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Analyst Insight: Morgan Stanley Concerns For Energizer Holdings Are Manageable August 9, 2010

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Uploaded on Aug 9, 2010

Morgan Stanley analysts believe that the bear concerns for Energizer Holdings (NYSE:ENR) are manageable versus the significant positives that they expect to occur.

The Firm Commented, "We believe the market is not giving ENR credit for potential significant upside from battery cost savings and Schick innovation. We believe two key potential positives are not priced into ENR's valuation at the lower end of our coverage universe: 1) Our DCF analysis indicates that the market is not pricing any long-termxpansion into current valuation despite the potential for significant battery cost-cutting. 2) We do not believe the market is pricing in potential Schick upside despite our belief that ENR will extend the new Hydro product into international markets and the women's razor segment from its current US men's segment, which is only ~19% of Schick mix."

The bank sees fiscal 2010 EPS of $5.87, vs. consensus estimates of $5.63 per share, and fiscal 2011 EPS of $6.31, vs. consensus estimates of $6.04 per share.

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