assumptions