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EnerSys Owner Earnings per Share (TTM)

: 2.34 (As of Jun. 2021)
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In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:

"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."

EnerSys's Owner Earnings per Share (TTM) ended in Jun. 2021 was $2.34. It's Price-to-Owner-Earnings ratio for today is 32.81.


The historical rank and industry rank for EnerSys's Owner Earnings per Share (TTM) or its related term are showing as below:

NYSE:ENS' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 7.89   Med: 21.97   Max: 113.02
Current: 32.81

7.89
113.02

During the past 13 years, the highest Price-to-Owner-Earnings ratio of EnerSys was 113.02. The lowest was 7.89. And the median was 21.97.


NYSE:ENS's Price-to-Owner-Earnings is ranked lower than
99.99% of the 148 Companies
in the Industrial Products industry.

( Industry Median: 19.29 vs. NYSE:ENS: 32.81 )

EnerSys's Earnings per Share (Diluted) for the three months ended in Jun. 2021 was $1.01. Its Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Jun. 2021 was $3.51. It's PE Ratio ratio for today is 21.87.

EnerSys's EPS without NRI for the three months ended in Jun. 2021 was $1.01. Its EPS without NRI for the trailing twelve months (TTM) ended in Jun. 2021 was $3.51. It's PE Ratio without NRI ratio for today is 21.87.


EnerSys Owner Earnings per Share (TTM) Historical Data

The historical data trend for EnerSys's Owner Earnings per Share (TTM) can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

EnerSys Annual Data
Trend Mar12 Mar13 Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21
Owner Earnings per Share (TTM)
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 3.52 3.17 2.16 2.61 6.18

EnerSys Quarterly Data
Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21
Owner Earnings per Share (TTM) Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.57 5.37 4.95 6.18 2.34

Competitive Comparison

For the Electrical Equipment & Parts subindustry, EnerSys's Owner Earnings per Share (TTM), along with its competitors' market caps and Owner Earnings per Share (TTM) data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

EnerSys Owner Earnings per Share (TTM) Distribution

For the Industrial Products industry and Industrials sector, EnerSys's Owner Earnings per Share (TTM) distribution charts can be found below:

* The bar in red indicates where EnerSys's Owner Earnings per Share (TTM) falls into.



EnerSys Owner Earnings per Share (TTM) Calculation

In 1986 Berkshire Hathaway Shareholder Letter, Warren Buffett defined owner earnings as follows:

"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."

To make it simple, then you will have:

Owner Earnings per Share (TTM) = (Net Income + Depreciation, Depletion and Amortization + Change In Deferred Tax - 5Y Average of Maintenance Capital Expenditure + Change In Working Capital) / Shares Outstanding (Diluted Average)

EnerSys's Owner Earnings per Share (TTM) Calculation:

TTM / Last Quarter Average of Last 20 Quarters
Net Income 152
Depreciation, Depletion and Amortization 95
Change In Deferred Tax -9
5Y Average of Maintenance Capital Expenditure 62
Change In Working Capital -74
Shares Outstanding (Diluted Average) 44

1. Start with "Net Income" from income statement. EnerSys's Net Income for the trailing twelve months (TTM) ended in Jun. 2021 was $152 Mil.

2. "Depreciation, Depletion and Amortization" is from cashflow statement. EnerSys's Depreciation, Depletion and Amortization for the trailing twelve months (TTM) ended in Jun. 2021 was $95 Mil. This needs to be added back because company does not actually need to pay cash for it. It is a non-cash item.

3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income. EnerSys's Change In Deferred Tax for the trailing twelve months (TTM) ended in Jun. 2021 was $-9 Mil.

4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $62 Mil

It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.

The following shows how to get maintenance capital expenditure.

First, calculate the revenue change regarding to the previous year. If the revenue decreased from the previous year, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous year, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.

EnerSys's 5-Year Average Maintenance Capital Expenditure = $62 Mil

5. "Change In Working Capital" is from cashflow statement. EnerSys's Change In Working Capital for the trailing twelve months (TTM) ended in Jun. 2021 was $-74 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.

6. EnerSys's Shares Outstanding (Diluted Average) for the months ended in Jun. 2021 was 43.537 Mil.

EnerSys's Onwer Earnings Per Share for Jun. 2021 is calculated as:

Owner Earnings per Share (TTM)
=( Net Income+Depreciation, Depletion and Amortization+Change In Deferred Tax
=( 152.12 +94.858+-8.795
-5Y Avg of Maintenance CAPEX+Change In Working Capital )/Shares Outstanding (Diluted Average)
-61.970255320088+-74.342)/43.537
=2.34

Price-to-Owner-Earnings=Current Price/Owner Earnings per Share (TTM)
=76.78/2.34
=32.81

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.


Be Aware

Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.

Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.


EnerSys Owner Earnings per Share (TTM) Related Terms

Thank you for viewing the detailed overview of EnerSys's Owner Earnings per Share (TTM) provided by GuruFocus.com. Please click on the following links to see related term pages.


EnerSys Business Description

EnerSys logo
Industry
Industrials » Industrial Products NAICS : 335911 SIC : 5063
Traded in Other Exchanges
Address
2366 Bernville Road, Reading, PA, USA, 19605
EnerSys provides stored energy solutions for industrial applications. It also manufactures and distributes energy systems solutions and motive power batteries, specialty batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure solutions to customers worldwide. Energy Systems which combine enclosures, power conversion, power distribution and energy storage are used in the telecommunication and broadband, utility industries, uninterruptible power supplies, and numerous applications requiring stored energy solutions. Its segments include Energy Systems, Motive Power, and Specialty.
Executives
Katsaros Arthur T director 7201 HAMILTON BLVD ALLENTOWN PA 181951501
Tufano Paul J director C/O SOLECTRON CORPORATION 847 GIBRALTAR DR. MILPITAS CA 95035
Vargo Ronald P director 41 UNIVERSITY DRIVE, SUITE 202 NEWTOWN PA 18940
Kane Kerry M officer: VP, Corporate Controller & PAO 2366 BERNVILLE ROAD READING PA 19605
Magnus Robert director 2366 BERNVILLE ROAD READING PA 19605
Connors Nelda J director BOSTON SCIENTIFIC CORPORATION 300 BOSTON SCIENTIFIC WAY MARLBOROUGH MA 01752-1234
Chung Hwan-yoon director METALMARK CAPITAL LLC 1177 AVENUE OF THE AMERICAS, 40TH FLOOR NEW YORK NY 10036
Schmidtlein Michael J officer: Executive Vice President & CFO 2366 BERNVILLE ROAD READING PA 19605
Hoffen Howard I director 1585 BROADWAY NEW YORK NY 10036
Fludder Steven M director 264 NANTASKET ROAD HULL MA 02045
Shaffer David M director, officer: President & CEO C/O ENERSYS 2366 BERNVILLE ROAD READING PA 19605
Zogby Andrew M. officer: Pres. Energy Systems Global 2366 BERNVILLE ROAD READING PA 19605
Chan Caroline director 2366 BERNVILLE ROAD READING PA 19605
Lehman John F director 450 PARK AVENUE 6TH FLOOR NEW YORK NY 10022
Marlo Dennis S director 1130 BERKSHIRE BOULEVARD WYOMISSING PA 19610

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