EnerSys: Navigating Mixed Results and Challenges Amidst Growth OpportunitiesWe exclude the estimated net present value of tax credits ($770 million, or $20 per share) from market cap to better reflect the value of the long-term earnings stream. At $130, and excluding tax credits, shares trade at 18 times our fiscal 2026 EPS estimate, above the historical forward average of 13 times. Including tax credits and using our fiscal 2026 adjusted EPS estimate of $10.24, shares trade at 13 times, in line with the historical average.